Bitcoin Forum

Hello everyone!

I am developing a tool designed to improve the trading process on Binance P2P and secure advantageous orders. With this in mind, I would like to hear from experienced traders and enthusiasts about the features and capabilities that are most important to you when working with P2P platforms.

My goal is to gather as many opinions and ideas as possible to create a product that will truly be useful to traders. Your advice and experience will be incredibly valuable.

Key questions for discussion:
1. Which fiat currency do you use most often for trading?
2. What problems do you encounter when trading on P2P?
3. What features and tools do you find most useful for automating the trading process?
4. What security and data protection measures do you consider essential?
5. What experience do you have with P2P bots or automated tools?
6. What criteria do you use when choosing bots or other trading tools?

I promise that all feedback will be taken into account, and you might see your suggestions come to life.

There is already a working version of the software, currently implemented on the most liquid exchange (you know which one). Some functionality has been developed and tested in several countries with good results. I won’t go into details to avoid turning this post into an advertisement. However, I will say that I am happy to offer free access for testing to some interested participants.

I am also ready to answer any questions and discuss your ideas in the comments.

Thank you in advance for your participation and advice!

I use the Nigerian Naira for trading. I don't use Binance because it delisted the Naira/BTC pair due to country regulations.
So far I haven't encountered any problems whatsoever on any crypto exchange since I have been using their P2P platform.

I haven't seen any automating feature on an P2P exchange platform. Could you list any of possible?

I like the several warnings to the sell before and during any trades. It is more than one so the sell doesn't miss anyone.

There are P2P bots? Never heard of this.

I don't know if this is the answer you are looking for but before I choose a platform, I look for the one with the highest trading volume and that is still working in my country.

I have experience working with the Nigerian Naira, and I’ve heard from colleagues in your country that after Binance made it unavailable, many traders moved to Bybit. Is this true? Which platform do most Nigerian users prefer now?

Automation features on P2P platforms are indeed quite rare. I’m working on a tool designed to provide some automation capabilities for P2P trading, such as automatic order placement, price monitoring, and more. If you're interested, I'd be happy to discuss this in more detail.

I never experienced using a bot on P2P trading it's pretty risky if we are going to use a bot in P2P it will lead to manipulation not by the bot itself but by others who know how the bot works.

This is the first time that I heard of this bot are you developing a bot for P2P?
I am interested to see the result but I don't want to test it for myself why not make some video on how to use the bot in P2P?
Take note most people here don't trust newbies I don't know if the software you are trying to promote here are safe.

The only problem that i've experienced once was the long waiting time, I recall wasting almost an hour only for my order to get canceled.

Mostly the passkeys or 2fa process before withdrawing or releasing the funds.

I haven't done any trades with a bot, but one of my criteria is high completion rates.

I skipped more than half of the questions because my answers are more or less similar to Davidvictorson's post above.

It depends on need.

If you want to trade with highest trading volume and choices, choose US dollar, USDT.
If you want to trade with local fiat currency (your national fiat currency), choose it, but there will be less traders and volume.

Scammers and dark money but these bad things in P2P trading can be avoided by ignore "too good to be true offers" from new accounts, and prioritize trading with trade partners with old accounts and long history of trading, high trading volume in the past, and good trust scores or reputation scores.

I don't use it.

What I used are very basic.

Strong passwords for my email  and my account. 2FA for my email and my account. I always have backups for email and account's passwords and 2FA.
Internet Security Software on my device is an extra security protection layer I have.

I trade manually and don't face this problem.

Hey OP, I've actually been thinking of automated P2P trading some years ago when I was still using Localbitcoin. I saw in Singapore especially two big traders using bot. You open a trade, simply submit and they auto pay everything.

Just wondered how it fit into all the bank APIs also for cash payment, would it be able to work securely with 2fa and all? Or is payment part actually manual?

For me bot trading is easy, but the problem that put me off is most first time buyer simply don't follow the right rules/rates. And I don't have time to be 24 hour on my computer so that's a big red flag for your Reputation rating.

Indeed, in some bots can be manipulated, especially if they are fully automated, for example, not only buying, but also selling, then whoever understands how it works will be able to manipulate. This is roughly how they do it on the spot market “shave bots”.

Yeah, I already have the video. I'd like to see the audience response, and if it's really interesting I'll send a link to the video here. I would like to wait for those who have used similar bots to write their opinions before I show the project.

True. To trust anyone is to suffer loss.

In my experience, 1 hour is not a long time. I don't understand who and why they sometimes open orders, mark them as paid and disappear. I have to appeal, record a video confirmation of the absence of payment and so on. This can take several days.

That's right. But you can't always trade USD if you don't have the right payment methods. That's why people often use only national fiat currencies. Which one do you use?

True. But I've never had a problem or heard from others that buying from a new user money can be fraudulent. The other thing about selling to new users is that it is not safe.India has a big problem selling on p2p. I have experience with this market and when fiat money has been flagged as fraudulent - the whole bank chain is blocked without investigation. It is almost impossible to prove that you just sold cryptocurrency to someone and did not defraud anyone.

 

That would be really cool and convenient, it's like an employee who doesn't need a paycheck and works 24/7 generating income.

The problem is that very few banks support automatic payments. For example, the banks in my country have APIs for checking incoming payments, but no endpoint for outgoing payments.
Singapore banks may have more features available. But I think it was semi-automatic too, some transactions were done manually.

What is your national currency?
In the bot I wrote, only buying (opening an order) is automatic, while paying the seller manually. I would not trust a bot that sells my assets instead of me, and there are many reasons for that.

1. I use USDT in my P2P fiat transactions.

2. The only problem is the delay in transaction, while some buyers might even cancel the order without stating any reason, or let it waste your time when the order will be cancelled automatically after running its time. Also, I've recorded about 3 instances of potential fraud attempts, I hope some measures can be stringent to avoid it from happening.

3. I don't know what you mean by that because automation is a different ballgame as P2P known for now is not automated, except you opt for the direct exchange service.

4. As usual, password, pin, fingerprint and 2FA.

5. I've not tried the bot service and I won't consider it.

6. Refer to 5.