Pay attention on xchange's P2P transactions

[knowngunman]

Una weldon my people. Something happen to me this morning and no be the first time be this. As we dey flex exchanges on a daily basis carrying out P2P transaction, make we dey vigilant and observant abeg because scammers full exchanges now. I sell some asset this morning on kucoin and unfortunately the vendor deduct 10 naira from my money and telling me that it is because of interbank charges. Shey you dey whine me ni? Na me suppose pay for your bank charges? The first time it happened to me on Binance it was 100 naira and a friend besides me told me that the same thing has happened to him before. Instead of paying him 9k the vendor sent him 900 naira and he released the asset before realizing he was paid 900 instead of 9000.
This is my chat with the vendor after the incident.


I use to see on some vendors advert that they'll charge you some money for fees and I always avoid such ads but this one doesn't have anything like that. At least, if there is agreement it would have been better and some people will definitely patronize you but not me actually.

No allow anyone to scam you by sending half payment and release the crypto. I know this 10 naira is very small that I can dash the vendor but removing the 10 naira without my consent is what is paining me. It might be 100, 1000 or 10000 tomorrow if I didn’t notice it. Always verify the full amount before you release the crypto please. You're not supposed to pay for any body's bank charges. Stay safe always!

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[EarnOnVictor]

You never hinted to us whether or not you later completed the transaction, that would have helped better in knowing what transpired between you guys. It's nonsense to say that you have to pay for the charges, it's part of the game, they will bear it as your exchange will not encourage you to pay such and it's so bad that I even heard Binance, in particular, frowns at it. Well, scammers are everywhere, even in the most formal climes, it's we who need to be very careful to avoid issues for ourselves. It's not today that we have been hearing this kind of a story, and I must tell you that a guy short-paid me almost N1000 about two years back and he was so clever to have deducted an amount that made the remaining money to be sent to look almost exactly the same. I made sure he completed my transaction before I released the coin.

Also, just last year, a guy was supposed to credit me a sizable amount in Naira on the P2P network as I was the seller. The guy contacted me and sounded tough threatening that I must confirm the order before he would be able to pay me. I thought to myself if some of these guys are diabolic and using voodoo because I can't fathom how someone will be so confident and commanding for what is plainly wrong to do.

I just smiled and let the order run it's time and eventually expired. There could be worse incidents as well, which is why we have to be extremely careful.

I use Binance for over 99.5% of my P2P transactions, and if you have noticed, they always write their disclaimers and encourage everyone not to release their coin if the same amount expected is not received. I can only encourage everyone using P2P to do the following to avoid being scammed;

1. Avoid rushing or lack of concentration when you are transacting on the P2P to confirm the correctness of the amount received.
2. Never release the coin when the amount is not the same as the expected figure even if it's just a N1 difference. I let go of the Kobos though.
3. Make sure you confirm your transaction only through the bank app before releasing the coin.

[Kelward]

Scam de for anything money matter, weda na crypto or fiat, so person suppose shine im eyes well well where e concern money. Person suppose de even more careful for crypto transaction pass fiat sef, because fiat get central system wey fit try trace how scam transaction take waka, but bitcoin de decentralized and if scam happen for transaction, I no sure say anybody fit track am. So di thing be say if person de do any money transaction, na to cool down no rush, to avoid mistakes, because di moment wey you press send, di money no be your own again.

I don get experience wey one man and woman park big jeep enter my shop, dem dress in very expensive clothes. Every goods wey dem touch, as I de tell dem  di prices, dem no bargain, in di end I give my account number and di man say im don transfer di money and show me di alert for im phone. I no see di money for my account and based on dem packaging i no even doubt di man, I just tell am to send di payment receipt for my phone and carry di goods de go. Di man and di women begin to form vex say why dem go send me di alert wey I don see alert for im phone, me sef i insist say make di man send am. In di end im say make I keep di goods and im go send im driver di next day with a note to collect di goods. Till today I no see driver I no see money for my account.

[Charles-Tim]

This has happened to me before, especially when I was a newbie. On Paxful, the seller will want to deduct ₦1000 (not a typo, yeah ₦1000). I left paxful because of that.

On Binance and OKX, it has also happened to me and the buyer will want to remove ₦100. These were longtime ago.

I noticed something like this happens if you want to sell small amount like ₦5000 to ₦100000 worth of bitcoin at the time. I do not know of now. They will want to buy at higher price to attract people but they will not want to pay you in full by deducting small amount of money in a way the price will no longer favour you. It is a strategy that newbies can fall for.

The best is to avoid such trade. This should be discouraged.

[Agbe]

Thank you very much for this information, the one I have seen it not this type in Binance. I have seen the one the vendor would said, he or she is not going to pay the Kobo added to the main money and it stated clearly on the message of the chat so when you are dealing with such vendors notice it in your mind so you won't be disappointed. And for this particular one dem dey cut small small money to scam people I never hear am. We go dey monitor dem now. I appreciate your information.