Topic: Tips to Avoid Scams on Cryptocurrency p2p Exchanges - page 2. (Read 429 times)

Normally Mobile banking is the best option when it comes to P2p platform. With the peculiarity of our country when it comes to network one just have to avoid normal commercial banks for trading. A successful trading is the one you have seen your money. But I have see situation man young people say they don't trust mobile banking and I laugh at them. These mobile banking is the best choice if you must avoid scams in the crypto industry when it comes to P2p trading.

P2p na another place wey scammers dey hide, and if you go lose guard, then your money don go be that ooo, na why you suppose dey very smart if you dey use p2p, scammers fit come up with strategy wey we no expect, so when using p2p, make we dey smart, make we dey sure say we sell coin give people wey get reputation for that side, people wey don complete plenty trades.

When you are trading, just go straight to the point, and nothing concern you with anything, no go dey talk things wey go give the sell more opportunity to scam you, and make sure say you no dey share your information give anybody, if dem request for your number, then make sure you give them the number which you are not using to receive alert, give them number wey be say no be him u use open account, so if them wan send fake alert, dem go easily cast for your side.

If you are using online Microfinance bank, e make sense pass, because immediately them send you money, you go receive an instantly, if you give all those scammers normal commercial banks, they will claim they have sent it, and if you claim say you never receive alert, dem go talk say na from your bank, and they will want to pressurize you to release the coin, but if you dey use mobile Microfinance bank, then e make sense pass.[/list]

This experience might probably not be a scam bro. From the original post, Op says that you should not release your coin if you have not received your money in your account even if the buyer present a payment receipt. This payment receipt can be altered and edited. I think the seller was just playing safe before releasing your coin. Perhaps, the bank delay the transaction and not that he intend to scam you. I also had a similar experience just last week despite that I am using Opay. The buyer sent the money and Opay notified me of the incoming payment but when I checked, the transaction was not successful but still on pending. The transaction later show failed and that's how the drama began. He asked me to release the coin because he made the payment and the problem is from my bank. I insist that I will not release anything until the money drop in my account.

I appealed the case and he was queried to provide payment evidence. Both of us provide the necessary details and while waiting for the judgment from the support team, the money was reverse to him on the following day. He made the payment again and after I received it, I release the coin. From this experience, none of us is a scammer but due to what happened we both were suspecting each other to be a scammer. So, in essence, such encounter is not enough to tagged someone as scammer. It's due to bank network sometimes and one must be patient. You know, this vendors are also human and they might be asleep some time when you make payment or busy with some other things.

---

I'm not saying scammers are not on P2P but all I'm saying is that not all cases of bad experience is attributed to scammers, some are due to network issues or other circumstances. Whatever the case maybe, hold your coin tight until you receive your money completely in your account.

Crypto scams and hacks de increase everyday and na so scammers de improve dem crafts everyday on ways to de scam people, so for any crypto transactions for exchanges or any social media platforms e de very important say make we no trust anybody or begin de do familiarity with person wey we meet dia. Infact no to see anybody wey you de do transaction with for online as a potential scammer, dat perception go help to keep you on guard not to trust anybody for business matter. A very important matter wey di OP raise be say make we no live di business of di crypto transaction go de discuss anoda matter, because na so scammers go deviate from di p2p matter come de introduce you to one project wey you go put small money and begin get plenty ROI within a very short time, in di end you investment r money go burn.

Like almost every day scammers uses new strategies to defraud people more especially newbies are always victims to this effect and sometimes before entering to do any p2p transactions, make sure you're mentally okay like nothing is bothering you at that material time otherwise you might make mistakes in the process. Though everyone should be cautious not only newbies on how they go about p2p transactions otherwise you would get scammed.

