How Can I Stay Safe from Fraudulent Buyers on Bybit P2P?

[Floxynice]

Recently, I’ve been having some challenges with P2P trading on Bybit Exchange. I’ve encountered a few people who I believe are scammers trying to take advantage of me.

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me an amount lower than what I was supposed to receive.

The second buyer claimed that I (the seller) had been credited and that I should release the coin to him. He even sent a fake payment receipt, but when I checked my bank account, I hadn’t received any funds. Realizing he was trying to scam me, I opened a dispute and cancelled the transaction.

Now my questions are:
What am I not doing right?
How can I avoid buyers like this when trading P2P on Bybit?

I really want to know what to look out for because P2P trading is beginning to scare me. What if I end up trading with a fraudulent person wanted by the government?

[Charles-Tim]

What am I not doing right?
How can I avoid buyers like this when trading P2P on Bybit?

Try to be checking the buyer's or the seller's profile like the average release and completion time, completed orders in the last 30 days and the completion rate within the 30 days which should be of high percentage close to 100%. Also check the person's reviews.

That can help to a huge extent but those are not 100% guaranteed if you are using Bybit, maybe you can try other exchanges also and not stay on one exchange.

[Floxynice]

What am I not doing right?
How can I avoid buyers like this when trading P2P on Bybit?

Try to be checking the buyer's or the seller's profile like the average release and completion time, completed orders in the last 30 days and the completion rate within the 30 days which should be of high percentage close to 100%. Also check the person's reviews.

That can help to a huge extent but those are not 100% guaranteed if you are using Bybit, maybe you can try other exchanges also and not stay on one exchange.

When I check the average release and completion time, what exactly should I look out for? Is there a total number of times the buyer should reach to be considered a genuine buyer?

I checked the completed orders of the last scammer and it was relatively high; up to 12k+ and his rating was 99%. Do these guys manipulate these figures? How is it that someone with such a rating and number of completed orders in the last 30 days be a scammer?

[Charles-Tim]

When I check the average release and completion time, what exactly should I look out for? Is there a total number of times the buyer should reach to be considered a genuine buyer?

The completion and release time should be of short period of time like 1 minute.

I checked the completed orders of the last scammer and it was relatively high; up to 12k+ and his rating was 99%. Do these guys manipulate these figures? How is it that someone with such a rating and number of completed orders in the last 30 days be a scammer?

They are very smart. They know what to do to still stay relevant. Try another P2P exchange instead if you want it to reduce. This kind of scam is mostly common on Bybit, unlike other exchanges. I do not recommend Bitget among the exchanges.

[Sticky Bomb]

You see Bybit ehn, Dem be baba for P2P scam, scam exists in virtually every exchange but Bybit before get PHD for am wey make me run commot there enter Bitget. No be say I no fit deal with them but at the end Dem dey waste a lot of my time. In addition to what Charles-tim has said, check for those that had the best average release time, they're the ones that don't always attempt so much to steal because anyone that tries scamming, the back and forth with the seller would extend the release time. I would also advise you not to go for vendors that their payment duration is above 20 minutes, in case the person na time waster you go just wait for the time to count finish before you find another vendor wey serious.

[Obim34]

They are very smart. They know what to do to still stay relevant. Try another P2P exchange instead if you want it to reduce. This kind of scam is mostly common on Bybit, unlike other exchanges. I do not recommend Bitget among the exchanges.

Any other exchange doing P2P outside Bybit will have more scammers. We can tell ourselves the truth, scammers are going to be everywhere but we should be able to identify every attack, too many threads has been talking about Bybit and P2P which i believe everyone should be conversant on every pattern they will suggest, just never allow a scammer outplay you.

A small incident that leads to me getting scammed
p2p rate changes inappropriately
Anoda P2P Warning: Pay attention

We are the only ones to help ourselves survive in the midst of scammers, nothing can be done to stop them.

[Floxynice]

You see Bybit ehn, Dem be baba for P2P scam, scam exists in virtually every exchange but Bybit before get PHD for am wey make me run commot there enter Bitget. No be say I no fit deal with them but at the end Dem dey waste a lot of my time. In addition to what Charles-tim has said, check for those that had the best average release time, they're the ones that don't always attempt so much to steal because anyone that tries scamming, the back and forth with the seller would extend the release time. I would also advise you not to go for vendors that their payment duration is above 20 minutes, in case the person na time waster you go just wait for the time to count finish before you find another vendor wey serious.

