Removing scammers and malicious actors from the crypto space would allow the crypto industry to flourish, leading to increased adoption, innovation, and empowerment for individuals worldwide. While the presence of scammers poses challenges, there are ongoing efforts by crypto communities to make the space safe for everyone.
To ensure the safety of P2P traders, I started a series to educate us on how we can avoid scammers. Check my profile to stay updated. Here is the final part.
1. Use Escrow Services: Choose platforms that offer escrow services. Escrow holds the cryptocurrency in a secure account until both parties fulfil their obligations, reducing the risk of scams. This applies when you're trading outside of a centralised crypto exchange on a P2P platform.
2. Trust Your Instincts: If something doesn't feel right, trust your instincts and don't proceed with the trade. Scammers often pressure users to make hasty decisions. If it doesn't feel right, stop and continue later.
3. Report any suspicious act: Most P2P trading platforms have customer service, so you can reach out when trading is going south and secure your funds.
4. Educate yourself: To me, this is the most important aspect of avoiding scammers. Learn about common scam tactics to better protect yourself. With the right knowledge, you can spot every wrong move.
Remember that P2P trading involves risk; do your due diligence and prioritise security in every P2P transaction.