Feature to reduce P2P rate manipulation.

[Mhizlove]

Few weeks back I made a thread which topic is Refresh price before proceeding your trade and that discussion was purely based on P2P vendor scam. If you read the thread carefully you will understand that on Bitget crypto exchange, a P2P vendor can easily manipulate the dollar rate by changing the actual amount a dollar is supposed to cost, and if you did not remember to refresh the rate you will sell at loss right under your won nose without knowing what's happening, maybe when the deal is ongoing before you will notice and then it's too late to call it off, because the vendor will just go ahead and send you your money immediately because the knows he has cheated you. Even though you did not release the coin after receiving payment he will just appeal right away and nothing you could do about it rather than giving the vendor a negative feedback.

But right now I think a lot of complaint have been going on about this p2p vendors and p2p traders on the Bitget crypto exchange and today I was just checking rate if I can buy some Bitcoin and starch up my portfolio then I also checked the selling rate and I noticed that Bitget crypto exchange has made it somehow easier for crypto sellers to initiate their deal without getting scammed.
Now


Although now you have about one minute to initiate the deal because if you don't, the rate might change after the countdown is complete,
Why I think this one is better is because the seller will be aware of the countdown to know that he has time to initiate the trade so that the rate will not change. Also with this pattern, the buyer will not be able to manipulate the rate at his own time. The only thing that can make the seller to sell at loss is only if he/she delays to process the trade while the countdown is ongoing.


Before now the buyer can change the price rate at his own time and if you are not smart to refresh the rate you will think the rate is still the same untill you process before you see w lower amount
Then


Do well to share your thoughts below 👇.

[Doan9269]

Am not surprised that this is coming from bitget, because if they don't allow for it, such manipulation wouldn't ha e been taken place, the thing is very simple, the rate see is being multiplied by the actual value of what you're selling, I see no reason why they should allow the vendors to adjust the prices without notifying the seller, other exchanges do this to ensure they counter against price manipulation from vendors, they will notify you to refresh your quote there's a change in rate.

But for an exchange not to do so in notifying you shows their incompetency enough to have understand what could have transpired in this manner, personally, I don't really use bitget for exchange, so am not surprised if things like this will be coming from them, because I once suspected them of something related to price manipulation sometimes back.

[Sammye3]

There was this time last month I tried P2P on bybit and the vendor changed the price, and immediately I was notified that the price might have being changed which made me opt out of the trade and I tried with another vendor.

I don't know if this is a general bybit feature or is it just me? I have not used bitget for a long while now so I can't really recall how it's p2p works or if anything has being changed but bybit has being my best experience for now.

Maybe if there are other suggestions or corrections ,I would gladly be open for more ideas and initiatives.

[Asiska02]

Before now the buyer can change the price rate at his own time and if you are not smart to refresh the rate you will think the rate is still the same untill you process before you see w lower amount

I have Bitget exchange but I have not used it for p2p exchange before. I have my reservations on them even though BYbit which I use mostly also have their flaws but always trying to adjust and better their services. Before now, there was no Naira p2p exchange service on Bitget, so when it came newly, many also rushed there as they were having issues with fraudsters on Bybit p2p merchant space which can still be avoidable when you trade carefully and smartly with them. The rate of that activities of scamming was much higher at Bitget, and their technical teams don’t respond to issues like that swiftly, so it was better to stick to Bybit.

The type of scam you’ve just brought up here that Bitget has upgraded on their p2p merchant page to limit the exposure to more scams, in Bybit, they do happen and when there is a change in price before agreeing to sell your coins to a merchant, Bybit won’t process it and will ask you to check again that a price change has being initiated. So Bybit already had that feature long ago and I’m glad Bitget is also implementing features to reduce high risk rate of losing your funds to fraudsters in the p2p merchant page.

[Su-asa]

Am not surprised that this is coming from bitget, because if they don't allow for it, such manipulation wouldn't ha e been taken place, the thing is very simple, the rate see is being multiplied by the actual value of what you're selling, I see no reason why they should allow the vendors to adjust the prices without notifying the seller, other exchanges do this to ensure they counter against price manipulation from vendors, they will notify you to refresh your quote there's a change in rate.

But for an exchange not to do so in notifying you shows their incompetency enough to have understand what could have transpired in this manner, personally, I don't really use bitget for exchange, so am not surprised if things like this will be coming from them, because I once suspected them of something related to price manipulation sometimes back.

