Peer-to-peer trading cuts out the needs for a third party. This has a number of benefits, but as with most things, it also has risks. Learn how to stay safe when trading P2P 👇
A leading P2P exchange today, for instance, typically has an escrow service, regular security updates, and a stringentHowever, even with the appropriate safeguards, all trading activity comes with risks — and P2P trading is no exception.Scammers may digitally alter receipts to convince you they have sent payment and trick you into releasing crypto to them. One example is the SMS scam where criminals forge a text message to notify the victim that they have received a payment.
Buyer B then transfers 5,000 BUSD to the seller, while Buyer A marks Order A as paid. The seller then releases the crypto to Buyer A, thus completing Order A for 5,000 BUSD. Buyer B sends another 1,000 BUSD to the seller, provides payment proof for the 5,000 BUSD they received from Buyer A plus 1,000 BUSD, and forces the seller to release digital assets under Order B.
Number of trades: Low numbers aren’t necessarily bad, but a high number of completed transactions may be a sign of a reliable P2P party. Merchant or user feedback: Very few positive comments or many negative comments can indicate higher trading risk.Evaluate each P2P advertisement to determine if it meets your needs and goals. Consider the price, quantity, accepted payment methods, restrictions , and other terms and conditions. For instance, too large a disparity between the P2P price and the market price on other trading platforms is suspicious.The buyer pushing you to release the crypto.The buyer asking you for a loan.
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