Biggest risk of P2P trade

[Bounty Bro]

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?

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[cakravothy]

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?

you only follow instruction in p2p site
example you use binance p2p you only follow bnance p2p rules,
if youre money not ready in youre hand dont send youre coin stll pending after buyer send youre money
never let go of a coin, until the money is in your account

[bettercrypto]

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?

So far, I have not faced any problems with p2p transactions on a centralized exchange. For me, as long as you know the rules and policies that must be followed, I don't think you will fall for the bait of exploitative people who use phishing methods to scam.

That's why intelligence is needed here, and you should also learn to be sensitive to the actions and movements of hackers who often use phishing links that you thought were still your platform, and what you see turns out not to be anymore.

[adaseb]

I think over 10 years ago I did the P2P and didn't have issues. I think both the buyer and seller were cautious of one another. However I would never do P2P again and would much rather just KYC because its just too much work.

You need to pick a time, a place and you can't deal with large amounts the first time. Not a good way to buy/sell tons of money. Hence when exchanges started to come out I just used them and got the money sent into my bank account. Much safer and quicker.

[Assface16678]

So far, I don't experience any problems with P2P trading, especially since I do my P2P trading on Binance only. It's just that I don't trust any platforms; it's just that I'm more familiar with using Binance, and it has a legitimate percentage, wherein you will see a trustworthy percentage of every vendor in P2P. And I know mostly all the platforms have their own steps before proceeding with a transaction. For example, if you are going to sell your asset, or BTC, to fiat and have it directly sent to your fiat online wallet, there is a "release" or "confirm order," wherein as long as you are not receiving your money, you have leverage because you will not release the transaction. In summary, Binance has security features that will protect both vendor and customer to have a safe and fair transaction, which I don't know about other platforms.

[EarnOnVictor]

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?

The "Not You Key, Not Your Coin" warning is good and so popular in the decentralized world of cryptocurrency, but at times, it might be taken too far, especially if you are such that really want to maximize business potential in cryptocurrency. Nevertheless, work with a reputable company/exchange and you will be just fine. You might also want to limit the amount you hold therein so that it would not be tempting or suspicious to them as exchanges could lock your account for you to provide additional information...lol.

However, P2P will not be an issue if you are dealing with decentralized exchanges and when you follow the right rules. But for centralized exchanges, the additional risks are that the exchange knows your transactions, so it's not private, and there are more scams there as well. Aside from the fact that I read from people how they were scammed through P2P (I don't know how they could be that daft though), and some claimed they were almost scammed. I witnessed at least two potential scams through Binance P2P myself this year alone, who knows how much more millions of people who are trading it daily would witness.

We just have to be smart and careful and all will be fine.

[rat03gopoh]

• Trapped in a fake p2p platform.
• Someone offers you a deal outside the platform, if you follow their instructions no one can be held responsible.
• You tell your trading problems publicly.

[abel1337]

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.

[OcTradism]

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.

Scammers are not newbies and they already have enough experience to know about cryptocurrency, blockchain, P2P trading type very well. Sadly they use their experience to scam newbies but scammers don't have high trusted accounts for scamming.

Scammers have to create and use their new accounts (newbies) to find victims with newbie accounts as well. Like newbies trade with newbies and newbies scam newbies.

You warned a valid point that avoid trading with trade partner that has a new account, low trust rating score, low past successful trading number and trading volume. It is a good trading strategy to minimize risk to trade with scammers on P2P trading platforms.

[Yaunfitda]

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 are a lot of horror stories already as far as P2P trade, even if you used top tier exchanges, they don't have control of who you are going to trade so that is the risk already. And then if you chooses to trade to someone because they are giving you a good exchange, then think again, that could be scammers. They might say that they have send the money already so you have to released your crypto.

However, before releasing anything, you can to check if indeed they send the money to your wallet, otherwise, you are going to lose if you send your crypto right away.

As to how to avoid it, then pick someone with reputation already, at least with good trade history and again, don't be pressure of sending your crypto if the scammers are insisting to because that's what they are going to do if they smell that you are inexperience to trade.

[Cookdata]

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 on centralized exchanges are built-in way to protect the buyer and the seller, most of the time potential scam activities are monitored and because it is a centralized platform, there is a middle person who is watching what is happening in the forum, if any trader try to act smart, they will suspend the person for 30 days I think and the reason why buyers don't have ways to scam is that there is always a collateral damage deposit so that incase the buyer want to run.

Furthermore, centralized exchanges request KYC and data capturing, if anyone should try to scam they will work with the authorities to make sure they get you and does it worth scamming people and later being on the chase? I don't think so. In addition, the centralized exchange has the money, if the trade is not settled between a buyer and the seller, you can't withdraw the money and this is the advantage of the middle person within the exchange but this shouldn't be a reason to be careless when trading, kindly follow the instruction and follow the buyer or the seller until the transaction is settled.

