I've heard that peer to peer platforms are not as safe or reliable as instant cryptocurrency exchanges for trading in cryptocurrencies. Is that true?

I also need insight on this as well but not regarding to security/reliability but trading. Peer to peer is safe due to the usage of escrow service and admin as well.


My question as regard trading is how do people get btc for cheap to go sell on that peer to peer site? Do they buy from exhanges as well?

Cc Tabbaz
Justi4jesu
LadyF
Biafrabushboy

The safety of peer to peer depends on how effective the admin is. For example, someone may be able to game the system, by for example, stating that they did not receive the payment for the currency. With an instant exchange, those worries aren't as prevalent.

With regards to your second question, buying from an exchange for such purposes is possible.

aaronson:
I also need insight on this as well but not regarding to security/reliability but trading. Peer to peer is safe due to the usage of escrow service and admin as well.


My question as regard trading is how do people get btc for cheap to go sell on that peer to peer site? Do they buy from exhanges as well?

Cc Tabbaz
Justi4jesu
LadyF
Biafrabushboy

jamin006:
I've heard that peer to peer platforms are not as safe or reliable as instant cryptocurrency exchanges for trading in cryptocurrencies. Is that true?

With peer to peer, there is a chance that if something goes wrong in terms of a fraudulent transaction or "scam" peer, it will be harder to recover your funds/cryptocurrency. With an exchange, it is easier to identify who is accountable for the risks tied to the transaction.

Also, exchanges like Quidax make transactions simple, secure, and fast for both beginners and experienced users. Peer to Peer is a lot harder to understand for beginners than it is to understand exchanges.

Naijacryptogeek:
The safety of peer to peer depends on how effective the admin is. For example, someone may be able to game the system, by for example, stating that they did not receive the payment for the currency. With an instant exchange, those worries aren't as prevalent.

With regards to your second question, buying from an exchange for such purposes is possible.

Thanks for the insight sir, i really do appreciate.

aaronson:
Thanks for the insight sir, i really do appreciate.

You're welcome.

You are welcome.

aaronson:
Thanks for the insight sir, i really do appreciate.