Surprisingly, these two guys have 15 minutes as their payment duration. When I first started with bybit, most of my vendors had 30 minutes payment duration and I never encountered any problems with them. Maybe both you and Charlse-Tim dey right; scam plenty for bybit and nothing at all guarantees anything. It's time I move to a better exchange for my own safety. Thanks you two for your recommendations.

Any other exchange doing P2P outside Bybit will have more scammers. We can tell ourselves the truth, scammers are going to be everywhere but we should be able to identify every attack, too many threads has been talking about Bybit and P2P which i believe everyone should be conversant on every pattern they will suggest, just never allow a scammer outplay you.

I love this: just never allow a scammer outplay you. It is well noted.

[Charles-Tim]

Any other exchange doing P2P outside Bybit will have more scammers. We can tell ourselves the truth, scammers are going to be everywhere but we should be able to identify every attack, too many threads has been talking about Bybit and P2P which i believe everyone should be conversant on every pattern they will suggest, just never allow a scammer outplay you.

This shows you do not know what you are talking about. I am not a primary school student to lecture here.

This is not a P2P lecture class. You will definitely know that OP is also not a newbie.

You are not the one to tell me this. Also OP is not a newbie and I know he understands what you posted and not educating him in anyway.

Maybe you stick to trading only on Bybit is the reason you give this information that is not useful for OP.

I know what I am saying when I said he should try another exchange. What the people are doing is frustrating because the rate it is happening is highest on Bybit.

Definitely OP should know how to avoid P2P scam but that is not the question here. The question here is how to mitigate the rate it is happening which is frustrating on Bybit.

Any other exchange doing P2P outside Bybit will have more scammers. We can tell ourselves the truth, scammers are going to be everywhere but we should be able to identify every attack, too many threads has been talking about Bybit and P2P which i believe everyone should be conversant on every pattern they will suggest, just never allow a scammer outplay you.

I love this: just never allow a scammer outplay you. It is well noted.

From the topic, it is easily know that you know this before and you know how to avoid P2P scam.

@Obim34
Bybit is the largest P2P in Nigeria right now, they will definitely also have more scammers. But good to avoid P2P scam. I believe you are only trading P2P on Bybit which makes you have very low information about P2P on exchanges regarding this.

[Obim34]

~snip

And you think i haven't seen other exchanges with their P2P?

Whenever i see Charles-Tim in a thread, maybe i will skip because you've made all the points and others are there to say rubbish.

My use of "you" is indefinite and not directed to one person only, all i did was throw in more context to the topic in discussion, nothing specifically was directed to you or OP in particular, this is a general board and everyone coming across reads and share opinions.

Mitigate by moving to another CEX, if i can detect and escape scam why do i need to move to another exchange?

[Agbamoni]

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me an amount lower than what I was supposed to receive.

This happened earlier this morning, and to be honest I didn't expect it because this guy had good rating and feedback. For you to trade successfully in Bybit without encountering people like this, you need God.

In the end, he cancelled the transaction but set the reason why he cancelled the transaction as "I paid but the seller refuses to release the coin" Just imagine. Some people are just possessed.

[Charles-Tim]

Mitigate by moving to another CEX, if i can detect and escape scam why do i need to move to another exchange?

I give the advice because the rate it is happening on other exchanges that I am using is very low. You can give the advise without quoting me.

But that does not mean it can not happen on other exchanges.


Bybit and Bitget give me headaches most.

[Odogwu-Blockchain]

This happened earlier this morning, and to be honest I didn't expect it because this guy had good rating and feedback. For you to trade successfully in Bybit without encountering people like this, you need God.

In the end, he cancelled the transaction but set the reason why he cancelled the transaction as "I paid but the seller refuses to release the coin" Just imagine. Some people are just possessed.

You can't escape this problem on Bybit as well as on other p2p exchange too as well. Truly, Bybit did not deduct any money from them while placing buy order, these all lies.

