What are the Disadvantages of P2P crypto exchanges?

[Rubz]

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

That is why it is important to be very careful when trading because it could be really difficult to differentiate the fraudster from the genuine ones. Also, we should be mindful of the information give to people we are trading with.

 

[Smalto]

Definitely, in as much as peer to peer trading had numerous advantages, it also has some disadvantages, because a seller or buyer can decide to do away with your money, and tracing him or her might be some how difficult.

 

[kirubel]

P2p exchanging option is good for thus who want to exchange their coins with another person online without any broker and mediator, but the down side of p2p exchangin is that the rate of exchanging is set by the person who you are going to exchange with and some times the rate will be extremely high.

 

[saoussen5765]

P2p exchanging option is good for thus who want to exchange their coins with another person online without any broker and mediator, but the down side of p2p exchangin is that the rate of exchanging is set by the person who you are going to exchange with and some times the rate will be extremely high.

It doesn't matter since you need fiat currency to make purchases you cannot do most of your purchases with Binance pay when going to coffee shop or restaurant or clothes store as they accept fiat currency only means you need fiat money for that kind of situations.

 

[eldavis]

Some time back i heard some persons have been scammed when doing P2P transactions, i guess this was also one reason why KYC was also introduced to make things safer and easier.

 

[kirubel]

It doesn't matter since you need fiat currency to make purchases you cannot do most of your purchases with Binance pay when going to coffee shop or restaurant or clothes store as they accept fiat currency only means you need fiat money for that kind of situations.

That is true in order to purchase anything we need fiat currency, and yeah almost all shops in my area accepts onlu fiat currencys, but p2p is only to exchange our crypto to fiat, this uses if there is no official crypto exchanging platforms in your area.

 

[saoussen5765]

That is true in order to purchase anything we need fiat currency, and yeah almost all shops in my area accepts onlu fiat currencys, but p2p is only to exchange our crypto to fiat, this uses if there is no official crypto exchanging platforms in your area.

There is no official crpyto exchanging platforms in my area since if this was true then it would be possible to deposit to bank account with crypto or pay electricity and gas and internet bill with crypto but the state doesn't regulate crypto until today means need p2p person.

 

[kirubel]

There is no official crpyto exchanging platforms in my area since if this was true then it would be possible to deposit to bank account with crypto or pay electricity and gas and internet bill with crypto but the state doesn't regulate crypto until today means need p2p person.

One day our countries will alow the use of crypto coins and payments will be accepted with cryptos, i hope that day don't take long to come.

 

[timewo]

In some countries the crypto sellers find their bank account frozen by the bank/police when they use P2P for selling their crypto. This is a major risk of using P2p since the source of funds is not clear.

 

[saoussen5765]

In some countries the crypto sellers find their bank account frozen by the bank/police when they use P2P for selling their crypto. This is a major risk of using P2p since the source of funds is not clear.

They find themselves arrested in prison so if a bank account is frozen and the person is not in prison then all problems could be handled but this is the second biggest issue for example.