What is the most reliable way to convert fiat to crypto asset?

[btcltcdigger]

Hi everyone, I'm new to the community.

Of most times, I've been using the P2P method to convert my fiat currency to cryptocurrencies but few weeks ago on the CEX platform I regularly use, on transferring the fiat currency to the account of the seller, he didn't release the asset for a very long time. As for most of us who uses CEX for P2P transaction, there is an option to make appeal and submit a proof of payment, so the support team on the CEX could help out with the remaining process.

Though I was able to get the asset I paid for after the support team has done their work, but I wasn't at ease and peace for that period of 2 days this whole event took.
Of recent, I observed such delay once again... that was last week Saturday. And I still have to go through same process once again.

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Your thoughts will be highly appreciated.

Maybe open Trustee or CDC card, deposit fiat and buy crypto? That should work more or less, unless you're on the list of banned countries.
Other method would be to look for a OTC community, they usually have a list of trusted members who will do fiat to crypto for you, with some small fee

[CryptopreneurBrainboss]

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Maybe if you had indicated which geographic location that you're operating from, you can be better directed on where to go do your P2P. Some exchanges don't offer services to several countries and too since you're a newbie, it won't be advisable to try out exchanges that we can't vouch for here. Some of the popular exchange have P2P and so far they're the most reliable but that doesn't mean you won't encounter scammers on the exchange. Bybit is an exchange that their P2P has been functioning well and they also offer services to my country that are now blacklisted on most exchanges so you can try them out but just know it's a centralized P2P platform.

[CryptoHeadlineNews]

Not Binance per say, I make use of Gate.io, cause Binance P2P is no more active in my country... I was making use of Bybit and I noticed every P2P trade took so long time then I moved to Gate.io.

As for the direct deposit, I haven't try that because of the phobia I have as regards to the government restrictions, so my Bank account won't get blocked or seized.

So if I may ask, what country are you from? Because I knew it was only Nigeria that Binance delisted it's p2p from it's exchange, which I'm sure must have prompted many users look for alternative sources. However, if you are in Nigeria, I will suggest you give a try to Bitget Crypto Exchange, because it's been a while I used it for my p2p and never for once have I had any issue. But however, there are certain factors that needs to be looked up to, to avoid such scenarios from occurring. And number one is whenever you intend to buy or sell your coin on p2p, one advice I will give is to always check the time the buyer intends to execute his trade, as some people might set an average time like 15min, 30mins and an 1hr. And the lesser the timeframe, the faster the money is likely to arrive fast. Hence, it's advisable you choose users with lesser timeframe like 15mins for fast payment. While secondly, it's advisable to check if is the person online or not, to avoid delay, because in most cases, you can select a user who is offline to sell coin to, and as such you will need to wait until he comes online to execute the trade.

[JunaidAzizi]

Your thoughts will be highly appreciated.

Honestly speaking, no exchange can be hundred percent trustworthy and perfect. There are some issues with every exchange, but they don't show it, and you will reveal them when you use it. In my personal experience, I use Binance for it, and I did not see anything wrong with it right now and hope that I never face anything like it. As you have been using it for a long time, it may be possible that at some point there were technical issues that caused the system to take some time, and you had to wait too long. Since you did not see such a thing before, I would suggest continuing to use it. However, if you need something more trustworthy, then use an escrow service. We both know how it works and that it is secure, so give it a try, maybe it will give you a good response.

[joniboini]

but few weeks ago on the CEX platform I regularly use, on transferring the fiat currency to the account of the seller, he didn't release the asset for a very long time. As for most of us who uses CEX for P2P transaction, there is an option to make appeal and submit a proof of payment, so the support team on the CEX could help out with the remaining process.

I'm not that familiar with how Gate.io P2P works, but it sounds like you're dealing with a terrible seller. Are there no other sellers that you can choose? I imagine even if you move to other P2P platforms, you can get a similar experience unless they're using an escrow to process the deal. You also mentioned that people with high ratings also did something like this, but it's hard to imagine they can get those ratings if they intentionally delay payments and stuff like that. How long did you have to wait, and did they promise instant processing or something similar?

