Chronicle Journal: Finance

Is P2PB2B a scam? What crypto traders say about this platform

Currently, cryptocurrencies are one of the most popular types of assets to invest in. As a result, there is a long list of online platforms for trading coins. Choosing a website is an important step, on which your trading experience depends considerably.

There are a lot of factors you should pay attention to, but the convenience to use and secureness are, perhaps, crucial. The first one is easy to check on your own. It is enough just to create a personal account and look at the interface. But the second one may be challenging. In this article, we are going to make a brief P2PB2B exchange review and consider mistakes typical for beginners in crypto trading. We hope that this information will prevent you from taking the wrong steps.

Disclaimer: This P2PB2B review is written for informational purposes only and is not a guide to crypto investing or trading.

P2PB2B is a scam: true or false?

P2PB2B is a popular cryptocurrency exchange that has been working since 2018. According to the information on the P2PB2B website, the platform unites more than 300,000 users from all over the globe. Although many people make deals simultaneously every day, the website works very fast due to a system that allows carrying out up to 10,000 transactions each second.

The platform uses Simplex, a trusted and quite popular payment service. You can use a debit or credit card to buy crypto or withdraw from any part of the world. Besides, the network has advanced protection against hacker attacks. Thus, there are no reasons to worry about your money. All you need is a MasterCard or Visa card.

The platform is discussed on many independent crypto forums like BitcoinTalk and P2PB2B is praised for a wide range of coins available to trade (more than 200 ones), a quickly responding support team and a nice interface that is convenient even for beginners.

One more thing that should be mentioned is the native PACT token. Its name means a metaphoric agreement between the trading platform and its users. This coin is available only for the community members. You can also get some PACT coins for free as a welcome bonus. You need only to create a personal account. But note that creating multiple accounts is prohibited by the rules.

To sum up, the platform has been actively growing. It even has its own token to provide some privileges to the users.

Nevertheless, you can come across articles and comments saying that P2PB2B is a scam. We have read a lot of them and came to the conclusion that most claims arose due to some mistakes that could have been easily avoided.

In the following part of this P2PB2B exchange review we would like to focus on the most tricky of them and suggest how to keep your money safe. Unfortunately, nobody is immune to taking the wrong steps, especially if you are a beginner. We are sure that paying enough attention to these points will help you avoid problems.

Mistakes in crypto trading

Successful crypto trading requires taking into account many details. Before depositing money, you should find how blockchain and cryptography work. P2PB2B and other crypto exchanges provide a great financial tool, but the crucial thing is how you can use it. So we would recommend you to look at the most common mistakes, remember them and never do the same.

Buying coins at the peak

The cryptocurrency market is one of the most volatile, the price of some coins changes so rapidly that even experienced investors find it difficult to keep their emotions under control. We should warn you that, according to the statistics, most loss-making deals are usually made when a person is guided by panic, fear, greed and other strong emotions.

Buying tokens at the peak of their value due to panic is a typical mistake. When the price rises rapidly, it seems to beginners that they are missing profits. But keep in mind that after a sudden rise a deep price correction takes place resulting in significant losses. Some people believe that such price changes are not a normal mechanism.

Paying no attention to the news

Prompt awareness of a particular event in the world of cryptocurrencies allows you to identify potential trends in advance and open deals in time. The best way not to miss important information is to look through thematic news portals every day or you can subscribe to newsletters.

Unsubscribing from service letters

After creating an account, many people mark e-mails from P2PB2B as spam or unsubscribe. This is a huge mistake that potentially can lead even to losing money. For example, in case of a coin delisting the platform sends a warning letter to all holders of this particular crypto. Since this moment, you have only 2 weeks (14 days) to withdraw. If you miss the letter and do nothing within the stated period, your money will be frozen.

Following no trading strategy

Most beginners have no trading strategy. They tend to buy and sell coins on P2PB2B or other platforms intuitively. This is a gross mistake that sooner or later will lead to losing money. To minimize risks, you need to choose a particular strategy and act within its framework. It should be clearly indicated what you should do in a given market situation. Besides, it is necessary to set the rules for closing a deal.

Preliminary fixation of losses

The value of cryptocurrencies, like all assets, does not move only up or down, the price always varies. Most of the time, the price moves sideways, that is, it rises and falls in approximately the same range. Therefore, if an upward trade was opened, you should not be in a hurry to close it when the price falls, as it is quite possible that this is just another swing before the rise. Each trade should be opened after analyzing the cryptocurrency chart and the latest news. If all factors point to the correctness of the trade, it remains only to wait out the decline.

Ignoring rules and recommendations of the platform

Before depositing and withdrawing for the first time, you should read the F.A.Q. section carefully not to do something wrong and accuse P2PB2B of being a scam. For example, you cannot deposit less than 10$. This is the minimum sum stated by the rules. Here you can read more details: https://p2pb2b.io/fee-schedule/.

When withdrawing, check your wallet address twice and never indicate a smart contract. In this case, the support team can do nothing to bring your money back.

Be attentive, learn about cryptocurrencies as much as possible and try to avoid irrational things.

Happy crypto trading!

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