Topic: My Simple Solution For Speedy P2P Trading (Read 241 times)

Op frankly  speaking I didn't see any new information in this your thread, I was thinking that you will be telling us how to find way out and fast track the p2p exchange in centralized exchange platforms but what you said is not a new thing and I was really looking for a new way to secured and fast track transactions. I don dey hear that your method before. But me I know say even though di online Banks in the country are fast in transaction, we still need to check the app to confirm the money before releasing the coins.

You did well mate actually na wetin me dey use dey sell for binance and when selecting methods of payment I dey put my Opay account although I been dey use Kuda  but at some point my mind no come too sweet with dem again so I decided to change am go dey use opay and the thin smart like no tomorrow.
Pesin been tell me about this kucoin exchange but as I create account their com monitor their system, omo e no too dey pure for my eyes and everything no Smart as Binance exchange so the best na to use binance but you go dey smart make them no put pepper for your eyes especially people wey dey quickly rush go approved payment without confirmation.

The issue of jakpa na em make I no wan open an account with them(Opay, palmpay and the rest), no matter how fast they are. Friends don advise me to have an account with Opay but that fear of not knowing their head office or branch, d make me reluctant of opening an account with them. Due to that reason I refused not to despite them having the fastest transaction. Although  it is advice make people have them as secondary account for running minor transaction and savings. No be wetin peso go have them as main account for keeping their life-savings(to avoid stories that touch the heart)

Let me quote this from an article from Binance:

By following the rules of the naira to crypto or vice versa trading page, you can create your own ad, or look for a buyer or a seller just like on Binance. I noticed that most of us like to use Binance, but other exchanges too are providing the kind of service. You will see a message icon that you can click on to contact the buyer or seller if there is any problem or something to talk about.

Hey Charles, this is something I have not thought about in this manner. If I understand you correctly, you mean that the so-called peer - 2- peer on we do on Binance, Remitano and Kucoin that have been mentioned is not P2P? What then can we call it?


I haven't done this before and would like to attempt it. For further clarification, do you mean that once I receive bitcoin on Bybit, I can convert it to its Naira equivalent on the platform without contacting any vendor on the app?

I have used Remitano and OPAY transactions take close to an hour. Access Bank and some other banks have been listed on the platforms for quick payment.

It is good to be careful and I see you to be careful. But to confirm if the money has been credited to your bank account, only just login on your bank account online or use your bank app for it. Push notification can be good but not enough for you not to mistake of fake message and email. But confirming it directly from the bank app or on the web is enough. You do not need to send it to other bank account before you will accept that the buyer has sent you money.

For me, I haven't experience fake alert before and don't pray to ever witness any, so I literary don't know how it works, but moreover, what I always do when I transact huge funds on p2p trade is that I always try to transfer the fund from one bank account to the another for confirmation,  because I'm sure if it's a fake alert, it won't work, but if it shows successful, it means it is legit money. Secondly, another way to avoid scam on p2p is by checking the reputation of the person you intend to trade with to see if he has had more successful trade or not.

Moreover, I use Remitano Naira withdrawal method whenever I intend to sell my BTC, and it's very fast

A Simple update: Binance has also applied the kucoin solution; where you can deal with vendors using the same banks as your own. Easily identifiable; just as on kucoin.
Cheers!

The Op has given a great suggestion which I think it can help p2p transaction faster and saver.
No matter the delay in bank transaction, it is pointless or totally useless for one to rush to confirm payment reception without seen evidence. If some one paid into your account and the person notify you that he had paid and you are yet to Recieve alert or see it on your app, there is no point confirming the transaction just because you are earger to sell.

Even though the Op has confirmed the fastness of opay and pampay should not make us use that as excuse to confirming transaction just too fast, there maybe unexpected technical glitches sometimes or they are upgrading or working on their network which may result to slow transaction process.

If you engage in p2p and buyer message you that he had pay and that you should send the coin/token, don't trust the buyer convincing words as they may contain lies. Prevention they say, is better than cure.
Doing the mistake then waiting for months before retrieving your crypto might have negative effect on your budget.

As you engage in p2p, beware of fake alert, over-excitement can make one confirm transaction without noticing that the balance on their account does not accumulate with the new payment made. Some people will confirm transaction once they see message pop up on their screen without visiting their app for confirmation.

Its a simple solution without the need to include binance chaotic approach. the process is simple, get kucoin, get palmpay or opay.
Complete your p2p trades in seconds.

btw: This is a local thread.