When I was this thread, I went straight to the post op shared here, then I understand that the seller will be notified but that's if the seller remembered to refresh the price before he proceeds, otherwise he will sell at lose.

But on this post op just make it clear that you don't have to refresh the rate anymore, it will update within every minutes, which means you have one minute to proceed your p2p deal before the the rate changes, otherwise if the rate changes to a lower amount, it's either you search of other vendor or you continue, which is your choice.

[Agbamoni]

It makes no big difference, because what Bybit does is that when you initiate a trade and, unfortunately, the buyer changes the price, you will be directed back to pick another buyer. I think Bitget should adopt this pattern instead of the 1-minute timeline to initiate a trade. Although the seller has to be active, if not, it will refresh all over again.

[knowngunman]

There was this time last month I tried P2P on bybit and the vendor changed the price, and immediately I was notified that the price might have being changed which made me opt out of the trade and I tried with another vendor.

I don't know if this is a general bybit feature or is it just me? I have not used bitget for a long while now so I can't really recall how it's p2p works or if anything has being changed but bybit has being my best experience for now.

Maybe if there are other suggestions or corrections ,I would gladly be open for more ideas and initiatives.

I don't know much about Bitget P2P because I only use it once and to be honest, it was completely off for me. Nothing seems perfect in my experience with them from the beginning to end. Unless I have no any other options before I will give them a try again. As for Bybit, the trade will not proceed automatically when there's price change in the process and you'll be notified of this development. The major problem associated with Bybit P2P now is how their vendors reduce themselves to beggers begging to take from the sellers against the price on their ads. Personally, I do verify the price from the ads page and review the price from vendor confirmation page. Some times I do my calculations manually to detect any foul play from this vendors because they have shown how dishonest they can be in one or the other. I like how the exchanges are rolling out new features to help fight against scam vendors in their platform.

[Salahmu]

This issue of buyers changing there price to cheat is because of how flexible the exchange kept it for them because there shouldn't be any addition of minus at the moment a seller has initiatiatetd the selling but rather they can only indicates or inform the seller of the price impact so that they can refresh to the newest price, even if bybit vendors are full of scammers but that's how they do on there P2P because I no how many times I saw a price I want to sell to Fiat but after indicating the amount and proceed a pop up came that the market price is no longer what I was selling with so I have to revisit it again.

[CryptoHeadlineNews]

Few weeks back I made a thread which topic is Refresh price before proceeding your trade and that discussion was purely based on P2P vendor scam. If you read the thread carefully you will understand that on Bitget crypto exchange, a P2P vendor can easily manipulate the dollar rate by changing the actual amount a dollar is supposed to cost, and if you did not remember to refresh the rate you will sell at loss right under your won nose without knowing what's happening, maybe when the deal is ongoing before you will notice and then it's too late to call it off, because the vendor will just go ahead and send you your money immediately because the knows he has cheated you. Even though you did not release the coin after receiving payment he will just appeal right away and nothing you could do about it rather than giving the vendor a negative feedback.

I created a thread about this Bitget scam strategy few weeks ago after falling victim to it, due to the fact I never knew the price was automatically changing whenever you tries to accept the trade with the vendor. And because of this very mistake, I lost over 25k Naira on the USDT trade I was trying to sell on Bitget. And ever since that day I have always been extremely careful whenever initiating trade on Bitget, because vendors there are very heartless and wicked, and in some scenarios some vendors will even cut off a certain percentage off your money, while even pressuring to confirm trade. Hence, I will advise everybody to be careful when executing trades on Bitget.

[adultcrypto]

I have not noticed this in Bitget but in Bybit, whenever there is change in price due to delays in entering the 2FA or other security measures, you will be notified that price has changed and that you should refresh the page. If the page is refreshed, it will reflect the new price which will be up to you to chose the merchant that meets your criteria. Scam is prevalent in those two exchanges such that any distraction can make an individual lose money immediately. The most common scam I have seen is paying below the actual amount and when they do this, they will start pressuring the individual to release the coin. Always avoid yielding to those pressures and make sure you log into your bank app to confirm the transaction before releasing coins,

[icebar]

The buyer did it consciously. When he changed the price, the seller did not understand it. If he did not receive any notification, it is normal not to understand. The buyer is definitely at fault in this issue, but since it is given in the system, he cannot be blamed. If Bitget does not clear this service properly, then it is the problem of that exchanger. The P2P service should always be operated with strict security. When the buyer changes his price, the seller should notify him immediately and care should be taken to ensure that the seller receives it.

