Biggest risk of P2P trade

[GreatArkansas]

Most of the P2P trading platforms right now are in the centralized exchange, it's just sad because the essence of P2P is nothing.
But there are always good and bad effects of this like the centralized exchange will act as the middleman between the seller and buyer, so if you trust your centralized exchange, then it's good.
While using a decentralized P2P platform, you just gonna trust each other but the privacy and essence of being a P2P are satisfied.

[1715262203]

1715262203

[cafter]

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?

I used p2p for 5times with small amounts to deposit on casino sites, or services which uses different currency.
I never faced an issue like my crypto doesn't arrived in wallet after making the payment. but my binance account got blocked because of p2p where there was no mistake from my side.
but the seller was telling that he doesn't received the payment. I shared my bank statement with binance support and some more proofs but that not resolved. now I got to binance p2p section it is blocked and an error page shows where i am not able to do verification that i did not done an fraudulent activity. we need to always read the terms and conditions and follow the instructions to not get into any trouble and always buy from trusted seller on the site.

[SamReomo]

I never faced an issue like my crypto doesn't arrived in wallet after making the payment. but my binance account got blocked because of p2p where there was no mistake from my side.

That's something new I'm hearing but that's something we must think about. Sometimes it's not our fault but because of someone else we get blocked from features that we love to use. That's why people hate the centralized system and want to have everything in the decentralized way.

So far my experience with Binance p2p has been good but once I also got a problem with a seller and it took me 4 days to receive my money but the support team was cooperative and the seller was also cooperative. I think you should contact their C&S team once again and share your issue with them and who know you may get access to the p2p trading once again.

[slaman29]

I actually never had a bad p2p experience when dealing with trusted traders and using escrow on localbitcoins but it was a long time ago since I used it, I read it got worse and worse before finally closing down.

Biggest risk to me actually is less about funds (if you use escrow nothing to worry about) but about criminality. Get caught buying/selling to illegal launderer and your name is directly tied to them if you use bank payment.

Face to face is even more dangerous

[gunhell16]

Most of the P2P trading platforms right now are in the centralized exchange, it's just sad because the essence of P2P is nothing.
But there are always good and bad effects of this like the centralized exchange will act as the middleman between the seller and buyer, so if you trust your centralized exchange, then it's good.
While using a decentralized P2P platform, you just gonna trust each other but the privacy and essence of being a P2P are satisfied.

Honestly, when I use P2P, it's always in the centralized exchange, and it seems I'm used to it, to be honest. And I have never experienced doing a transaction on a decentralized exchange because none of the DEX I'm looking for have p2p CEX.

Now, to avoid P2P scammers, we should probably just know the rules and regulations that the platform has. I think we won't be in trouble with the transaction, right?

[Frankolala]

It depends on the exchange that you are using that will make you encounter any challenge in p2p trade. I have seen some low reputation exchange that their p2p is full of scammers and if you are not smart or you are new to p2p trade, you will fall for them. Paxful exchange is an example of exchanges with scammers.

They almost scammed someone I know but he was an OG in using p2p so he noticed it immediately. This is the reason why you need to use a reputable exchange for safe trade but your identity will known, only when you use a decentralized exchange that is when you are anonymous.