Where to purchase bitcoin to avoid being a victim of fraud

sheenshane

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Quote from: Woodie on September 03, 2023, 05:43:02 PM

If your aren't comfortable with local crypto merchants, your only possible options are to go with KYC platforms such as reputable centralized exchanges, peer2peer platforms which offer competitive rates to your liking.

Nowadays, it's a part of legitimacy to undergo the KYC if your concern is to avoid fraud.
Because a reputable centralized exchange serves as a middleman of the transaction no one can commit fraud, that's how you can weigh the privacy vs. the security.

But beware of the instant exchange or a platform that uses another third-party exchange, they usually have higher fees than a normal exchange.
Fraud is everywhere if you've got an outside transaction, choose a legitimate exchange that you can find here in the forum.

Woodie

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Rollbit.com ⚔️Crypto Futures

Before making my suggestion, I believe platforms that allow you to buy coins without KYC usually have a higher markup on such transactions and if you dont mind you can go with this option otherwise for a market price transaction you try going with KYC'd platforms if you dont minf these processes...
Otherwise you can try your luck with the forums cryptocurrency exchange board and see if your mode of payment is accepted, if not try the next suggestion below..

If you arent ready for the kind of transaction above try checking online if you can buy some bitcoin locally which can sometimes be cheaper and you get to use local modes of payment to secure your coins, and remember to check on other peoples reviews of these services before committing to buy. If your aren't comfortable with local crypto merchants, your only possible options are to go with KYC platforms such as reputable centralized exchanges, peer2peer platforms which offer competitive rates to your liking.

Btw just a heads up, most platforms with the best rates are more likely going to require you to undergo the process of KYC, so if you don't mind this, then this is your option...otherwise try non KYC exchanges as suggested here.

Findingnemo

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Bitcoin = Financial freedom

Quote from: Z-tight on September 02, 2023, 05:31:09 PM

Quote from: Findingnemo on September 01, 2023, 01:43:11 PM

I waited for months to see how their site operated and asked regarding that in the forum as well Anyone is still using Paxful? and after that I gave it a try by myself and things have been going fine for over a month so all I am saying is the site seems to be the same as they used to be.

Just cause the exchange seems to you like they are working in the same way as they previously did doesn't mean the issues that made them shut down are behind them, i don't think the exchange should be recommended anymore, it may not be long before they shut down again, and this time it may be permanently.

FYI, I am not vouching for their longevity in their future, all I am just letting you know that Paxful seems same as how they used to be and I don't see the dispute made any difference in their business to or at least as far as in the currency I am dealing with.

Sure any exchange can shut down at any moment, we may not see it coming to remember FTX then overnight went to zero but the same thing goes for every centralized exchange, and which one is the next?

That is why we often see phrases such as "Not your keys not your coins".

Quote from: Z-tight on September 02, 2023, 05:31:09 PM

Quote from: Findingnemo on September 01, 2023, 01:43:11 PM

But, I am not going to suggest OP use Paxful or any P2P for now because it is mostly filled with hacked accounts and funds received from stolen bank accounts and other illicit activities so it will take a while to understand how to choose the right trading partner in p2p exchanges or else they are putting themselves at the risk of their bank account being frozen.

Op wants to buy BTC, and the best place they can do that is on p2p exchanges like bisq, peachbitcoin, Agoradesk and others where they can just trade directly with the other peer.

Bisq is not really a recommended platform for someone to buy their first Bitcoin.

I never used the other exchanges so I don't know it is really smooth for a complete beginner like OP.

Z-tight

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Quote from: Findingnemo on September 01, 2023, 01:43:11 PM

I waited for months to see how their site operated and asked regarding that in the forum as well Anyone is still using Paxful? and after that I gave it a try by myself and things have been going fine for over a month so all I am saying is the site seems to be the same as they used to be.

Just cause the exchange seems to you like they are working in the same way as they previously did doesn't mean the issues that made them shut down are behind them, i don't think the exchange should be recommended anymore, it may not be long before they shut down again, and this time it may be permanently.

