Tips to Avoid Scams on Cryptocurrency p2p Exchanges

[Mr.suevie]

I've compiled some methods to help newbies and members avoid being scammed on p2p exchanges during transactions:

• Avoid unnecessary discussions with traders:
  Engaging in unnecessary conversations can lead to scams, as seen in the story shared earlier. Simply conduct your trades and avoid prolonged discussions.
• Don't share personal information or contact the trader: Sharing personal information can make you vulnerable to scams. Recently, I encountered a similar situation where a trader demanded my phone number, before he would send my funds which seemed suspicious. I decided to provide a fake number and immediately I received my money. Be cautious and avoid sharing unnecessary personal details.
• Consider using online microfinance banks:
  These banks offer faster transactions without the issues associated with traditional banks. Examples include Opay, Kuda Bank, Palmpay, and Moniepoint Microfinance Bank. Using these banks can help avoid situations where scam traders claim your bank has issues to delay transactions.
• Don't release funds without confirming receipt:Always confirm you have received funds before releasing them. Even these exchange has a notification that you shouldn't Releasing funds without confirmation or puts your money at risk of being lost permanently. Many have fallen victim to scams due to releasing funds prematurely.
• Ensure a stable data connection:
   Before initiating a transaction, ensure you have a stable data connection. This ensures you can confirm receipt without being deceived by scammers. Additionally, keep your bank app open during the transaction process.

By following these practices, I've managed to avoid falling victim to scams, and I hope others can benefit from these steps as well. Stay vigilant and cautious when conducting transactions on centralized exchanges or platforms.

The list of precautions way you list na very correct one and most of them na watin people wey never too sabi how these exchanges dey work go fit fall victim anytime and that na why e dey very important for newbie to dey follow up with some discussion wey serious for here because you can tell the information wey dey there way fit help you.

If you fail to take heed to some of these precautions when you are trying to trade your coins then be rest assured say your coins don get K leg like this  because nobody go listen to your plea when you on your own don already release the coins give vendor wey the trade isn't yet confirmed.

[CryptopreneurBrainboss]

Since the banning of cryptocurrency transactions with banks in 2021, Nigerians turned to using peer-to-peer (p2p) trading platforms for their transactions. These platforms offer an easier way to convert, buy, or sell cryptocurrency in the country. Even after the ban was lifted last year, Nigerians still prefer using p2p platforms over banks. However, there's been a rise in scammers flooding these exchanges, making it difficult to distinguish between legitimate traders and scammers. These scammers manipulate these platforms, adding fake testimonials to their profiles. As Nigerians become more familiar with cryptocurrency platforms and exchanges, they become more vulnerable to scams.

Majority of the platforms wey popular wey we Nigerians dey use na centralized P2P exchanges so the very first advice wey I go give newbies na to trade with only verified merchants. You already dey use centralized platforms so use am well. This exchange dey get kyc verification for anybody wey wan become merchant for dem to get verified and as a verified merchant you no go wan spoil your reputation by scamming because you know how much you dey make from there.

Verified Merchants accounts can be hacked too so make you no think say as dem dey verified say e dey okay to do things wey go put you at risk like releasing coins when you never receive payment or sending money off the exchange platform. No do outside trade with any merchants as there dem go fit scam you based on say escrow no dey but for the platforms dem, you dey secure.

Another advice na not to believe in SMS alerts, open your app and confirm say money dey your account before you release coins unless you go lose your coins. When buying with money no use USD code dem but use normal bank app transfer so better evidence go dey incase the matter reach stage wey be say evidence will be needed because some people just wicked and dem go wan suffer you for the transactions.

[Uhwuchukwu53]

Since the banning of cryptocurrency transactions with banks in 2021, Nigerians turned to using peer-to-peer (p2p) trading platforms for their transactions. These platforms offer an easier way to convert, buy, or sell cryptocurrency in the country. Even after the ban was lifted last year, Nigerians still prefer using p2p platforms over banks. However, there's been a rise in scammers flooding these exchanges, making it difficult to distinguish between legitimate traders and scammers. These scammers manipulate these platforms, adding fake testimonials to their profiles. As Nigerians become more familiar with cryptocurrency platforms and exchanges, they become more vulnerable to scams.

