Topic: Let's be more careful with local exchanges. (Read 207 times)

Except for local exchange that has got apps on our app store a and Also credible platforms where disputes could be resolved, it's not healthy to transact with such exchanges they were advertised on WhatsApp or probably Instagram pages and they don't have a proper platform for their transactions that has got a form of accountability to beacon on. If the exchange is runnes by someone you know personally or have a direct Link on how to track such person in case the needs arises then don't transact with any exchange which doesn't have any of this for you to be able to reach them.

Me I no dey ever try am say I dey go trade my coin for all dis local exchange wey dey WhatsApp status dey say sweet rate and all other trash because I know say most of them na scam and dem no dey pay, some sef na d same binnace and all these exchange thenm wey them dey use too so no need to say make we dey use dem just learn how to use d legit exchange make you dey trade your coins by ursef .

Oh! so am not alone on this thought? As I read your post it just made me furious because of the funds in which I lost to same kucoin exchange and this happened because of the comfort one had with binance knowing that the minimum withdrawal is so small and efficient that almost every Bitcoin that you would send to the address would be credited on just two confirmation of the transaction. The need for everyone to check for minimum withdrawal is vital and very very important because there are some exchanges in which minimum deposit and withdrawals can be so big even beyond your thoughts.

Some examples of local exchanges that are functional I'm this country include, Okx, Binance, yellow card, luno, Remitano, kraken, Bybit, Quidax, Kucoin, NairaEx. I just had to be more detailed seeing you already have an idea and perhaps needed someone to be more specific.

One thing also is that, many of these exchanges unlike Bitcoin which has its own white paper and functions more like a currency of exchange, have their own vision and white paper which specifies the function they serve.
While some exchanges can be used to buy BTC or buy crypto with options, some can't. Now Binance does not have P2p functional, many others still do and with other advanced features that may require careful consulting before using.

The best way to stay safe when using any of these exchanges seeing that the more popular ones have issues, should also entail one to ask from others ahead, the best local exchange for use.

True man, we got to be extra careful in dealing with  these other exchanges, Binance provided a comfortable and soft landing for us in terms of crypto activities and the feds snatched it away from us. I'm yet to see us get something similar to an exchange which is so simple and does not stress its users as Binance. Using other exchanges opened my eye to what we miss in binance.

I'll add to your suggestions the need for users to look out for minimum deposit as stipulated by the exchange, if there's a minimum deposit, ensure that your deposit is more than that, else the exchange will not credit your funds lost. I experienced it with Kucoin and lost my $10.

I neva hear about swift exchange before but dis kind scam get as e be. No be every exchange you see na hyn you go use because some of them na scam. If Binance don stop P2P trade no mean say oda reputable global exchanges no dey wey person fit use trade crypto to naira. Na something like dis na make I bin support the license wey SEC want make all exchanges wey dey operate for Nigeria get and the reason no be only for our government to make money from tax but also na to make sure say scam exchanges like Swift exchange are weeded off from the space. Your friend don learn a very big lesson, next time him go read reviews and ask questions before him use any service.

Op I think sharing an in-depth experience would suffice. For me, since binance had issues, I switched to Bitget and truthfully they stepped up really hard. Good rates, fast CS, good merchants and they' even rewarded me with $BGB as a first time P2P user. I've got no issues regarding that aspect..

Op can you name some of the local exchanges you know so that we can avoid them. Because me I can't really distinguish the local exchanges with the international exchanges. And exchanges like Binance and OKX, bitget exchanges are international exchanges but I don't know if busha, yellow card and others are the local exchanges you are referring to. And I think for now if I will recommend any exchange to someone to use it should be bitget, OKX and Remitano if it is still available or functioning in the exchange line.

And I don't like to use numerous exchanges and I like to stick to one of I discovered that him dey good to use am.

I won`t really call this swift exchange a local exchange but more as an online vendors, we have so much of these vendors while majority are scammers or may scam customers when they see any chance to do it, these vendors are still growing to become local exchanges like NairaEX, Roqqu and others i did not add Patricia because we can not call them local exchange because their headquarter was relocated to Estonia  after CBN restriction in 2021.
But the fact is that I would never recommend local exchanges for anyone, since their treatment to customers are subpar especially Patricia who have ignored customers after holding their bitcoin while giving them option to swap to the exchange token and still yet they can not withdraw after their said hack earlier last year. I wonder why government have not seen this but only binance _{proof they only care about the fine}

I stroke this two above because :

• Trading volume can be easily manipulated like what we saw with bitforex which was among the top exchanges last year base on trading volumes and now the exchange pulled up a exit scam last month
• This is good but sometimes these exchanges may be having bad customer service and other issues, Binance (2017) is not the oldest but it's the top.
  Though there are older exchanges still standing while some have shut down or scammed their customers like the latest bitforex founded in 2017

The most effective way will be the Trust score but were we get our review are important, we should try to get these review from forum like we can do in bitcointalk and not review from Play and App store and others

I see that you are trying to avoid answering the question maybe because you dont want to call the names and spoil business for the owners of this exchange. But it doesnt matter at all. It is not a crime and the information you are trying to pass is something that all crypto enthusiast needs in Nigeria. Because the rate at which local exchange are coming up everyday one needs to be careful.

