Over the last several years, Bitcoin and other cryptocurrencies have gotten a lot of attention and popularity. For a variety of causes, it has enthralled a large percentage of the world. Crypto is now the buzz of the town, and individuals are investing in it in various ways.
So, if you live in the UAE and want to invest in cryptocurrencies, this post will lead you through several safer alternatives to P2P. Continue reading our opinion on P2P, but we’ll also show you some alternatives that are safer and more secure than P2P, and they entail exchanging crypto through your local exchanges.
• PSP crypto exchange platforms have further facilitated crypto to crypto & fiat to crypto transactions in UAE and globally.
• Escrow accounts make P2P transactions safer especially when you transact on trusted platforms.
• Due to diversity in regions and payment options, P2P platforms use multiple payment methods to enable ease of sending and receiving payments.
What Is a Peer-to-Peer (P2P) Service?
Any decentralized platform that allows two individuals to interact and deal with each other directly is known to serve as a peer-to-peer platform. The individuals are usually buyers and sellers who make transactions and receive payments without the involvement of any third party, including the government or banks.
Traders create offers that indicate the price and payment method, and users browse the offers and choose their preferred payment method. Since there is no involvement of any third party, users can directly trade with each other more efficiently, profitably, and securely.
Concerns about P2P trading have grown due to the growth in frauds. Many people have experienced P2P fraud. They were duped in emotions, quick profit schemes, forged payment receipts, etc.
Fake Payment Receipts are the most common means of defrauding individuals on P2P. Scammers use screenshots and other images to suggest that they’ve completed their half of the bargain and press the victim to complete theirs.
Victims who succumb to a scammer’s pressure without confirming the amount supplied may lose money for no reason and have difficulty rectifying the situation.
Because certain platforms support chargeback, a scammer can occasionally use chargeback capabilities on some payment systems to deceive his counterparty in a P2P transaction.
Many platforms strive to handle these difficulties and do their best, but it takes a lot of time and effort, and sometimes the issue isn’t even remedied after the process. So it’s a hazardous move, but if you’ve done it before and know how to move around using P2P, go for it; otherwise, I’ve got some options.
Here are some alternatives for you:
- Face to Face deals: Some exchanges and firms, on the other hand, provide face-to-face dealings with them. You may schedule an appointment and then buy cryptocurrency from a salesperson.
It may be the safest option, but companies’ credibility is important, and they typically deal with large clients, so if you want to spend a modest amount, this may not be the best option.
- Cryptocurrencies exchanges: Apart from that, crypto exchanges provide a convenient option to purchase cryptocurrency straight from them using various payment methods. You can, for example, buy using your exchange’s payment method. Paypal, bank deposit, or credit/debit card are all options. It is per the requirements of the exchange rate.
If you want to purchase crypto in the UAE, you should utilize a local exchange because they have a superior payment infrastructure than major worldwide exchanges. Because they are a local exchange, they have better access to the local payment infrastructure. Buying crypto through a local cryptocurrency exchange is thus a safe procedure.
It would help if you always were wary of your investment choices and decisions, regardless of whatever state you live in. Crypto traders and investors must be aware of the dangers, advantages, and other probabilities of crypto and peer-to-peer trading because investing in a cryptocurrency is so large.
We hope that this post has provided you with information on P2P alternatives.
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