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I owned my first ever crypto asset last year November, after I might have signed up on a crypto blogging site. I'm pretty much of a newbie, as far as crypto is concerned.
I had no problem acquiring my first set of tokens since it was through a known person.
I wasn't an active trader at my initial stage neither am I now, but I still trade once in while. In my initial stage, my strategy was to simply buy up cryptos and sell them off, when the price rises. Just something we all do.
I had no problem buying and selling cryptos since major exchanges across the globe gave the option of linking crypto wallet exchange wallet to Local bank account. When I needed cryptos, I simply bought directly from my fiat account, using Luno wallet. I did the same thing whenever I wanted to sell.
This process was short-lived as the federal Government of Nigeria through its Central bank prohibited all the financial institution licensed by the central bank of Nigeria from releasing Naira on the premise of transactions that are directly or indirectly linked to crypto.
I wasn't perturbed immediately since crypto was and it still is a long term investment for me. I pay bills mostly from my offline work.
I stored up cryptos for months until I had a pressing need around April this year, so I decided to sell some to cater for my needs.
Now a new phase of learning opened up for me. You see, I was relaxed due to the local bank's acceptance of crypto currency, that I skipped learning how to perform p2p transactions which is even the main reason crypto currencies were created.
I had a pressing need so I lacked the patience for vigorous learning. Thanks goodness! I was already on a crypto blogging site. So reaching out to an experienced person in this aspect was a little matter.
I chatted up a friend on Discord. He guarded me, step upon step, using screenshots, on how to carry out P2P transaction on Binance cryptocurrency exchange.
While trying to practice what I learned from him, I observed possible fraudulent activities on the exchange which I will like to share, so that a novice can learn.
First I was to exchange the token I had for USDT which is a stable coin before pitching for buyers. One USDT was valued at about 500 naira. I saw people who were willing to buy at that price. Some people's buying price were few units higher than the market's price, while other people's prices were few units lower. Despite being a novice, I could perfectly understand that.
But I met a person, who wanted to buy USDT at almost a thousand naira per token. That's doubling the market price.
Out of curiosity I clicked his offer. He messaged me saying that I should release my coin before he credits my account. What he asked me to do was the very thing I was sternly warned against, by the person that guarded me and by Binance admin as well. I wasn't disappointed by his request though. He only confirmed my suspicion.
How on earth would someone be willing to buy a product at a price that is two times the market price?
That only confirmed that if something looks too good to be true, it probably is.
A lot of people have been defrauded due to their gullibleness.
When it's outrageously good; to me, it's time I carried out more checks. I think you should do same.
Skepticism is not negativity, it's logicality.
