Precautions to trade in P2P cryptocurrency markets more securely


  1. Look at the reputation
  2. Always trade with a guaranteed deposit
  3. Check payments
  4. Choose your payment method wisely

Person-to-person (p2p) markets, such as Ccoins, offer you the possibility of contacting other people to buy and sell cryptocurrencies with a guarantee deposit (escrow), which makes it easier for you to set your trading conditions and operate with a large variety of payment methods. However, trading on these platforms requires adhering to several good practices to further minimize the risk of scams. Here are a series of precautions to operate in P2P cryptocurrency markets more securely.

1. Look at the reputation

When you want to start a business transaction with someone, look at their user score statistics on their profile. There you can find the ratio of positive and negative scores that you have received from people with whom you have traded. Now, if on the platform you operate on, there are comments from your trading peers available, read them; Through them, you will be able to find out the final result of their operations, as well as the impression they have left. You should analyze what negative comments reflect, to make sure there are no signs of dishonest behavior. In short, look for the reputation elements of the platform on which you are operating and estimate that information.

2. Always trade with a guaranteed deposit

The guarantee deposit (escrow) is a security mechanism that consists of putting the cryptocurrencies in safekeeping during the exchange operation; The protection provided by this system is that neither the buyer nor the seller can dispose of them for themselves until the seller releases them in favor of the seller after verifying the payment.

Some P2P marketplaces like Localcryptos require the seller to put funds into the escrow manually; When you trade on platforms like these, as a buyer, you should pay attention to the exchange interface to make sure that the cryptocurrencies have been put into the escrow before making the payment. In the case of Ccoins, you will not have to worry about it, because the funds are automatically protected when starting the exchange operation.

You should also avoid making operations through social networks or private messaging chats, that is, you should not sell cryptocurrencies through Facebook, WhatsApp, or Telegram, since in these apps you are not protected, and you are vulnerable to fraud attempts. If someone in a P2P market tries to persuade you to operate without this protection system, you should distrust him.

3. Verify all the payments involve 

Once the funds are in the escrow, if you are the buyer you will need to make the payment and provide proof. As a seller, once you receive the proof of payment, you must log into your account and verify that it has indeed been credited to you. Do not be fooled with false receipts or let yourself be pressured until there is a real disbursement you should not proceed. It is also important to keep in mind that if you perceive a suspicious situation you should immediately initiate a commercial dispute. Some situations that you should be alert to are:

Your bank account has been blocked and you cannot verify the veracity of the payment.

The payment has not been made according to the agreed conditions.

The voucher does not correspond to what is reflected in your account.

4. Choose your payment method wisely

Accepting some payment methods carry higher risks compared to others. As a seller, you should exercise extra caution when agreeing to exchange your cryptocurrencies for PayPal balance, due to the frequency with which scammers use their internal dispute system to reverse payments. Another complicated payment method can be the “gift cards” since in many cases it is difficult to verify the veracity of a payment made with them. If you’re just getting started, we recommend using less hassle payment methods like bank transfer and cash deposit.

Leave a Reply

Your email address will not be published. Required fields are marked *