p2p trading on Social media apps not always advisable

[Mr Reporter]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
 

[Hyphen(-)]

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
 

You don’t have to trust anyone in cryptocurrency especially on p2p transactions because I have experienced such scam before, through telegram p2p that claimed to be from Binance p2p which has everything set up for the scam and the platform looks real and they end up scamming me; since then, I don’t trust any one again when it comes to p2p.

To be safe, tell your friend to be using centralized exchanges like Bitget, and Bybit, for now, they are somehow reliable because since Binance, KuCoin, and OKX get restricted, Bybit has been what we use for exchange of USDT to Naira, and so far if you follow de process without greed, you will have smooth transaction.

Never trust anyone when it comes to money especially in crypto transactions because the transactions are not reversible and once you send to someone you don’t know, there is no way to trace it back.

[SmartCharpa]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
 

Is your friends unaware of other exchanges where they can swap coins whenever they want? Is it because this was not his first time trading his coin on WhatsApp, or did he fall victim during the first trial? I've always seen groups on Telegram where people sell their coins, but some people get mind sha to believe anyone they meet online and agree to buy or sell, and this is the first time I've heard that they can even exchange coins on WhatsApp.

However, I still don't understand how this WhatsApp trade works, did your friend by mistake send his coin to the buyer and the buyer not pay him? Many people have experienced this on exchange, when they release the coin and the buyer does not pay them. It's possible that your friend's story could be like that. You should at least suggest an exchange for him to trade his coins the next time because this has taught your friend an important lesson.

[Rruchi man]

This friend of mine was scammed just because he was ignorant and greedy...

When you are a newbie to cryptocurrency, learn to ask questions, especially the right questions, to the right individuals or in the right place like this forum. A simple question asked will actually save you from a lot of mistakes that you could possibly make. I believe the reason most newbies in crypto fail to ask questions is maybe because they are ashamed of their ignorance. Ignorance is not something anyone should be ashamed of; recognising that you are ignorant in a certain field opens up a big opportunity to learn and make progress.

[DubemIfedigbo001]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.

Your friend is not only greedy, but narrow minded, I bet the scammer was delivering on lower quantity, expecting the day he would trade a higher quantity of coins so he'll bounce off with the coins, also even if the friend of yours have used an exchange before, he would've known that payment comes before coins are released, so I'll say he's stupid from both ends.

I've come to see that no matter how much we campaign about not being loose with your dealings in crypto, people always turn deaf ears and leave themselves vulnerable.

When I was doing P2P on binance, there was a guy who was my favorite. Whenever I want to trade, I'll call him to enquire if he has an existing ad to buy coins, we got so close in business that one day he urged me to send the coins directly to his Binance ID and he'll send the cash equivalent to my bank but I declined still wanting to maintain the exchange more reliable method of selling coins. Who knows, the guy would've scammed me with our new friendship, but I kept my standards.

Crypto dealings is one thing you must be careful with, never lower your guard, else you'll be a victim pretty fast.

[CryptSafe]

In the first place, trading on social media with an unknown person is not safe and not advisable. I was wondering how your friend got to know the guy you said he is dealing with but however, if it were a source traceable, it would have been okay but if otherwise, the assets can not be retrieved as the Scammer can not be tracked.

Your friend let emotions overwhelmed him because he has had deals with the guy thinking that he would never have such in his mind to undo him forgetting that the Crypto space is a risky one to start with and anybody can do away with anything when a transaction is anonymous and not regulated. Come to talk of it, how did he get to the point of believing that guy to send his Crypto assets first to the guy when we all know money first before Crypto is released.

[Futurexxx]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
  

Honestly this one  shock me oo, how someone go dy stupid up to this kind level?
Something wey no get escrow, so na who dy first send ?
Na your friend they first release coin or the foreigner dy first send money across?
Because by the look of things, this your story no pure, how is it possible to even trade p2p with someone not using our naira, a foreigner for that matter, @mr reporter come tell us how abeg, because this ur story no pure in any way.

[Davidvictorson]

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.