Just yesterday, I read a post where someone shared a story about a friend who fell victim to a scammer on an exchange. The friend engaged in a discussion with the trader, who then persuaded her to invest, claiming to have a way to make thousands of dollars. Unfortunately, she sent him the funds and lost contact with him afterward.

You might wonder why she didn't report him to exchange officials. She did report him, but he hasn't been heard of, and the exchange couldn't help her. The lesson here is that when using online platforms filled with unknown entities, we should be cautious, especially regarding offers promising easy money online. Legitimate opportunities are rare and usually offer minimal returns over time.

I've compiled some methods to help newbies and members avoid being scammed on p2p exchanges during transactions:

• Avoid unnecessary discussions with traders:
  Engaging in unnecessary conversations can lead to scams, as seen in the story shared earlier. Simply conduct your trades and avoid prolonged discussions.
• Don't share personal information or contact the trader: Sharing personal information can make you vulnerable to scams. Recently, I encountered a similar situation where a trader demanded my phone number, before he would send my funds which seemed suspicious. I decided to provide a fake number and immediately I received my money. Be cautious and avoid sharing unnecessary personal details.
• Consider using online microfinance banks:
  These banks offer faster transactions without the issues associated with traditional banks. Examples include Opay, Kuda Bank, Palmpay, and Moniepoint Microfinance Bank. Using these banks can help avoid situations where scam traders claim your bank has issues to delay transactions.
• Don't release funds without confirming receipt:Always confirm you have received funds before releasing them. Even these exchange has a notification that you shouldn't Releasing funds without confirmation or puts your money at risk of being lost permanently. Many have fallen victim to scams due to releasing funds prematurely.
• Ensure a stable data connection:
   Before initiating a transaction, ensure you have a stable data connection. This ensures you can confirm receipt without being deceived by scammers. Additionally, keep your bank app open during the transaction process.

By following these practices, I've managed to avoid falling victim to scams, and I hope others can benefit from these steps as well. Stay vigilant and cautious when conducting transactions on centralized exchanges or platforms.

Thank you op, when it comes to cryptocurrency peer-to-peer exchange it's important to take some precautions to avoid scam. If I may?
In addition to what OP said, here are a few more tips for us to hold on to.

(1) research: before engaging in any exchange, thoroughly research the platform and the person you're trading with. Look for reviews and verify their credentials.

(2) secure platform: choose a reputable and secure platform for your transactions. Look for platforms that has a strong security measures in place.

(3) escrow service: consider using an escrow service that holds the funds until both parties have completed the transaction. This adds an extra layer of security and minimizes the risk of fraud.

(4) communication: maintain clear and open communication with the person you're trading with, discuss the terms of the transaction, ask questions and clarify any doubt before proceeding, if your communication pass like this na you know wetin you dey find.

(5) start small o: when trading with a new person, it's a good idea to start with smaller amount to test the waters, once there is trust, you can gradually increase the transaction size.

(6) trust your instincts: if something feels off or too good to be true, trust your instincts and proceed with caution, if a deal seem too risky or suspicious it's better to walk away.

Remember, it's always better to be safe than sorry, stay vigilant and take these precautions to protect yourself from potential scam.

You did well on this very topic I can't not just said is for newbie because sometimes one may be carried away due to some unknown factor that can leads to such conversation, but I still hold on to this very one avoiding unnecessary discussion allot of  people have fall into prey during transaction on this very aspects even, a friend told me how he was scammed through discussion the scammers where just recording all the information suddenly he received alert on his email that unknown body is entry. Most of this discussion is to be sure if really what they have in mind to achieve, if truly the credentials are correct as they hack your account. My opinion is for one to ask questions when necessary mostly in the area of transaction, to any trusted friend who engage on the Bitcoin if he lack ideas or read more on the forum and others site to be more cautious on the danger before carrying out any action for those with less knowledge using P2P as means  of exchange.

[EL MOHA]

That's also a red flag bro. Ratings can be manipulated, so we shouldn't solely trust them before starting a transaction. It's important to be cautious to avoid falling into the traps of scammers. In public places, trust can be tricky because things can be fake. Ratings are no exception,they can be bought and manipulated.

