Scams on rise with P2P Trades

Peer-to-Peer (P2P) is a form of trade that a lot of people do because they can get the fiat currency. As of date, multiple exchanges are offering this functionality and even in India multiple cryptocurrencies are supported for peer-to-peer trading. Even international exchanges are providing this functionality to their users and this way they do not generate any revenue but it is a way that they have built the medium to support their users. In India, multiple exchanges are offering these services and they do not charge for the same. Leading crypto exchanges like Binance etc are offering p2p trades and undoubtedly it is a convenient option that helps us get fiat currency with ease with no trading charges at all.

While this is convenient but there is one problem these days that so many scams are reported and if I talk about some incidents in India then users have gone through different scenarios. The users need to be careful while using peer-to-peer trade because in multiple cases their bank accounts are frozen by the authorities. Some people are scamming through the p2p trades. Although the exchanges provide the option where these merchants can be verified still some users misuse the utility to scam users and this is why it is always recommended to trade with users that are reliable and who have performed a significant number of trades on the platform which ensures safety.

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The reason why people use this facility is that in India it is not possible to withdraw INR currency instantly in most of the exchanges as they are struggling with the payment systems. although some exchanges can provide this facility the count is pretty low and because of that reasons, multiple users prefer to go through the peer-to-peer option where they can get the funds in less time. it is always recommended to deal with someone who has got a reputation on the platform and even better if we can transact with merchants as these are verified by the exchange. Certain norms are followed by these merchants.

I trade sometimes and but I ensure that I am dealing with someone who has got a good reputation and has completed at least 500 trades on the platform. I also go through the profile thoroughly and check some feedback including positive and negatives to see how the person is doing and whether is it safe to trade or not. Those who want to work on this platform for a long time will not do anything wrong because it will affect them. Some new users who trade on peer to peers try to scam the users because, after the transaction completion, they report it back in cybercrime for a chargeback. Once the incident is reported then bank accounts are frozen and this is a complicated process that one has to go through to get the account active.

With some precautions, we can avoid a lot of problems while performing per-to-peer trades.

• We should deal with buyers having a completion percentage of 98% or more and this is one of the methods to follow to ensure maximum safety on the transactions.
• The person must have completed at least 500 rates on the platform because this is a good number and after doing this much after injection hardly anyone would try to do anything wrong because this might affect them. This also ensures that the person has been doing good for a long time and we can rely.
• Checking for some feedback including positive and negative is also helpful because if something is wrong then for sure some users must have reported so it helps.
• We must ensure that the funds are credited to our bank account and check it properly from our end before releasing the crypto to the buyer.

If we follow certain steps while performing the peer-to-peer trade then it can help us to avoid unnecessary problems. If somebody is offering a higher price that is not available in the market then it can be a situation of red flag so avoid getting greedy and deal with the person who is offering the price as per the market however slightly up and down is ok because it can vary depending upon the supply and demand but a significant increase can not be a normal scenario.

Thank you

Posted Using LeoFinance Alpha