Encounters with the exchange and their P2Ps

[EluguHcman]

Haven been encountered with the exchange P2P vendor (s) where the trader made false claim to had made payment and then pressuring you to release the coin? Whether YES or NO, I had one recently which I tried to prove to the vendor that I did not receive it by sending him a page of my bank statements of account.
The I asked him to send me his but he could not.
I told him that I am going to drop a negative review on his site or let us go for appeal to sort things out but he remained firmed that I should release the coin as claimed payment processed.

I was almost convinced when I had a notification from the exchange that the buyer has successfully completed the pay so I should confirm and release the coin.
Honestly I needed the money to sort some urgent need but it took us over 3-4 hrs to sort things out because after threatening the vendor that I will be going to file an appeal case myself, he asked me to hold on and then he reclaimed that the transaction he made to me was returned back to him which he did not notice earlier and then he processed another payment which went successful.

The stress and processes to fix things up was literally too much burdens to me which which got me thinking otherwise believably that if this has or could happen to inexperienced or newbie enthusiasts, they might release the coin with the pressures of the trader coupled with the payment notification of the exchange while there was no payment done or things like that.
Definitely when it occurs they will just channel the accuses that Bitcoin is a scam and not taken it upon the exchange or to the vendors itself.

So with their little knowledge of Bitcoin and the exchanges, they will be convinced to see Bitcoin responsible for the disorderliness with some negative thoughts that such is how Bitcoin was programed to accommodating fraudulence but it is unfortunate that they could not understand that it is an individual that either scammed them or had the encounter with them and not particularly Bitcoin as thought.

So then, I think there should be absolute scrutinization of the jurisdictions approving so that we can always have reputable exchanges and also, exchanges should also scrutinize individual traders/vendors partnering with them to maintain good reputations.
By this, we can minimize the level of scams in the exchange and their P2Ps with clients.

[Zaguru12]

So then, I think there should be absolute scrutinization of the jurisdictions approving so that we can always have reputable exchanges and also, exchanges should also scrutinize individual traders/vendors partnering with them to maintain good reputations.
By this, we can minimize the level of scams in the exchange and their P2Ps with clients.

I think this particular story has definitely been faced by at least 20% of all CEX P2P users, there is always those looking for any opportunity to use every means to scam people, they statement that he sent the money and it was later reversed was a lie because if it was the case he would have Opened the appeal case first, they tried to trick people and use that as back up excuse. I have seen people labeling bitcoin ad scam because of their gullibility during P2P transaction.

I don’t see the way that the exchanges can actually scrutinize people more than what it is, everything carriers a risk and releasing the coins before fully verifying the funds sent to you can not be help by the exchange, the best they could do is to issue you a warning and they do that before opening a trade and before closing the same trade.

If you personally encounter a problem like that the best you can do is to leave your own feedback on that user, I think it will also go a long to help others

[Lida93]

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So then, I think there should be absolute scrutinization of the jurisdictions approving so that we can always have reputable exchanges and also, exchanges should also scrutinize individual traders/vendors partnering with them to maintain good reputations.
By this, we can minimize the level of scams in the exchange and their P2Ps with clients.

They can't completely raid fraudsters and scammers out of their exchanges platform and this they know certainly and that's why they constantly remind their p2p users to not release their asset if they haven't confirmed receipt of payment in their bank account, which by this you understand that as a user you also have a role to play in protecting your asset while the exchange plays it's middleman role.

 I use to have similar encounter with these scam intended p2p merchants not until I started trading with only the merchants that has a 95% successful trading records above, and also had to minimized my greed of looking for those merchant on the order list with the higher rate, those scammers usually use outrageous rates to entice and if you ain't careful and experienced you get easily caught up in their net.

[CryptoHeadlineNews]

Honestly I needed the money to sort some urgent need but it took us over 3-4 hrs to sort things out because after threatening the vendor that I will be going to file an appeal case myself, he asked me to hold on and then he reclaimed that the transaction he made to me was returned back to him which he did not notice earlier and then he processed another payment which went successful.

It's really good you never allowed the pressure of the vendor to have made you release the coin without you seeing the credit alert, because that's the exact strategy scamming vendors usually use to scam mostly newbie of their hard earn money, and that's one reason why I always advise people who intend to trade coins on p2p websites to always use microfinance banks which has fast transactions network to request payments (i.e Opay, Kuda, Moniepoint & e.t.c) so as to avoid scenarios where a money might have been sent but due to poor network issues, the money may delay. But I'm very surprised the vendor who sold to O.P didn't even send at all, and trying to be smart, but I'm happy O.P didn't fall for it, that's too bad.

[Obim34]

It's a common problem faced in exchanges and requires an easy solution to such matter arising. ^{(What if truly the transaction failed but who knows)}, according to your explanation bidding for 3-4 hrs without him cross checking his transaction history seems more of a scam. Good thing you were pro in dissolving such scam behaviour, guess he did not bother checking how much trade you have done on the exchange which signifies you not being a newbie and have gone through the process of identifying scams.

Newbies should be careful enough, and not allow these pressure that comes with load of paid messages from scammers or even to the extent of doing fake transfers, all are just their tactics for you to release the assets, and doing such, all funds have been lost without recovering, not even the exchange can.