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.
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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.
You have to understand an app to be able to use it properly, Binance made it easier for people to use their app, Kucoin requires a little more concentration but not so different from Binance.
Before Kucoin became blocked for Naira P2P exchange, I used it a couple of times and experienced this sort of thing, but what I can say about it is that the transactions never goes through because before you are about to approve it, there's always a notification that comes up to tell you that the prices have been updated and that stops the process.
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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.
You have to understand an app to be able to use it properly, Binance made it easier for people to use their app, Kucoin requires a little more concentration but not so different from Binance.
Before Kucoin became blocked for Naira P2P exchange, I used it a couple of times and experienced this sort of thing, but what I can say about it is that the transactions never goes through because before you are about to approve it, there's always a notification that comes up to tell you that the prices have been updated and that stops the process.
I agree with your opinion Sir. Truly, one has to understand the functions of an app before using it otherwise they could make some silly mistake that could cost them their assets. I have used binance app all through before they delist naira p2p from the app. It is very easier to navigate. Kucoin functions just like binance and another is bybit. I have not experienced any asset threatening situation other than minor issues such as delay in payment and incomplete payment. These are just my little experience but so far the apps are quite alright.
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I say make I push this thread go up today because of watin I experience for biget exchange recently.
As usually I say make I make use of the exchange since I never use am before and I get verified account and when I initiated a trade I saw that the merchant pmed me and sent me the price that he want to pay for my coin - let’s say the advert price that made me click on him said I’d get 50k for my coin and then in his dm he claimed he’d only pay 45k for the coin and that the price I saw there is his advert price and it’s different from his actual trade price.
I tried it for up to three different merchants and they all did the same thing - before I finally saw one that was buying at his advert price.
I just say make I bring am come meet una - incase una come across those type of thieves, when go wan try convince you into selling less than the actual price make sure to take a screenshot and report to the customer support (I’m not sure if they usually take action but still report them). Stay safe and trade safe.
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I say make I push this thread go up today because of watin I experience for biget exchange recently.
As usually I say make I make use of the exchange since I never use am before and I get verified account and when I initiated a trade I saw that the merchant pmed me and sent me the price that he want to pay for my coin - let’s say the advert price that made me click on him said I’d get 50k for my coin and then in his dm he claimed he’d only pay 45k for the coin and that the price I saw there is his advert price and it’s different from his actual trade price.
I tried it for up to three different merchants and they all did the same thing - before I finally saw one that was buying at his advert price.
I just say make I bring am come meet una - incase una come across those type of thieves, when go wan try convince you into selling less than the actual price make sure to take a screenshot and report to the customer support (I’m not sure if they usually take action but still report them). Stay safe and trade safe.
Had similar experience though but the guy was trying to claim he would need pay fees, this and that. I just told him that I had screenshot his comments and would report him if he doesn't pay my money complete. Omo Na so the werey just pay my money immediately and him no deduct any thing from my money. Him just know say him don jam the wrong person so no way for am or him receive am hot.
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Had similar experience though but the guy was trying to claim he would need pay fees, this and that. I just told him that I had screenshot his comments and would report him if he doesn't pay my money complete. Omo Na so the werey just pay my money immediately and him no deduct any thing from my money. Him just know say him don jam the wrong person so no way for am or him receive am hot.
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I threatened the guy I initiated the trade with that I had taken screenshots of our conversation and forward it to the support and report him and his response was “so?” Meaning they are not scared of the support since they are not that strict when it comes to banning account or restricting account for such activity.
The ones I reported I never got response on what happened to them later.
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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.
This post don tey sha, but as of the time wey you post am, p2p still dey KuCoin and many people been don move go there after our government ban Binance from p2p. The same thing been happen to me that time and since I screenshot the first page wey the actual money dey and the one wey the guy wan use cheat me, u just tell am make him no pay me again and cancel the transaction if not I go report am. Na so the guy take cancel am I come get my coins back without been freezed by the exchange. Scammers dey on the rampage on anything cryptocurrency, so person need to dey very careful and also be on the watch out when engaging in anything about cryptocurrency.
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Had similar experience though but the guy was trying to claim he would need pay fees, this and that. I just told him that I had screenshot his comments and would report him if he doesn't pay my money complete. Omo Na so the werey just pay my money immediately and him no deduct any thing from my money. Him just know say him don jam the wrong person so no way for am or him receive am hot.
q
I threatened the guy I initiated the trade with that I had taken screenshots of our conversation and forward it to the support and report him and his response was “so?” Meaning they are not scared of the support since they are not that strict when it comes to banning account or restricting account for such activity.
