Fall of P2P platforms, what's your opinion?

[JISAN]

Do you still use p2p platforms or exchange's P2P?

I am not actually into heavy trading activity but whenever I am planning to convert my coins into cash I would prefer P2P because I find it very convenient, fast and actually safe because of the escrow service by the platform I am into. I got into P2P because of Binance but since it is not anymore allowed in my country, I just shifted to Bybit which is also good for me so far. as for safety and security, we have to be careful in choosing the P2P trader and make sure one is really into reading the details of the offer so there will be no surprise. In my own experience with P2P in CEX exchanges, I find no other good option that is more suited to my situation and area of origin. As for P2P in DEX, I got zero experience with this alternative though I heard of Localbitcoins (closed since 2023) before.

Bitcoin and crypto are still illegal in my country. so we have no chance to sell crypto in any other way than p2p method.  Binance p2p has given us a lot of peace because before when we were going to sell crypto we were scammed but since Binance has escrow in the middle now we are rarely scammed. So I can convert crypto to fiat quite comfortably with Binance p2p.

[yhiaali3]

I don't use p2p for trading because I don't consider it the ideal way to trade but I use it to convert to my local currency since it's the only way available to us here.

The problem with p2p integrated with centralized exchanges is that they require KYC in most exchanges, so I do not prefer using p2p CEX. I prefer instead to deal with a reliable intermediary via Telegram, as it provides the necessary guarantee for both the seller and the buyer. I have used this method safely for years and it still works well. Until now.

[Stompix]

P2P platforms are unfortunately not truly p2p.

First, you have the core, the platform itself!
Second, the activity doesn't happen between just you and the other guy, if you sell for example you provide a stranger with your bank details, your skrill details your other payment method details, which in most cases what a surprise it's another centralized solution!

And the disadvantages are starting to not actually be that minor
- you not only have to deal with the platform rules, you have to deal with the payment gateway rules
- there are more people making a living out of your tx than normal (the trader, the platform, the money transmitter) this makes the whole thing costlier
- you don't save any time at all, things can go both faster and a lot slower than with a cex

And the most important thing I keep telling everyone about to watch out on p2p
- how do you know the guy behind that account is not either an undercover cop or that all his trading details or his bank transfers are already being leaked to the authorities? Let's suppose you wake up and read in the newspaper a guy in your town was arrested for doing p2p crypto transfers on the same website you used and your favorite trader goes offline the same day!
Would you sleep nice that night? Doubt it!

No wonder they are slowly dying!

[joniboini]

I prefer instead to deal with a reliable intermediary via Telegram, as it provides the necessary guarantee for both the seller and the buyer. I have used this method safely for years and it still works well. Until now.

Isn't that risky? How did you ensure that your trading partner was legit when you first made a deal with him? I do make deals with some forum members in the past but they have some sort of history before. If they are completely new then I'd go with an escrow. I guess the choice is limited if a forum or other platforms are not available in your area, hence why finding sellers through Telegram is an option.