P2P trade advise

[Obari]

Not everything can easily be done without a direct mentor and you shouldn’t get your brain twice Syed with all the writings you might find on the internet.
I tried checking on your country and it seems there isn’t any direct restrictions on crypto in your country and personally, I don’t think there is any need for all those rigorous processes of licensing and business account opening just to be a p2p trader.
And answering your question, most persons of not all trading p2p didn’t have to go through the long processes of acquiring bucks of licenses before starting a p2p trader.

Simply all you need to do, is hop on any exchange you think and feel very convenient for you, meet their criteria and you’re good to go with your trades.

[Adbitco]

I don't know how your country operates but to my country it's very easy to trade on p2p without going much in documentation. As per our country, it's very easy because when you have the their National Identity card or any documents that proves you a citizen of the country then it's fine you can make a local bank account to trade on p2p without having to go through those rigorous stressful process.

[fullhdpixel]

As others have said, it's easy to do P2P using Binance, you just have to be careful who you dealing with, maybe they are scammers so take every precautions like look at the history of their trades and just don't released your crypto unless it's in your wallet.

For the banks, it might be complicated though, not sure how banks are in your country are or how they are friendly. Perhaps the best thing is just open a regular bank and don't tell that you are a crypto trading or you deal with crypto. And if ever you do P2P then just withdraw the money in fiat and then deposit it in the bank.

I have been and still am a P2P trader so I would like to tell you about the risks and problems I have faced while doing P2P, which means peer-to-peer. So, first things first, you should never make or take third-party payments. The second most important thing is that don't try to get more profit. People take this lightly but in reality, it is a big mistake, people run black money and cheat traders. They send money to your account through a third party and then when your account gets disputed, you realize it was a fraud payment.

When you trade with someone, take their identification document and mobile number, because when you are cheated like this, exchanges will not support you even if you took a third-party payment.

In the country I belong to, trading is not allowed and P2P is illegal, banks do not support it at all, so to avoid all these situations, it is very important that you trade carefully and the person you trade with. Try to ensure that he is a verified trader. If not verified, you must have his details, such as his mobile number and his identification document, so that in the future, if you settle in a case or if black money is involved, you have some proof that this person paid me.

[jaberwock]

I don't know how your country operates but to my country it's very easy to trade on p2p without going much in documentation. As per our country, it's very easy because when you have the their National Identity card or any documents that proves you a citizen of the country then it's fine you can make a local bank account to trade on p2p without having to go through those rigorous stressful process.

P2P but with documents? I think that was strange because P2P is like being decentralized, right? And this is why in the online world, P2P platforms doesn't require a KYC anymore and people who trade there are mostly anonymous but that is only risky for some and this may be the reason on why some might require a document for one of the traders to have an assurance that they won't be scammed and in case it still happens, it won't be that hard to catch the scammer and punish them accordingly.

Anyways, I see that there is a bank involved there. I think I wouldn't wonder anymore, as we know them (banks) right? They always want formality and makes things transparent as much as possible.

[RockBell]

I've been trading in Binance P2P for many years now, I don't encounter such issues. I don't think if it's just in your Country, because here in my place all is well in terms of P2P trading. Binance provided an instruction how to post an ad and they provide the criteria how to become a verified merchant. And because what I'm doing is to withdraw from them, I just need to find an ad. And since your problem is about the bank you're using, try to make up with another banks because afaik there are lot of method to send the payment.

I  also used binance for some couple of years and the only time I was experiencing any difficulty was with vendors who are always looking for ways to cheat but no matter how they try to cheat they still get caught the last experience I had with a vendor and at the end of the day he gave up and canceled the order because I did not release the coin, because I told him that if I don't see my money I won't release the coin. And I love the fact that you can also appeal and binance will be the judge of who is lie and who is telling the truth and their are rules that are guiding the p2p and if you break any of them then you can even been banned from using the p2p and that is one of the ways they are trying to keep coordination in p2p if not people would have been looking for way to turn it into a scam platform. Thanks to God for the idea they are using. And if anyone is setting payment method they should set banks that have good network because most of this
Commercial banks always have network issues.

[Hamza2424]

TBH, if we consider a general guide on the P2P scams, you should be careful of the friendly attitude of the buyer/seller you are dealing with, because as you know most of the time, they trap you in a phase where they try to convince you to take payment from another account that is not a problem and sometimes they also ask you to change your account and if you agrees they use this in order to spam you.

Most people use P2P offered by the centralized exchanges and in order to secure their funds but here they compromise their identity if you are the one who is identity conscious make sure to avoid them.

[Potato Chips]

P2P but with documents? I think that was strange because P2P is like being decentralized, right? And this is why in the online world, P2P platforms doesn't require a KYC anymore and people who trade there are mostly anonymous but that is only risky for some and this may be the reason on why some might require a document for one of the traders to have an assurance that they won't be scammed and in case it still happens, it won't be that hard to catch the scammer and punish them accordingly.

