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.

[ayydil]

I don't like P2P because of the obvious scams which are going there. Still, if required, will choose a verified merchant with lots of past trades with good number of ratings even if his price demand is little bit high. It is better to pay a little more than to get entire money stolen because of frauds like chargebacks or scammers sending fraud money which might result in freezing of accounts or legal cases.

[Stompix]

I don't like P2P because of the obvious scams which are going there. Still, if required, will choose a verified merchant with lots of past trades with good number of ratings even if his price demand is little bit high.

That doesn't guarantee everything, even old members there will try to scam you if they sense they can get away with it, one huge scam might be better than 100 worth of trades in terms of revenue for that guy!
The best way to deal with those is to never deal with payments that can be reversed and never release the escrow before you have the money, never! If you follow common sense and the instructions most of those p2p2 are put up exactly for your safety there is little that can go wrong.

[SmartGold01]

Current there is a platform I am using their p2p service which I know is very nice even though binance delist NGN p2p is just for a reason that there two staff was detained and it's an insult to detained two staff and yet still provide services over there.
As we know there is no trusted platform that offers the best rather what we could do is to be extremely careful while making using of it because we could get scammed, so before releasing any digital assets we should be mindful and watchful to have received the opposite before releasing to buyer or seller.
Currently I am working on launching my p2p service mainly for my country only.

[kulkhan]

Now a days P2P is very popular. Binance and some Other Exchanger opened P2P for that's local area. I think P2P is very usefull and helpful. I am a Bangladeshi crypto lover. A i am also a a Binance user. Frome some days i am also using Binance P2P. Now i can buy and sell dollars through Binance P2P. It is very easy and very safe i think. It not only for Bangladesh we know this P2P service is available for many country. And people can buy and sell his droller through his local currency.

[Hamza2424]

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.

Public forums provide a good source to trade but they are not that efficient, most of the time you need to rely on escrow, Third-party P2P platforms are not preferred by everyone, and most people avoid them due to their KYC policy or some other restrictions. There are some good P2P platforms with higher liquidity but people these days prefer the easy approach rather than a proper private one they are willing to real identity for this as well.

[ayydil]

I don't like P2P because of the obvious scams which are going there. Still, if required, will choose a verified merchant with lots of past trades with good number of ratings even if his price demand is little bit high.

That doesn't guarantee everything, even old members there will try to scam you if they sense they can get away with it, one huge scam might be better than 100 worth of trades in terms of revenue for that guy!
The best way to deal with those is to never deal with payments that can be reversed and never release the escrow before you have the money, never! If you follow common sense and the instructions most of those p2p2 are put up exactly for your safety there is little that can go wrong.

Problem is most fiat P2P methods can be reversed, be it bank transfers, PayPal, AirTM. Unless the governments accept crypto P2P trading as something as legit business and orders the financial institutions to allow scrutinizing a case of crypto trade before taking action like chargebacks or fraud allegations, there will be problems. Best is to avoid P2P or use it for doing smaller trades with little amount so there will be less chances for getting trapped into any frauds.

[Mr. Magkaisa]

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.

        -   It seems like it's so difficult that crypto is illegal in your country; the only way you can transfer crypto profit to our fiat is via p2p. Then p2p is really a big help, no joke. In any country, it is really useful to anyone related to crypto enthusiasts.

That's why I don't think that p2p will fall at this time, but instead it will be even more trending in the coming years. Because the time will come when countries will recognize Bitcoin and other top altcoins in the market.

[bayu7adi]

I don't use the p2p feature very often, but because I have an account at Binance and it turns out that Binance also supports the p2p feature, I chose to use services from Binance... that's not because of considerations comparing one platform with another, I'm just one of those people who don't want to be complicated when you want to make a withdrawal in FIAT form....

Some people may consider security, price, features and some other services... but when I understand that Binance has a better reputation than myself, it's like an advantage in itself that makes my heart choose Binance.... no pun intended. recommending Binance or badmouthing other platforms, but because I very rarely do p2p exchanges so I just took simple steps.

[pieppiep]

I don't use the p2p feature very often, but because I have an account at Binance and it turns out that Binance also supports the p2p feature, I chose to use services from Binance... that's not because of considerations comparing one platform with another, I'm just one of those people who don't want to be complicated when you want to make a withdrawal in FIAT form....

Some people may consider security, price, features and some other services... but when I understand that Binance has a better reputation than myself, it's like an advantage in itself that makes my heart choose Binance.... no pun intended. recommending Binance or badmouthing other platforms, but because I very rarely do p2p exchanges so I just took simple steps.

Binance has been providing transaction support using the P2P method for a long time. This method can be used in several countries that prohibit the use of Binance to make it easier for users to make withdrawals using the local currency they use. P2P which is supported by Binance will not allow its users to be deceived so it is certain that when we use P2P on Binance it will still be safe. But this depends on where you live, if where you can still access Binance and can withdraw assets into local currency easily then you can use other methods besides this method.

[Gurujebs]

Binance has been providing transaction support using the P2P method for a long time. This method can be used in several countries that prohibit the use of Binance to make it easier for users to make withdrawals using the local currency they use. P2P which is supported by Binance will not allow its users to be deceived so it is certain that when we use P2P on Binance it will still be safe. But this depends on where you live, if where you can still access Binance and can withdraw assets into local currency easily then you can use other methods besides this method.

It doesn't matter where you live, if I remember correctly Binance was the first centralized exchange that included p2p service into their exchange after the successful launch of the payment gateways, it has been one of the successful thing I enjoyed with centralized exchanges but you know they can't be trusted, they will always be exchange no matter what.

I just think that no matter how smart a system is designed to avoid scammers, they will always find a way to dupe people and this is why the common ones like trading outside the exchange is highly discourage and also to always checked account balance before trade is completed.

[Findingnemo]

        -   It seems like it's so difficult that crypto is illegal in your country; the only way you can transfer crypto profit to our fiat is via p2p. Then p2p is really a big help, no joke. In any country, it is really useful to anyone related to crypto enthusiasts.

That's why I don't think that p2p will fall at this time, but instead it will be even more trending in the coming years. Because the time will come when countries will recognize Bitcoin and other top altcoins in the market.

Country can ban Bitcoin for different reasons and the legality of it can be changed depends on it, most countries banned because they think it's against their religious beliefs and some countries pointing scams regarding crypto as an excuse which all are just BS.

Anyway this isn't really about Binance P2P, it's more about exchanges like Paxful of Bisq where we actually use them only for P2P trade not the conventional trading.

Even though some P2P needs mandatory KYC which I will say acceptable compared to submitting every crypto related transactions to single crypto platform that leads to monopoly and over the time it brings centralized ecosystem in the decentralisation that's why it's important to use diverse platforms to keep the system with enough platforms to stay in the competition.