Quote from: Findingnemo on September 01, 2023, 01:43:11 PM

But, I am not going to suggest OP use Paxful or any P2P for now because it is mostly filled with hacked accounts and funds received from stolen bank accounts and other illicit activities so it will take a while to understand how to choose the right trading partner in p2p exchanges or else they are putting themselves at the risk of their bank account being frozen.

Op wants to buy BTC, and the best place they can do that is on p2p exchanges like bisq, peachbitcoin, Agoradesk and others where they can just trade directly with the other peer.

Darker45

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🙏🏼Padayon...🙏

Various options have already been suggested, but you might want to make use of BestChange, especially in comparing the best rates offered across exchanges. There are also additional information provided for each and every exchange, like whether it requires KYC or not, or whether the transaction would be processed manually or automatically, and so on. Furthermore, the site also features user reviews on exchanges so that you can have an idea as to how these exchanges generally handle customers and their transactions.

Additionally, you can also buy through this forum. Proceed to Currency exchange board and either open a thread or buy from somebody who is selling. For your fraud concerns, transact with trusted users and/or use escrow.

Findingnemo

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Bitcoin = Financial freedom

Quote from: Z-tight on September 01, 2023, 10:02:02 AM

suddenly the exchange is now back in operation without addressing any of the issues that made them close in the first place; i don't think anyone should trust this exchange.

[1] https://www.google.com/amp/s/decrypt.co/139419/p2p-bitcoin-marketplace-paxful-reopens-after-abrupt-closure?amp=1

They sent emails to their users about their re-opening, may not explicitly state what happened but it won't take more than a few minutes to find out what actually happened for someone who is concerned about this.

I waited for months to see how their site operated and asked regarding that in the forum as well Anyone is still using Paxful? and after that I gave it a try by myself and things have been going fine for over a month so all I am saying is the site seems to be the same as they used to be.

But, I am not going to suggest OP use Paxful or any P2P for now because it is mostly filled with hacked accounts and funds received from stolen bank accounts and other illicit activities so it will take a while to understand how to choose the right trading partner in p2p exchanges or else they are putting themselves at the risk of their bank account being frozen.

Z-tight

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Quote from: Potato Chips on September 01, 2023, 08:33:15 AM

They came back! Paxful founders had some ugly drama -- lawsuit was involved, users funds were frozen

Thank you for the update, i had read the topic of Paxful shutting down, but i don't think i saw any thread about their reopening on the forum, except i missed it. I've done my research now and i see they are back again ^[1]

The exchange seems to be shrouded with drama. One of the co-founders Artur Schaback filed a lawsuit against the other co-founder, Ray Youssef who was the ceo at that time, and that was why they shut down. From what i also read Ray Youssef resigned from his position at that time, and suddenly the exchange is now back in operation without addressing any of the issues that made them close in the first place; i don't think anyone should trust this exchange.

[1] https://www.google.com/amp/s/decrypt.co/139419/p2p-bitcoin-marketplace-paxful-reopens-after-abrupt-closure?amp=1

Potato Chips

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yesssir! 🫡

Quote from: Z-tight on August 31, 2023, 06:08:03 PM

Is Paxful not closed, and now directing their customers to Noones?

They came back! Paxful founders had some ugly drama -- lawsuit was involved, users funds were frozen

Noones is the ex-CEO highly recommended platform (he's likely affiliated with them in some way)
The other co-founder is with the paxful.com of today

Take it as you like.

Personally, I did not like how things escalated and people's money were put on such risk. Thankfully, I'm not interested in both exchanges lol.

Dr.Bitcoin_Strange

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Go after the goal... Go!!! It is worth getting!

