What are the Disadvantages of P2P crypto exchanges?

[Suba]

P2P crypto exchange is a platform where users can transact buy/sell crypto directly or privately without intermediaries. Of course, to be able to use this platform, users must be registered and verified on the p2p crypto exchange. Due to the convenience of the payment method system, p2p crypto exchanges are increasingly being used by crypto users, lower fees than standard crypto exchanges. But behind that, P2P crypto exchanges also have disadvantages, what do you think?

 

[Magnus2022]

The only disadvantage of P2P is that in most cases, the interest may be on high side. Apart from it, P2P is the best thing that have happened to cryptocurrency.

 

[saoussen5765]

P2P transactions you could compare list of buyers and then decide which buyer to use, if you are going to buy a big quantity or small chunks min buyer exchange and much more before a trade.

 

[Chibson]

The disadvantage I see in this is that if the platform is not well regulated some level of scam may appear. But we have been seeing something similar on binance for a while and the level of security put in place is very good.

 

[Enxx]

P2P exchange is very common nowadays as it help us to easily buy cryptocurrency and sell them. One of the disadvantage I see using this is that the price of exchange is higher to normal Exchange

 

[Chibson]

P2P exchange is very common nowadays as it help us to easily buy cryptocurrency and sell them. One of the disadvantage I see using this is that the price of exchange is higher to normal Exchange

There is always a difference in price when you are using P2P. This is because people always want to make profit offering such services.

 

[Enxx]

There is always a difference in price when you are using P2P. This is because people always want to make profit offering such services.

It is normal for that to happen as some people take is as a business. There was a time that I wanted to join P2P on binance exchange but I don't have money to do it.

 

[Chibson]

It is normal for that to happen as some people take is as a business. There was a time that I wanted to join P2P on binance exchange but I don't have money to do it.

Of course, you need some amount of money to join if you want to be exchanging people's cryptocurrencies on binance. I think you need at least $50 or thereabout.

 

[Enxx]

Of course, you need some amount of money to join if you want to be exchanging people's cryptocurrencies on binance. I think you need at least $50 or thereabout.

Well $50 is not much. I was thinking that I will need more than that as high as $500. Then if I can start with $50 then I will try it one day but just that my gain will be small.

 

[Chibson]

Well $50 is not much. I was thinking that I will need more than that as high as $500. Then if I can start with $50 then I will try it one day but just that my gain will be small.

Yes, you don't need a lot of money to get started because I know people who who deals with little amount of money. Your profit will probably be small.

 

[nomad]

If you do not have access to mobile banking or internet banking facility (which allows you to check your transactions from your device) never use P2P trading because you might be easily scammed.

 

[Chibson]

Of course, it is not advisable for people who do not have access to mobile banking. Being very careful is important to avoid scam stories.

 

[Blessed19]

Well to me I don't see any disadvantages of P2P exchange on any crypto wallet as it is one of the best means of trading your coin for local currency especially in countries where people is banned and not openly used.

 

[Bisolami]

Apart from that, it is possible for you to get scammed when you are trading with the people that you don't know. That is why I only trade with the people who I am familiar with

The only disadvantage of P2P is that in most cases, the interest may be on high side. Apart from it, P2P is the best thing that have happened to cryptocurrency.

 

[Niyi Briggs]

Apart from that, it is possible for you to get scammed when you are trading with the people that you don't know. That is why I only trade with the people who I am familiar with

So you find your family people to to trade on peer to peer exchanges to trade? All I know is that Binance has a default escrow that makes sure all parties are duly compensated before transactions are deemed completed.

 

[Bisolami]

So you find your family people to to trade on peer to peer exchanges to trade? All I know is that Binance has a default escrow that makes sure all parties are duly compensated before transactions are deemed completed.

You must have been trading with some particular people there. They all have usernames so you should go for the people who you are familiar with. That's what I meant

 

[SHAHID987]

In initial phase I was very afraid of p2p transaction, now I feel just to relax yourself and with complete knowledge start doing this, it is very safe to use.

 

[Bisolami]

In initial phase I was very afraid of p2p transaction, now I feel just to relax yourself and with complete knowledge start doing this, it is very safe to use.

There are times when we still have to be scared. It is not easy because we never can tell the kind of person we are trading with. Some people are not legit. They just want to scam and that is all

 

[Rubz]

Some of the disadvantages of P2P crypto exchanges are; they have lower trading volumes than centralized exchanges, they are more vulnerable to fraud, P2P exchanges charge higher fees than centralized exchanges.

 

[Bisolami]

Some of the disadvantages of P2P crypto exchanges are; they have lower trading volumes than centralized exchanges, they are more vulnerable to fraud, P2P exchanges charge higher fees than centralized exchanges.

The fraud is the problem because you never can tell the person you are trading with especially when it is on an exchange that you have never traded there before or you have never done transaction with that particular person