Becareful when using P2P.

[Cantsay]

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.

[FOKA33]

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.

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.

[Charles-Tim]

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.

[Mr. Allcrypto]

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.

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...

[Cantsay]

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.

[Charles-Tim]

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.

[target]

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.

[Igebotz]

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.

[EluguHcman]

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.

[Charles-Tim]

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.

[Agbe]

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.

[Charles-Tim]

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.

[Agbe]

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.

[Charles-Tim]

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.

[SmartGold01]

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