You already have a whole lot of reference links that could help you archive what you want, but while also investing in Bitcoin, you must learn how to store your Bitcoin only on a self-custodial wallet. Remember the phrase, "Not your key, not your coin? If you store your coins on any centralised exchange or platform, you will have your asset at risk because the platform can even get hacked, which can cause them to be shot down, and if your asset is on that platform, that's a loss for you. Not only the hack issue, but sometimes most of those centralised platforms come up with some kind of issue where they can disable withdrawal, and if you buy a chance and want to make use of your asset at that moment, you cannot withdraw it. So, store your assets in a self-custodial wallet, and make sure you keep your private key safe.

Mate2237

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Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

Hello,
I know that I have some money that I want to invest in bitcoin and other cryptocurrencies after a long period of saving. With the information I have so far gathered, I have learned that when someone wants to start mining or owning bitcoin or another cryptocurrency, they will start with an amount they can afford to lose. In order to prevent falling victim to fraud, I would also like to know where the best place is for me to buy bitcoin. I think this will be the finest place for getting the appropriate guidance and instructions on how to get my coins so that I may also achieve my dream of owning bitcoin and begin trading.

You are in the right place to get it done. But that bold part of the statement of fallacy. Any amount of money that you lost for anything, it pains the person. There was a time I loss almost $250 for trading, and I was doing as if all was well by the faces of others but my brothers and sisters all was not well, though I was having enough of it but the amount that lest me at that time pained me but since I could not do anything I have to let go. So no amount of money afford to lose and all amount is important.

I know that others have said and told you where to get your bitcoins and also add it to what they have already said, you can purchase your bitcoin in decentralized exchanges and also some centralized exchange like Binance and KuCoin and the most important place to have it is the p2p. Buy it from someone you know very well and start your hodling from there.

Z-tight

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Quote from: Honyek on August 31, 2023, 04:39:11 PM

l suggest that you go to exchange like Binance, Paxful or CEX.IO, and see whether you will reach your goal.

Is Paxful not closed, and now directing their customers to Noones?

Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

I would also like to know where the best place is for me to buy bitcoin.

https://bisq.network/
https://peachbitcoin.com/
https://agoradesk.com/
https://hodlhodl.com/

All these services allow you to trade BTC p2p and if you are looking to more options for p2p trade, look here: https://kycnot.me/

Honyek

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There are a lot of places where you can buy bitcoin, but all of them require carefulness and caution. Bitcoin price is not always the same in all bitcoin exchange, especially in P2P transaction, so you have to do thorough research to get the ones with better price. l suggest that you go to exchange like Binance, Paxful or CEX.IO, and see whether you will reach your goal.

ZAINmalik75

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Quote from: OmegaStarScream on August 31, 2023, 12:33:30 PM

Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

No KYC exchanges
https://bitcointalksearch.org/topic/--5414539
-snip-

That's probably not going to be of too much help for OP, since it sounds like he's a newcomer and he wants to buy Bitcoin with fiat which none of the exchanges listed on that list supports, not unless he verifies his identity anyway.

You are right; almost every centralised exchange asks for KYC to perform p2p trading. Because it is written in the policy that they are asking for KYC to increase security and decrease scams, But there might be some exchanges that are providing p2p, but they are not on that list. In my opinion, if one wants to do p2p, he or she should go for BISQ or any other decentralised p2p trading platform.

Because even if these centralised platforms allow you to do p2p trading for the first or third time, at some point they will ask you for KYC, which could also lead to the seizure of assets. So, the best thing is to use a decentralised platform for p2p purposes.

If the OP does not care about anonymity and is open to all kinds of exposure and risk, If your key is not your coin, then he should use centralised exchanges like Binance or some other. But he should avoid Huobi, as Huobi is under great pressure.

OmegaStarScream

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Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

No KYC exchanges
https://bitcointalksearch.org/topic/--5414539
-snip-

That's probably not going to be of too much help for OP, since it sounds like he's a newcomer and he wants to buy Bitcoin with fiat which none of the exchanges listed on that list supports, not unless he verifies his identity anyway.

