I’ve noticed many newbies in Nigeria are losing money through P2P trades, especially on Telegram and WhatsApp groups. Some scammers pretend to be buyers or sellers, and once you send them your Bitcoin or naira, they disappear.
Only a novice will fall in this kind of scam, because one of the reasons we all make use of exchanges is to serve as trusted escrow between the buyer and seller in p2p, so if you can't get your p2p transaction done on a reliable and trusted ground, then don't even attempt it because you will be scammed.
From what I’ve seen, the safest way is to only use trusted platforms like Binance or Kucoin, or reliable local apps. Another tip is to never release crypto until you confirm payment inside the platform.
The use of exchanges is advisable, but that does not mean that there are no scam attempts there as well, you may only have to know how to avoid them when sighted, p2p scam also exist, such could be incomplete payment, fake payment evidence or accepting confirmation of payment without receiving it on your account and so many others.
But I know there are other tricks scammers use. For those who have been in the crypto space longer, what are the best ways to avoid getting scammed in P2P trading here in Nigeria?
1. Make use of reputable exchanges.
2. Sell or orders in round figures and avoid decimal points.
3. Confirm the reception of the se t amount before approval or release.
4. Cross-check the figures being complete.
5. Don't give your major contact on p2p chat upon seller or buyer's request
6. Often make use of verified users and check their reviews.