Bitcoin Forum

Over the time, I have been hearing and seeing a whole lot of post  about the p2p market on exchanges, especially the bybit exchange and with the look of things it seems these guys are not even ready to back of, not anytime soon.
I’ve faced several scam attempts on exchanges but have not felt for anyone not until today when I opened a trade with a good price for the amount I wanted to trade as at the moment
https://i.ibb.co/wZqcYqKg/3092a0e0-ccad-4ea2-9a30-7d953999adfd.jpg (https://imgbb.com/)
After opening the ads of the the user above, I noticed after I already received payment that, the received amount was different from what I was expecting at the rate of 1,494 but I was instead paid with a different rate of  1,466 which was not the advert price.
https://i.ibb.co/236r2bVk/eb96bc0c-2f2b-4cd9-b308-c2c6af039f5f.jpg (https://ibb.co/JjdTLh6s)
photo download (https://imgbb.com/)

These already happened to me and it can still happen to anyone but as a member of the local board, I had it to our notice so we can all stay careful and pay attention to every details while trading on p2p for our safety.

We should have one dedicated scam thread for Bybit to pass down warnings; maybe the admin will merge them all together someday.

You made a mistake. Sometimes once you click on an ad and the rate changes, they might send you a notification to reconfirm, which if you don't pay attention, you might not grab, and secondly, you as the seller with the higher rate of scam always make sure to double-check everything before clicking on 'release payment' because once it's done, it can't be undone.

I think I have probabbly heard about this several times It's actually called a rate scam or a short payment scam .OP what they actually did was that they used that 1,494 as a way to draw draw your attention based on high price you saw after that then you will probably click on it and once the trade starts they will definitely send you a less money which is that 1,466 in the sense  that these guys thought you won't check your bank app once you receive the notification they believe that you will just send them your crypto So the thing is this this scam that they where trying to pull on you was a way of paying you less and keeping the remaining one.

Well itt's really good as you bring this to the Nigeria board because it is actually a way of saying we have got to always check our accounts and Don't just rely on notifications. Check and confirm that the actual payment was completed and confirmed. It's really good that you checked yours . that's Just it.

If you are conversant with Bybit I am not sure you will be making this post. First some of those ads are old and don't reflect the new price so before trading with any one on Bybit be aware that the rate may not reflect the actual price, but most time they give the opportunity to negotiate. There is a chat box that you and the buyer can have a conversation so I don't think they will just send you a price without negotiating with you. If they did then you should not hide it from your post but If they did not then you can hold cold and ensure they either negotiate or pay you up completely.

This is purely a scam attempt and I don't know why the exchange will have to permit for this sudden change of price and still not asked to refresh the quote for a change in value, exchanges have to be more strict with some of their users who have been abusing the use of p2p, they had better be restricting accounts or placing a temporary ban to serve a warning to those found manipulating price, including those that don't make a complete payment, this has to stop, the more they were being allowed the more this scam attempt continue to expand.

You can be right but still be wrong. When you clicked on this add that showed to trade at N1494, during the process where you not notified about rate change, you were too quick neglecting to confirm the new rate that changed. When i mean you can be right is that this merchant do this trick by increasing their rate above other merchant, usually we pick the highest offer and what they do is have the rate reduced while so many will not notice and accept to sell, just like what happened to you.

I have been using Bybit, once the trade has been initiated by you, it can't be changed by the buyer. Better lock in during P2P.

There was absolutely no notification for price change and if there was, I would have been prompted but I wasn’t and at some point, I felt really bad because I had to withdraw such amount for something important and unfortunately it still didn’t get to my expected amount.

I think the price difference was intentional, I don’t know how it might have been done, but the whole process didn’t seem like a price fluctuations to me but rather a deliberate act to scam me

You don't have to come complain here, the problem with most of you is you don't understand how Bybit p2p works and how to make reports in situations like this one.

There is an action button for you if you get paid less than you're expected to receive; you don't need to go into talking war with your vendor just report the trade and they will complete their payments, if they refuse, Bybit would release your coins to you and ask you to refund the vendor.

I had similar experience while I was using bybit exchange for P2P transaction. The buyer was actually telling me that he is not gaining anything from the exchange rate he placed or that was being advertised. So he was proposing any exchange rate which I turn down. However, the OP I think the fault is actually from you, you were supposed to have checked the amount to see if what the buyer sent is actually what he was supposed to have sent before releasing the coin. The fault is actually from your end , incase of next time you need to confirm everything before rushing to release the coin.

