Newbies mistake in P2P trading

[Vompola]

I am sharing my real experience here, hoping that the fraud that happened to me will not happen to others. When I first started P2P trading through exchanges, I actually had no idea about it, it can be said that I went into this transaction with minimal idea. Since I was going to sell, I went to the sell option and did not find a trusted buyer who advertised to buy at a high price, I clicked there and waited for the balance to be received. After a while, a message came on my mobile that I had received the specified amount of money, then I released my crypto without checking my account balance and when I entered my account and checked the balance, I saw that no money had entered my account, then I checked the confirmation message again and then I saw that it was a fake message, honestly, I felt helpless at that time.
However, after that, I discussed these issues with some experienced people and they showed me the right things.

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.

[Charles-Tim]

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 The chance that you can be able to get your money back is high if the buyer has not withdrawn the money, but the chance has reduced if the buyer has withdrawn the coin on the exchange.

[Bigjoe33]

I am sharing my real experience here, hoping that the fraud that happened to me will not happen to others. When I first started P2P trading through exchanges, I actually had no idea about it, it can be said that I went into this transaction with minimal idea. Since I was going to sell, I went to the sell option and did not find a trusted buyer who advertised to buy at a high price, I clicked there and waited for the balance to be received. After a while, a message came on my mobile that I had received the specified amount of money, then I released my crypto without checking my account balance and when I entered my account and checked the balance, I saw that no money had entered my account, then I checked the confirmation message again and then I saw that it was a fake message, honestly, I felt helpless at that time.
However, after that, I discussed these issues with some experienced people and they showed me the right things.

Offcourse, you don't go into something you don't have much idea of without asking enough questions and seeking guidance about it all. You made a very big mistake and am sure that incident served as a lesson for you and thats why you are sharing so that other newbies can also learn from your mistake..

Realising your coin without confirming the money in your acnt is one of the biggest mistake you did, offcourse, we have heard of fake alerts, and this criminals can go anything to fake you. When I first did my P2P trading, I even confirmed the alert in my acnit more than just two times, lol. I went as far as transferring some part of that money to another account to be fully sure that the money is real, and it was after that, I went back to my Bybit and released the coin. It's money case, and we should be very careful since it's an online stuff to avoid mistakes. In part of my carefulness, I had to write down on paper, the steps needed to complete my P2P transactions, and each time I wanted to trade, I would use the paper, even till now, I still have the papers even though I don't use it anymore. So, if you don't know something, you have to seek for help, and then learn properly before trying it on your own

[Princess Leah]

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 center 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.

Trading on P2P needs one to be very smart and careful else the person could be outsmarted by some dubious P2P vendors and probably get scammed. The OP made a big mistake cause he failed to pay attention to details but I won't blame him cause it seems he's not very experienced with it.

 When you open trade with some vendors and go straight to their message box, you'll mostly see indications about not realising coins until you confirm the particular amount you want to trade in your bank account, im not quick to release even when a vendor sends prove (which sometimes turns out to be fake), about making payment. What i mostly do is message the vendor to be patient with me so I'll confirm from my bank before releasing coin, then release when I confirm but open a dispute or report the vendor if they try to decieve me.

[TokenTikas]

I am sharing my real experience here, hoping that the fraud that happened to me will not happen to others. When I first started P2P trading through exchanges, I actually had no idea about it, it can be said that I went into this transaction with minimal idea. Since I was going to sell, I went to the sell option and did not find a trusted buyer who advertised to buy at a high price, I clicked there and waited for the balance to be received. After a while, a message came on my mobile that I had received the specified amount of money, then I released my crypto without checking my account balance and when I entered my account and checked the balance, I saw that no money had entered my account, then I checked the confirmation message again and then I saw that it was a fake message, honestly, I felt helpless at that time.
However, after that, I discussed these issues with some experienced people and they showed me the right things.

Read your post very carefully and tried to understand how people still make this kind of mistake even in this time. Anyway, since you are new here, there is nothing much to say now but you must be careful from next time. Not only in P2P trading but in the entire crypto space, you always need to trade with caution. Just keep it in mind that a small mistake here can make you lose everything within a moment. That's why it is better to stay relaxed, keep a cool head and be very careful whenever you are doing any transaction. The mistake you made happened due to an unexpected reason. If you were more careful, maybe this issue would not have happened. And otherwise since the problem happened through P2P, you can still file an appeal. There is a chance you may be able to recover your money through that process.

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.

Here is the last thing, it is best to publish/complete the transaction correctly. If P2P trading is done this way and there should be no problems. I believe the transaction will be successful. Still, the things you should always check are: Check the p2p trader profile and previous transactions, profile rating, Conversation with them before releasing, confirm that you have fully received the money, if anything is not clear then talk to them and solve it before releasing.

