Peer To Peer Trading Is Good When You Do It With The Correct Way
For a long time, I am not seeing any P2P scam cases so that does not mean it is stopped but this issue not getting highlighted because nowadays SEC and crypto panic is everywhere but thankfully now positive news are coming. That does not matter if you belong to another country but cryptocurrency is banned there then you have to read this post. When the crypto is banned or the taxes are higher then you are taking the help of P2P deals. It is okay when you do it with a friend group but you have to be careful when you use exchanges for p2p trades.
Indian government applied tax on crypto like gambling and that is the reason most of the users hiding the transactions and do not want to pay the taxes. So they are using p2p. You have to be careful because exchanges ask for Know Your Customer (KYC) to do p2p trades. In this case, exchanges can share your transaction data with the government. I am talking about international exchanges otherwise Indian exchanges are already under the government rules.
P2P Trades On Exchanges
Whether you belong to any country, just follow the simple rule and that is only trade with the person who is reputed on exchanges and if you can do a group buy sell then it is perfect for you. I know giving 30% to 50% taxes is not good. You can see the details of the buyer in any exchange.
check how many trades he did and his reputation. You will easily get the idea. Avoid high-paying trades because you will be trapped if you be greedy for some USD. Remember, hiding tax is not good so you are taking a risk here and if you do not want to do that then just hold your fund for now. Because most of the country asks for taxes when you withdraw your crypto.
Do Not Mention Crypto In Transactions
Some users have a habit to mention something in transaction notes but in crypto transactions, you must have to avoid it. Accounts of many people have been banned in front of me. The buyer is also in trouble because of your mistake. So avoid writing notes in crypto transactions. This type of case is still happening in India because most of the banks are not even updated. Especially HDFC and ICICI banks are banning accounts if they found crypto transactions. If your account is also banned Then simply show a copy of crypto new rules which you can find on the RBI official website.
I will share detailed procedures on this case. If you are living in a big city then you can find crypto enthusiasts there and complete the p2p deal. It is best to do face to face p2p deal because it has no risk.
Third-Party Payments
Avoid third-party payment when you buy crypto. Because you don't know where that money is coming from and later you will face difficulties because these cases are going to the cybercrime authority and it is not easy to deal with it. If the third-party payment comes from any type of scam activity then it is going to be a big issue for you so it is better to avoid them.
Thank you, everyone.
Lucky Ali
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
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P2p is a great alternative to bypass third parties and the fees they come with. But it also has its risks like you've mentioned above. I've also heard people explaining their account got banned because they made a mistake of mentioning crypto on the transaction. It's hard to redeemed yourself from it one you're caught so it's much better to be super cautious and prevent it all together. Great and informative post :)
Ya bro thank you for reading this post. P2P Is great for people who belong to crypto-banned countries.