Yes, it's painful losing money that you are not supposed to lose in the first place. All because a merchant is dubious.đ
Not many are aware of the sensitive nature of trading on the p2p marketplace, as you are prone to scams and basic errors.
So a friend reported how he lost money trading on p2p recently. The error was very smart and he didn't take note until later.
After selecting the merchant's ad, he didn't take notice that the ad had updated in a way way lower price.
This means that, the merchant was using a floating price and these strategy is used to lure unsuspecting victims into placing expensive orders.
While some do these for good reasons, many merchants use this method for bad reasons.
My friend wanted to buy usdt worth $25,000 at a reasonable rate and ended up losing out about $341 after recalculating the order.
The thing was that, he paid without cross checking the correct value he was supposed to be eligible for.
This is why express options is recommended for newbie traders, as Binance system automatically matches you to a verified merchant with the best price to attend to you.
Another tip to note is that, you should try to keep note of your #p2p transactions. Some users do keep screenshots of the p2p merchant's, so they can track the name afterwards.
Do you have any advice for him guys?đ
Have you been scammed with a floating p2p price before?
I'll be reading all comments below đ
More #scam stories coming through....
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Disclaimer:
This post is for #educational purposes only and not a financial advice. Please always do your own research before Investing in any crypto or carrying out any of our guidesđ.