How to avoid getting scammed in crypto P2P trades in Nigeria

[DonaldCryptoTalk1]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

[Nathrixxx]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

Only a novice will fall in this kind of scam, because one of the reasons we all make use of exchanges is to serve as trusted escrow between the buyer and seller in p2p, so if you can't get your p2p transaction done on a reliable and trusted ground, then don't even attempt it because you will be scammed.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

The use of exchanges is advisable, but that does not mean that there are no scam attempts there as well, you may only have to know how to avoid them when sighted, p2p scam also exist, such could be incomplete payment, fake payment evidence or accepting confirmation of payment without receiving it on your account and so many others.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

1. Make use of reputable exchanges.
2. Sell or orders in round figures and avoid decimal points.
3. Confirm the reception of the se t amount before approval or release.
4. Cross-check the figures being complete.
5. Don't give your major contact on p2p chat upon seller or buyer's request
6. Often make use of verified users and check their reviews.

[Donk1]

The only once I do know is this
.1) be very careful when you are  sending crypto because after sending the buyer could just reverse the payment.,

.2)never release your coin until you have confirmed payment in you bank account and make sure you check because alert it ould be tricky most times

.3) always check the other users profile to know if their account name matches their verification name

.4)Take your time in verifying everything because scammers often like to hurry when it comes to make decisions

.5)Never click on a link sent to you because it could be a way of stealing you information

.6)Always enables two factor authentication

[Hatchy]

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Fact is initiating any local transactions of an exchange is risky. I've seen many people loss their money to scammers while trying to convert coins to naira. That's why you should only carry out your trades on trusted platform.. telegram is a hub for scammers and one thing is that you might feel you are smart until they cut their communication with you.

To avoid this is very simple. Avoid trading using local vendors. We know that those on exchanges are as well scammers but a few of them are good and since the exchange acts as an intermidiary between both of you, if you are careful your transactions will go smoothly..

[I_Anime]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

That’s why most of them usually endup being victims of p2p scam . But I won’t blame them though most newbies usually find it difficult to make use of other platforms to do p2p , platform like exchanges do they solely depend on others , like some vendor recommended by someone and stuff and some time endup being scammed. Then when I was still new I find my self in such category but thanks to God I was never scammed in such way because I usually make use of trust worthy vendors despite in the gap of location some are from other state (which was quite risky too ). But I had to learn so that I won’t keep depending on others when it come to doing P2P.

[Joy_learns_crypto]

You should not send your bitcoin to an unknown buyer on telegram, I know newbies are still trying to figure out cryptocurrency but they should not fall for this scam.
The one I think newbies can fall for is selling to celebrity vendors or those vendors that use influencers and celebrities for their promotions.
I have even made thread about how celebrities are influencing their followers in Cryptocurrency and how they make the gullible and vulnerable.

[Emjay24]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

Why would someone trust P2P from a whatssap group or even a whatssap contact especially when it concerns someone you don't know too well? Even for someone I know very well, you must be there with me physically before we transact. some people have trusted me blindly in the past from whatssap, but after trades I warn them of its dangers.

I have hated telegram P2P right from time due to telegram being the hiding place for top notch scammers.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

Kucoin and Binance has removed its P2P option for Naira

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Use reputable exchanges and do not release your coins until you have validated the sum and remarks from your bank app and not just getting an SMS alert because fake alert exists.

[Charles-Tim]

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

Why mention two exchanges that does not have naira P2P. Do you not know they do not have P2P for naira after they removed it last two years or so.

Regardless of any platform that you are trading with P2P, just make sure you follow the rules. Do not release coin until you see the money sent to your bank account. Report anything like scam that you suspect.

[Jubilee58]

There are ways one can actually avoid being scammed in crypto P2P, and i believe using a reliable crypto exchange can actually help you mitigate P2P fraud, exchanges like bybit, binance, kucoin are reliable to make your transactions because once someone is reported of committing any crime, that person is going to be banned from using the platform no matter how small is the money.Secondly, do not release your crypto before payment, because fraudsters will not return your crypto, do not send your coin to unknown platform.