Do you know that it doesnt cost much to make your own cryptocurrency exchange. The only area it cost is to make the agreement with the government of which they have increased the amount so much. The codes are can be duplicated from other local exchange source code. Just like how we see various loan app everywhere. I think there is even a template for loan apps and cryptocurrency exchange. All you need to do is to rebrand then market your own to the audience.

For a crypto user that values his asset, before having to use any exchange be it Dex or Cex it's important you would have read their operation policies like the ToS, which you have no excuse for not been in the knowing about it when you eventually shoot yourself in the toe.

I have read about people complaining of losing their funds because the amount of fund they deposited into the their account in the exchange they newly tried to use is below the exchange deposit limit and that was how that fund got lost to the exchange. But if they had read about deposit limit they won't have made that mistake.

On issue of p2p, the greed of a trader can land him/her into some loss even in a reputable exchange. There are exchange rate amount you see in a p2p trade that even without being told your instinct should tell you that that's a red flag when compared to all other rates. Then the percentage showing the trading record of the trader is another indicator of reputable trader. And most imperative, all exchange will always tell you, never send your coins if you haven't received and verified payment.

With the method you’ve explained this people work and operate, it is a very high negative red flag sign for you to use them for exchanging your coins it the local fiat currency. It is better you settle for other exchanges rather than having been cheated by a scammer like this who doesn’t know the worth of your money you’re been scammed with. I have never come across any one or knows how they operate, but it is better for find solutions to better ways than totally settling for things like this, at least those exchanges will take the blame for any problem which I don’t think will even arise since they’ll be well prepared to improve and not face criticism from outsider using their forum as alternative to the ones banned now.

Thanks for di information, I know say as Binance p2p wey be di most popular for Nigeria, get issues with our government, scammers go wan capitalize on am to de defraud unsuspecting Nigerians. Many Nigerians don so trust and depend on Binance exchange services to di extent say dem no even know weda oda reputable exchanges de for Nigerian customers, and na dis kind people de fall victims to dis local scam exchanges. I no even de familiar with our local exchanges and I thank you for mentioning dis one, aldo for exchange matter, I no go fit to do patriotism, so aside from Binance, na other reputable exchanges wey don gain trust for the crypto industry I go fit to patronize, because I no fit shout for my hard earned money matter.

You did well mate, this is the reason why this local board means a lot to me because users within the local board are always updated at the most needed time. Due to binance closing p2p transactions, many people are running to some other exchanges both reliable and unreliable ones just to make p2p operations which is very risky and one can get scammed in the process so it will be wise for everyone to be very vigilant at this material time because once you are scammed, that's goodbye to your money as methods to recover lost funds is very slim so we should apply high level of cautiousness and security and be very careful when dealing with anyone online.

Why trade on an exchange that's not recognized or sending your funds to people without reputation? Sometimes we are the cause of our problems frankly speaking. For crying out loud Binance was never the only exchange that was doing p2p so I wonder why their pause to P2p platform is looking as if they were the only one who supported p2p. There are things you look for in an exchange be it local or international exchanges.
1. Their trading volume
2. Their trust score
3. How long have they been existing in the industry.

Honestly speaking this was an avoidable mistake and I will attribute this mistake to that of the Marchant. You don't just send your funds to platform without looking for possible red flags. Here the red flag was obvious, there was no escrow and this should have made you to suspect them. Let's be careful with our hard earned funds.

Using a centralized exchange has a serious risk, those that have been a victim of any of them could be able to tell more on that, but what i don't get in this is how the government is expected to be going from one exchange to the other for this hunts, secondly, we have to begin to embrace the use of a decentralized exchange, because one of their advantages is the they don't request for KYC and if we think the government threat in this is worth considering as well as our private information, then we have to make provision to that and considers decentralized exchanges more often.


there's a lot about the use of local exchange and you just mentioned one of the big challenge there as the trust issues, who to perform the escrow and the rate at which to sell or buy, their will be manipulation in such and one party may be cheated against the other.

