It's no news that the world's popular payment platform or exchange has it P2P feature removed or probably restricted from Nigerians alone. When this was carried out, there was panic withdrawal of funds from the exchange to other exchanges by Traders. Most Traders especially newbies may look for exchanges and may not take time to do researches on these exchanges and how it works.
The end of falling into scams when carrying out transaction in other exchanges as they may not be used to the style there. Some may feel every other exchanges are like binance. This is the fallacy though as some exchanges are weak and sometimes claim people assets making them feel the money is lost. So how can we avoid risks when trading in other exchanges and how can we identify a reputable trading exchange. This post highlights these questions
To identify risks in crypto, you must do the following especially when it comes to P2P trading or any other transaction. When I started learning fundamental analysis, I was told all the schemes one can actually use in scamming in other person and I was also told how to avoid this risks. Crypto traders in a miss knows about this but we should take note of some things like the profile of the person we want to trade with in p2p.
On every transaction concerning buy and sell, you will see merchant who wants to buy or sell. Below the person's profile or sometimes above it, you will see the number of traits the merchant has completed in a month and you will also see price at which he wants to sell or buy. Aside the price, we'll see the limit at which the Trader wants to buy or sell. It can either be above $3 million or below. So when taking up a trade , not the number of trades carried out by the buyer or seller.
If a merchant has above 1,000 trades, it is advisable to go with that merchant in as much as he has a good price. So what if a merchant has over 1,000 trades but has a very low completion rate? We can't trade with such merchants if his completion rate is really low. There must be a good balance between the number of trades and the completion rate.
The number of trades should be above 1,000 to be on the safe side although a number lower than this isn't bad enough. The completion rate should also be above 90% to be on the safe side. Also check the reviews of other Traders using that merchant if he has a positive or negative comments.
Another thing we need to check is if the ads meet your need and goals. Check the price, the trading limits, the quantity, accepted payment method in terms of which bank he accepts transaction from etc. When trading, these are some tips you should have in mind.
Be alert when interacting with a P2P buyer as he can request unnecessary information;
 |  |
|---|---|
| On the selling side, be alert as a seller may ask you to pay an additional commission or cancel the order after you have paid. How to avoid this identifiable risks or scam? |
Trade on platforms that are reputable and how do you know this reputable platforms.? A reputable threading platform should be one that has sophisticated order-matching logic to match users with trusted and verify merchants only thereby reducing or managing risks with algorithms that monitor to any activity that seems suspicious.
The special algorithms include the feature that a trader must verify and validate using pass keys before funds are released so that the Trader want to make a mistake in tapping on the received payment icon and before he or she realizes, it's gone.
The presence of kyc protocols in this payment platforms help beginners to find reliable trading partners by getting verified. This allows them threat with merchants that are verified with a proven track record.
The customer support in P2P trading ensures that there shouldn't be any middle man in transactions placed but a P2P platforms customers support team can intervene if a trader faces problems with his or her transaction. The presence of Escrow services provides buyers and sellers with a safe way to exchange their goods or assets. So these are some of the features that should come with reputable platforms like bybit and other exchanges
Disclaimer :Any financial and crypto market information provided in this post was written for informational purposes only and does not constitute 100% investment advice. It's just basic knowledge every crypto trader or investor should have
All screenshots are from my bybit account