The ones I reported I never got response on what happened to them later.
Possibly your buyer kept nothing in his account that is why he was not frightened by your threat and another is the dispute resolution team, they are very poor in judgment. They just jump to conclusion without taking their time to do their investigation as to know the truth. I am afraid it may be worse this time around that the federal government mentioned their name as possibly exchange to be the next target. This would make it much difficult to verify account this time around as they would be very cautious and careful not to be taken unawares.
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I say make I push this thread go up today because of watin I experience for biget exchange recently.
As usually I say make I make use of the exchange since I never use am before and I get verified account and when I initiated a trade I saw that the merchant pmed me and sent me the price that he want to pay for my coin - let’s say the advert price that made me click on him said I’d get 50k for my coin and then in his dm he claimed he’d only pay 45k for the coin and that the price I saw there is his advert price and it’s different from his actual trade price.
I tried it for up to three different merchants and they all did the same thing - before I finally saw one that was buying at his advert price.
I just say make I bring am come meet una - incase una come across those type of thieves, when go wan try convince you into selling less than the actual price make sure to take a screenshot and report to the customer support (I’m not sure if they usually take action but still report them). Stay safe and trade safe.
I will really appreciate if you drop the names of those 3 merchant that tried to play smart, so I can avoid them as well, because I also make use of that bidget exchange once in a while. And I will also like to know their trade rating, because it helps sometimes. Though, I don't really know of how their customer/help service handles some of this scam issues, but I'm sure it won't be as bad as bybit.
It's very shameful to see that some lazy individuals still finds time to start creating merchant account just for scamming purposes. And I haven't real engage myself in any form of conversation with a merchant, not to even think about taking screenshots. But I'm happy to have come across this thread.
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I will really appreciate if you drop the names of those 3 merchant that tried to play smart, so I can avoid them as well, because I also make use of that bidget exchange once in a while.
The first is “Quadri Taiwo” second is “E payment” and the third is “Sam_tizzle” these are the names of the three I encountered.
One thing I noticed about them was that they always had the same amount in their ads, and I saw a very large number of users with this price which gives me the impression that they were all engaged in the same shady scheme.
If you’re trading or you want to trade, after filtering with “amount” make sure you scan through and see if they all have the same amount in their ads if they do then they will most likely try to buy from you with a different price if you click their ads.
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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.
I do not put feedback into consideration whenever I am about to do a p2p trade. Do not be surprised that the one you think got good feedback would be the one to play smart on you. I have had the experience before where a buyer clicked paid and waited till almost time elapsing when he started chatting me up to release his coin that he had paid the money earlier while he did not do so. I had to take my time to go through my mail and bank app to confirm because most times network can be a challenge for SMS alert but I could not see anything and he was busy threatening to report m to customer care with payment proof but did not bother and I told him to go ahead that I would not release my coin till I receive alert. While the argument was going on i had screenshot all my detail to keep track of the time the money reflects so that he does not say otherwise and when he saw that he was not making any output of it, he hurriedly paid and uploaded screenshot that he paid long ago. I had to examine the screenshot taking note of the time of the transaction then uploaded mine as well before I released his coin for him. Since then I have not really seen his offer unlike I do see others I have traded with so often times.
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I will really appreciate if you drop the names of those 3 merchant that tried to play smart, so I can avoid them as well, because I also make use of that bidget exchange once in a while.
The first is “Quadri Taiwo” second is “E payment” and the third is “Sam_tizzle” these are the names of the three I encountered.
One thing I noticed about them was that they always had the same amount in their ads, and I saw a very large number of users with this price which gives me the impression that they were all engaged in the same shady scheme.
If you’re trading or you want to trade, after filtering with “amount” make sure you scan through and see if they all have the same amount in their ads if they do then they will most likely try to buy from you with a different price if you click their ads.
Thanks for sharing these names. I will definitely look out for these names whenever i use the p2p. And I guess maybe other forum members might find this information useful as well. we all have to be cautious, because losing money these days can be very frustrating considering the level of hardship in the country. Thanks again for the info.
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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.
I do not put feedback into consideration whenever I am about to do a p2p trade. Do not be surprised that the one you think got good feedback would be the one to play smart on you.
Most of them usually start off well and then go astray at some point in their life.
Because most of the merchants I have seen misbehaving usually have +90% successful trades and tonnes of positive feedbacks and the only negative you get to see on their pages are either complaining of slow transactions speed or slow release of coin nothing is ever said about the way they do their business.
