Newbies mistake in P2P trading

[I_Anime]

First p2p is not as complex as many picture it to be , when come to p2p one just have to be smart , like me I always check the percentage of the merchants before doing deal with them , I usually pick from 80%-100% . And secondly i don’t release until I confirmed the payment has been made .

I even go further to send the money out to my other accounts first , but now I have added checking if my payment was complete, because now and days some folk are fond of not completing their payment .

[ZeroVinsonN]

You could have looks up a YouTube video on what to do and precautions to take but instead you decided to just jump the gun and see, you should have at the very least know what your credit alert messages looked like but you still missed that one too, I guess you were too excited about finally being able to sell your coin that you did not bother to check even when most platforms will warn you to check if you have actually received payment before releasing your coin. Hopefully others don't make the same mistake in their first time

[Grace333]

Sorry about your experience, at least you’ve learnt from it and you won’t fall for that anymore, before concluding any transaction in your p2p section you have to check if the amount the merchant send to you is up to the amount displayed on their dashboard, they do this all the time, most will send you a figure that looks similar to the displayed amount just to deceive you into releasing your coin. If it means you have to check it over and over again  or send it out of your account to another account to be sure it’s legit, then do it, so you don’t fall prey once more

[Mayor of ogba]

Now, those who are new should seek advice from someone experienced in this matter before completing P2P trading

P2P guide are online, you can read as learn about it online. The pros and cons and what to avoid about P2P are online.

If I have left anything out in this regard, I hope you will add them here.

You used a centralized exchange?

If you used a centralized exchange, you supposed to message the person on the exchange and tell him about it, the message the P2P customer care immediately with your statement of account. The chance that you can be able to get your money back is high if the buyer has not withdrawn the money, but the chance has reduced if the buyer has withdrawn the coin on the exchange.

Since the vendor that bought OP's asset had the intention to scam OP in the first place, even if OP messages the vendor and tells him or her that he didn't receive money in his personal account, I think the vendor won't bother sending OP his money because he or she is a scammer.

[Charles-Tim]

Since the vendor that bought OP's asset had the intention to scam OP in the first place, even if OP messages the vendor and tells him or her that he didn't receive money in his personal account, I think the vendor won't bother sending OP his money because he or she is a scammer.

It has gotten to a stage that the buyers may send the money to the person because what they are after at times is the seller not to know the mistake. I have seen someone that was sent the money immediately after he notified the buyer. The buyer send the remaining money to him.

Even if the buyer successfully scammed the person, it s better to try message the buyer about it and let the exchange to be aware of what the buyer did than not saying anything. It is evident that he did not completely pay the money.

[OsaiEmma]

If initially you don't have someone to guide you, in almost every Centralized exchanges(CEX's) there are always tips and guide on how to carry out these trades, if maybe u have truly read them which u should since u are new to the system, you would have been well informed,.
While carrying out transactions, they will even warn you to make sure you have confirmed your payment before sending any coin. If you are just getting started into anything new, you should first read the get started instructions, tips and guide, that's the best and fastest way to know about any new system, you can also go to the FAQ section to get more info or contact their customer care and ask some questions too, these tools and resources helps a lot most a times.

First p2p is not as complex as many picture it to be , when come to p2p one just have to be smart

This is not true at all, I remember when I first got into crypto and tried the P2P feature, I was really skeptical and unsure, I saw it as something complex and a bit untrustworthy and I am good with tech, I asked my friend to guide me, he just gave me a vague direction saying it's not difficult, well if u know it, it's as easy as ABC, but coming into it for the first time, it might look a kinda complex and shady.

[Sticky Bomb]

Now, those who are new should seek advice from someone experienced in this matter before completing P2P trading, and always try to transact with such advertised buyers who have a record of many previous transactions and whose overall rating is good, (even if the price is a little lower, that is okay). Then when the confirmation message comes, the release cannot be based on that confirmation message, but rather you have to go to the account and check the statement first, then after confirmation, you have to release.

If I have left anything out in this regard, I hope you will add them here.

Do not trust only the ratings, even merchants with good ratings pull off scams at times on exchanges. There's a popular scam on Bitget that occurs when you enter a merchant ad and the buy price adjusted after the countdown. Personally I wait for the price countdown to get to zero tho ensure the the price remains the same before proceeding to sell.

It's best you confirm the money from your app, not necessarily alert message. Confirm it in the transactions history on your app to be sure it's reflecting in the banks records before proceeding to release the funds. On larger amounts I even send the money out to it's destination before releasing funds. Just know the process and how to identify possible scams and ensure you get your money before you release. Ratings can be deceptive.

[sotelorene]

If I'm not mistaken, you had this experience recently and I believe this type of thread about how newbie and everyone should be careful when trading is numerous in this local board and I'm kinda surprised to see that you had this experience of recent after so many advise and threads concerning this p2p trading. You are very lucky you didn't actually loss your money and why did you open trade with someone that doesn't have a good remarks or is it because of the high rate? Because high rate are mostly the reason some folks fall prey for this scammers. I can't open trade with someone that doesn't have 97 percent and above rating and a minimum of 2000 plus complete orders and we should be very careful and it is not advisable for someone with little knowledge trade.

[I_Anime]

This is not true at all, I remember when I first got into crypto and tried the P2P feature, I was really skeptical and unsure, I saw it as something complex and a bit untrustworthy and I am good with tech, I asked my friend to guide me, he just gave me a vague direction saying it's not difficult, well if u know it, it's as easy as ABC, but coming into it for the first time, it might look a kinda complex and shady.

Exactly, depends on the user . To me it was confusing not complex . Because I don’t actually understand how it works then , but first I hope you understand what it means for something to be complex ( Describes something that has many parts or is hard to understand) . But after mastering I don’t waste time doing p2p now I just follow my usual principles pick merchant with higher percentage , and confirmed payment and release token finish .