In the past when we used to do Peer-to-Peer exchange, it was with friends who we know were into bitcoin. Trading with an unknown person was like swimming with the sharks and expecting not to get bitten. To even ask, the friend who trades with a foreigner, how does he do it. Even the friend approach was abandoned once those centralized exchanges created the P2P feature. That your friend who was scammed would not have changed his ways if the scam hadn't happen. He has learned his lesson and will share this experience with his friends as a cautionary tale to them.

[Cityhunter34]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
 

Some people self eh, I no know wether dem dey block dere ear. Instead of am to go trade in coin for normally exchange, him say na to trade with foreigner for Whatsapp nim money dey, how far now no be scam dey scam am so. Sometimes make we dey try dey no say to much profit dey always get effect at last, because wetin dey make most of us fall victim for were scammers dey na just greed. We dey always like to make big profits without noing say e get disadvantage.

[Mpamaegbu]

The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag...

Nowhere seems to be safe anymore now. D time wen I started my crypto journey in 2017, na Whatsapp group I bin dey sell my coins. Till date, I nor even know d owner of dat group or almost everyone in dat group in person. Na for Facebook I sabi d dude, used my oyokometre judged him to be moralistic from his action as a trader wey im be. So, wen he talked about a WhatsApp group I followed him there. It was stress free trading there but dat nor mean sey scammers nor try do demselves oh. At a point, to cut down of scam attempts he asked us to submit government IDs and na to d name on the IDs we fit receive money or send money from, no third party. Dat wan help pursue scammers. So, nor be every Whatsapp or Telegram P2P dey bad but you've to shine ur eyes. D best part, use Cexs run ur game.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.

Na greed push ur friend enta one chance. Even on Cexs, I nor dey go for persin wey offer best rate. I dey run check on persin wey get best ratings. Na dat wan sure pass for me. Again, on no account must anybody release coins wen dem neva receive payment no matta how d buyer hurry dem reach.

[CryptoHeadlineNews]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.

He actually got what he deserves, because I just can't believe that someone is still falling for all these Telegram or Whatsapp p2p scams, despite the numerous crypto exchanges that have been launched over the years. Because when I hear news like this, what always comes to mind is greed, because it's only a greedy person that could fall in for such scam, after maybe he may have been offered a rate far above the normal black market rate, and he ignorantly fell for it.
Hence, It's advisable people use reputable exchange and avoid attempting to buy crypto on social media at an acclaimed cheap rates.

[nelson4lov]

Long before P2p trading became possible on exchanges, trading via WhatsApp and TG groups used to be the way to go. P2p only started recently ~ last 2-4 years (forgotten the exact timeline). There are people that still trade successfully on WhatsApp as long as you're trading with someone reputable and you know them, you should be good.

The #1 way people used to get scam trading on WhatsApp /tg was because they always wanted higher rates. The only thing Exchanges did well in the aspect of P2p trading is:

• Escrow. And
• Rate transparency.

[Bryan jessy]

P2p trading on WhatsApp in this era, what was he thinking, not even with close friends but with a foreigner. Well I guess he has learnt his lesson now, and will be able to advice others and tell them his experience too.

Funny enough there are different exchanges, reliable Ones for trading yet he chose to be scammed, it is sad for being scammed of your hard earn. So sorry for him. Life is a lesson we learn everyday, some from others experience while others from their own experience.

[Asiska02]

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
  

You don’t have to trust anyone in cryptocurrency especially on p2p transactions because I have experienced such scam before, through telegram p2p that claimed to be from Binance p2p which has everything set up for the scam and the platform looks real and they end up scamming me; since then, I don’t trust any one again when it comes to p2p.

You may have still been a newbie at that time to have been cheaply scammed like that. Some of this experience one gets involved in at early stage helps to caution such not to happen in the future. Newbies should know that using any p2p service that is not from a reliable exchange would be at their own risk and if they want to do it offline, it should be with someone they know and trust to have been delivering better service in that aspect. The crypto community is home for some cheap scammers, don’t allow them get to you by having the right knowledge of the market and always be prepared to resist such attacks from them.

To be safe, tell your friend to be using centralized exchanges like Bitget, and Bybit, for now, they are somehow reliable because since Binance, KuCoin, and OKX get restricted, Bybit has been what we use for exchange of USDT to Naira, and so far if you follow de process without greed, you will have smooth transaction.

