Let me shock you a bit. Fraudsters buy bank identities of untraceable bums, use it to create a bank account and p2p profile, move in tainted monies into the accounts and use that to buy crypto via p2p. Everything will pass until the monies are investigated and transfers traced, then your bank account gets frozen - and it could be weeks after the transaction.
Exactly but that doesn't mean you were part of the fraud, bank freezing your bank account doesn't mean you have lost your money and bank account. Just gather every information and details of the transaction and send them to your bank and the law Court, your account will be unfreeze.
It must be costly going through that hassle each time it occurs, not to talk of the lost time and unavailability of your bank account while it is being resolved, all for the tiny profits of the recommended smaller trade sizes. I don't know if it's just me but there has to be better ways to earn in my opinion.
Yes but before you start exchanging on P2P as a seller with bank transfer option, you need to know this:
Saying paxful moderators engage in scam is wrong, I have used paxful for many years and they are very strict when it comes to scam and they always put out updates to minimise scam.
Hmm...with your experience , it must be profitable then. Can you give hints of how profitable? I am sure the info will help the Op.
My caution stems from real experiences I've encountered. The verifiable evidence they require a good example; gift cards or reversible payments complicate things. I once provided bank apps/videos yet mods sided against a fraudster and not once. No platform's perfect; that's why I stick to verified offers on Binance P2P for lower drama
See where people makes mistake on paxful giftcards trade is not recording a video proof showing that the giftcard is valid before the trade and also before you open a trade with a seller, make sure you are recording a video proof showing that the card is valid and when the video is still on, position your computer or phone showing the card is valid and giving the card to the seller. When recording try to be showing the time I.e time when you are checking that the card is valid and time you sent the giftcard to the seller, and keep refreshing the giftcard checking and you will see that your video will capture that you are refreshing the giftcard valid and when the seller redeem the card. With this proof, the seller who is a scammer will not win you in dispute.
Paxful is profitable because you can buy at cheaper rate and still increase the rate and sell.
That's the problem with p2p in general as a vendor, nearly no bank allows this to be done on decent scale, gotta get vasp license if so.
p2p is harsh if you are from the 3rd world country , numerous scams and other buyer sellers scam are common .
Here's my two cents, based on my experience with the Cryptomus P2P platform. You made the right call choosing an exchange with KYC. It helps you avoid scams because the crypto is held in escrow by the platform until the trade is complete. This also makes it easier to resolve any disputes with fiat transfers.