Chronicle Journal: Finance

Is P2PB2B a scam?

In this crypto platform review, we are going to provide a clear answer to whether P2PB2B is a scam or not. Moreover, we have gathered for you typical mistakes that beginners make on this website and other trading platforms quite commonly. We hope that this information will help you to get the best experience and prevent you from losing your money.

P2PB2B is one of the fastest-growing platforms in the crypto world. The popularity of tokens is growing day by day globally, and it is truly important to choose a reliable website where you can trade cryptocurrencies securely. According to many credible resources, such as Tokenhell, Cryptocompare and BitcoinTalk, P2PB2B is a noticeable player in the crypto trading field with a large community. Let’s look closer at this website and try to find out all the pitfalls.

P2PB2B: scam or legit?

It is often said that before becoming a member of a crypto exchange community, you should learn the more the better not only about a particular platform, but also what principles the blockchain technology is based on.

In addition, it is needed to understand clearly how transactions are carried out in general. Due to this, we have made this P2PB2B exchange review. Its major purpose is to tell you in detail how the platform works and what you never should do to avoid unpleasant situations.

The website was launched in 2018. But although the platform is pretty young, it is widely known outside the European Union. It unites people who are interested in cryptocurrencies from all over the world. Currently, according to the information on the website, the community has more than 300,000 members.

This platform is entirely secure to use from the point of law. If P2PB2B were a scam, it would immediately stop providing its services. From the legal perspective, there are no questions for the website. But in some posts on social media and forum threads you may come across messages claiming that P2PB2B is a scam. There are some reasons for that.

Unfortunately, some beginners in crypto trading make awful mistakes that may have severe consequences. For example, did you know that some wrong steps taken when withdrawing or even depositing money on your account potentially may result in losing your funds? We would like to help you never face such a situation! That is why the following section is the most important part of this text. Please, read it carefully!

Typical mistakes and how to avoid them

We have mentioned above that before buying or selling coins on P2PB2B (or any other cryptocurrency exchange, it doesn’t matter) you should understand how blockchain and cryptography work. Purchasing tokens is a powerful financial tool like a sledgehammer. In the capable hands it helps a lot, but for an amateur it is useless or even dangerous. Cryptocurrency is almost the same.

Most people who say that P2PB2B is a scam have made the following mistakes.

Investing the entire capital in the first deposit

Many beginners miss the most important element of crypto trading, which is money management. Thus, they make a huge mistake when they transfer all free funds to the trading account at once.

The crypto market itself is a risky zone by definition. The current situation can change significantly at any moment. Moreover, as you are just a beginner, the chance to lose money increases ten times. You should not be afraid of this, but you need to be prepared for such a twist.

Experts suggest depositing about 10-50% of the trading capital for the first time. Remember that the first trader’s goal is to gain experience as much as possible, not profit.

Forgetting about stop-loss

Beginners often are not ready to put up with losses, that is why they take many wrong steps to hold a particular position to the last cent in the hope of price reversal. To avoid this, it is necessary to use Stop-Loss and mark the level on which the price is most likely not to reverse. The loss and profit levels should be provided for by the rules of the trading strategy.

Relying on trading bots

Today many bots for the automation of crypto trading are available on the Internet. But most of them are offered by scammers who try to make money on naive beginners. If an offer is provided not for free and there is no trial period, it is better to stay aside. Free software is also risky to use as it can be infected with viruses. Quite often, developers offer to use their bot for free, but only on an account with a particular broker company, which is famous not for its good reputation.

Investing only in one cryptocurrency

This is definitely the most common mistake of amateur traders. There are always risks and hidden circumstances that may cause an unexpected rise or drop of a particular token. The best strategy is to trade multiple cryptocurrencies by distributing capital according to the principle of an investment portfolio.

Thus, in case of a loss for one asset, you will feel safe, since profits from the others cover a small disappointment. It is recommended to make a list of the most promising coins in advance and invest your money in all of them. In the future, you need to review the portfolio, add new assets and get rid of those that did not live up to expectations.

Paying no attention to letters from the trading platform

Looking through service letters from your trading platform is also an important thing, or you can easily miss a key message. For example, in the case of delisting a coin, P2PB2B sends a delisting letter to all coin holders. Since that moment, you have only 14 days for withdrawing to prevent your money from being frozen on your account. Otherwise, you can do nothing with your funds anymore.

Neglecting the rules of the platform you are using

When creating an account, depositing, withdrawing or doing any other things on a platform, you should be totally sure that you are following all the rules. There are some critical mistakes that may lead to losing money. For example:

  • indicating no MEMO address (for cryptocurrencies that required this option) or incorrect wallet;
  • withdrawing to a smart contract (in this case, the status is “unsuccessful”);
  • creating more than one account;
  • depositing less than the minimum sum ($10 for P2PB2B), etc.

It does not matter what platform for crypto trading you are using. Each of them has a list of rules that you automatically accept when creating an account. Thus, read the F.A.Q. section before depositing money. Those who follow the platform rules, never say that P2PB2B is a scam.

We wish you happy trading!

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