High Price with Jaiz Bank users

[osasshem]

This is a question I asked in the ATT forum, but I am bringing it here as this forum has more users and probably users who makes use of this platform I want to enquire on.

What bank account do you use in your P2P trading platforms of which you receive and send your fiat. I most often make use of Bybit, while I use Gate on some cases.

My purpose of asking this question is this Jaiz Bank that is often used in Bybit P2P, though there are other accounts that are used there, but the Jaiz Bank users are of high price rating. Are there some special features in the Jaiz banking app or it is a means of patronising the Jaiz Bank to gain popularity ?

Will like to hear your thoughts on this, thanks.

[Orpichukwu]

Those people who you see providing higher prices more than usual are not dealing directly with Nigeria's bank in that Bybit; it's just like now that they have disabled P2P trading on Binance, some people are still doing trades there on Binance under other currency pairs.

My advice is wheneveryou want to deal in that place, avoid those Gocash and every other form of payment option which will give you a rate that's up to $1/1700, which is already unusual, to save yourself from the trouble of I wish I knew.

[Charles-Tim]

You are referring to Bybit.

I think Bybit can best answer this question. I have also thought about it before but I saw no reason. Jaiz users have higher price on Bybit. I am not a Jaiz bank user but using the legit exchange rate.

[Coyster]

Na better question you ask so, i dey see the thing too, but i never trade with such buyers because i no get Jaiz bank, though sometimes their minimum amount dey choke, running into millions.

Due to my curiosity as i been dey see those rates, i come even go do small research about Jaiz bank, i come find out say dem dey operate under Islamic banking principles, and as such na non-interest bank. If any Jaiz bank customer dey here, na dem go fit answer this question, if dem don trade with buyers wey get those ads.

[Cryptoprincess101]

It is better to have a smooth trade in p2p exchanges than looking for which banks or merchants that have the higher price rates. I don't use Jaiz bank to know the reason why its users are offered high rates on BYBIT but there is a woman i do business with monthly, i normally send transactions to her Jaiz Bank account and it was my first time knowing about the Bank and the woman is a business woman so for her to use that Jaiz Bank when there are many popular banks that she would have used for her business, it means there are some benefits that Jaiz bank users enjoys.

[Charles-Tim]

Na better question you ask so, i dey see the thing too, but i never trade with such buyers because i no get Jaiz bank, though sometimes their minimum amount dey choke, running into millions.

You can easily see people having ads starting from 20000 naira or less if you are using the bank. Here are examples of the ads I took from the exchange right now:



I noticed I see low amount there almost all the time as long as they are sell ads.

You can also see another images on Nairaland https://www.nairaland.com/8386349/these-peoples-price-real-scam

[osasshem]

My advice is wheneveryou want to deal in that place, avoid those Gocash and every other form of payment option which will give you a rate that's up to $1/1700, which is already unusual, to save yourself from the trouble of I wish I knew.

Acknowledged.

Knowing well that I don't have such an account, opening it is simple and fast, but it doesn't feel convenient with me because of its exorbitant prices. Maintaining a smooth trade with the original rate is way better, I was curious to know why...

The app is available on Google Play store, but it's registration is done through their website. I tried to see what benefits that are available on the bank app, but couldn't see anything much, except maybe I didn't get to the real deal or something.

[Amphenomenon]

The app is available on Google Play store, but it's registration is done through their website. I tried to see what benefits that are available on the bank app, but couldn't see anything much, except maybe I didn't get to the real deal or something.

The thing here is that I'm skeptical about using such banks except at least they have been acknowledge by the government to be accredited in our country I dear not use it, this seems like bait to me. Trust the bank start keeping huge amount of money and finally something unfortunate may just occur, after the p2p place is not a place filled with genuine people, they often find ways of getting something from someone in the end.

[Orpichukwu]

My advice is wheneveryou want to deal in that place, avoid those Gocash and every other form of payment option which will give you a rate that's up to $1/1700, which is already unusual, to save yourself from the trouble of I wish I knew.

Acknowledged.
……
The app is available on Google Play store, but its registration is done through their website. I tried to see what benefits that are available on the bank app, but couldn't see anything much, except maybe I didn't get to the real deal or something.

And one thing about apps like this is you don't know who owns it, how it's being used and to what extent you can use whatever is sent into it. I can recall one time also when we could use a bundle and some other funding process on Binance, which they can give you a bit higher rate compared to others, but the money might be sent as airtime or data; it's just better to stick to what we know.

[Asiska02]

I am not a Jaiz Bank user and I haven’t really noticed Jaiz bank users giving high price on their exchange rate on Bybit even though I have seen users of other banks not operating here in Nigeria giving bigger prices which I’m sceptical about and don’t trade with. While this must be some kind of an opportunity to leverage on those banks more, there network is not as fast as those fintech banks most p2p traders on Bybit prefer in order to avoid delayment in receiving money. I tried to open this bank in the past but since it was stressful to follow up, I left it and continue to use available ones I have been using normally, I would have tried it out and tell the experience of using such exchange rate with such banks.