Finally the ending point, it is best to release and complete the transaction rightly. If P2P trading is done this way, there should be no problem and I believe the transaction will be successful and smooth.

[PremiumcryptoHub]

The truth is that scammers will always set up such traps, that is, we should be careful when doing P2P on exchanges, this kind of issue has been faced by many of us in Nigeria. OP, you made a very common mistake because after selling dollars or other currencies through P2P, you released your crypto currency without checking the amount of naira in your bank account. This was a stupid thing to do because many people may have read such warnings and rules where before selling dollars or other cryptocurrencies through exchanges, everyone should check the amount of fiat currency in their own account, that is, check whether the buyer has sent the money to our bank account correctly.  So please pay attention to the things I have indicated since you are new to this local board.

• I want to tell you your intention is to work slowly i.e. do not rush to release because my idea rushing is another possibility of being scammed by scammers.
• You also need to research the buyer, which means if someone wants to sell or trade their crypto assets on the exchange, they should definitely look at the buyer's profile, and I would say that everyone should also monitor their ratings and what kind of positive feedback they have received.

• Even, those who are selling should check whether the money i.e. ₦GN has been deposited in their bank accounts properly, be careful of fake messages, even then it seems to me that there are many more ways to avoid this P2P scam, which everyone will know through this post of this local board, So, take a look at this post created by @GiftedMAN.

P2P Scam And How To Avoid Becoming A Victim.: https://bitcointalk.org/index.php?topic=5542192.0

[Doan9269]

If you want to make use of p2p for the first time and trade, then you will need a guide from someone that will help put you through, if not you might be scammed and this is not going to be funny, as some are already waiting for people like that as newbies to fall their trap on price manipulation.

To engage p2p is not difficult, but one has to be informed and know what is required of him to do, this will make everything works more perfectly than expected, we cant be afford to lose our money for nothing, because to make mistakes will be easily possible once we don't know the procedures and what to expect and responded to any merchant that we are trading with, they may take advantage on us.

[Creeper0]

I have already opened a thread on this topic and mentioned the things to do. If you receive a payment message from the buyer after placing a P2P order, do not rush, stay calm and take your time to check the balance. If you receive a fake payment message from the buyer or they say that the order will be released without payment, then do not panic and try to contact the buyer. If you do not get any response, report it to the exchange, if necessary, open a case with sufficient evidence.

In the case of P2P transactions, sometimes the buyer marks the order as paid without paying the fiat money and sends a message for crypto release. Do not rush, first make sure that you have received the full amount. If he keeps sending you messages to release your crypto without sending you money, don't panic and try to contact him. If he doesn't respond or tries to scam you, complain to the exchange authorities, open a case with sufficient evidence if necessary. Keep yourself calm while doing P2P and never release your crypto until you get the money.

[Bishop Victor]

I am sharing my real experience here, hoping that the fraud that happened to me will not happen to others. When I first started P2P trading through exchanges, I actually had no idea about it, it can be said that I went into this transaction with minimal idea. Since I was going to sell, I went to the sell option and did not find a trusted buyer who advertised to buy at a high price, I clicked there and waited for the balance to be received. After a while, a message came on my mobile that I had received the specified amount of money, then I released my crypto without checking my account balance and when I entered my account and checked the balance, I saw that no money had entered my account, then I checked the confirmation message again and then I saw that it was a fake message, honestly, I felt helpless at that time.
However, after that, I discussed these issues with some experienced people and they showed me the right things.

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.

warning people not to rush, not to trust alerts, and to always verify payment properly in P2P trading to avoid scams.

[Odogwu-Blockchain]

The problem is not those with lower or higher trade records, the problem is you that has the greedy habit to choose those that set higher prices, change the habit.

Also, be sure to confirm the balance in your account first, ensure you could be able transfer a little or spend a little off it. I do make airtime recharge, or Data subscription too to confirm it it's real or not.

It's very bad for bank to integrate a software that's too vulnerable to accept a fake deposit and then disappear after a while, that's sick of Nigerian bank.

[Mhizlove]

If you want to make use of p2p for the first time and trade, then you will need a guide from someone that will help put you through, if not you might be scammed and this is not going to be funny, as some are already waiting for people like that as newbies to fall their trap on price manipulation.

To engage p2p is not difficult, but one has to be informed and know what is required of him to do, this will make everything works more perfectly than expected, we cant be afford to lose our money for nothing, because to make mistakes will be easily possible once we don't know the procedures and what to expect and responded to any merchant that we are trading with, they may take advantage on us.

Your point is clear you see p2p trading isn't hard but those that are new needs guidance.if they don't have proper knowledge about it
At, newbies can easily be a victims to scam or the price will be manipulated.

The moment you've understand how it been processed and on how to deal on the merchants trading will be safer and smooth and the best way to make sure your money is protected and safe is about learning.