Faisal2202

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#SWGT CERTIK Audited

You have to options based on the property of Centralization and Decentralization. Mean there are CEXs (centralized exchanges) and DEXs (Decentralized Exchanges) from where you could do p2p to buy BTC with your fiat. Most veteran people here prefer DEXs but many Newbies use CEXs. What is best for you? Answer of this query depends on the factor that either you want to remain anonymous while making P2P, because in CEXs you have to do KYC but in DEXs you do not have to do any KYC. I will mention both platforms here then the decision will be yours.

Instead of sharing the names I think following threads will help you out:

If you do not know what is the importance of using decentralized exchanges and how much people are being careful with Centralized and Decentralized platforms then I suggest you to read this informative thread by Ratimov.

My 7 years of experience with CEXs (4 years on Bitcointalk)

To be Honest, I also realized the importance of DEXs and CEXs after reading this thread.

BlackBoss_

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Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

In order to prevent falling victim to fraud, I would also like to know where the best place is for me to buy bitcoin.

If you don't care about privacy, go with centralized exchanges but you have to KYC.

It is not safe if you are a newbie and start with decentralized exchanges, no KYC is their advantages, but if you are not familiar with blockchain and cryptocurrency trading, you can lose money with Peer-to-Peer trading.

If you love DEXs and want to protect your privacy, check https://kycnot.me/.

The bottom line is don't choose offers from other newbie traders (your trade partners) with very good offers. They create such offers to attract you and scam you.

irhact

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Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

Hello,
I know that I have some money that I want to invest in bitcoin and other cryptocurrencies after a long period of saving. With the information I have so far gathered, I have learned that when someone wants to start mining or owning bitcoin or another cryptocurrency, they will start with an amount they can afford to lose. In order to prevent falling victim to fraud, I would also like to know where the best place is for me to buy bitcoin. I think this will be the finest place for getting the appropriate guidance and instructions on how to get my coins so that I may also achieve my dream of owning bitcoin and begin trading.

There are many trusted exchange that you can buy Bitcoin with your money, some are centralized while others are decentralized so it's left for you to choose which of the exchange you can buy Bitcoin from. I don't mind buying Bitcoin from any of the trusted exchange because what matters most is where you store your Bitcoin and not where you buy them because most of the best places to buy Bitcoin are centralized exchange and you have to pass their KYC process.

To avoid been a victim of fraud, use top exchanges that are popular because this exchange won't have any criminal reasons to want to scam you. You can also buy Bitcoin from this forum as we have reputable members that'll be willing to sell you bitcoin and take your fiats.

Aanuoluwatofunmi

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Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

I think this will be the finest place for getting the appropriate guidance and instructions on how to get my coins so that I may also achieve my dream of owning bitcoin and begin trading.

You're right on that as you stand to learn and grow through the forum in many ways about your bitcoin experience, however i will want to advise you being a newbie not to start trading without having enough experience in it which could be used by you to tackle any form of challenges along the line, learning preceeds everything, you can learn about trading from here: https://bitcointalksearch.org/topic/m.61999785

Quote from: Oshosondy on August 31, 2023, 05:42:52 AM

Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

No KYC exchanges
https://bitcointalksearch.org/topic/--5414539

The is a new update by Ratimov on more exchanges that have no KYC: No-KYC Exchange Encyclopedia

Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

but most importantly, whenever you acquired your bitcoin, always try to store them on personal wallet which are decentralized for your security and privacy, here are recommendations as well on wallet to store your bitcoin

Wallets are only regarded as custodial and noncustodial, but if talking about decentralized wallet, the one that we can talk about are wallets that you will use your own node like Bitcoin Core and using Electrum with your own Electrum server.

Thanks for the observation, this has been noted as applied as recommended, we keep learning, moving and growing each day.

Oshosondy

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Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

No KYC exchanges
https://bitcointalksearch.org/topic/--5414539

The is a new update by Ratimov on more exchanges that have no KYC: No-KYC Exchange Encyclopedia

Quote from: Aanuoluwatofunmi on August 31, 2023, 05:30:04 AM

but most importantly, whenever you acquired your bitcoin, always try to store them on personal wallet which are decentralized for your security and privacy, here are recommendations as well on wallet to store your bitcoin

Wallets are only regarded as custodial and noncustodial, but if talking about decentralized wallet, the one that we can talk about are wallets that you will use your own node like Bitcoin Core and using Electrum with your own Electrum server.