For instance, some apps advertised on forums pay people to write reviews on app stores. By doing this, they increase their software's downloads and usage. The same tactic applies to traders who want to boost their ratings. They pay people to trade more frequently with them and leave positive ratings and comments. This way, even scammers can accumulate many ratings, making it difficult to distinguish the genuine ones. Therefore, we all need to be careful and attentive when using exchanges.

Yes boss there is no disputing the fact say nothing is clean on this web 3 but we need to look at many things to narrow down the risk. Picking ratings no be the only criteria to look at but certainly part of them criterias as i Dey aware say people go fit manipulate am or even the account dem fit hacker but that one no mean say make we no look towards am too. He no go make sense say you just go trade with person wey get low trading volume. He just Dey like this forum, you go trust higher rank member interms of dealing than lower rank and that one no mean say higher ranks self no be dey run people street

[Nheer]

Just yesterday, I read a post where someone shared a story about a friend who fell victim to a scammer on an exchange. The friend engaged in a discussion with the trader, who then persuaded her to invest, claiming to have a way to make thousands of dollars. Unfortunately, she sent him the funds and lost contact with him afterward.

The crypto industry is a very dangerous place full of criminals and scammers because everyone seems to be anonymous and we only get to communicate with one another through messaging platforms making deals with people you don’t know anything about. No one can be trusted especially when money is involved and i believe we all should be aware of this, but most of the times it is those new to crypto that falls victim to scams because they are unaware of how things are done and easily they can be manipulated because they may not be proper orientation about the dangers of the crypto world and they would be forced to learn from their mistakes and experience.

Interacting with anyone regarding investment opportunities on crypto is most likely to be a scam especially when it promises huge amounts in return. To invest in cryptocurrencies it is best to invest only after you have carried out personal research on the project and you are convinced it is legit, never invest just because a person asks you to do so also investments that requires sending funds to someone else is a scam we should never fall for such scam

• Avoid unnecessary discussions with traders:
  Engaging in unnecessary conversations can lead to scams, as seen in the story shared earlier. Simply conduct your trades and avoid prolonged discussions.

engaging in unnecessary discussions other than strict business discussion is not ideal as it opens you up to more discussions that will lead you to being scammed so it should be avoided at all times and sharing personal information is not ideal as well.

• Consider using online microfinance banks:
  These banks offer faster transactions without the issues associated with traditional banks. Examples include Opay, Kuda Bank, Palmpay, and Moniepoint Microfinance Bank. Using these banks can help avoid situations where scam traders claim your bank has issues to delay transactions.

Using these micro finance banks can be very fast with transactions but I won’t advise people to keep huge amounts on such banks, we should use them to carry out transactions only. I know they are fast and somewhat reliable but most of these banks i personally don’t trust them.

[Hatchy]

I have tried so hard to keep up with the rules and regulations of the forum and even if you suspect that my post is going against the rules, don't you think I deserve a fair warning before tagging my username on the thread made by @ Igebotz

Meanwhile, does this mean I should stop acquiring knowledge about Bitcoin, watching documentaries and stop reading articles based on Bitcoin? How then do I contribute, if I don't do all these and share to the forum?

Hey buddy, let's keep things straight here. We're all here to learn, and that means no copying from AI and taking credit for it. Would you have owned up if I hadn't caught you? Learning takes time and practice, and relying on AI will only set you back. I'm here to help our local community grow on Bitcointalk, ensuring newcomers learn the right way to contribute and build their reputation.

We've been warning newbies all along, but how many actually listen? Sure, using AI might earn you some recognition, but you're only cheating yourself. The best way to learn here is to put in the effort yourself.

 I'll give you another chance, but you need to delete that AI-generated post. Then I'll retract my report on Igebotz's thread. We're not here to harm anyone; we just want everyone to learn and grow the right way. So, next time, rely on your own ideas instead of AI. Keep learning, but do it the right way.

[Olatundespo]

E fit hard sometimes to sabi di scammers as you don tok, but your advice dey really help us wella. P2P transactions na one of di riskiest especially when e involve cryptocurrency. Dem fit dey very aggressive about crypto matter. If person no dey aware, e fit fall yakata into di trap. Lately, crypto don dey hit milestone.
I see say for dis week of di month, e price bin dey around 43k, but today e don reach almost 48k. Financial criminals and scammers go always dey on your case. Your advice on P2P na very informative, we go use our awareness take handle am.