Becareful when using P2P.

[Cantsay]

A seller displaying a dollar rate that doesn't exist in real life to deceive the people, is it not a manipulation? And as I said I have encountered them on many occasions. Buyers would tell me they are using that high rate to attract sellers. Others have also seen that to increase their prices and that is where the rift is coming from.  And as a seller, if you are not wise or Smart, you will fall for their trap.

The type you're referring to is the case where merchants place ads with increased dollar rates when they are selling but there will be no price change if you decide to buy from them, right?

The manipulation I stated in the OP is quite different - in the OP’s case, the merchant places an ad with a high rate but when you click on it to sell to them the price will automatically reduce without any notification, but in your case, the rate remains the same it does not change.

Another difference between OP and your case is; that the buyers will be at a loss in your case while the seller will be at a loss in the case of the OP.

By the way, I have only seen this type of manipulation (OP) in KUCOIN, Binance prevent this by notifying the sellers about the price change (kucoin does not). If the manipulation you're referring to is the same as the one I posted won't it make more sense for the government to go after KUCOIN instead of binance?

[Agbe]

And that was Kucoin's fault for letting that happen.

Well I can't tell if it is the exchange that caused the reduction but I think it is the movement of the market or bitcoin. I have also seen such in Binance but normally if the price change in Binance the app would notify you that the price have changed so you have to refresh the app to get the lastest price. I was thinking that the price was changed by the vendor. But I believed vendors notice that when they what to pay the money and once they knows they would cancelled the trade or the order. I don't know if any vendor has paid that when the price has changed.

[Igebotz]

By the way, I have only seen this type of manipulation (OP) in KUCOIN, Binance prevent this by notifying the sellers about the price change (kucoin does not). If the manipulation you're referring to is the same as the one I posted won't it make more sense for the government to go after KUCOIN instead of binance?

Go after KuCoin when only few Marchants are manipulating the price? No, just report such seller to the KuCoin support to  take action. There is always someone like that on all P2P platforms

[Gideon99]

As many of us don go different exchanges due to Binance removing NGN from the list of acceptable currencies that can be traded, nai make me bring this thing wey I observed recently, so and he fit lead to us losing our money if care is not taken.

I tried to sell some of my holdings using Kucoin, but during the process, I noticed something odd. I saw an ad for 1598 Naira.



But on clicking the link, the price changed to 1498 naira, and this change came without any pop-up notification, meaning if you are not vigilant, you won`t be able to notice the difference, and that would eventually lead you to sell your coin at a lower rate.




I have only noticed it in KUCOIN, so I really don`t know if it`s also being done in other exchanges, but do be careful when using others so that you don`t fall victim to this type of scam.

Mostly the methods involves person to person and it's very risky, if you are not careful you may lose your money. Make sure to protect yourself when transacting with someone you don't know. Caution about out sending out your information , like financial details. It will be brilliant you trade with people who have positive reputation and offers the payment system that has some level of security. Buy following this methods your p2p transactions are secure.

[Cantsay]

It will be brilliant you trade with people who have positive reputation and offers the payment system that has some level of security. Buy following this methods your p2p transactions are secure.

Even with positive feedback you should still be on guard, because a scammer who's serious about scamming can easily engage in legit trades so that they can build their reputation afterwards they'll start their scammy activities. So an account having positive feedback does not mean that the account is safe to trade with carelessly.

[Igebotz]

I don't know if you watched the morning brief program in Channels TV for the last three weeks back. The guest speaker make it clear that it is the manipulation of the sellers by displaying the wrong dollar rate that cause the rift.

Go back to OP and read what is there. The manipulation are different. Like I said before, some people with ads will increase the price of USDT, BTC and other crypto significantly using it to manipulate. OP is talk about seeing the market price but when he wants to sell, the price reduced which will be a shortage for him. The manipulation are different. And that was Kucoin's fault for letting that happen.

I haven't used KuCoin p2p but Binance and OKX has a 50s time stamp for every transaction because most sellers uses the "floating" price setup. The moment you click an ad to sell or buy you have 50s to activate the trade before the next price change...

You guys should always activate trade within the countdown timer to avoid price manipulation from the Marchant

[EluguHcman]

For sure Binance is not the only exchange for p2p but still, we have newbies that have only used Binance (probably due to it being newbie-friendly) those types of people might not have come across this type of scam before thus the reason I created the thread.

This can be a warning for newbies to be vigilant but not that Binance is newbie friendly than others. I can see that you have used OKX and Bybit, they as very easy to know. If Binance is also seen as newbie friendly, they are also newbie friendly.

@Charles-Tim, not just warning to the newbies but to everyone else because since it happens that most our Nigerian Bitcoin investors has been addicted with the Binance exchange, even most of the old time users can tell victim of such.
So I will address this to be a warning to everyone else who are not so familiar with other exchange platforms to be more careful and vigilant when dealing with the other exchanges since their usual Binance exchange would no longer be of their service.

I believe this is only possible in KUCOIN, judging from the fact that I haven't noticed it in bybit, Okx and some other popular exchanges.

I will not say that it can only happen on Kycoin, it can happen on any other exchanges but it is the buyer or the seller that needs to be very careful and avoid any possible scam while using P2P.

Absolutely if it can happen to the Kucoin  exchange then it is possible to occur in other exchanges which we may not have been familiar with. The watch ward to stay away from falling victim is to stay watchful when dealing on the exchange.
And if a strange or suspicious irregularity enrolls then you can always make your research and enquires before you proceeds.