How To Avoid P2P Scams

[Crypto_Potato]

I don't know if you guys have seen the latest p2p scams going on especially on bybit where the vendors file appeal immediately after they claim they have sent the funds then in the end the bybit CS favors the vendor over you. The outrage this is caused is people claiming the vendors have way too much power, which I feel is true, and it's slightly the fault of the cexs

The thing about P2P is you have to have eyes and know when an advert is a scam.I do P2P on Bitget and I always avoid adverts that have higher than market rates, low completion rate probably less than 90% and also have less than 1k orders completed.
It has worked for me every time, and I haven't encountered any scams yet, so I'll say it's very important to be vigilant of sketchy ads. I've had something close to this before, but Bitget CS were responsive and useful then They  solved it and I'm glad they did

In the end, it's very important to start vigilant on whatever cex you use and be cautious

[Charles-Tim]

No vendor has much power. What the exchanges are using is evidence of payment if there is misunderstanding. The P2P is in a way that no one would be cheated if you are careful and do the right thing at the right time. Even if you are not the one that created the ad but you have paid, if the buyer do not release the coin but you provided video evidence, the exchange will release the coin for you. That is how it has been on P2P exchanges. Just have evidence and the exchange will release the coin.

[SamReomo]

P2p scams are at rise these days and somehow I've noticed that p2p scammers take advantage of those people who prefer privacy. Let's say on Binance p2p merchants now ask for KYC details of the users to convert their fiat to crypto and if someone sends money from someone else account then such merchants somehow steal their money and send them 70% of the original amount back.

That's basically the worst type of fraud and unfortunately such frauds get support from the cs team of the exchanges. I believe the exchanges should change their policies and make those p2p policies somehow tough so those scammers may not be able to scam the innocent users.

[libert19]

I stopped using p2p, I was scammed in p2p trade some time ago, and now I just stick to normal exchanges, even though here TDS is cut and also rate is also lower compared to 'Buy' price, but I like the peace of mind it gives.

[Themepen]

I totally agree with you about scams on Bybit and other exchanges. It is not good that some vendors can trick system and get away with it even when exchange customer support should know better. I think which way you choose of avoiding scams on Bitget is smart we should have to be careful and check vendor history and prices before trading with them. This can help us avoid get scammed. It is good to hear that Bitget customer support helped you when you had problem. Exchanges need to make sure their users are safe and that trading is fair and secure. If these exchanges will not care about costumers so they can get low rating which can detroy their reputation in the market.

[AGM]

In the end, it's very important to start vigilant on whatever cex you use and be cautious

There is a possibility of scams in P2P trading but if the CEX platform handles it properly I don't think it will be harm. A trader needs to exercise utmost caution in using P2P trading. Exchange platforms can also have complications. However, the mistakes that are usually seen are that a trader should monitor his account carefully during selling time. The trader should not mark the trade as complete until he receives his money in his account. It is better if screenshots of all information can be kept during any trading. Moreover, if you suspect something suspicious, you must be careful about it and should not neglect to report it if necessary.

[Husires]

P2P platform is supposed to be safer if you follow certain guidelines and if the seller imposes conditions that you do not like it is better to trade with another seller but I noticed that the platform prefers the trusted seller who has thousands of positive reviews if the complaint is from a buyer with a new account so if the platform wrongs you try to contact one of the trusted people and let them try the trusted seller and they will expose his deception if he is a scammer

[dkbit98]

P2P exchanges should have escrow to protect both sides in trading, but you can get scammed even on street when doing face to face trading.
I would usually look at traders with good reputation and I would be very careful before sending my coins anywhere.
There are also many fake exchanges so I would not register and send my documents easy everywhere.

[libert19]

However, the mistakes that are usually seen are that a trader should monitor his account carefully during selling time. The trader should not mark the trade as complete until he receives his money in his account.

Seller is supposed to release coins only after receiving money in his bank account, but still scams can happen.

Look at this example,

The way scam happened to me was: I was seller, buyer sent me the money, I confirmed on the exchange that I received the money, and I give up custody of my coins to the buyer but few days later money was freezed in my bank account.

[PX-Z]

The way scam happened to me was: I was seller, buyer sent me the money, I confirmed on the exchange that I received the money, and I give up custody of my coins to the buyer but few days later money was freezed in my bank account.

So the buyer reported that the transaction was either fraudulent or unauthorized? So this time you should report it to the exchange where the P2P tx occur to make an appeal and probably give back your crypto fund or lock the buyer's account. The worst thing is your bank account is in danger too.

[SamReomo]

The way scam happened to me was: I was seller, buyer sent me the money, I confirmed on the exchange that I received the money, and I give up custody of my coins to the buyer but few days later money was freezed in my bank account.

If there are strong regulations against crypto in a country then such thing can surely happen or other case would be sending of funds from a account that's known to have black money or is on tracing by the authorities. It's quite hard to be a p2p coin seller these days because sometimes even buyers can do fraud to you.

[libert19]

The way scam happened to me was: I was seller, buyer sent me the money, I confirmed on the exchange that I received the money, and I give up custody of my coins to the buyer but few days later money was freezed in my bank account.

So the buyer reported that the transaction was either fraudulent or unauthorized? So this time you should report it to the exchange where the P2P tx occur to make an appeal and probably give back your crypto fund or lock the buyer's account. The worst thing is your bank account is in danger too.

Yes, buyer reported transaction as fraudulent/unauthorised. It happened long ago, somewhere around 2018, that p2p exchange has also closed it's door now. Bank account is operation but that transaction money is put on lien.

If there are strong regulations against crypto in a country then such thing can surely happen or other case would be sending of funds from a account that's known to have black money or is on tracing by the authorities. It's quite hard to be a p2p coin seller these days because sometimes even buyers can do fraud to you.

You are right, back then banks were banned to deal with crypto entities, so people were forced to use p2p. Good thing is, soon after supreme court ruled out the ban and citizens are free to trade now, albeit higher taxes have been imposed on crypto trading.

[Husires]

You are right, back then banks were banned to deal with crypto entities, so people were forced to use p2p. Good thing is, soon after supreme court ruled out the ban and citizens are free to trade now, albeit higher taxes have been imposed on crypto trading.

If your country’s regulatory laws are strict, P2P transactions may be banned as long as they involve cryptocurrencies. The surest way to avoid fraud is to deal with trustworthy people and start with small amounts.

[libert19]

You are right, back then banks were banned to deal with crypto entities, so people were forced to use p2p. Good thing is, soon after supreme court ruled out the ban and citizens are free to trade now, albeit higher taxes have been imposed on crypto trading.

If your country’s regulatory laws are strict, P2P transactions may be banned as long as they involve cryptocurrencies.

Well, the point of p2p trading was so government doesn't figure out they are crypto related transactions and block our bank accounts.

The surest way to avoid fraud is to deal with trustworthy people and start with small amounts.

As mentioned, ban has been lifted, and we are free to trade on local centralized exchanges without any consequences.

[Hamza2424]

Well, the point of p2p trading was so government doesn't figure out they are crypto related transactions and block our bank accounts.

As mentioned, ban has been lifted, and we are free to trade on local centralized exchanges without any consequences.

TBH, P2P transaction related to withdrawal from fiat to crypto or crypto-fiat using the centralized platforms can be easily tracked, as governments can ask for the user's data from the platform and if they want to work smoothly they need to provide data, and this how your ban accounts can get freeze due to violation of the regulatory policies, Cash deals in p2p are different but as far as a third party is involved there's always a chance of detection.