[Jaycoinz]

The buyer did it consciously. When he changed the price, the seller did not understand it. If he did not receive any notification, it is normal not to understand. The buyer is definitely at fault in this issue, but since it is given in the system, he cannot be blamed. If Bitget does not clear this service properly, then it is the problem of that exchanger. The P2P service should always be operated with strict security. When the buyer changes his price, the seller should notify him immediately and care should be taken to ensure that the seller receives it.

The thing be say bitget app itself dey slow and if you know dey smart enough to notice this thing then you go enter the trap, I don click plenty p2p trade well for many times wen I wan change my coin oo and many of them sef the price dey fluctuate instantly wen I try to sell and if I notice am I dey go message box and tell the buyer to cancel or make e pay the correct amount.

[MainIbem]

The buyer did it consciously. When he changed the price, the seller did not understand it. If he did not receive any notification, it is normal not to understand. The buyer is definitely at fault in this issue, but since it is given in the system, he cannot be blamed. If Bitget does not clear this service properly, then it is the problem of that exchanger. The P2P service should always be operated with strict security. When the buyer changes his price, the seller should notify him immediately and care should be taken to ensure that the seller receives it.

The thing be say bitget app itself dey slow and if you know dey smart enough to notice this thing then you go enter the trap, I don click plenty p2p trade well for many times wen I wan change my coin oo and many of them sef the price dey fluctuate instantly wen I try to sell and if I notice am I dey go message box and tell the buyer to cancel or make e pay the correct amount.

Dem get luck say dem done they do their best to help customers from falling for those dubious vendors for their app cause na their reputation go tarnish last last when too many people done dey complain about dem for media and that fit cause dem to lose lots of customers. Well dem smart to take actions wey go help convince customers say dem dey reputable. Anyways this development make sense wella but then make we still dey careful when we dey deal with vendors for P2P.

[Emjay24]

I've been using Bitget exchange for my P2P for a very long time now but I've not seen that secret countdown you pointed out, maybe because I'm always on dark mode. It seems dark modes hides some details from users. These merchants are manipulating a price setting feature in Bitget to try scamming people and Bitget is not totally innocent of this since they allow it on their platform. They must have received countless reports on this and still cannot patch that loophole in their code, it's too bad for them. Anyways I'm never expecting much from a platform that only has legacy address for bitcoin receipt, seems they run a really outdated system and have a poor dev team.

[Charles-Tim]

Although now you have about one minute to initiate the deal because if you don't, the rate might change after the countdown is complete,
Why I think this one is better is because the seller will be aware of the countdown to know that he has time to initiate the trade so that the rate will not change. Also with this pattern, the buyer will not be able to manipulate the rate at his own time. The only thing that can make the seller to sell at loss is only if he/she delays to process the trade while the countdown is ongoing.

This is not absolutely correct, the ad is still changing immediately you clicked on the ad but it is hard to scam people now because buyers and sellers will have to confirm that the ads has changed price and that they know. This is an example:





The ad changed immediately I clicked on it but it asked me to confirm just to make sure that I know. Anyone that is not interested in the scam ads will look for another one. If it work like this for other ads, that means Bitget has gotten it.

[Chibit01]

It makes no big difference, because what Bybit does is that when you initiate a trade and, unfortunately, the buyer changes the price, you will be directed back to pick another buyer. I think Bitget should adopt this pattern instead of the 1-minute timeline to initiate a trade. Although the seller has to be active, if not, it will refresh all over again.

Bybit don’t automatically direct you to pick another buyer, what I have noticed they do is if the price changes just after you click on the ads they will notify you so that you will be aware of the change unless when the difference is much and the ads might not have enough volume to cover up the quantity you want to sell that’s when they will ask you to pick another buyer, I might be wrong though.

[nelson4lov]

People are always going to look for ways to exploit and cheat others out of their money. That's why I'm not surprised that bad actors found their way to Bitget p2p. It used to be bybit before they tightened theirs a bit. Now it's Bitget. Glad to see they released a feature to minimize the problem to the bare minimum. Regardless, we have to continue to be vigilant because as birds learn to start flying without perching, hunters need to learn to shoot without missing.