When it comes to buying and selling cryptocurrencies thorough P2P trading, a lot has to do with it.
Like spot trading that involves one's ability to do technical or fundamental analysis to determine price action, trading P2p comes with its own difficulty especially when there's no established trust between or among the parties involved.
To be sure, crypto P2P trading involves a person to person buying and selling of cryptocurrency assets like Bitcoin, Ethereum, USDT from individuals.
For instance, you want to buy $1000 worth of BTC and you find a seller who is willing to sell to you at the best price of 460/$ for that quantity. Thereafter, you can sell it at a higher rate and make profit.
One of the challenges that comes with this style of trading is that you can easily get scammed. This is the reason for problem of trust between or among parties.
In most cases where they have been no prior established trust and understanding between both parties, the problem of who initiates the first transfer of either the coins or cash somehow seems to be a major setback.
That aside, with many so-called crypto escrow groups on WhatsApp and Telegram, the rate at which people get rip-off their hard earned money has become increasing alarming on a daily.
On those fake escrow groups on Telegram, disguised with names like "Paxful Escrow group", "Legit/verified escrow group" you can easily be scammed with their enticing rates and falsified screenshots of transaction history.
Don’t believe anything there. I repeat, don’t believe anything there!
Recounting the experience of an acquaintance: "I once had a demand to buy Bitcoin so I stumbled upon an escrow group on Telegram where I had been added unknowingly, without proper checks on how trusted the group was I initiated a bid to buy a certain quantity of Bitcoin and the rate offered was so enticing that I fell for it"
"So I made payments to the escrow who upon confirmation of payment blocked and removed me from the group. That was how I got scammed."
Just a few weeks latter after the above incident, I had put my phone on silence before going to bed but woke up to see some missed calls from a friend of mine at about 10pm. I suspected this was a distress call at that time, so I reached out to him at about 2am on WhatsApp and he was online.
Guess what he told me? He had been rip-off over 360k from one so-called Paxful escrow group on Telegram and he had earlier called because he saw me in the group and wanted confirmations before making payment which he finally did but got blocked and removed from the group.
Now, as a Crypto enthusiasts, I belong to a lot of communities on Telegram I personally joined and several others I was added without even noticing. Apparently, I had been added to the group unaware.
With these disheartening cases and many more experienced within the crypto space, the question of what should be the appropriate way to carryout P2P trading is very important to the ecosystem, bearing in mind the intricacies.
Let’s consider some quick remedy.
📌Trade only with who you can trust with proven transaction records and can be held responsible for any misconduct.
📌Do proper KYC on the other person and if necessary use a trustworthy escrow.
📌Using a secured Platform like the Binance P2P is a great deal to both the seller and buyer.
All you simply need is to create an account on Binance here:
https://accounts.binance.com/en/register?ref=R6HDPGYT
Verify your identity by doing your KYC (know your customer) thereafter you’ll be eligible to trade on Binance P2P Platform.
On the Binance P2P Platform, you’ll be able to create a sell/buy ads to find potential buyers/sellers on the market at your chosen rate.
You can buy and sell cryptocurrencies like BTC, USDT on the platform with zero fees. Binance act as an escrow between the buyer and seller, locking up the crypto assets until pending when seller confirms payment of purchase.
It is an easy, efficient and secure way to do OTC trading.
The next time you want to do OTC trading, choose a reliable and trusted person with proven records or platform Like Binance P2P to avoid shedding premium tears.
If you have ever been a victim or this, share your experience in the comment section.