I suppose you know these are all wallets abi, far from anything local banks like we have in Firstbank, FCMB, Zenithbank, GTbank and the rest of them.
Yes, these financial institutions don stand out for sometimes now and them dey deliver but, as wallet way them be, users get the phobia say them fit jakpa as na just small outlets them dey use do office and matter be say, them fit close down for silly issues and the road you go waka to get your money back long wella.

When e comes to fast credits and debits, them Dey try shah but, e no still make them ultimate.

First of all, I see this thread as needless because the thread lacks every necessary content to serve as advice or what so ever as regarding p2p,  and for your information when you say p2p it means exchange of coin vs fiat as the first comment mentioned and all the other p2p on the centralized exchange both binance and Kucoin are all middle ground for buyers and sellers to meet to exchange their crypto into fiat.

From your explanation, it is far from that and even at that you failed to achieve the aim of this thread when you never mentioned anything regarding binance.

I'm not sure there's currently any service or technology that has been built that offers fully decentralized peer to peer exchange especially when it gets to do with fiat currencies. We need to have a way to programmatically facilitate these trades without intermediary and moderate it so that no one party gets cheated. Centralized services and exchanges are still the de facto simply because they act as an escrow and this goes a long way to protect users on either side of the trade.

This is not a solution to the risk on p2p and what you dey tok e dey every exchange and no be new thing be that. You can do it in Busa, Ramitano and Binance. Almost all the online banking apps have the upgrade,,and that upgrade is to allow you receive big amount of money and nothing more. So I didn't not see any special solution from OP.

Even from what op has said, scammers can still scam people through fake alerts, so all what we have to do is vigilant and careful when we dey buy and sell coins. Me I don experience am b4 so nobody go tell me again, and na so dem tok am sae experience nai be do best teacher wey e dey dis world.

You made mentioned of Binance and I was waiting for you to at least say something about Binance but Binance part of the story end at the naming ceremony and nothing more.

Those who are using KuCoin supposed know this because in Binance once the vendor pays the money to the Opay or Palmpay account, alert automatically shows up for you to see, so you don't have to cross check it twice. You just slide down your screen to see the amount and release the coins to the buyer.

Frankly speaking, It looks like one but as you said it, we don understand.

I think you missed the context haha. I am saying that with opay and palmpay transactions; all you need to do is check your bank app once and the money is in. That way you won't have to refresh your bank apps multiple times 

Even if you release your coins without receiving payment, I think you can still get back those coins if you are prompt enough to lay a complaint to the system which I have experienced and the process wasn't that stressful but what happened was that I had to play the Patience game as I waited for some time before the issue was resolved. Cex like binance and kucoin are in by all means trying to provide their customers with the best services they can offer and I would say they are doing a pretty good at that but am still weary about them as they are still centralized and won't feel ever relaxed to store my BTC or any other crypto there, I prefer just to sell or exchange my crypto in any of the CEX.

I am not use to kucoin p2p system,I tried the other time to understand how to use it before sending my coins to the address of the bitcoin wallet. I find it difficult to sell as they will tell me that the p2p guy is not using my payment method. I also search for the amount that I want to trade but I didnt see it. Scrolling down looking for who matches the amount of coins that I want to sell makes me sick and I just left everything and used Binance. Binance and kucoin are easy but Binance is more flexible.

Who told you so,there is a warning in the Kucoin or Binance that you should confirm your payment first before you release your coins,because if you release your coins and payment is not done,you are on your own and no CEX will take responsibility of your action.

It seems you are misunderstanding O.P when he said you don't need to check your bank app multiple times before releasing, because what he meant is that when you use Palmpay of Opay for transactions, the money arrives fast in micro seconds.

Secondly, if you happened to have mistakenly released a coin without confirmation, you can equally report the trade to Binance and you will be asked to bring a statement of account, of which if you are able to prove that the money wasn't paid to you, Binance will freeze the person's account until he pays you back, because it once happen to me and I reported the trade, but just that it took 2months for me to get my fund back.

OP so far I have i barely hear about complaints of CEX p2p having any issues. I see you mentioning binance but do you know that binance seems to be the easiest and fastest p2p trade, their features looks more feasible and flexible to scale through and very much easier than kucoin.


This is the reason why people get scammed and loss assets and funds. How can you say that you do not need to confirm with your bank app for payment before releasing Crypto. Do you know how many people that have made such mistake of not confirming before releasing Crypto.

As a matter of fact, this is what CEX p2p  platforms advise her members to do before releasing Crypto to their buyer. They advise everyone dealing ie sellers to confirm payment before they release assets so that they don't get scammed as they do not have control over p2p deals.  Be it same bank or otherwise, one needs to be very much sure before releasing Crypto because any Crypto that moves out of your own custody is no longer yours and if you make any mistake, you are on your own.