P2P does not necessarily mean decentralized. In fact, most true p2p platforms we had/have also sitted in a centralized manner e.g. localcryptos, agoradesk, robosats, hodlhodl, etc.

IMO, personal documents would be a poor assurance because it's gotten easy to use a forged document and an average trader does not have the means to verify the truthfullness of such documents. I would rather trust on how reputable the exchange is and their escrow system.

[Assface16678]

TBH, if we consider a general guide on the P2P scams, you should be careful of the friendly attitude of the buyer/seller you are dealing with, because as you know most of the time, they trap you in a phase where they try to convince you to take payment from another account that is not a problem and sometimes they also ask you to change your account and if you agrees they use this in order to spam you.

Most people use P2P offered by the centralized exchanges and in order to secure their funds but here they compromise their identity if you are the one who is identity conscious make sure to avoid them.

That's why it's better to do P2P trading on those trusted and secured exchange platforms. I'm not promoting any exchange platforms, but for example, on Binance, there are no records of scamming of those customers because all P2P providers are verified and legit, and I'm sure that they comply with something so that they can be eligible to operate on Binance. And as for my experience, Binance so far has the smoothest way of doing P2P, and I haven't encountered any problems so far. I don't know about other exchange platforms or whether they offer P2P and what procedures they follow. I don't know about any other exchange platforms, and I didn't use any other exchange platforms to do P2P Why would I do P2P on other exchange platforms if there is one that is legit and rest assured to be secure and safe? So first things first find the most secured and safe platform to do your P2P to avoid those scams.

[fuguebtc]

Not everything can easily be done without a direct mentor and you shouldn’t get your brain twice Syed with all the writings you might find on the internet.
I tried checking on your country and it seems there isn’t any direct restrictions on crypto in your country and personally, I don’t think there is any need for all those rigorous processes of licensing and business account opening just to be a p2p trader.
And answering your question, most persons of not all trading p2p didn’t have to go through the long processes of acquiring bucks of licenses before starting a p2p trader.

Simply all you need to do, is hop on any exchange you think and feel very convenient for you, meet their criteria and you’re good to go with your trades.

There are some countries that do not ban bitcoin and cryptocurrencies, however domestic banks have some regulations that prohibit users from using bank accounts to make transactions related to cryptocurrencies. If discovered, they will freeze the account without warning, that's what's happening in my country and I think OP is falling into that situation. And to solve that problem, investors and businesses have come up with a solution: when making transactions, we absolutely must not record any content related to bitcoin or cryptocurrency, by that way we won't be detected by the bank.

[satscraper]

Most people use P2P offered by the centralized exchanges and in order to secure their funds but here they compromise their identity if you are the one who is identity conscious make sure to avoid them.

Agreed, for me the true p2p  exchanges must operate in  decentralized manner, like bisq/bisq2 which is resistant to both the identity hunters and government censorship. But most folk doesn't bother themselves with such things as KYC, potential of their funds to get freeze on CEX  etc.. and proceed to use them  sacrificing their identity.

[Mr. Magkaisa]

          -    If my understanding is correct, your desire is to become a P2P trader. I don't think you need to get a VASP license because it is only for local exchanges that will be built in a country under the regulations that the government has where you are located.

But if you are just an individual trader, just look for exchanges that have p2p features and create an account like Binance, Bybit, Okx, and Bitget; these are exchange platforms that just create an account on them. You can become a P2P trader using their platform if the cryptocurrency is not in the country you are located in.

[Lidger]

I have experience using all the exchanges that have P2P trading system but out of all the exchanges I have used Binance seems to be the easiest exchange to use in terms of security. This exchange has verified profiles from which you can buy dollars or sell dollars. Another advantage of this exchange is that it has a large number of buy and sell orders so that you can easily buy and sell your dollars by choosing the verification you want. I have tried to give you some idea about this P2P transaction from my usage experience, read it and decide for yourself. You can do this transaction on the exchange where you feel it is safe to do this transaction.

[Y3shot]

I have never com across issues like this since I have been using p2p exchange,  it could be in your country this is the procedure in other for you to trade in exchange, or will advice you to try some other exchanges and if you are having the same issues that means it is only people from your country this process is made for. I have been using exchange for trading and selecting a bank for trading is not an issue.

[irhact]

Most people use P2P offered by the centralized exchanges and in order to secure their funds but here they compromise their identity if you are the one who is identity conscious make sure to avoid them.

Centralized exchanges are more popular than the decentralized ones therefore more individual are going to use centralized exchange for any type of trading. Decentralized exchange need to do more so they get noticed more or they will be losing customers to the centralised exchange. Most decentralized exchange that we have are poorly designed and don't have big volumes to satisfy their users therefore many newbies avoid to use them before they lose their tokens.

I'm confused about your problem as I only know that you have to verify yourself on the exchange that you want to become a P2P trader and after they approve you, you can then start to offer your service to individuals that want to trade. You can open accounts with banks in your country without telling them you want to use it for P2P trade. Just open a normal bank account and use it for trading.