[DonaldCryptoTalk1]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

Only a novice will fall in this kind of scam, because one of the reasons we all make use of exchanges is to serve as trusted escrow between the buyer and seller in p2p, so if you can't get your p2p transaction done on a reliable and trusted ground, then don't even attempt it because you will be scammed.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

The use of exchanges is advisable, but that does not mean that there are no scam attempts there as well, you may only have to know how to avoid them when sighted, p2p scam also exist, such could be incomplete payment, fake payment evidence or accepting confirmation of payment without receiving it on your account and so many others.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

1. Make use of reputable exchanges.
2. Sell or orders in round figures and avoid decimal points.
3. Confirm the reception of the se t amount before approval or release.
4. Cross-check the figures being complete.
5. Don't give your major contact on p2p chat upon seller or buyer's request
6. Often make use of verified users and check their reviews.

Those are solid points, especially on confirming payment and checking reviews. Many newbies rush to release crypto once they see a “payment proof,” not knowing that screenshots or fake alerts can be manipulated. Another thing I’ve noticed is that scammers often pressure you to act fast, taking your time to verify details is one of the best protections.

Also, people should learn to start small. Doing test trades with little amounts before moving larger funds can help you build trust and also minimize losses if something goes wrong. Staying patient and careful is really the key in P2P.

[DonaldCryptoTalk1]

The only once I do know is this
.1) be very careful when you are  sending crypto because after sending the buyer could just reverse the payment.,

.2)never release your coin until you have confirmed payment in you bank account and make sure you check because alert it ould be tricky most times

.3) always check the other users profile to know if their account name matches their verification name

.4)Take your time in verifying everything because scammers often like to hurry when it comes to make decisions

.5)Never click on a link sent to you because it could be a way of stealing you information

.6)Always enables two factor authentication

You shared some really practical tips. I especially like the point about not rushing, because scammers usually create urgency so you won’t double check details. The advice on matching account names is also very important, a lot of people ignore that step and end up regretting it later.

I’d also add that enabling 2FA is not just for P2P but for all exchange accounts. It reduces the risk of losing funds even if someone gets hold of your login details. Staying cautious at every step is what really keeps you safe in this space.

[DonaldCryptoTalk1]

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Fact is initiating any local transactions of an exchange is risky. I've seen many people loss their money to scammers while trying to convert coins to naira. That's why you should only carry out your trades on trusted platform.. telegram is a hub for scammers and one thing is that you might feel you are smart until they cut their communication with you.

To avoid this is very simple. Avoid trading using local vendors. We know that those on exchanges are as well scammers but a few of them are good and since the exchange acts as an intermidiary between both of you, if you are careful your transactions will go smoothly..

You’re right, Telegram and other informal groups are the easiest traps for scammers because there’s no protection once they disappear. The role of exchanges as an intermediary really makes a big difference, since at least there’s a dispute system and records to fall back on.

I’d also add that even on exchanges, people should not assume everyone is honest. Simple checks like trading with verified users, reading reviews, and starting small can save you from big losses. Being careful is always better than trying to be “smart” after money is gone.

[SmartCharpa]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Op, from the look of your account, you are also a newbie who is calling other people newbies. From your post, you are right that many people have been losing money when it comes to doing P2P on some exchanges because scammers are everywhere. This is not about only the newbies even if you have been doing P2P for decades, you can still get scammed. We just have to be smart before releasing coins to any buyer. It even happened to me a few days ago, the person tried to remove 3k from my money. If I didn’t checked well, the money would have gone.

In addition, I don’t know if you are the only one using the exchanges you listed so, because Binance and KuCoin delisted NGN P2P from their platforms over a year ago. So there is no way you can use Binance or KuCoin to sell your coins to NGN. But for now, you can only use Bybit or any other exchange that still supports NGN P2P.

[MainIbem]

Op, from the look of your account, you are also a newbie who is calling other people newbies. From your post, you are right that many people have been losing money when it comes to doing P2P on some exchanges because scammers are everywhere.

Hahaha it may sound funny but many newbies in the forum are not actually newbies in crypto related stuffs, some have gained experience outside the forum but are here to enhance it so maybe the OP might fall under the category of those that are not newbies to crypto related things but a newbie in the forum. Well i don't doubt that anyone can be victim but it's mostly someone that our people call JJC (Johny just come) in crypto that would fall victim to those dubious P2P merchants, someone that's very knowledgeable and know how to use exchanges or have been trading with the P2P for long would know how to deal with P2P scammers when they encounter them.

[Ronsbit]

The normal standard for p2p transaction is money first, crypto second, anywhere in the world. The system has been built in such a way that anyone who wants to buy would have to pay first before they get the asset, or have you seen where someone registers with an exchange and gets crypto without paying? The rules are that if you want to buy crypto via an exchange, you must first fund your account before you trade for it, otherwise, you will have nothing, and this rule applies to the p2p platforms. Do not make the mistake of releasing asset when the buyer has not paid for it otherwise you will regret your actions.