I encountered similar thing too where he deducted 40 Naira from my money saying paying for bank charges, abi na me place buy order for am?

It's so annoying these days, and there is no way you can escape these scammers, some trade lets you meet them, some don't.

[Karl_3000]

This happened earlier this morning, and to be honest I didn't expect it because this guy had good rating and feedback. For you to trade successfully in Bybit without encountering people like this, you need God.

In the end, he cancelled the transaction but set the reason why he cancelled the transaction as "I paid but the seller refuses to release the coin" Just imagine. Some people are just possessed.

You can't escape this problem on Bybit as well as on other p2p exchange too as well. Truly, Bybit did not deduct any money from them while placing buy order, these all lies.

I encountered similar thing too where he deducted 40 Naira from my money saying paying for bank charges, abi na me place buy order for am?

It's so annoying these days, and there is no way you can escape these scammers, some trade lets you meet them, some don't.

Buy ads on Bybit have fee, you can read about it

https://www.bybit.com/en/help-center/article/P2P-on-Bybit-Fees-Explained

But sell ads does not have fee.

If it has fee, no one cares because they can easily adjust the rate to their own flavour instead of saying fee is being deducted.

This kind of thing is significantly reduced on Gate.com but it can happen on any exchange.

[Stable090]

Recently, I’ve been having some challenges with P2P trading on Bybit Exchange. I’ve encountered a few people who I believe are scammers trying to take advantage of me.

Na scammers just full Bybit P2P now na why we suppose Dey careful if u Dey run p2p now because Dey just wan run people street, and I feel say bybit no really Dey take any action about that, if bybit no find solution to that thing, no suprise say bybit go come Dey lose customers, because people go shift go other exchange wey get P2P and dem legit.

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me an amount lower than what I was supposed to receive.

Na lie him Dey lie, nothing wey bybit Dey commot from there side, na d actual money wey u suppose receive na him bybit calculate but for screen, if you receive anything wey Dey less than Wetin bybit calculate, then no release coin give d person, make sure say you collect ur money complete before you go release coin.

Also before you go release coin, make sure say you go ur mobile app confirm your payment first, if dem send you receipt, and you no receive payment for your account, no release coin even if dem Dey threaten you with appeal, or dem go appeal self.

If you wan sell coin now, make sure say you go for buyers wey get good ratings and Dey don complete plenty trades.

[IceLincoln]

This happened earlier this morning, and to be honest I didn't expect it because this guy had good rating and feedback. For you to trade successfully in Bybit without encountering people like this, you need God.

In the end, he cancelled the transaction but set the reason why he cancelled the transaction as "I paid but the seller refuses to release the coin" Just imagine. Some people are just possessed.

You can't escape this problem on Bybit as well as on other p2p exchange too as well. Truly, Bybit did not deduct any money from them while placing buy order, these all lies.

I encountered similar thing too where he deducted 40 Naira from my money saying paying for bank charges, abi na me place buy order for am?

It's so annoying these days, and there is no way you can escape these scammers, some trade lets you meet them, some don't.

Buy ads on Bybit have fee, you can read about it

https://www.bybit.com/en/help-center/article/P2P-on-Bybit-Fees-Explained

But sell ads does not have fee.

If it has fee, no one cares because they can easily adjust the rate to their own flavour instead of saying fee is being deducted.

This kind of thing is significantly reduced on Gate.com but it can happen on any exchange.

Good I like that you mentioned an exchange that has low scam or scammers rate, others who use other exchanges where P2P scams are minimal should do well to mention it, so others like us can know.
The rate at which these people on bybit are taking it, you can still be smart and  sharp to watch out for their tactics and one day they might get lucky, So if there are others, better ones let us know.
This thing don Dey too much and e b like the buyers Dey get meeting plan Wetin dem go talk cos most of them na same storyline dem Dey use.

[Roseline492]

They have different trick all the time, some uses the deduction means to twist the mind of the seller if they can accept, some go with the fake transfer you mentioned while some will pay but only transfer using identical number that looks the same with how the main amount should have looked if the person will not notice it, so just no all this method in case you meet one because if you say you want to avoid an encounter with them you will definitely meet one again because 80 percent of those vendors are the same so since the exchange isn't ready yet to fixed things you gat to be eyes on everything until you have gotten a successful transaction.

