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.
Why would someone trust P2P from a whatssap group or even a whatssap contact especially when it concerns someone you don't know too well? Even for someone I know very well, you must be there with me physically before we transact. some people have trusted me blindly in the past from whatssap, but after trades I warn them of its dangers.
I have hated telegram P2P right from time due to telegram being the hiding place for top notch scammers.
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.
Kucoin and Binance has removed its P2P option for Naira
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?
Use reputable exchanges and do not release your coins until you have validated the sum and remarks from your bank app and not just getting an SMS alert because fake alert exists.