You gave a good point since it's obvious a lot if Nigerians use them for p2p. If we gave one thread dedicated for Bybit and all the dramas going on there, it will make the discussion easier and people that need to learn one or two things from the experience of others will do so easily and not miss anything since everytjing is in one thread.

Dat picture there go follow for ur problem. See dat thing wey I dey always sing as song for here sey make we nor dey deal with merchants wey nor include dat warning sey dem nor dey deal wit 3rd Party Account. Even dat buyer nor even write any terms and condition for there. People like dat, avoid them. Na dem dey do wayo pass.

Exactly wetin im supposed do before releasing coin. Make una nor dey rush anytime wey una dey do transactions. Na dat few minutes of rush rush scammers dey capitalize on to strike.

This one no be new method of scamming and e don dey for long, just that e no too dey rampant like before. I don ever encounter this before but e don take time now. Wetin this merchants dey do be say, them go give you good price for the main page wey you dey navigate to select the best rate, then when you enter to commence the trade, the price there go dey different entirely and less than wetin you be wan sell for.

Na once e happen to me and I was able to conquer it by telling the merchant not to send the money and cancel the trade or I’ll repot him since I already had the screenshot of the displayed amount before entering into the trade. Even when I never remember to take a screenshot of the price on the main page, he immediately cancelled the trade and I got another merchant to sell to.

I no know say this kind thing still dey happen and since when I begin use Bybit, I never experience am before. Na one of those exchanges wey dem ban their p2p I get the experience from before. Make we no dey rush to sell, being calm and vigilant makes us not to fall prey of this fraudsters.


The interface of the page wey OP snap no look like say na Bybit exchange him use run the p2p but since na still exchange and na scam matter, any merchant for exchange fit use this method scam.

The first paragraph na true my boss because I no truly pay attention to if the buyer put any warning or not and true true, I don learn my lesson because that matter really touch my for heart but the thing be say, once you don open these traders as a seller, you no go fit cancel am again and the moment them make payment, you no get choice but to release coin l, except you don ready to make case wey fit take time to resolve.

As for the second paragraph and quoting, I no go take absolutely blame because na him ads price whine me come him side and yes next time, I go pay absolute attention to every details.

Honestly, this one na pure scamming attempt because dollar price no fit just fall like that so deep, imagine from 1490 to 1460, nah! That one bad, and na the same tricks scammers don dey use for long. If na true say the price change before you even proceed with the trade, the exchange for don alert you say the rate don change make you restart the trade again. But na lie, this one bad, I sure say you no be the only victim, dem suppose report him.

But I hope say you no release the coin for am after you realise say e no use the advert price pay. Na why e dey very important to confirm payment first before you release coin. Because if you mistakenly release without confirming the amount, my broda, dem go run you street. Anywhere wey money dey involved, we gats dey careful.

How to take dey on alert for P2P market prices;
1) Check di pulse – Dey look how sellers dey change price before you lock any deal.
3) See di gap – Compare wetin exchange dey show with P2P price, notice if di difference too wide.
3) Know di rhythm – Price fit jump sharp if demand high; no rush enter trade without confirm recent move.
4) Test di water – Start with small money when you dey try new trader, make sure e dey deliver as e talk.
5)Hold ground – Always sabi di global Bitcoin rate so nobody go over-price you with local wahala.

✓ Omoh no let cheap price carry you go, trust matter pass fake sweet offer.

Yeah, that might be what really happened.

I've this habit of manually calculating the amount I'm supposed to received for a trade. Call it paranoia or whatever you like, but I do it sometimes, especially, a big amount of money. ;D I feel it's possible for an exchange to experience a glitch and spits out the wrong calculation.

So, if the exchange sends a warning that the price has dropped and he didn't notice. When the exchange brings out the amount he's supposed to receive for the trade. If he calculated it manually before accepting the ad, he would be able to spot the differences and know whether to proceed with the trade or not.

this p2p matter na realy alarming thin oo because e just dey tell us how prepared we should be terms of security when initiating any trade on exchanges. Actually even bitget seff get some of these scammers but not as bybit because na bitget I dey most times. But on a general note now na for us to just dey prepare our minds to always check well before we click that sell or buy button. Now most of them no dey too send half payment again probably because the exchange go don wan dem or the people wey dey do go don get negative tag wattin no nice.

