Ever since the ban of cryptocurrency relationship with financial institutions, Nigerians have switched to using P2P has the only alternative to trading cryptocurrencies to fiat. Trading P2P can be very risky when you are new and when you can’t identify the scammers from the legitimate ones.
Personally as a P2P seller, I usually have less to worry about because, I only release the coin when I get a credit alert from the buyer. But when buying a coin gets me really worried because you send the money first, then the seller releases the coins. So your money has to be with the seller for some times while you are contemplating and praying to God begging him not to allow the seller be a scammer. But to avoid all these mental stress and to prevent from falling in the hand of P2P scam traders, these are some of the tips I use when trading P2P.
The first rule of trading P2P is don’t trade outside P2P. This means that when trading, and you encounter some difficulties, then the buyer or seller says, you guys can trade outside P2P since the P2P is either down or facing some network issues. The scammer is trying to lure you off the security of the P2P platform. Don’t, this is because if you make any transaction outside P2P and you end up being scammed then there is nothing you can do about it. So be guided and don’t trade outside P2P. If you are experiencing P2P difficulties either ask for help or wait for the service to come back up.
Another tip I always look at for is the rate, if the rate is too good to be true then avoid it. These are ways malicious traders use to lure their victims. They offer an unbelievable rate that is way too good to be true, and this act is usually targeted on newbies. Newbies with no experience usually fall for this more.
Looking for a verified marchant is another tip used in having a successful P2P trade. As a newbie to be safe, look for a verified P2P trader and trade with them. Their verification means that they passed a loyalty test and have a reputation. You can check feedbacks given to them from last trades. I personally always watch out for the ratings and the number of completed trades performed by these marchants first.
Don’t hesitate to cancel order when you think something malicious is about to happen. Sometimes scammers come off offensive while trying to defend theirselves as not scammers. They might want to pressure you into releasing the coin or funds. Always double check names when trading with marchant. Check their details on the Binance platform if it correlates with their bank details.
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