Once you are done trading, make sure you withdraw your coins out of the exchanges because not your coins, not your keys, the exchanges don't tell you what happens in the background and you also have no clue of what they do behind the surface of the exchange, it is better to trade with caution and not leave your coins on the exchange.

[TheUltraElite]

Common problems in P2P exchanges that I have observed,

1. Many p2p ads are there to lure the trader outside the forum - dont do that even if the offer is lucrative, because the machinery of the site is made to prevent scams.

2. Scammers will attempt to reverse bank transactions of freeze accounts on your bank later on too. These should be properly solved by the bank and the website with help from the victim. It can be a scary situation so dont use your main bank account to trade.

3. Lack of liquidity - sites like BISQ are pretty darn good, but they are ill-liquid and have security deposit to make before you can start trading.

[cheezcarls]

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?

The biggest risk for me in doing P2P trade is to deal with someone who had no reputation or great feedback from real users. This is why in Binance P2P I always check the ratings and the number of trades of a merchant whether buying and/or selling.

I usually go for someone not less than 98% rating and has thousands of trading history and so far I have never been scammed even once. I usually deal with only a few merchants whom I trusted until today and so far no problems at all and may continue to doing so.

And I agree with the fact that centralized exchanges are not the ideal place for you to store your assets but only for spot, futures and P2P trading reasons.

[Text]

I still remember when I was still actively using P2P trading. I almost fell victim to a scam from someone I was transacting with. Luckily, I'm cautious, and I didn't completely fall into his trap. What he did was send an image proof that he had completed the transaction, making it seem real when, in fact, it was fake. Since I was the seller of the token, it's a common practice on exchanges for the buyer to initiate the transaction, and the seller releases the funds only after confirming the payment. There are always daring individuals attempting to scam you. Fortunately, I didn't lose my suspicion, and with just one more step, I could have lost my funds. Thankfully, that didn't happen.
In the case of centralized exchanges, my concern is the possibility of my identity falling into the hands of hackers in the event of a breach, potentially becoming a victim of identity theft and being used for cybercrime activities.

[stomachgrowls]

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?

If we do speak about p2p danger or risks then it would really be something like this.

1. Trading up with low trade accounts
2. Long trading time or response
3. Less % success rate or somewhat

Whenever i do make out some p2p on Binance then i do always stick with the best. Yes, it wont really be 100% safe but at least you do know that
you are dealing up with something legit. This is why it would really be that important that you should really be going back to transact into those previous
merchants that you have traded in the past.

Speaking about risks on p2p trades which neither would be face to face or via platform then it wont
really be that hard to point out.

[leonair]

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?

You should always be careful with p2p trading as there can be false payments at times.  So when trading crypto you need to be sure that you have received the correct amount of fiat in your wallet before releasing it.  Also be careful while buying again  Otherwise, you may be a victim of a scam. p2p will give you many advantages to easily buy and sell crypto.  But at the same time there is a risk because since crypto is constantly being sold here, many scammers are also sitting here to get fakes to scam.

[Alpha Marine]

One rookie mistake people make is not verifying it they've received the money in their account before releasing the coins to the buyer.
Try to verify if you have received the coins first each time you do a transaction in a P2P trade.

Also, just verifying if you've received the money is not enough, check to see if it's the exact amount. Some scammers may send one zero less to you. It can be an honest mistake but most times it's not.
A transaction that is $1200 for example and you receive $120.00. If you don't look very well you might not know you've just been robbed of $1000.

[Z_MBFM]

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?

The p2p service we use to sell our cryptos and cash out in our country's local currency. So we don't need to keep crypto in centralized exchange all the time. We only deposit our crypto there when we need to sell crypto.  So it's not a big problem. I personally always use non-custodial wallets to hold cryptos and only deposit them to centralized exchanges when I need to sell cryptos for p2p services.  So I don't consider them too risky. But one thing we should be careful about is that scammers don't let us down

[shushu9977]

P2P has many advantages which we get proper money by our account. But p2p is rick if we don't know rules of it. I exchange many times in binance. One day I almost lost my money because of my low knowledge in binance. But I get money somehow is good for me. So know rules and do p2p.

[Nrcewker]

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 peer to peer transactions, the only risk is that if a peer tries to scam with you. You can easily avoid this if you run behind trust rather than “rates”. I have seen many newbies go to the sellers offering high rates in order to buy or sell the coins. But we need to avoid this and go for sellers with the highest trust rate. If we follow this only, then definitely we can be saved from these types of scams. Moreover you need to also use a trusted P2P exchange platform.