This is serious! I haven’t experienced this before I am seeing it for the first time. I know of vendors that do send incomplete payment that will look similar to the amount they are expected to pay, but the real add reading different value from the payment page is something new to me, and I don’t think this is something Bybit on its own can’t solve because it is a sign that these vendors doing this are scammers. Because this is something that will be hard to detect until after receiving money from the vendors.

Thank you for sharing this here, we need to be very careful because scammers are every where, and the rate at which scams is increasing rapidly in this p2p platform is alarming, we need to be very careful and to as well start reporting such vendors so that the exchange will know about their actions.

No probs. We all still dey learn. Nothing bad wen persin make mistake, especially if dem neva get anybody wey warn dem. The problem go be wen persin begin loose guard again on d same matta. Wetin u gained by dat thing wey happen to u na im we dey call experience. We always pay to gain something, whether na experience or knowledge. Either e go cost us something or we escape it like in experience or we spend time learning it, for knowledge.

Oh dear! Bybit too full of scammers. In fact, na dem make me add that 3rd Party stuff as part of my screening criteria. Dem too many there. We nor see all dat stuff with Binance and Kucoin of blessed memory 😏

About d concentration thing while dealing, dat wan supposed be a MUST. Abandon whateva wey u dey do until d cash land for ur account and u release coin to buyer. Dat's why I nor dey like any window wey pass 30mins. I dey choose between 15–30mins highest.

A lot of stuffs are happening, I also have witness almost same scenario of a vendor sending me actual amount of money from the price of the advert but he sent almost same amount but was not complete, I just smiled because if not for me checking my bank balance and the transaction and also rechecking the price on the advert I would have released the token for the vendor.
Seriously we have to be very careful and very vigilant when we are making use of the p2p sections because we can easily loss money and no one would be hold accountable of it. -

These vendors are now making bybit look like a joke and the funny thing is that bybit is not taking any measures to curtail all these activities perpetrated by the scammers making caricature of their platform. It is unfortunate bybit does not care about the safety of their community members anymore otherwise they would have attempted to reaching out to the Nigerian community on their platform to do a safety or security surveys with respect to their experience with scammers and possible solutions to handling such or likely penalties for such act. Then after the survey, they do their analysis the make a decision on their next line of action.

As for the price variation you have observed, it is good you brought it to our notice in time so that members would take note of and be cautious whenever they are executing a trade with them. Although my experience is this, whenever I want to trade, I pick price and if there is a change in price variation, it automatically cancels the trade letting me know that a price change occurred and it is left for me to continue with the trade or or choose another vendor.  All the same, the update have brought here would help go a long way for members to take caution.

I also do that very well most of the time. I mean, to manually calculate what I'm supposed to receive, it's just a way for me not to dash those vendors my money.

Before I started paying careful attention to how prices update, I almost lost money when I was having network issues. I did not notice when the price changed, and I accepted the offer and put in my selling amount. It was when I received less than what I expected that I went back and argued with the seller, and as the price difference was significant, I asked him to complete the payment or I would refund him, which I ended up doing, and my asset was released back to me.

I dey very sure say this thing no dey new for this system because no be today way scammers start to dey scam people through p2p trades, I think lately last year abi this year sef I done see this type of thread fire here but I ko fit find am. However, p2p traders really need to dey extremely careful so that vendors no go carry them shine. More especially now way December done dey reach, many scammers go try fine more ways and formats to use scam people.

We should always be cautious with all of these people before they scam us and we have nothing to do about it, but I have also seen that some people are not scammers; they are people who don't know what they are doing or, let me say, they lack knowledge or sense, When it comes to p2p, some people will ask you to reduce something for them, and sometimes they would refuse to transfer the money entirely, claiming that it was due to transaction fees, I'm not sure whether I'm the only one who has experienced this.

Those who are doing that give off the vibe of scammers because I'm not sure why you won't pay the full amount to the seller, but to prevent all of that from happening, play smart and don't release the coin for them, hold the coin and if they are serious about it, they will complete the payment, we are the ones who can stop them from doing what they are doing, as long as we don't release the coin, we are safe.

I've had such experience before with the bybit exchange too and I sold for a lesser amount than what was originally advertised. It's called the floating price that scammers use to deceive people by constantly changing the advert price and most people fall victim to this too. They often come with the best prices and most times delayed payments and this has being going on for a while and I believe restrictions are being put in place to prevent these scammers from ripping people off their money.

It has gone as far as using Binance also for this illegal p2p trading system and it is becoming unbearable as victims of this cases increase day by day but I believe spreading the knowledge of such scams would go a long way to prevent it.