[satscraper]

~
Your thoughts will be highly appreciated.

When it comes to p2p trading on CEX it's important to understand that they employ more of surrogate scheme for p2p, rather than true decentralized p2p model, because all funds involved into exchange are stored in the accounts of the CEX itself. True p2p platforms ^{that I personally use}do not directly handle or control the funds in any way. Instead, the process works like this: after agreeing on terms with trader, you send the tokens you wish to sell directly to their wallet address. In return, they transfer fiat to your bank account ^{I use either Wise or Revolut for this} , i.e. the exchange of assets happens directly between the traders, with no intermediary holding or controlling the funds. Given these differences I would advocate your migration to decentralized p2p networks ^{for instance, Bisq or Bisg2}.

[Zanab247]

I will recommend you to try binance exchange P2P transaction next time, if you are not comfortable with the CEX exchange you are using to convert your fiat money to cryptocurrencies, because there are some punishment for anyone that will violate the rule that governed the binance exchange P2P transaction.

You don't need to conclude that CEX exchange is not reliable op, may be it's the fault of the seller transaction network that failed, because there are some P2P transaction that will not drop at that moment but the seller and buyer should contact each other to know the cause of the delay at the moment for the buyer mind to be at peace.
I like what the CEX teams did to grant your appeal to help you to recover your assets from the seller, which is what other potential exchange P2P team can do for their users.

[Despairo]

Since your banks are strict with Bitcoin, I think the most reliable way is trade without linking your banks with the exchange, which is you should trade in No KYC P2P or DEX. Unfortunately, it's not easy to find someone who want to trade with us, especially you live in a country where not many people use Bitcoin. Example myself, it's really had to find one, there are few buyers/sellers, but their rate aren't worth to trade.

[Asiska02]

Of most times, I've been using the P2P method to convert my fiat currency to cryptocurrencies but few weeks ago on the CEX platform I regularly use, on transferring the fiat currency to the account of the seller, he didn't release the asset for a very long time. As for most of us who uses CEX for P2P transaction, there is an option to make appeal and submit a proof of payment, so the support team on the CEX could help out with the remaining process.

This is what centralized exchange do and they do it to allow the smooth flow of the process into one person not taken advantage and cheating the other person. When there is misconception in the process, the exchange freezes the money and not release to anyone until the issue is settled. Due to large number of reports coming from people with the same issues of other related issues and also how fast the two parties respond to them in the process, will determine how fast your issue will be resolved. It is better to delay the process than losing your money in this process.

Though I was able to get the asset I paid for after the support team has done their work, but I wasn't at ease and peace for that period of 2 days this whole event took.
Of recent, I observed such delay once again... that was last week Saturday. And I still have to go through same process once again.

If the same thing keep occurring more frequently, it is better to you stop using the exchange and try out another exchange that is good too. Because the delay in the whole process of releasing the coins for you after two days when the results is resolved could have make you miss something important you aim to do with coin, like missing a good time to buy.

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

P2P platforms are still the best and any other method you’ll want to use is not as guaranteed as P2P exchange service. When employing the old method of buying and selling physically, it’s risky to trade with such persons. The safest way is to know the person in question and that also expose your privacy to the person and they’ll know your worth and asset. You should try another reliable exchange out, that’ll be better.

[The Cryptovator]

Nowadays it's most popular to trade P2P if you want to buy or sell crypto. There is very little chance of a scam if you have enough evidence about sending fiat to the seller. I really don't see a more reasonable way to buy crypto with fiat if it's restricted in your country. Because you can't use a card to buy crypto from a direct exchange, there is also a lot of hassle when you use a card to buy a card. I have been selling and buying crypto through P2P as well and have never faced this type of issue. Also, using a local reseller that I know very well, they won't scam. You have to find something similar if you are disappointed with P2P.

