What is the best way of buying / selling cryptocurrency face to face (F2F)?
How to do a Face to Face(F2F) Deal?
Measures to take while conducting a Face to Face deal
People dabbling in crypto are familiar with P2P – peer to peer. In P2P two parties connect and perform a trade either through p2p Platforms or through DVA. But all that is done through online and the recent bank dispute scam on crypto exchanges has made people consider Face to Face deals which I have personally found unnecessary uptil now.
Face to Face deals are risky and should be the last resort
What is Face to Face Deal
Face to Face Deal is a form of P2P deal where both parties decide to meet and exchange cryptocurrency with fiat currency. However, the risks associated with F2F deals can not be ignored such as stealing assets on gun point.
Safety Measures to Take during Face to Face Deal
The most ideal way of doing F2F is “don’t do a face to face deal” but if that’s unavoidable – as sometimes people are willing to buy USDT through “Cash” to avoid banking channels, let’s see what precautionary measures we can take to keep our assets :
- Use Escrow: Escrow service of Crypto Awaz DVA can also be used for a F2F deal, as it will ensure that crypto asset has been received and once the money is transferred by the buyer he can leave the vicinity and later Admin will release crypto from escrow to the buyer.
- Choose Your Counterparty Wisely: Do go through the online social media account of the person you are trying to deal with and try to deal with someone whose social media can give you a glimpse of what sort of a person you are going to deal with.
- Communicate Clearly: Agree on all terms beforehand, including the price, payment method, and meeting location.
- Meet in a Safe Public Place: Avoid secluded areas. Consider meeting at a Cafe or a well-lit, populated area with security cameras.
- Bring a Backup: If possible, bring a friend or colleague for added security.
- Trust But Verify: Double-check the amount and type of cryptocurrency before transferring. Never release the crypto until you have received the agreed-upon payment.
- Avoid 3rd Party: While doing Face to Face deal it is VERY important to receive crypto from the person who is sitting in front of you and send money to the person you are dealing with and if someone tells you that he has been sent by “someone else” and is dealing on your behalf , call that deal off, these are common F2F Scams.
- Be Discreet: Don’t advertise that you’re carrying a large amount of cryptocurrency.
- Beware of Social Engineering Scams: Scammers may try to pressure you or create a sense of urgency. Trust your instincts and don’t be afraid to walk away from a deal that feels off.
- Stay Informed: Educate yourself on common P2P scams you can always ask your queries on Crypto Awaz socials if you are not sure about something
- Verify Cash Deposit: You are going to sell your crypto in exchange of cash currency, be very mindful that spoof/fake currency is very common and it is advisable that you organize the F2F deal inside your own branch bank and ask the buyer to make a deposit in you bank so that fake currency can be ruled out.
If you have more precautionary tips for face to face tip , please share with us so that they can be incorporated in the FAQ.