I will urge you not to allow this title to deter you from being the very good person you have always been and I will also encourage you to read through the article so that you may not fall a victim to their traps. There have been stories of scammers in our world even before the public knowledge of cryptocurrency and all that it has to offer. These scammers have been modifying and modernising their ways and methods of scamming people. The most recent method is now happening in the crypto space. I know you will be wondering what and how they are doing it. Well, the one I’m about to say is not the only scam happening right now in the world of crypto.
I know you must have heard of fake crypto project lunch which the developers end up pulling the rug as soon as they realize what they want. They do this without considering how those who bought into their scam project will survive after spending their hard end money on their fake project. Now, the most recent one is the one most of us must have heard of or most have either been scammed through it or that we have someone or a friend who has been scammed. This scam happens in the P2P platforms of most of the exchanges and this affects most countries where there has been a government ban on crypto just like Nigeria in West Africa.
I will use Nigeria and the Binance P2P platform as a case study in this article just to make sure that a lot of people get to hear and know what is happening. It is no longer news that the Government of Nigeria placed a ban on Cryptocurrency and every related matter. This has led to an influx of local and foreign scammers who have seized the opportunity to reap off innocent users of the Binance P2P platform. The truth is that the Binance P2P platform regulations are highly secured but the major problem is that most users especially the newbie’s do not know how P2P is been done either because of the complex nature of the Binance app or because they fail to seek advice before engaging into P2P trading.
For the benefit of newbie’s who might be wondering what P2P stands for, it stands for person to person trading. Now, this method of trading has witnessed an increase in Nigeria since the ban and a lot of stories of people who have been scammed through this system abounds. This is the reason why I decided to add my voice to that of the instructions which are given to every user as soon as you open the Binance app on how to make use of the P2P platform. Please, you must make sure that you have confirmed that the money to which the other person to who you are meant to send a particular token has entered your account. This is because if you do not confirm and you authorize the system to release your token, you are running the risk of being scammed.
Common things to know before using any P2P platform
I am writing these things out because I would not want you my friends to get scammed of your precious tokens especially your hard end BCH. We all know that it is not an easy thing for one to write an article and earn some tips from it, therefore, I will advise you to read it over and over again to avoid being scammed.
· You must make sure that the platform has a good level of trust score just to be sure it is not a platform run by scammers themselves.
· Do not carry out any P2P transaction on duress or when you are not relaxed.
· Read every instruction of the platform concerning their method and rules.
· Use Apps like Bundle Africa for those who are within the shores of Africa and use Binance if you can be able to surf through the platform without mistake.
· When you want to sell a token, always confirm that you have received the fiat in your local account before authorising the App to release your token.
There are other things which you can also read about concerning P2P in any of the apps you wish to use because every app has their mode and method on carrying out P2P. A lot of people have been scammed so do not overlook this article or say that you will not be scammed. The main thing is for you to know and understand that anybody can be scammed and there are scammers everywhere who work day and night looking for lope holes just to get into you. Remember the first law of crypto which says; do not give out your seed phrase to anyone because if you do, you have lost your assets.
I urge you to share this article with your friends as a way to spread the message in other for us to reduce the volume of scammed persons in our communities especially in Nigeria and Africa at large. Be wise and do not be in a haste to carry out any crypto trading without proper research and knowledge. I love you all.
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