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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.
I do not put feedback into consideration whenever I am about to do a p2p trade. Do not be surprised that the one you think got good feedback would be the one to play smart on you.
Most of them usually start off well and then go astray at some point in their life.
Because most of the merchants I have seen misbehaving usually have +90% successful trades and tonnes of positive feedbacks and the only negative you get to see on their pages are either complaining of slow transactions speed or slow release of coin nothing is ever said about the way they do their business.
Well, your narrative can be actually right but the truth is that not all of them are genuine as you have said. Some scammers start with good intentions to cover up their act while getting good feedbacks and reports and they act on it like they are genuine because they got positive feedback and would at any slightest chances scam anybody that makes the least mistake looking at their market ratings to do business with them. Everyone just needs to be careful and smart while dealing with p2p vendors. I am not discrediting other genuine vendors, but let the truth be told.
Trade wisely and never loose guard.
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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.
I do not put feedback into consideration whenever I am about to do a p2p trade. Do not be surprised that the one you think got good feedback would be the one to play smart on you.
Most of them usually start off well and then go astray at some point in their life.
Because most of the merchants I have seen misbehaving usually have +90% successful trades and tonnes of positive feedbacks and the only negative you get to see on their pages are either complaining of slow transactions speed or slow release of coin nothing is ever said about the way they do their business.
Exactly. The whole issue starts changing when there are complaints of slow transactions or slow to receive payment. So one idea or method I have recently resorted to is checking their rating (most especially) and also checking their payment time, i.e specific time in which the merchant has agreed to complete every transaction. My reason for this is because when a merchant who uses a very long period of payment time(like an hour) to get into a trade with you, the chances that you will have trouble with that transaction is very likely, because getting stuck with a transaction without quick means of resolving it due to time factor is crazy.
And besides that, there are others that might want to fabricate a "confirmation of payment" receipt, which is sometimes possible when the transaction duration is lengthy. Aside the safety part of it, it also helps us to make quick transactions, because I have sometime waited for my p2p order to cancel when I realized that the buyer was offline, but his status showed online, and it was at about 1AM. I just had to wait patiently for the order to cancel after 1hr, which is a crazy and risk thing to do.
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And besides that, there are others that might want to fabricate a "confirmation of payment" receipt, which is sometimes possible when the transaction duration is lengthy.
As long as I haven’t received an alert on my phone and also the balance hasn’t reflected on my bank app I will never release a count any merchant even if they threaten to report to the support.
I haven’t encountered a fabricated receipt before but I’ve encountered a transaction that got delayed and they sent me the receipt and everything but it still didn’t show in my app - I asked them to wait till I receive the money first, that wasn’t going to risk anything for their sake and that was how we both waited till I got it and I released it. Funny thing was that the guy didn’t even panic or try to hasten me to release the coin the moment I sent my account transaction history to him he just told me “okay” and waited quietly and that was how I knew he wasn’t there to scam.
Those that want to scam will definitely try to pressure you, or tell you one thing or another so that you’d want to release your coin despite not seeing the money they claimed to have sent.
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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.
I do not put feedback into consideration whenever I am about to do a p2p trade. Do not be surprised that the one you think got good feedback would be the one to play smart on you.
Most of them usually start off well and then go astray at some point in their life.
Because most of the merchants I have seen misbehaving usually have +90% successful trades and tonnes of positive feedbacks and the only negative you get to see on their pages are either complaining of slow transactions speed or slow release of coin nothing is ever said about the way they do their business.
Exactly. The whole issue starts changing when there are complaints of slow transactions or slow to receive payment. So one idea or method I have recently resorted to is checking their rating (most especially) and also checking their payment time, i.e specific time in which the merchant has agreed to complete every transaction. My reason for this is because when a merchant who uses a very long period of payment time(like an hour) to get into a trade with you, the chances that you will have trouble with that transaction is very likely, because getting stuck with a transaction without quick means of resolving it due to time factor is crazy.
And besides that, there are others that might want to fabricate a "confirmation of payment" receipt, which is sometimes possible when the transaction duration is lengthy. Aside the safety part of it, it also helps us to make quick transactions, because I have sometime waited for my p2p order to cancel when I realized that the buyer was offline, but his status showed online, and it was at about 1AM. I just had to wait patiently for the order to cancel after 1hr, which is a crazy and risk thing to do.
