Biggest risk of P2P trade

[sokani]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

Since you don't know who you're dealing with in P2P trades, I think the biggest risk is trading with someone whose address is under supervision by the authorites, as your account will be flagged and assets frozen. However, such risk could be mitigated by transacting with only verified merchants with a good number of transactions and positive feedbacks. Other ways to avoid scams on P2P trades are to always confirm reception of funds before releasing your asset and don't make a transfer to any address other than the one provided by the CEX.

[Faisal2202]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

Always trade with a high rates seller or buyer, and never trade with new buyers or dealers with fewer trades or more negative reviews. And yeah don't forget to read reviews also, Try to use the most trusted exchange in your country, in my country, Binance is mostly used and I can say that even those who don't know anything about cryptocurrency and trading (totally normies) also have accounts on Binance. So, whenever I have to do p2p I prefer doing it on Binance, but I was also trying to give Kucoin a chance but never did it, due to some other reasons.

Well, for you, I do have some topics in my mind but they are already covered by the following member so I will just quote his post here: and also try to read the topic I am mentioning (which is basically the same topic)

• Common P2P Scams in developing countries and How to Avoid Them
• Don't Fall Victim to Proof of Payment Scams – Keep Your P2P Trading Secure
• How to Choose and Rank a Trustworthy Counterparty for P2P Trading

[Potato Chips]

Easy. It's scammers trying to outsmart you.

In p2p, you don't trade with the exchange but with a user. There is typically an escrow in place to safeguard the trade but scammers play mind tricks on their victims to get around it.

1. They could try to reverse the payment hence avoid easily reversible payment methods
2. They could try to fake a fiat transfer notification e.g. sending a fake deposit text to make you think the money was actually sent
3. They could also try to redirect the conversation off-site and play some mind tricks since conversations outside the exchange are typically not valid as an evidence in case of dispute
4. If you're buying and have successfully sent the money, scammers could try to make you cancel the trade. This would mean, their locked crypto in escrow would return to them.
5. User ratings are not everything. Yes, you should always go for the established accounts but don't blindly trust someone's words just because of the high rating because buying and selling or accounts are a thing.

[borovichok]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

P2P is legit from the start, what can we talk about now? Everything messed up with the ongoing scams I'm hearing. Centralized exchanges are optimal, but they come with risks, therefore the best solution is to avoid anything that could lead to becoming a victim of fraudulent operations. Risks bring about losses and facing my concerns, but I've evolved above my restrictions and found legitimate merchants for buying and selling coins. P2P deals are dangerous, so I avoid them at all costs because I can't afford to start grumbling about failed transactions; instead, I deal with a verified P2P merchant.

[boyptc]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

There's none on my end.

But what can we do to avoid them is to always make sure that the trades go through and you always verify if the other end pays first before you release your trade, that's it.

Always need to be alert with all of your trades before pushing through.

[takuma sato]

Basically you can be greeted a buyer that wasn't a buyer for some sort of government entity, this would be one of your main problems, since you are now under all sort of checkups which may lead to your main BTC stack. Then you have the risk of meeting some deranged bastard that just wants to perform a good ole 5$ wrench attack and steal your coins. As a general rule ot thumb you shouldn't even bother meeting with random people, p2p is only done in serious web of trust dynamics where you know you are meeting with someone reasonable and not some psycho or government agent.

[Heulahee]

Mostly the users who don't have their bank name on Binance, we should avoid these trades and don't have to buy and sell to them. Because so many times happen to me when I bought them then the users who didn't have their own name didn't send tokens for which I have to go to the Binance Security form and filled them and will get my fund. Although Binance has a strong security, even other people can't take away our money but we have to be very careful about these orders.

[BabyBandit]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

• 1. Getting scammed. Always be aware of what's going on when you are in an active trade.
• 2. Don't buy any currency if you not sure that you can sell it fast, if you get stuck with it and nobody wants to buy from you and the currency going down you can go with loss.
• 3. Be aware of some buyers they will try to send fake slip, if you selling always check your balance before you release any coins. a slip is not enough, they can be faked easy.
• 4. Never store more coins then needed in a P2P-site. If you gonna hold long term move your coins to a wallet you have keys and seed phrase's to.

[Jawhead999]

Since it's P2P, you're trade with another person, it means you must make sure you're not trade with a scammer. So take a look with the reputation, successful trade, payment option, rate, etc. Stay away from ridiculous rate e.g. discount more than 5% because it's mostly a scammer.

If you talk about direct P2P, the worst case you might trade with a criminal, instead of trading you might be robbed.

[Wapfika]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

In my experience and according to the testimonial of local friends that using P2P. The most common danger on P2P aside from the obvious scam is the possibility to be connected to a syndicate that laundering money came from steal bank account and other illegal transactions.

There’s a chance that your bank account will be freeze and seize once you receive money from an account that is flagged as stolen funds. I believe this is the most serious risk you can encounter in P2P since all transactions in there is involved centralized service such as bank account.

[Stable090]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

We all know that there are lots of scammers that do take advantage of P2P to scam people, and their main target is newbies. They believe they are the ones who will easily fall for their trap, so if you see any advertisements about a P2P platform, then avoid them. The platform might be created by scammers just to defraud people, so make sure you always make use of reputable P2P platforms. I do use exchange when making use of p2p, and when using exchange, the risk involved in it is kind of low. If you follow the guide lines set by the exchange, in case you notice any suspicious moves, you can easily appeal, and the exchange will take care of everything.

[synchronym]

I personally prefer doing KYC over P2P. I think KYC works much faster than P2P. Usually when we exchange something they are required so KYC is very easy for exchanges. Then you can do whatever you like.

