Altcoins Talks - Cryptocurrency Forum
Local => Nigerian Languages => Topic started by: Cantsay on March 12, 2024, 10:46:54 PM
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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.
(https://www.talkimg.com/images/2024/03/12/y0nj5.jpeg)
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.
(https://www.talkimg.com/images/2024/03/12/y0COz.jpeg)
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.
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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.
(https://www.talkimg.com/images/2024/03/12/y0nj5.jpeg)
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.
(https://www.talkimg.com/images/2024/03/12/y0COz.jpeg)
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.
When using peer 2 peer exchanges can be a great way for buying and selling of Bitcoin, altcoins etc. Though they are risky due to scams. Because those exchange no get the same level of security as regulated exchange. When using a p2p exchange, e dey important and vital to dey do research and dey use beta platforms.
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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.
Why are Nigerian crypto traders referring to Binance as if he is only the reputed centralized exchanges? There are others like OKX and Bybit which has been operating since many weeks or like few years ago and having the P2P. Even while using Binance, you have to be careful not to let anyone scam you. Also if are using decentralized exchanges, you also need to be careful. Just because you are dealing with people and some people have only intentions to scam.
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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.
(https://www.talkimg.com/images/2024/03/12/y0nj5.jpeg)
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.
(https://www.talkimg.com/images/2024/03/12/y0COz.jpeg)
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.
Okay thanks for this information, doe I'm not using Kucoin but I will check it on other apps too if it will be the same...
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Why are Nigerian crypto traders referring to Binance as if he is only the reputed centralized exchanges? There are others like OKX and Bybit which has been operating since many weeks or like few years ago and having P2P.
Even while using Binance, you have to be careful not to let anyone scam you. Also if are using decentralized exchanges, you need to be careful. Just because you are dealing with people and some people have only intentions to scam.
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.
Okay thanks for this information, doe I'm not using Kucoin but I will check it on other apps too if it will be the same...
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.
But that does not mean you can let your guard down, just make sure to be vigilant, and hold on to your coin until you have confirmed the payment and even if you're being pressured by the merchants don't release it until full payment has been made and confirmed.
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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.
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.
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The P2p is important for us not just for Nigerians actually. And binance offer the best platform because those buyers only knew binance as well.
My fellow country men are experiencing the same issue as our governments are banning the binance. Whichever exchange is the next best to binance I guess is just the next option until it gets banned also.
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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.
Nigerians always give priorities to what they're used to and never like to try new things out, most Nigerian think Binance is the best because it was the exchange they got introduced on their crypto journey and are already used to it and never care to try others so they see it as more convenient exchange.
There are better toothpaste than Closeup but Nigerians will always go for it because that's what most of them used while growing, they do not care about other improved products anymore.
When I started Crypto in 2016 Binance was not even a thing. But good to see their PR working good for them.
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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.
Why are Nigerian crypto traders referring to Binance as if he is only the reputed centralized exchanges? There are others like OKX and Bybit which has been operating since many weeks or like few years ago and having the P2P. Even while using Binance, you have to be careful not to let anyone scam you. Also if are using decentralized exchanges, you also need to be careful. Just because you are dealing with people and some people have only intentions to scam.
I was actually wondering too. It is just something being devastating and frustrating to some of this forum members alarming forcefully like the Binance was the only exchange platform.
Regardless to the inconveniences of other exchange platforms, it even tenders better services than that almighty Binance. Only that most of us here were being so much engaged and have been so much acquainted with the platform which makes it feel easier or be used than the other platforms such as the Kucoin, the OKX, ByBit and some others.
It is high time we move on without the Binance which most of us has been crumbling about.
Never forget too, the Op passed out some vital informations so lets stay observable and keep our funds safe and trade wisely.
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Only that most of us here were being so much engaged and have been so much acquainted with the platform which makes it feel easier or be used than the other platforms such as the Kucoin, the OKX, ByBit and some others.
Those exchanges are alike. If you are able to use Binance, you will find it easy to use OKX, Bybit, Kucoin and other ones that people are using. The thing is just that some people are using Binance and not using other exchanges and thinking other centralized exchanges are not as good as Binance but which is not true.
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I gave you one +karma for this information. This is the exchange market manipulation Nigerian government is talking about since the beginning with Binance Battle. And this is one of the caused which lead to the problem between Nigeria and Binance and others have started again. And in my experienced with Binance and OKX they vendors told me that they are displaying these amount to deceive people to sell their Coins. And that is bad.
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This is the exchange market manipulation Nigerian government is talking about since the beginning with Binance Battle. And this is one of the caused which lead to the problem between Nigeria and Binance and others have started again. And in my experienced with Binance and OKX they vendors told me that they are displaying these amount to deceive people to sell their Coins. And that is bad.
This is different from the manipulation that the government talked about. The manipulation that government talked about did not affect the seller but making the seller to sell at higher prices while the buyers wants to buy at higher prices, therefore making the sellers to make higher profit. The manipulation that Cantsay is referring to will affect the seller in a way the seller will sell at loss.
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This is the exchange market manipulation Nigerian government is talking about since the beginning with Binance Battle. And this is one of the caused which lead to the problem between Nigeria and Binance and others have started again. And in my experienced with Binance and OKX they vendors told me that they are displaying these amount to deceive people to sell their Coins. And that is bad.
This is different from the manipulation that the government talked about. The manipulation that government talked about did not affect the seller but making the seller to sell at higher prices while the buyers wants to buy at higher prices, therefore making the sellers to make higher profit. The manipulation that Cantsay is referring to will affect the seller in a way the seller will sell at loss.
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. I didn't get the information by them say but I watch the program and heard it. And what the Op is saying is the line with the manipulating market. 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 in many occasions. Buyers would tell me they are using that high rate to attract sellers. And others are also seen that to increase their prices and that is where also the rift is coming from. And as a seller if you are not wise or Smart, you will fall for their trap.
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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.
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Me self dey always observed some fowl play within exchange but with come me dey vigilant be say I dey use only verified users if I want trade and as e be so mad only okx me dey try run parole otherwise other exchange me no too put am eyes still I never leave binance because I dey use am dey received payment then i go sell out to okx through p2p
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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?
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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.
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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
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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.
(https://www.talkimg.com/images/2024/03/12/y0nj5.jpeg)
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.
(https://www.talkimg.com/images/2024/03/12/y0COz.jpeg)
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.
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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.
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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
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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.