Most probably you can see the rating of the crypto seller. Notice how many deals he has completed and what the completion ratings are. Everything you have to look at – don't trade with newbies even if they offer a lower price. Otherwise, you may face such issues always. Also, you need to be careful since crypto is restricted in your crypto. In case of fraud you can't even file a case.

[Royal Cap]

Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Your thoughts will be highly appreciated.

I think that for countries where crypto currency is not yet legal. P2P is the best way to convert crypto to fiat or fiat to crypto. Because there is no other reliable medium because it is illegal.You can no longer go to the bank and say that I am giving you money, give me crypto.
However you can be risk free here if you research the p2p trade well. I think that you should look at the reviews of the person from whom you are going to buy or sell crypto. Look at the number of traders and confirm whether that person is reliable or not.

[Catenaccio]

Nowadays it's most popular to trade P2P if you want to buy or sell crypto.

There are many centralized exchanges launched their P2P marketplaces for their users but honestly their marketplaces are not truly peer to peer. Even specialized P2P marketplaces are not actually peer to peer and they mostly have that website as an Escrow provider for trade of two people. Another thing that is risky is their policies on KYC that is more trendy as mandatory requirement on P2P marketplaces for complying with AML/KYC regulations from governments.

Good P2P marketplaces have been under pressure of self-close their services.
Help: A list of LocalBitcoin alternatives (P2P marketplaces)

You have to find something similar if you are disappointed with P2P.

If you do P2P trade on centralized platform as an Escrow and with Bank transfer, your trades are not safe because there are possible traces for banks and governments knowing that your trades have relation to bitcoin and cryptocurrency.

[sheenshane]

If you do P2P trade on centralized platform as an Escrow and with Bank transfer, your trades are not safe because there are possible traces for banks and governments knowing that your trades have relation to bitcoin and cryptocurrency.

That's the point you've highlighted.
In the first place, since cryptocurrency is restricted in your country, the bank may also pose a problem for transfers, as they must adhere to government compliance.  Therefore, using any centralized exchange that offers P2P services is pointless if crypto is not permitted in your country.

IMO, Binance has a great feature for P2P transactions, but as the OP mentioned, it has been delisted in their country, which is unfortunate to hear.

However, you can explore DEX P2P exchanges with a small amount, if the transfer is successful, you can try them all.
https://bisq.network/
https://hodlhodl.com/
https://localcryptos.com/

[Kelward]

I don't know if there's a 100% reliable way to convert your coins to fiat, you just have to be on your guard at all times. A reputable exchange is not a guarantee that a marchant won't try to scam you, if you detect and follow the right procedure like you did you will get your money's worth in fiat. Some marchants try cheap scams by underpaying you and if you detect they'll claim that it was a mistake so be vigilant while doing p2p. Direct p2p remains the most convenient but not always reliable if you don't know and trust the second party. Be very careful about crypto platforms that have not gained reputation, there are higher chances of being scammed. Your crypto security is in your hands there is no most reliable way to convert your coins to fiat.

[qwertyup23]

Based from my experience I have been using a non-custodial exchange where I deposit my BTCs for safekeeping. This kind of method is guaranteed riskier given that I do not have full custody over my keys and assuming that this exchange gets hacked or scammed, those BTCs would be lost.

If there is also a local exchange on your country, then I would recommend this purely for converting your BTCs into fiat. Do not use a non-custodial exchange for long-term but except for purely converting it to your designated local currency.

Lastly, if you would also use this method, then prepare for tons of KYC documents required by that exchange. If you feel like you must avoid any KYC, then I guess p2p would be the best choice for the moment.

[Agbamoni]

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Your thoughts will be highly appreciated.

I think you are using Binance p2p system right? Based on the details Ive read. If youre not comfortable with that then try to direct fiat from bank to crypto I think they got that kind of option unless the fiat currency tou are using arent supported on the platform, youll have no choice but do that. But majority of fiat has been supported so I guess its gonna work for you. Have you tried that one? For me I like the p2p system in terms of fees its relatively much smaller compared to direct.