[Out of mind]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

P2P trading I think is safe it is not risky but if you are dealing with third party it is most risky. So far I have not faced any fraud by doing p2p transaction, but the transaction completed easily and no one cheated me. There are many users who come to cheat, and their intention is to grab money, so it is always better to stay away from such scammers. Maybe you have experienced fraud, which is why you have commented like this. Anyway, if you have experienced fraud in p2p trading then you should have good experience about it first, then trading. There are many fraudsters who have very little trading, never trade with them, but it is best for you to trade with trusted people who have been trading for a long time. If you are dealing with trusted people rather than third party, then I think Pitupi is definitely safe.

[Hamza2424]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

Hmm, the identity in simply your privacy is at risk on the P2P trade on the centralized platform, a real-time P2P trade on the decentralized platform also has some privacy concerns.

To secure the identity better use the privacy solution while making transections. For the rest be active proceeding with transection to avoid any system compromise or end error.

[beerlover]

We know alrready how dangerous centralized exchanges can be = not your keys not your coins
But what are your most dangerous risks of P2P trade?
And how can we avoid it?

We all know that there are lots of scammers that do take advantage of P2P to scam people, and their main target is newbies. They believe they are the ones who will easily fall for their trap, so if you see any advertisements about a P2P platform, then avoid them. The platform might be created by scammers just to defraud people, so make sure you always make use of reputable P2P platforms. I do use exchange when making use of p2p, and when using exchange, the risk involved in it is kind of low. If you follow the guide lines set by the exchange, in case you notice any suspicious moves, you can easily appeal, and the exchange will take care of everything.

I think when you are using P2P the "exchange" doesn't really do much, it doesn't really end up with anything at all. You should be realizing that p2p will always be risky and some people like that risk and they do end up with doing as much as they possibly could, but some people avoid it like it's plague.

I have been one of those people, never done p2p aside from my very first transaction, and aside from that I have never even considered it. Binance and my local exchange is good enough for me and I will keep using them as much as possible and I will avoid any other place or method. Why? Because I know that the yare legit and they do not need to scam me and they will do their absolute best to provide the greatest service since that means millions of dollars in profit every single day.

[tjtonmoy]

I personally prefer doing KYC over P2P. I think KYC works much faster than P2P. Usually when we exchange something they are required so KYC is very easy for exchanges. Then you can do whatever you like.

In order to use most of the centralized platform, it is required to do the KYC first. You cannot even enter the platform without completing the KYC. So I don't know what you are talking about. P2P on the other hand carries some risks but it is easier. Doing a face-to-face transaction has its own problems. That's why doing P2P transaction on a centralized platform could be better.
Not the best solution but better than doing it face to face if you don't know the person. Getting scam is one thing but as the centralized platform itself handles the transaction of the coins, they could create some kind of scam too. So it is better to avoid unknown platforms and use known platform if you really want to do it.

[Synchronice]

If you are talking about centralized P2P trading with a fiat/crypto pair, there's a bunch of risks. One biggest risk I can think of is the scammers that are luring on a pool of legit traders. I've encountered clever scammers before that almost got me, they can make the transaction a legit one, they're good that's why I noticed somethings wrong before I release the money to the scammer. They are taking advantage of the P2P platforms, they play with the the strict rules of an exchange what makes them brave LOL.

Another risks is outside the exchange factors like bank transfers which can be reversed or sometimes has problems in sending which obviously distrupt the transaction. There are also people who are buying crypto on P2P using hacked bank accounts, my friend experienced this and it is a very hassle scenario because it took him days before he finally resolved his situation.

Newbies and people who don't pay attention are the one who I think is the target of the scammers on P2P since everything on an exchange might be over whelming for them.

My recommendation is to take it slow, be wary of the procedure and process. Don't trust especially if the one you are trading has a not so high p2p trading score.

There aren't bunch of risks associated with centralized exchanges when it comes to P2P trading because if there is a problem, it's easier to deal with the help of centralized exchange. I think you shouldn't get scammed there. It's always riskier to deal with some payment methods like bank transfers, you have to know which bank transfer you are accepting. If you live in Denmark and do P2P trade of bank transfer on centralized exchange with a guy from Burundi, I wouldn't be surprised this bank transfer would be reversed.
Decentralized P2P exchanges like Bisq are very secure and good alternative of centralized P2P exchanges. Here is their wiki that explains how can someone trade there and there is also explained why is it a secure way: https://docs.bisq.network/getting-started.html

[Dr.Bitcoin_Strange]

The challenge I have only faced with P2P on CEX is that some of the buyers always put a long waiting time before they make payment, and some times too, they reduce the trading price, and if you don't carefully look at their buying price, you will end up getting short paid. Just be very careful while using P2P, and always tell someone that you are satisfied with their service on the first trade.

[Mate2237]

This bullshit. The topic and the question content is conflicting. When I saw the " biggest risk of p2p trading" as the caption of the topic I was thinking the op wants to tell us some of the tips of p2p I trading and unknown to me that he is even asking questions for us to tell him the risk of p2p we have experienced. Op you did try in this thread at all. Op then you have to changed the topic to suit the content.

Yes there is a very serious danger in p2p trading of Bitcoin and that is why everyone who is involve should be b careful because you don't know who is who behind the scene. Therefore you have to trade with caution.

[Bounty Bro]

This bullshit. The topic and the question content is conflicting. When I saw the " biggest risk of p2p trading" as the caption of the topic I was thinking the op wants to tell us some of the tips of p2p I trading and unknown to me that he is even asking questions for us to tell him the risk of p2p we have experienced. Op you did try in this thread at all. Op then you have to changed the topic to suit the content.

It's no bullshit. Only bullshit is Elon Coin, LOL
Every trade can have risks, centralized exchanges of course but P2P trade as well.

Maybe next time, you should read my topic before typing a reply.

Is reading hard for you? Seems so!