Crypt0Gore

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If you have no problem passing KYC verification you should start with Binance exchange, it's one of the top exchanges in crypto space, you can use their p2p service too if all you have is Fiat currency.

Make sure you read their rules, to avoid losing money when using peer to peer trade, do not include any crypto related words in description when you want to send Fiat from your bank to another person you are linked to, this is for avoiding any future problems with your banks in case they want to deal with crypto traders and investors.

The best exchanges I can recommend to any crypto newbies is Binance, Coinbase, Kucoin ,and Huobi.

Hardware wallet is the most recommended crypto wallet but if you still can't afford one right now you should get Electrum Wallet.

rat03gopoh

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Your keys, your responsibility

I see you've browsed through the Beginners & Help Encyclopedia thread, so what's the problem with learning that?

Buy and sell bitcoins https://bitcointalksearch.org/topic/--5364418
Bitcoin wallet https://bitcointalksearch.org/topic/--5364418
Security and scam protects https://bitcointalksearch.org/topic/--5364418 - https://bitcointalksearch.org/topic/--5364418
Trading https://bitcointalksearch.org/topic/--5364418

Generally, each crypto platform provides their own user manual which you can find on their site.

Aanuoluwatofunmi

sr. member

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It's either you make use of a centralized exchange as you've been told already if you don't mind about your privacy, but i will also recommend you with some available list of decentralized exchages from the thread link below, there are recommendations you could have from the list there.

No KYC exchanges
https://bitcointalksearch.org/topic/--5414539

but most importantly, whenever you acquired your bitcoin, always try to store them on personal wallet which are non custodial for your security and privacy, here are recommendations as well on wallet to store your bitcoin

Other recommendation on wallets for security and privacy if you care
Bitcoin Core
Passport

Samourai Wallet
https://edubourse.com/en/crypto-monnaie/wallet/samourai-wallet-avis/#:~:text=Samourai%20Wallet%20is%20the%20most,one%20and%20the%20same%20wallet.

Oshosondy

legendary

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...gambling responsibly. Do not be addicted.

These are lists of centralized exchanges: https://www.coingecko.com/en/exchanges
Decentralized exchanges: https://www.coingecko.com/en/exchanges/decentralized

Do not leave you coin on centralized exchanges, move it to noncustodial wallet. Cold wallets are safest.

If you are the privacy type: https://bisq.network

Quote from: ParaBoi on August 31, 2023, 05:11:18 AM

With the information I have so far gathered, I have learned that when someone wants to start mining or owning bitcoin or another cryptocurrency,

Mining is more than just that word, or I can say that word does not apply to mining. Mining requires you to make some calculations like electricity bill if the miner you bought and how easy you have access to 24 hours electricity throughout the whole week.

Bitcoin holding is also different from trading, but you have to know what you want to invest on before investing.

OmegaStarScream

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If you don't mind submitting your documents to verify your identity, then there are plenty of reputable platforms that you can deal with directly. You didn't mention where you're from but you can look into the following ones (UK, US, or EU): Coinbase, Bitfinex, Kraken.

ParaBoi

newbie

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Hello,
I know that I have some money that I want to invest in bitcoin and other cryptocurrencies after a long period of saving. With the information I have so far gathered, I have learned that when someone wants to start mining or owning bitcoin or another cryptocurrency, they will start with an amount they can afford to lose. In order to prevent falling victim to fraud, I would also like to know where the best place is for me to buy bitcoin. I think this will be the finest place for getting the appropriate guidance and instructions on how to get my coins so that I may also achieve my dream of owning bitcoin and begin trading.

Topic: Where to purchase bitcoin to avoid being a victim of fraud (Read 212 times)