When the government began to ban more exchanges from p2p transactions, it becomes unbearable to the extent that OKX had to leave Nigeria at a point. The binance that was widely used for p2p transactions was first stopped from offering those services and had to force people to switch to other ones like KuCoin and OKX, now that they’re also banned, Bybit is the main platform people in Naija now use and it’s very reliable as they’ve improved their services in that sector to make it swift for their users.

[Smartvirus]

Trading without escrow is risky business already, it’s the reason why CEX gained mainstream adoption easy than DEX and which ever means to trading cryptocurrencies.
Bitcoin is a network built on trust, if you don’t trust the means, there is no point going ahead with the trade. It’s most necessary that you employ using escrow to ensure disputes are easily resolved and both parties keep to terms on their agreement to pay.
Scams are easily done using cryptocurrencies and so, you must ensure trusted means in conducting p2p.

[HajiBagi]

My country people i greet una to this welcoming hands for this new season of happiness and joy.
 
 The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag which i would say is not adverable, i gust many people today have fall victim to this type of scam, it is always adverable for trader's to alway trade their coins on well highly exchange platforms.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.
 

You know that sometimes people no dey hear word until something happens to them that is when there sense will be coming back and no matter how you want make that person understand he will not, that your friend dey play risky and make he dey careful because one day he go regret that thing wey he dey do so, many people dey use app and still no dey protected him get mind dey do trade for WhatsApp, although na him lost it they scam am but it is not a happy thing.

When it comes to crypto you have to be careful because any small mistake you can turn from hero to zero, make we no allow greediness push us go do waiting we no fit do, although crypto sef na risk but when you want to take risk make sure you take risk wey even if E affect you it will not be that much that will make you regret knowing about crypto and be discourage people to trust crypto.

[Kelward]

Di two safe options for p2p transactions na either with person wey you know and trust or through reputable exchanges, any other option na gamble. Bitcoin na decentralized digital cash, dat one mean say if person scam you your coins don go be dat, Bitcoin no get any centralized office wey you go report to. A lot of scammers de for social media so na di wrong place to carry out any financial transactions weda na cryptocurrency or fiat.

Any platform for social media wey de advertise crypto p2p services na red flag for scam, e de better to avoid such offers weda you believe say dem de genuine or not because you fit to lose your hard earned money. Even if who you know de discuss money matters with you online make you no de very fast to send money because e fit to be say dem don hack di person account.

[Mr Reporter]

The reason why i pull out this thread is that, there was  this friend of mine who loves to use whatapp as his p2p exchange, what i meant by this is he alway trade his coins on whatapp with an unknown foreigner who claims to have a preferable price tag...

Nowhere seems to be safe anymore now. D time wen I started my crypto journey in 2017, na Whatsapp group I bin dey sell my coins. Till date, I nor even know d owner of dat group or almost everyone in dat group in person. Na for Facebook I sabi d dude, used my oyokometre judged him to be moralistic from his action as a trader wey im be. So, wen he talked about a WhatsApp group I followed him there. It was stress free trading there but dat nor mean sey scammers nor try do demselves oh. At a point, to cut down of scam attempts he asked us to submit government IDs and na to d name on the IDs we fit receive money or send money from, no third party. Dat wan help pursue scammers. So, nor be every Whatsapp or Telegram P2P dey bad but you've to shine ur eyes. D best part, use Cexs run ur game.

This friend of mine was been scammed just because he was ignorant and greedy, most times we see flyers of this black market exchange.

Na greed push ur friend enta one chance. Even on Cexs, I nor dey go for persin wey offer best rate. I dey run check on persin wey get best ratings. Na dat wan sure pass for me. Again, on no account must anybody release coins wen dem neva receive payment no matta how d buyer hurry dem reach.

Well guys the matter just dey somehow because that my friend na just newbie for the cryptocurrency system so to me i no really blame am that much but the bottom line be say he don learn the lesson that was pass to himself never to trust Socia media p2p and also i did wanted us to learn form this thread  most newbie and average cryptocurrency trader's they allow greedy to take the best part of them and the funny part about this so called whatapp and telegram scammer they always have sweet mouth on how to collect people hard earn money i guess the message was pass.
Just as @DubemIfedigbo001 said it was not just a one day transition my friend in question have been using the foreigners exchange rate to trade his coin no be today untill he was scammed.