Avoid Bitcoin Scams Online

 Unlike other exchanges where the third party is in charge of transactions, P2P exchanges are independent of any central body. The exchange only acts as an online platform to bring traders together, so this makes them prone to scams as transactions are done directly between the traders. You are fully in charge of the transaction and you have the choice to select who you want to trade with and what payment means. P2P exchanges like Remitano allow you to buy Bitcoin with your local currency with no charges.

Due to the method of transaction in peer-to-peer exchange, it is very prone to scams, so before using a P2P platform, it is important to understand ways you can be scammed and how to avoid them.

Secure Payment Method

To be on a safe side, is very important if the seller accepts payments through PayPal service or skrill where the payment is secure and you have the option to get a refund of your money back if there’s a dubious and suspicious activity from the seller, and that’s where Skiegod get strict with clients because here we accept the most secure payments options for our clients during trading transactions.

Identity Fraud

This is a scam where the seller uses a different account to receive funds. The seller sends you different account details through another medium to receive payment. After you make payment to this account, they will claim that they didn’t receive the funds and refuse to complete the transaction.

Fake or Reversible transfers

This is a very common scam in the P2P community. In this case, the buyer follows the necessary step by paying the seller, which makes the seller finalize and complete the transaction. However, after several hours, the buyer will make a false complaint to the bank that he didn’t make any transaction. The bank then refunds the buyer. This makes the seller lose both the crypto and the money.

The popular situation is when the buyer sends a kind of fake credit alert to the seller that makes them finalize the deal, however, in an actual sense, no money was sent to the account.

To prevent this kind of scam, always ask for proof of payment from the buyer, probably a screenshot of the payment. This confirms that payment was made by the buyer. Also, before completing the trade, confirm that the money is already in your account.