[Smartvirus]

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me an amount lower than what I was supposed to receive.

This matter Dey always be very frequent something when you Dey try sell Bitcoin directly. Many of these vendors Dey always increase their rate to get ads preferences you know, then them go con enter your inbox Dey put you through some kind mental stress say na negotiation.
Even those way no Dey high rate cef dey still negotiate, just to try you if you go fall.

One way to avoid all this kind negotiation na to swap go USDT and trade from there. The standardized nature of the coin no Dey give room for plenty excuses.

The second buyer claimed that I (the seller) had been credited and that I should release the coin to him. He even sent a fake payment receipt, but when I checked my bank account, I hadn’t received any funds. Realizing he was trying to scam me, I opened a dispute and cancelled the transaction.

Can sellers now cancel trades?
I think not. That would be unfair to buyers if that function is made available to sellers. I haven’t noticed that.

Meanwhile, the best thing you fit do na em you do, always confirm for your account and even if the transaction Dey pending abi na network for your end Dey delay the alert, no released trade until e drop. If e no drop, dispute asap and keep up with the proceedings, na the only way.

[Nheer]

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me ah n amount lower than what I was supposed to receive.

This happened earlier this morning, and to be honest I didn't expect it because this guy had good rating and feedback. For you to trade successfully in Bybit without encountering people like this, you need God.

In the end, he cancelled the transaction but set the reason why he cancelled the transaction as "I paid but the seller refuses to release the coin" Just imagine. Some people are just possessed.

I love the response you gave there. Those people are just annoying trying to extort money from people as if everyone doesn't work for their money too. Maybe they think that we pick free money from the ground. No one is forcing them to stick to this business, if they are feeling uncomfortable or feel cheated by the exchange then why not leave and try out other business. if they think they are not making profit no one is forcing them to stick to this business, there plenty other businesses you can try out and make decent gains.

That was how one of those buyers sent me similar message saying "boss abeg make i hold that 250 wey de on top na". It was funny but  because I was in a good mood I told him to take 100# and send me the rest but the guy took 150 and send the rest, I just talk for my mind say no be your fault na me wey allow you and so I let it slide. Na scam and begi begi full that bybit.

[Curious T]

Any other exchange doing P2P outside Bybit will have more scammers. We can tell ourselves the truth, scammers are going to be everywhere but we should be able to identify every attack

Yes, scammers will be everywhere, but the platform should act accordingly to reduce scammers on its platform. There are fewer scammers on other platforms because when those people are reported and there are consequences for the scammer, but bybit does nothing about the reported scammers on their exchange. That kind of passive behaviour encourages scammers to be bold and feel they can do whatever they like.

People should be aware of all the ways they can be scammed and always be vigilant, but the exchange has a role to play in reducing the number of scammers to a minimum and one way they can do that is by having maximum punishment for proven scammers. They can stop the account from taking anything out of that account immediately, a complaint has been made till it is resolved. And after it has been resolved, if it is proven that one party tried to scam the other, the scammer should not be able to take any other money they had on the exchange. Just putting up warnings everywhere is not enough, they need to do better.

[Floxynice]

The first buyer (scammer) I dealt with tried to negotiate the value of my transaction. He claimed that Bybit had started deducting money from transactions and pleaded to pay me an amount lower than what I was supposed to receive.

This matter Dey always be very frequent something when you Dey try sell Bitcoin directly. Many of these vendors Dey always increase their rate to get ads preferences you know, then them go con enter your inbox Dey put you through some kind mental stress say na negotiation.
Even those way no Dey high rate cef dey still negotiate, just to try you if you go fall.

One way to avoid all this kind negotiation na to swap go USDT and trade from there. The standardized nature of the coin no Dey give room for plenty excuses.

Me sef never sell bitcoin direct before. All my trades via p2p has always been from USDT to Naira. These guys dey negotiate USDT even with the standard rate. From the comments so far, I Don see say na my duty to  protect myself because e be like Bybit no fit do anything to protect me. Now, I go shine my eyes well well.