Hello and Namaste Everyone
Peer-to-peer trading is one of the methods that many people use because they can deal with individuals directly. Different platforms are offering this functionality and now even crypto exchanges are providing these functions on their exchange which is good but it is not good. For the last two months, I have been trying to track P2P-related news incidents. There is no problem with the functionality but it's people who made it look bad and because of those bad actors a genuine user struggles.
In India, it is the biggest scam to date and it is hard to trade on any platform without a bank freeze. I am meant to say if you trade P2P on the exchange then you are at risk of your bank account freeze. The process is that you need to connect with the merchant who will buy your crypto and the merchant will release fiat currency to your bank account and post the amount received you will release the Crypto. Everything is automated so there is no risk of losing money in most cases but what happens next its something that can make you worried. Those merchants file a case with the cyber crime team and claim that the money they have received is illegal and the cyber criminal department does not do any investigation before blocking the bank account. In some cases, investment happens after so many months but you are stuck because your bank account is frozen now.
This has been reported by thousands of users who sold their crypto using such platforms and as a result, their bank account was frozen. When they visited the bank then the proper support was not provided because they were routed either to the cyber crime department or the banks are least interested when they hear the word crypto. A leading exchange is now back in India and this is a very popular name in P 2 P also. But still, it is not recommended to use peer-to-peer trading because the risk remains the same and it is all because those bad actors are playing dirty and because of this genuine users are going through a tough time.
I never tried peer-to-peer trading on these exchanges and I'm glad that I never tried because I don't want my bank to be frozen. After all, the process to get unfreeze is very complicated. Sometimes complaints are filed from different estates and it is very difficult to manage in that case because the bank account holder might have to travel to a different city or state and it is such a pain.
If you are in India then I would recommend you not to use these platforms for peer-to-peer trading however you can use the exchange as normal but if you are thinking that you need to do some trading through the peer-to-peer then go for other more reliable options. I would say that just avoid trading on these exchanges no matter what they claim because it's you only who will be going through the tough time if your bank account is frozen so better to avoid dealing with those scammers who are pretending to be merchants but you are not able to identify which one is gen 1 and which one is not so its better to avoid the entire functionality. Recently one of my friends has been stuck in this problem because her bank account is frozen now but she didn't tell me before so I could not help her but now she has to deal with this problem and there is no way to avoid it.
Thank you so much
Stay Safe
Posted Using InLeo Alpha