I wish there was a better way to do P2P without passing through a CEX exchange.
The direct fiat from bank to crypto don't work internally without a third party. I think they exchange automatically pair the transaction to a trusted merchant that sends the fiat over to the person. If I am not mistaken, these merchants have good rating which the exchange are ready to seal deal with them most times. And there must be a criteria they must meet to be VIP merchants. 

[Patikno]

Hi everyone, I'm new to the community.

Of most times, I've been using the P2P method to convert my fiat currency to cryptocurrencies but few weeks ago on the CEX platform I regularly use, on transferring the fiat currency to the account of the seller, he didn't release the asset for a very long time. As for most of us who uses CEX for P2P transaction, there is an option to make appeal and submit a proof of payment, so the support team on the CEX could help out with the remaining process.

Though I was able to get the asset I paid for after the support team has done their work, but I wasn't at ease and peace for that period of 2 days this whole event took.
Of recent, I observed such delay once again... that was last week Saturday. And I still have to go through same process once again.

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Your thoughts will be highly appreciated.

Maybe open Trustee or CDC card, deposit fiat and buy crypto? That should work more or less, unless you're on the list of banned countries.
Other method would be to look for a OTC community, they usually have a list of trusted members who will do fiat to crypto for you, with some small fee

I also suggest OP to use the services of someone trusted who can do fiat to crypto, so far I have also used services like this, but I am still careful to do it at all times, because there are also incidents where someone who was initially trusted eventually becomes untrustworthy. On the other hand, you can also continue to do the P2P method from cex, and it is better to choose someone who has made many transactions and a high success rate so that the process runs smoothly.

[Sticky Bomb]

In a nutshell, all I'm trying to point out here is that now the source I have been using for long is becoming practically not 100% reliable to me again. Are there other possible ways that could be more reliable because my country has some little restrictions on crypto especially from bank institutions...

Your thoughts will be highly appreciated.

The platform is not the problem, since they make sure you get your coins each time you purchase it, remember it is just a platform and lots of users come to it, so they are not in control of the behaviors of the vendors, but have set up a support system to checkmate fraudulent from scammers parading themselves as vendors.

No CEX is 100% reliable since there is a possibility of crashing, but with your experience, I would say it is not a problem with the CEX, but an issue with fraudulent vendors. Maybe you can give those vendors negative feedbacks and avoid them when carrying out your future purchases.

[Awaklara]

Since your banks are strict with Bitcoin, I think the most reliable way is trade without linking your banks with the exchange, which is you should trade in No KYC P2P or DEX. Unfortunately, it's not easy to find someone who want to trade with us, especially you live in a country where not many people use Bitcoin. Example myself, it's really had to find one, there are few buyers/sellers, but their rate aren't worth to trade.

It will be quite difficult if the regulation strictly limits crypto. There must be some difficulties experienced with fiat to crypto transactions or vice versa.
OP did not find such problems on CEX, but the delays that occur must be frustrating. I am not very experienced with P2P on CEX, but I have done it several times. But my experience was not bad, everything went smoothly.
I think what OP can do besides trying your suggestions he can also find the right partner for transactions. I don't know how often OP does it, but with some experience gained, the delays experienced should not always be experienced.

[Justbillywitt]

In my own experience, the P2P is still the most reliable platform in converting your fiat to crypto in the case were your country has restricted banks from facilitating the conversion of fiat to crypto. What you have to do is to make sure you are trading with vendors that have conducted a reasonable volume of trades from 3000 and above and have a positive feedback from 95% upward from previous trades conducted. And you should also avoid chasing vendors that are giving high rates more than what majority of the vendors are giving.

Or better still when making use of P2P platform, look for exchanges that has the express option and make use of the express option. In the express option, the exchange itself chooses the most reliable vendor for you to trade with. Imagine a situation where the exchange select a vendor for you, the chances of being scam is drastically reduced.