[AmoreJaz]

Most people use P2P offered by the centralized exchanges and in order to secure their funds but here they compromise their identity if you are the one who is identity conscious make sure to avoid them.

Centralized exchanges are more popular than the decentralized ones therefore more individual are going to use centralized exchange for any type of trading. Decentralized exchange need to do more so they get noticed more or they will be losing customers to the centralised exchange. Most decentralized exchange that we have are poorly designed and don't have big volumes to satisfy their users therefore many newbies avoid to use them before they lose their tokens.

I'm confused about your problem as I only know that you have to verify yourself on the exchange that you want to become a P2P trader and after they approve you, you can then start to offer your service to individuals that want to trade. You can open accounts with banks in your country without telling them you want to use it for P2P trade. Just open a normal bank account and use it for trading.

We don't know exactly what the problem of the OP is when it comes to registering his account using p2p services. Because binance alone is quite easy to use as long as you are a verified customer, meaning you submitted valid ID to them, working phone and email for verification purposes. If you want to apply for a p2p merchant, you may need to deposit certain amount of BUSD in your Funding wallet. Have used binance p2p services for years, and encountered no issues at all.

Also, another trusted CEX for me is kucoin where they have their own p2p services as well. You can read their article to learn more about their p2p services here - Everything You Should Know About KuCoin P2P Trading

[Hamza2424]

We don't know exactly what the problem of the OP is when it comes to registering his account using p2p services. Because binance alone is quite easy to use as long as you are a verified customer, meaning you submitted valid ID to them, working phone and email for verification purposes. If you want to apply for a p2p merchant, you may need to deposit certain amount of BUSD in your Funding wallet. Have used binance p2p services for years, and encountered no issues at all.

Also, another trusted CEX for me is kucoin where they have their own p2p services as well. You can read their article to learn more about their p2p services here - Everything You Should Know About KuCoin P2P Trading

Hmm, Well that's a valid point that we don't know the actual issue OP is facing because after creating this thread he never posted anything else to clarify the problem and the context of the discussion also he hasn't clarified that until this post did he got any help or it was junk because if you want to seek guidance from anyone else you need to show your concern, you need to clarify things.

There's another way people use to make P2P trades but that is purely illegal and non recommended why I'm mentioning it here just for the sake of guidance to avoid any such things, People buy & sell black Binance verified accounts these accounts are mostly used by money launderers, or by those who are involved in illegal activities, make sure to stay 1000 KM away from any such things because that's a complete shit you may get trapped in something you haven't done.

[Abu-Naim]

I don’t know your location and the type of procedure you want to follow, but I have also been doing p2p transactions for long and my banks are not even aware of it. Though I use centralized exchanges p2p for my trades which I feel it is a big safe just that the KYC requirement is what makes it bad because of privacy, but there are also nonkyc exchanges that render p2p services which are also reliable.
You can check kycnot.me to see the list of exchanges that didn’t require KYC.

[NNRR]

I have been using p2p through binance exchange for a few years now I have done many transactions so far I have not faced any problems but I have heard from many people that they have encountered scams using p2p.

 In fact, they should think about why they faced scam in this P2P. I think they themselves are responsible for the scam. Many new users come to Binance P2P and create accounts. They create buy orders and sell orders. Maybe many people think of scams. 

There are many users who fall into that trap, they don't see how they actually did the transaction, what kind of reviews they have.  You may not check your balance Fund is releasing, it appears that the money has not actually been added to your account, so, before making any transaction, you must check the balance of your  account to see if he is actually paying you and if any user transacts carefully in this P2P, I hope he never gets scammed.  will not be encountered

[2Pizza410000BTC]

I've never had the problems you encountered when doing p2p trading. Although cryptocurrency is not legal in my country (Bangladesh), I can convert any cryptocurrency to my local currency by p2p trading from my country without any problem.

If I had a conversation like yours in my country's bank, I would probably be banned from the bank to transact cryptocurrency money because cryptocurrency is not legal in my country. But if you can transact through mobile banking then you can definitely do it. Moreover, if you feel good about doing VASP, you can do it conveniently so that you don't have to face any problem later.

Finally, I would like to know what kind of license you mean by VASP license. Does it exist for your country or almost for most countries? Maybe I don't have such a license in my country for which reason I don't know but please explain it to me, thanks

[Hamza2424]

I have never com across issues like this since I have been using p2p exchange,  it could be in your country this is the procedure in other for you to trade in exchange, or will advice you to try some other exchanges and if you are having the same issues that means it is only people from your country this process is made for. I have been using exchange for trading and selecting a bank for trading is not an issue.

Hmm, That's really great that you are enjoying many things under the legal frame and having no issues, but that's not the same for every region, because in many countries like CHINA, it's likely impossible openly yup with back door channels they access this market as well and same case with many other countries as well.

Yup, there are many other possibilities as well, but in P2P trade your local community an guide you way more efficiently compared to such open discussion because here people are not in the same circumstances in which you are and your locals are. A general guide can be efficient here but for particular cases, the local community is the best option.