   Here are some additional tips .
Cryptocurrency p2p exchange scams always happens because the scammers goes behind the a platform's escrow system and makes transactions outside the platform's,and so trades should not be done outside the platform in respective of how much you will be pressured and choose a trustworthy platform.
   Check your bank account/wallet regularly in other to make sure that the agreed amount have been received before transferring of your cryptocurrency asset and the transaction is complete successfully also verify the user's identity,just trade and prevent long discussions.
   Do not share you personal details with the trader and also your contacts.

These scammers rates their customers badly,and they lack escrow system,and when you  rely on your  counterpart for evidence, they are likely to give alot of evidence of payment.

Brother thanks for this piece of information, expecially to our newbies, because 2 weeks ago I also had an encounter with one of this scammers on binance p2p, because I usually bought 30k naira amount of usdt, which I do regularly monthly since i save in dollar.

After I made payment, this guy refuses to release the asset to me, after I have even send him the confirmation receipt from my opay account, what I did was to appeal to the binance customer support and my receipt as evidence that the guy have refused to release the asset, they gave him an hour grace to reply to my complain why he doesn't want to release or his account is going to be blocked and the asset released to me, when the 1hour is almost exhausted, that was when he finally released the asset, why am I say this? When doing a trade on p2p as a newbie, it's very important to that someone experience is present, so as to show him how to go about it, and the measures that should be taken if the next person is a potential scammer.
Please Scammers are getting more sophisticated everyday, we should all thread with caution.

Since the banning of cryptocurrency transactions with banks in 2021, Nigerians turned to using peer-to-peer (p2p) trading platforms for their transactions. These platforms offer an easier way to convert, buy, or sell cryptocurrency in the country. Even after the ban was lifted last year, Nigerians still prefer using p2p platforms over banks. However, there's been a rise in scammers flooding these exchanges, making it difficult to distinguish between legitimate traders and scammers. These scammers manipulate these platforms, adding fake testimonials to their profiles. As Nigerians become more familiar with cryptocurrency platforms and exchanges, they become more vulnerable to scams.

Just yesterday, I read a post where someone shared a story about a friend who fell victim to a scammer on an exchange. The friend engaged in a discussion with the trader, who then persuaded her to invest, claiming to have a way to make thousands of dollars. Unfortunately, she sent him the funds and lost contact with him afterward.

You might wonder why she didn't report him to exchange officials. She did report him, but he hasn't been heard of, and the exchange couldn't help her. The lesson here is that when using online platforms filled with unknown entities, we should be cautious, especially regarding offers promising easy money online. Legitimate opportunities are rare and usually offer minimal returns over time.

I've compiled some methods to help newbies and members avoid being scammed on p2p exchanges during transactions:

• Avoid unnecessary discussions with traders:
  Engaging in unnecessary conversations can lead to scams, as seen in the story shared earlier. Simply conduct your trades and avoid prolonged discussions.
• Don't share personal information or contact the trader: Sharing personal information can make you vulnerable to scams. Recently, I encountered a similar situation where a trader demanded my phone number, before he would send my funds which seemed suspicious. I decided to provide a fake number and immediately I received my money. Be cautious and avoid sharing unnecessary personal details.
• Consider using online microfinance banks:
  These banks offer faster transactions without the issues associated with traditional banks. Examples include Opay, Kuda Bank, Palmpay, and Moniepoint Microfinance Bank. Using these banks can help avoid situations where scam traders claim your bank has issues to delay transactions.
• Don't release funds without confirming receipt:Always confirm you have received funds before releasing them. Even these exchange has a notification that you shouldn't Releasing funds without confirmation or puts your money at risk of being lost permanently. Many have fallen victim to scams due to releasing funds prematurely.
• Ensure a stable data connection:
   Before initiating a transaction, ensure you have a stable data connection. This ensures you can confirm receipt without being deceived by scammers. Additionally, keep your bank app open during the transaction process.

By following these practices, I've managed to avoid falling victim to scams, and I hope others can benefit from these steps as well. Stay vigilant and cautious when conducting transactions on centralized exchanges or platforms.