Binance is just one of the exchanges with centralized P2P and there are others that are good as Binance.

If you can not be scammed on Binance, you will also be able not to get scammed on other centralized P2P exchanges.

Binance is not that better from many other centralized P2P exchanges.

The centralized P2P are kind of similar.

Local exchanges are exchanges in your country. Just as we are Nigerians, local exchanges are exchanges that have offices in Nigeria. I have not heard of Swift exchange before and I can not recommend it.

When I meant local exchange, it's those exchange you can find locally in your area or within Nigeria(owned by Nigerians themselves). some local exchange in my area except they publish there services online, or are well known within the country, can't be in your area. The name of the local exchange my friend used was swift exchange. It's just known locally by small traders.

You are actually right on this bro, though am not a fan of our local exchange because I feel that their are so many loophole that might cause security breach that are not been addressed properly, so as a typical Nigerian that I am, I do more thinking before I act, especially on security, so I suggest op you tell us the name of the exchange just as @pi network have said, so that others can take precautionary measures before dealings with them.

Lastly, we should take our security very serious, am saying this in the sense that, we should not deal with exchange that doesn't use the escrow system, because that is the only measures that can be used to retrieve your money if you ever encounter a scammer.

This is true, I have observed such thing when reviewing the p2p options with kucoin, kucoin is also a reputable exchange but there are still scammers there. When I checked I saw a vendor that offers 1950 naira per dollar and other exchanges were normal (1550 and 1600) depends on the amount you want to sell though but these vendors that have the highest rates I think they are scammers.

If they are not I think they are using the rate to attract more people to their end, just like me, although I was reviewing the p2p but I had to click everything I see so I can be sure if what I am doing.

And again these vendors that offers the most highest rates, if you want to sell a coin that worths  7 figure and above they would negotiate with you and they will only pay the normal rate that others vendors are paying, so in these cases they just used the higher rate on their ads to attract more people.

The worst of it all is when a vendor hasn't paid you and he has marked paid which means you have to realize the coins for him or her, knowing to them that if they haven't paid you and you released coin to them they won't pay you again.

What you said is absolutely correct but I'll still like to add that even in reputable exchanges we still have some person who claim to be p2p traders, and they come up with a very good rate that is too good to be true. Though dey might not scam you if you know what you're doing. Should in case you come across those kind of p2p traders the best thing is to avoid them, and you can recognize a scam p2p trader when you see his trade percentage. I recommend you trade with users from 88-100% if you mistakenly created an order with a p2p scam trader you should always be conscious of not touching the realize coin.

Then when we talk about local p2p traders, I prefer knowing the person first face to face before engaging in any business with that person, no matter how reputable they he is. Because crypto is unlike traditional fiat transactions that we can clearly see the name of the person we are sending our money to. Hence we should have known the local p2p traders before we engage in any business transaction with him/her. And aside that, we should crosscheck wallet address sent to us before we proceed with transaction, if you don't mind I prefer checking it character by character so I don't copy the address and miss out any character.

That's true mate, but if I may ask whicj exchange is an example of local exchange? Because as far as am concerned I have been using kucoin and it has been working for me but hearing local exchange severally make me think otherwise. If you don't mind you can throw more light on the local exchange. And its modus operandi. Because most people might also be wondering and wanting to know more about it. But judging from your explanation I don't think the local exchange is even advisable, Because I think it is Risky.

Since Binance removed peer-to-peer (p2p) trading, many Nigerians have switched to other exchanges that still support it. Binance has been the go-to exchange for us Nigerians for a long time. However, when exploring new p2p exchanges, some have different trading patterns and fewer traders, increasing the risk of scams.

Some people might consider using local trading, but local traders may be even riskier than those on other exchanges because there's no escrow system like with p2p. Recently, a friend of mine was scammed while trying to use a local exchange. He wanted to swap some USDT to Naira and sent money to the provided address. Even though his wallet showed the transaction as confirmed, the exchange kept claiming they hadn't received the funds. Later, they admitted to giving him the wrong address and stopped responding to him.
This situation shows that during times like these, more thieves and criminals may try to take advantage by posing as local exchanges. Even if you consider using a local exchange, make sure it's one you're familiar with. Many of these exchanges are run by individuals who are only interested in stealing, even from their own people.

Local exchanges lack the security measures and oversight of established exchanges.they may not have enough liquidity or financial stability, increasing the risk of losing funds. Dealing with local exchanges also makes resolving disputes or recovering lost funds challenging due to their lack of transparency and accountability.it's generally safer to use reputable, regulated exchanges with a proven track record of security and reliability to avoid exposing oneself to significant risks.