Overcoming Peer-to-Peer Scams on Exchanges: The Formula for Greater Trading Proportion.

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Being scammed on the crypto space is one of the most common things out there most especially to newbies that just entered into the crypto space not asking questions or making thorough research before their venture into the crypto world. More often than not, the most reported cases of these crypto scamming comes with shallow knowledge or background of what one is entering into before the damage is caused and to some extent lack of information and strong willfulness is then cause of these scams.

However, as a matter of fact it is more easier to scam someone that has little knowledge of something than to scam one that doesn't have the knowledge of it at all. This is because for someone that has the little knowledge without the full knowledge, the scammer can build on the incomplete knowledge of the newbie, manipulate some words and gimmicks then launch the attack of scamming and before the sun rises on the newbie, funds are lost but to someone that doesn't know anything about Crypto would make research and in the process of making research if serious and dedicated can get the knowledge avoiding being scammed.

Be it how it may, being scammed is such an awful experience because it has many emotional damage with imbalance in brain proportion leading to depression and several other damages and to mitigate this, it is of great essence that one learn the way about of scams on crypto dealings on a complete note before venturing into it and todays topic would address on a fragment of the scamming routes whilst trading on the crypto space.

On all trading applications there is always one of the additional cannels that has to do with Peer-to-Peer trading while the proportionate number of either coin or currency one has can be exchanged to the equivalent of the other provided both parties comes into agreement and test of exchange. Some of the centralized apps like binnace,Okx and superex has this feature and many more out there which I have not used yet.

Red alerts to the Launch of Peer-to-Peer Scams.

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(a) Poor Online Reputation and Negative Reviews:

This is one of the ways to easily identify a scammer on Peer-to-Peer dashboards on trading platforms or apps. Seeing that there are many lined up traders that are eagerly ready for a trade with customers in Peer-to-Peer platforms, they also have reviews given to them by their customers during or after trading. The reviews gives a summary of the trading experience, more like a remark of how it went so to traders that have low rating percentages it means that there are question marks to their trading and so, run away from such channels.

(b) Lack of Transparency:

On every trading channels for Peer-to-Peer there is always a name and an associated bank account name and number that follows it and it tallies with the name of the trading channels so if one is about initiating a transaction, there is high need to check if the name of the trading channels and the name of the bank account matches, if it doesn't and the trader claims to be the bearer of the unmatched accounts and name, verify from a reliable source or report such channel.

(c) Confirm amounts or Coins Before Release:

Many people falls into this trap easily. Whenever a transaction is been initiated there is need for both parties to always be on alert and eagerly ready to confirm or reject confirmations coming from any of the parties. Whenever money is been paid and the buyer uploads proof of payment, the receiver should first confirm the alert by entering into respective receiving channel, verifying the current number of coins or amount of money before releasing the equivalent of it.

(d) Unregistered or Unlicenced Trademarks:
This is yet another easy to discover ways of Peer-to-Peer scamming. There are some unverified traders out there on Peer-to-Peer channels willing to offer more than others and even pay extra. Some of theses strategies are luring initiatives and as such because those channels are unmarked and unchecked, run away.

Thanks for stopping by, do have a nice day.

Posted Using InLeo Alpha