Vendors with short time of trade payment record could be a potential and genuine dealers compared to those who take much time to make payment. The one thing I have noticed about these scammers is that they state in their terms to trade that they have lots of pending deals to attend to so you should give them sometime before they could attend to you. Most times they do that to test your patience and see if you are in a haste so they can just easily do what they want and make you release the coin under pressure since you are in a haste to do something at hand, that is a new trick they use now.
One just needs to be careful because there is no way a transaction could take up to an hour before it is credited when it is done through app or mobile code. Currently, it is rare to see a crypto enthusiasts going to the bank to make a deposit into an account. It is not possible now, so why the delay in payment or better still, the buyer should just chat the seller to give some time if there is something urgent at hand so the seller could understand and wait for time to elapse so they could check for another rather than trying to play smart on someone's intelligence.
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And besides that, there are others that might want to fabricate a "confirmation of payment" receipt, which is sometimes possible when the transaction duration is lengthy.
As long as I haven’t received an alert on my phone and also the balance hasn’t reflected on my bank app I will never release a count any merchant even if they threaten to report to the support.
I haven’t encountered a fabricated receipt before but I’ve encountered a transaction that got delayed and they sent me the receipt and everything but it still didn’t show in my app - I asked them to wait till I receive the money first, that wasn’t going to risk anything for their sake and that was how we both waited till I got it and I released it. Funny thing was that the guy didn’t even panic or try to hasten me to release the coin the moment I sent my account transaction history to him he just told me “okay” and waited quietly and that was how I knew he wasn’t there to scam.
Those that want to scam will definitely try to pressure you, or tell you one thing or another so that you’d want to release your coin despite not seeing the money they claimed to have sent.
It is very important always to remain alert in every transaction; this is very important looking at the volatile nature of the entire crypto space. Self control can be illustrated by examples when we do not hurry to release the new coins to circulation without making sure that the funds have been safely secured. This is a very positive attitude, indeed, because we can be saved from fraudsters with the help of this approach. Combined with proper understanding of interests to be bargained by both parties, clear communication with the counterparty will also enhance trust, and both parties will feel more comfortable.
Secondly, it is useful to pay attention to the reaction of the counterparty to evaluate their actions themselves. At times when they are polite and compliant it makes feel more comfortable that we are dealing with the right people. Indeed, more effort needs to be made in safeguarding assets and preventing fraud that is rampant in this fluid context when the right protective actions are used. In trying to respond to the challenges of trading in the cryptocurrencies, it is therefore advisable to take a conservative and anticipatory approach towards the issue.
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Combined with proper understanding of interests to be bargained by both parties, clear communication with the counterparty will also enhance trust, and both parties will feel more comfortable.
When I open a p2p trade and the merchant sends me a message to try to bargain the price and buy my coin for a price that is lower than the usual price I usllay don’t bother to respond or just tell them straight up that I’m not going to budge on the price and if they aren’t interested in buying at that price then they should wait for the timer to expire and I’ll go and sell for a different vendor.
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~snip
When I open a p2p trade and the merchant sends me a message to try to bargain the price and buy my coin for a price that is lower than the usual price I usllay don’t bother to respond or just tell them straight up that I’m not going to budge on the price and if they aren’t interested in buying at that price then they should wait for the timer to expire and I’ll go and sell for a different vendor.
Such merchant deserves to be reported to the exchange. It's a shame that some people choose to test the patience of others, thereby luring them with fake details/information. Trying to negotiate price with a merchant when the profile already has something fixed is quite stupid. If anyone wants to negotiate, it should probably be the seller, but what for?, Because I don't think there is anyone that likes to be on the losing side.
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~snip
When I open a p2p trade and the merchant sends me a message to try to bargain the price and buy my coin for a price that is lower than the usual price I usllay don’t bother to respond or just tell them straight up that I’m not going to budge on the price and if they aren’t interested in buying at that price then they should wait for the timer to expire and I’ll go and sell for a different vendor.
Such merchant deserves to be reported to the exchange. It's a shame that some people choose to test the patience of others, thereby luring them with fake details/information. Trying to negotiate price with a merchant when the profile already has something fixed is quite stupid. If anyone wants to negotiate, it should probably be the seller, but what for?, Because I don't think there is anyone that likes to be on the losing side.
This is somehow true since businessmen who use unscrupulous means to gain control over their counterparts should be reported to the exchange. The worst time is when individuals aim to mislead others and give fake facts and details with ill intentions. This is considered unreasonable, and also time wasting since once the merchant sets a price it rarely changes again for bargaining. If there is any haggling to be done, it should be where the seller initiates it, and in such a case of course people will not intentionally place themselves at a losing position. People appreciate everybody getting involved in the fair trade deals, but such actions interfere with goodwill within the trading circle.
