Exchanges Are Not Buying Coins With the Real Dollar Price Again.

[Youngrebel]

The topic don talk everithin. Na last week I come dey notice say di price wey exchange dey display on their platforms no be di amount dem dey buy now. And I don't know why.

The current price in bybit exchange now is $1 is N1381.

And if you calculate with that figure with $100 that should be 138,100 naira.

But the amount u go receive with di same amount $100 from di exchange na different amount below di normal amount before.


Dem dey buy below di normal current dollar price. Why dem go display a rate and dey buy or sell with different rate wey dem no display there?

[Charles-Tim]

Do not let people be confused about this. You can easily understand from the image that I posted below, that featured ads are different from other ads. The futured ads have lower prices on Bybit.



The note you see underneath is what you will see if you click on the featured with question mark in circle in front of it.

Bybit is a bad place for P2P. The exchange is doing everything that will make some people just scam and nothing more. So people that have high rate will later also tell you that they will deduct money. The featured ads can even encourage that.

Use better exchange for P2P.  Bybit is not one of them.

[Exitoral]

Use better exchange for P2P.  Bybit is not one of them.

Which other exchanges do you recommend?

The topic don talk everithin. Na last week I come dey notice say di price wey exchange dey display on their platforms no be di amount dem dey buy now. And I don't know why.

The current price in bybit exchange now is $1 is N1381.

And if you calculate with that figure with $100 that should be 138,100 naira.

But the amount u go receive with di same amount $100 from di exchange na different amount below di normal amount before.


Dem dey buy below di normal current dollar price. Why dem go display a rate and dey buy or sell with different rate wey dem no display there?

I haven't really taken note of this. Cause I use bybit almost every time. But it's good I am seeing this.

My personal take will be. Maybe there is hidden fees, but one has to make profit. For example, me doing the exchange for you have to make profit. I might be wrong on this. But the problem comes when the exchange doesn't state the fees for everyone to see. Maybe bybit did or didn't.  One has to check.

And also, before we start pointing accusing fingers, we should check other platforms for similar things. Bybit is just popular. Nothing more.

If it is true that they is a hidden charge. This is many more reasons why decentralised platforms will be king.

[Charles-Tim]

Which other exchanges do you recommend?

Gate.com which is the exchange I use more for my P2P now.  I always first try Bybit, but the exchange has gotten worse. I still tried it yesterday, the ad creator wanted to deduct almost 5000 naira. I do not know the reason Bybit is permitting all this, including what OP is also complaining about.

I have a friend that is using Bitget, he said the exchange is good. I left Bitget since I reported it on this forum few years ago and which other people reported the same scam issue. I think that has been solved on thr exchange, but I am still not using it. Also no payment fee again for P2P.

I do not know about MEXC because the P2P is loading slow and frustrating.

[Wiwo]

This is not new, it is something that we have been battling with on Bybit for a while now, and the reason that many Bybit users are now looking at other exchanges for they p2p transactions, but what we should know is that when it comes to p2p in Nigeria, the market may be different but buyer's are mostly the same, meaning as you keep diverting from one exchange p2p to the other, that shady buyer's alson migrate there amd they usually start doing same thing ok each exchange make it look that is now normal norms to renegotiate with sellers.

I use the convert feature on exchange to convert my USDT to Naira,  this way you don't have any need to follow third-party buyer, you can just withdraw your funds directly into you bank account, I think p2p is better and friendlier using that approach.

[Charles-Tim]

This is not new, it is something that we have been battling with on Bybit for a while now, and the reason that many Bybit users are now looking at other exchanges for they p2p transactions, but what we should know is that when it comes to p2p in Nigeria, the market may be different but buyer's are mostly the same, meaning as you keep diverting from one exchange p2p to the other, that shady buyer's alson migrate there amd they usually start doing same thing ok each exchange make it look that is now normal norms to renegotiate with sellers.

The P2P users can be the same means that exchanges set their own standards. Bitget had a vulnerability, the scammers made use of it, if likely they are the same buyers and sellers, but they can not do it on another exchange. Bybit give some users to sell at far low scam rate which OP is complaining about, which is totally uncalled for and also helping those with high rate to demand money from the sellers, but it is not happening on many other exchanges. This is the regulation we want in Nigeria, but the registrators will never see this. Bybit is totally doing something wrong. Binance had the highest P2P before, but they do not accept this.

[Sim_card]

I think we has similar threads in this LB on how Bybit is short paying their customers and lure you to them with high ad price. I missed Binance P2P because they were the best. Well coordinated and organized. One thing I hate in Bitget is that, they don't give the seller the opportunity to cancel the thread.

[Perfectbaby]

Dem dey buy below di normal current dollar price. Why dem go display a rate and dey buy or sell with different rate wey dem no display there?

1,342.35 to one Dollar checking from the last image you uploaded. See you go use the search feature to input the price in NGN you want as pay back that is what you would have. This person you selected his market places an order to sell lower and it happens that is the person you went to click on his price. I have been using Bybit exchange for long now and I haven’t witnessed this before, the only thing I have seen there is that they could short pay you by either removing like 1000 Naira or 500 Naira from your payment.

[promise444c5]

There’s possibility he changed the ads price the moment before you clicked it or the ads changed after the timer runs out.. In most cases, Bybit will eventually prevent you from doing anything further until you restart the whole process of picking an ad again.. this won’t stop you from falling into the traps of scammers if you aren’t watchful.

I was expecting a more detailed screenshot from the second screenshot , there’s another possibility you mistakenly clicked on a wrong ad by an inch but there’s no way to check without the full screenshot.

Make sure you’re watchful anyway and you would be fine.. and by the way, I won’t consider any featured ad if I were you.

[Odohu]

You are the one making a mistake here because exchanges still buy/sell based on the price they list in their platform. What you are checking is the featured ads as explained by Charles-Tim and I will advice you to always scroll to at least page 7 if you want to make a P2P trade because that is where you will find the current market price. If you create order with the display price and someone is offering to pay you less than that, then it is likely a scammer trying to exploit you so insist on receiving the complete amount or tell the person to cancel the order.

[Karl_3000]

Dem dey buy below di normal current dollar price. Why dem go display a rate and dey buy or sell with different rate wey dem no display there?

If you want to sell coin next time, click on the amount and write the amount that you want to sell for naira, that will give you better ads.



If you do this, you will see better rates.

It is better you stop using Bybit for p2p, I have told many people on this board but they will not listen.

[Felicity_Tide]

~snip

Dem dey buy below di normal current dollar price. Why dem go display a rate and dey buy or sell with different rate wey dem no display there?

This is nothing new.
It's not like they are actually buying below the actual price. The thing is, during your process of trying to select a merchant with a very good price and trade rating, some of them usually change their price to something higher or lower. And during that process of making changes, you sometimes fail to get the update from your end that their price has been changed, while other times, you receive the updates quickly.

AFAIK, if you experience something similar on bitget, you should get a notification in that section where you are allowed to input the amount of usdt. I think it often works with a timer, so the faster you are, the quicker you should be able to avoid making the mistake.