Peer-to-peer exchange is one of the common way of exchanging crypto assets for local currency or fiat money since FG in Nigeria placed ban on Nigeria banks to deal with crypto transactions. There are so many exchanges that has to switched to the new way of satisfying there customers though we have Binance, Paxful, Cryptolocally, and many others that already in P2P transaction before the ban but many find it difficult to use it due to the fact that they are not using it until the FG banned on banks..
When transacting on any P2P exchange it is important to take caution and also check the security corner of such exchange for guidelines in other to stay SAFU. On several occasions I've experienced an attempt of scam during transaction and I want you to learn from it.
Yes, majority of P2P exchanges demands KYC from P2P advertisers/providers but again your protection is in your hand as exchange team already put in place control that favor you.
For example, Binance is one of exchange where my P2P was carried out with attempt to scam if not for one single step that refuse to activated.
Credit: Binance
Typical Example of How P2P work
It takes three steps whether you are a buyer or seller.
- Fund Escrow
- Make Payment
- Release Funds
An escrow service is a third party that manage or handles the exchange of goods or assets between the two parties (buyer & seller) and this is done in automation after you decide to activate the button by confirming the transaction. Now you see where you come in! You are the activator, you either confirm or appeal if you transaction that the other party claimed as completed you did not receive.
Look at my last experience:
Started transaction $72 to be local currency of #35,128.40 and picking the buyer within 5 minutes he claimed payment made and I received alert. I did not checked the amount closely because I received #3512.40 which look like exact fiat I'm expecting and again the buyer sent me message, payment made.
I proceeded to click confirmed for Binance to send me code to close the transaction, but my safe haven was the code that was delayed. I was searching my smartphone SMS corner while waiting for the code and I sighted the transaction was #3512.40 instead of #35,128.40.
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Now, you have the right to appeal but still be gentle enough to notify the buyer for completion of your cash and make sure you receive the fund thereafter confirm and move on.
In conclusion, P2P is easy to transact but you need to protect yourself from been scam. Don't be too anxious to complete your trade, confirm your wallet and be certain you receive your fund before an activation of confirm button.
That's where you have the control
If you need assistance of how to trade, you can read more about this and if you need support technically, I will be glad to assist.....
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