It is true that platforms such as telegram and others are a haven for scammers and this makes it very necessary to be very cautious while using telegram because it is also an anonymous platform as scammers can fake identity to undo people or steal from people and as a matter of fact, there have been numerous cases of reported scams by members here as a result of impersonation on the platform so I will advise that you be cautious while dealing with people on telegram avoid chatting with contacts you don know, avoid call groups and channels as that is their haven. If anybody PMs you do well to check the groups you share or belong to in common as that would give you a clean idea where they are coming from and how to discard them.

[SmartCharpa]

Op, from the look of your account, you are also a newbie who is calling other people newbies. From your post, you are right that many people have been losing money when it comes to doing P2P on some exchanges because scammers are everywhere.

Hahaha it may sound funny but many newbies in the forum are not actually newbies in crypto related stuffs, some have gained experience outside the forum but are here to enhance it so maybe the OP might fall under the category of those that are not newbies to crypto related things but a newbie in the forum. Well i don't doubt that anyone can be victim but it's mostly someone that our people call JJC (Johny just come) in crypto that would fall victim to those dubious P2P merchants, someone that's very knowledgeable and know how to use exchanges or have been trading with the P2P for long would know how to deal with P2P scammers when they encounter them.

Yes, I believe some people were already familiar with crypto before joining this forum, while others gained their knowledge here. I’m only saying this because of the way OP explained things. Someone who has been using P2P for years would know that NGN P2P is not available on KuCoin or Binance. Perhaps OP only mentioned the exchanges he trusts, but the truth is you cannot use those platforms to convert coins directly to Naira right now.

It’s usually newbies who take their money to Telegram or trust random vendors on WhatsApp, when in reality you can safely trade your coins on top exchanges. I’m not sure if P2P is still available on Telegram, but I remember there was a time when people used it a lot. If I’m not mistaken, during that period when we were all busy sharing tap tap links, Telegram even added a P2P option so you could sell your tokens directly.

[Mayor of ogba]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Scammers in P2P trade are fond of making incomplete payment, so if you are trading in any P2P platform always check very well to be sure that the buyer sent your money complete before you release your asset to the buyer because if you release your assets before finding out that the buyer sent you an incomplete payment, there's nothing you will tell the P2P platform that will make them recover your money for you because they believed the buyer sent you a complete payment before you released your assets to him or her.

[Tonimez]

[Edited out]

Scammers in P2P trade are fond of making incomplete payment, so if you are trading in any P2P platform always check very well to be sure that the buyer sent your money complete before you release your asset to the buyer because if you release your assets before finding out that the buyer sent you an incomplete payment, there's nothing you will tell the P2P platform that will make them recover your money for you because they believed the buyer sent you a complete payment before you released your assets to him or her.

You are very right. It is not good to always rush into releasing your coins without double checking your payment. Sometimes the scammers send an amount that resembles your real payment and upload the receipt. If you hurriedly release your coins, you will loose it forever. They can send 1530 in place of 15300 or they may send 15300 in place of 115300. If you don't double check, this amounts will flash through your head like you got the right payment and once you release your coins, you have lost it. Sometimes too, they first lodge a complaint seeking redress even when they know they never made the complete payments.

We should always be careful at all time when engaging in P2P in order not to fall into the hands of these scammers as they are on the rise recently.

[HajiBagi]

I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.

From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.

But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?

Waiting go carry me go dey do p2p for telegram and WhatsApp when there is KuCoin, Binance and Bybit? I never try telegram or WhatsApp own before and I don’t want to try it because na risky be that, na for telegram scammers plenty and na where them they use many tricks scam person, although KuCoin and Binance p2p no dey work now for Naija but Bybit and others still dey work, so waiting go make me go dey do p2p for where I know say the place na dangerous place?

People wey dey do that thing get mind and they should dey very careful, even in this platform them they scam people but you go use your head because they no dey release coin if you never receive money, no release coin if your money no complete because na so that kind thing happen with me last two weeks and I know release coin until the buyer send my money complete, people dey p2p wey be say them think say them smart but na you go let them know say you dey game no be today, so let be guided.

[Borbb]

You are absolutely correct most people get scammed without looking for any observation. Also being desperate to join into a new platform is also risky not save there putting your money in a very big danger at the end you will regret investing your money in such wallet,despite the rumors of how people are talking about the new platform never be carried away.