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~snip
When I open a p2p trade and the merchant sends me a message to try to bargain the price and buy my coin for a price that is lower than the usual price I usllay don’t bother to respond or just tell them straight up that I’m not going to budge on the price and if they aren’t interested in buying at that price then they should wait for the timer to expire and I’ll go and sell for a different vendor.
Such merchant deserves to be reported to the exchange. It's a shame that some people choose to test the patience of others, thereby luring them with fake details/information. Trying to negotiate price with a merchant when the profile already has something fixed is quite stupid. If anyone wants to negotiate, it should probably be the seller, but what for?, Because I don't think there is anyone that likes to be on the losing side.
This is somehow true since businessmen who use unscrupulous means to gain control over their counterparts should be reported to the exchange. The worst time is when individuals aim to mislead others and give fake facts and details with ill intentions. This is considered unreasonable, and also time wasting since once the merchant sets a price it rarely changes again for bargaining. If there is any haggling to be done, it should be where the seller initiates it, and in such a case of course people will not intentionally place themselves at a losing position. People appreciate everybody getting involved in the fair trade deals, but such actions interfere with goodwill within the trading circle.
The thing is that the exchanges doesn’t take any action when merchants alike that are reported. I have reported several of them and up till this day they are still actively engaging in trades with their usual trading practices which is to try and engage in haggling with the seller to get them to reduce the price for them.
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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 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.
Well I wouldn't actually blame them that's simply because for quite a very long time now binance has actually been the most popular centralised exchange especially in this region of the world. However it seems that people actually began to shift gradually to other exchanges when there was the dollar crisis in Nigeria and the government decided the best thing to do was to cancel dollar transactions in Nigeria making P2p on binance involving Naira virtually impossible.
The sad truth is that if the Nigerian government hadn't taken those moves they made, majority of people making use of bybit as well as other exchanges wouldn't have switched.
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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 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.
Well I wouldn't actually blame them that's simply because for quite a very long time now binance has actually been the most popular centralised exchange especially in this region of the world. However it seems that people actually began to shift gradually to other exchanges when there was the dollar crisis in Nigeria and the government decided the best thing to do was to cancel dollar transactions in Nigeria making P2p on binance involving Naira virtually impossible.
The sad truth is that if the Nigerian government hadn't taken those moves they made, majority of people making use of bybit as well as other exchanges wouldn't have switched.
However, many of us can comprehend why so many still do hold their investments in Binance particularly with it being one of the most dominating and stable CEX out there. But, the current dollar crisis, coupled with the restrictions on transactions have made many Nigerians to open their eyes to the fact that, they may have to change, and probably switch to other platforms like Bybit. The limitations that Binance’s P2P market is facing with the Naira makes us look at other ways to be active in the world of cryptos. To the extent that these steps have not been done by the government we may have not seen this shift on the use of the alternatives exchanges that is happening.
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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 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.
Well I wouldn't actually blame them that's simply because for quite a very long time now binance has actually been the most popular centralised exchange especially in this region of the world. However it seems that people actually began to shift gradually to other exchanges when there was the dollar crisis in Nigeria and the government decided the best thing to do was to cancel dollar transactions in Nigeria making P2p on binance involving Naira virtually impossible.
The sad truth is that if the Nigerian government hadn't taken those moves they made, majority of people making use of bybit as well as other exchanges wouldn't have switched.
However, many of us can comprehend why so many still do hold their investments in Binance particularly with it being one of the most dominating and stable CEX out there. But, the current dollar crisis, coupled with the restrictions on transactions have made many Nigerians to open their eyes to the fact that, they may have to change, and probably switch to other platforms like Bybit. The limitations that Binance’s P2P market is facing with the Naira makes us look at other ways to be active in the world of cryptos. To the extent that these steps have not been done by the government we may have not seen this shift on the use of the alternatives exchanges that is happening.
The focus on Binance as one of the largest and most stable CEXs could be explained, as the high stability of the platform in providing services. Nonetheless, the current dollar crisis together with transaction restrictions that are limiting access, has not an insignificant number of us thinking of alternatives for seamless cryptocurrency transactions. Nigerian users have been unable to use local currency pairs on Binance P2P market but it has inspired others to look for more reliable services like Bybit. With time we may observe more adoption of these other platforms due to the Naira transaction situation that remains somewhat constrained.