1. Start with a Satoshi Test.
Ask the person to send a tiny amount of crypto, like a Satoshi. But first, check if the wallet they're using is personal or from an exchange.
How to figure it out: Look at the transaction history on the blockchain. If there are tons of transactions happening every few seconds, it’s likely an exchange wallet. If there are only a few transactions with decent gaps, it’s probably a personal wallet.
2. Watch out for the Man-in-the-Middle Scam.
This sneaky scam involves three players: the Scammer (A), the Seller (B), and the Buyer (C).
The setup: The scammer pretends to be a buyer to the seller (B) and a seller to the actual buyer (C). He tells the seller that his representative (who is really the buyer) will meet to exchange cash. Then he tells the buyer that his rep (the real seller) will meet to hand over the crypto.
The trick: The buyer and seller meet, both thinking the other is just a rep. Once the seller confirms the cash, if he sends a $10 test transaction, the scammer will also send $10 from his own wallet to the real buyer for confirmation. Once the buyer says they received it, the seller then sends the full amount to the scammer’s wallet and poof… the scammer disappears, leaving the buyer and seller stuck in a financial mess.
How to dodge it: Always ask the person in front of you for their wallet address directly. Don’t ever send money to an address they give you through a message.
People forgot there's a super easy way to prove that the wallet they're about to use belongs to them. And that's just by asking them to sign a message that you can verify.
Why trust the person to say they're not using an exchange wallet? Just ask for message for them to sign, you verify. 5 seconds.
When you are trying to purchase crypto you can have different options and most of your recommendations are a p2p trades which is conducting into an online or even physical meet up. But also you can use this too in a way of using of a centralized exchange with this the platform have their KYC submitted so you can also report them if they did not release the funds. Now just the cons of the CEX is having a mandatory submissions of your personal information now if you are quite sensitive with your data is you can use a DEX which is just making a transaction send destination address, send the amount and receive to your wallet. Now if you really wanted to push the p2p you need to consider they are trusted such as having a signed with their address or do a small amount only and do large if only a meet up.
The best is to used an exchange that are very common to them where verification would be that easier for him, I don't know a Dex that are supporting p2p apart from Bybit or bitget.
But op has to be extremely cautious since he hasn't used it for the first time, he could likely get scammed so easily, so what to do is to locate someone who is from their local board and then buy Bitcoin directly from that person only from a reputable p2p service provider.
When we want to trade regardless of the coin we have in mind, we must ensure that we have more information about the market we are going for and also have a particular strategy we use that will not affect us at the end, doing things intentional will make us achieve what we intended to get, but when we are less informeded and don't know what is at stake, we may experience otherwise, knowledge is profitable for those who seek it and it will help them in every thing they do regarding cryptocurrency, this already explain it all.
It's true but only one of the many measure to take when conducting cash to crypto purchase because the seller can hold the fund or even scam because they are the one receiving the other party money first.
Better way is to use a P2P market place where they have some kind of escrow mechanism programmed into their app, maybe even using bybit's P2P market place if you want a more centralized solution just for the sake of avoiding scam.
1. Is it important to know the type of self-custody wallet or not since you're acting as the recipient of coins? Are there any advantages or disadvantages?
2. Almost all Android wallets have a built-in QR code generator for receiving Bitcoin, which is the most convenient way to send Bitcoin for face-to-face transactions. Who's to blame? Both of them, because they're both stupid.
Furthermore (for cases 2 through 4), this type of transaction is not recommended for physical security. If you must, do it at least at a police station and have one of the officers record it. If both (buyer/saler) are honest, they won't mind.
Yup, I would say so. But in this year of 2026, there's no reason to not use a wallet with a basic function such as signing a message. I believe any reputed good ones should have one by now.
This is the point. To be honest, I don't even know if its true in 2026 there are still self custody wallets that don't allow you to sign a message, if there are still such ones, you shouldn't be using them
So yup, I think my original point is still very valid, why go through all that trouble if the P2P guy doesn't know how to sign a message, you probably shouldn't be doing a trade with them
True also, but P2P the way I do is only with trusted people I've already done small amounts first via such platforms years and years ago. I know its hard to build up this trusted network, but this forum is where I actually know people from and do P2P with directly, for example SO agree with you: bybit or binance first. Once you've done a trade, get the contacts.
I use Huobi now because you can also see how much the user puts up as collateral (a big amount shows they're serious). Then take it offline after first 2 or 3 trades and establishing contact.
I think that all these tips are no longer relevant, because now it makes no sense to buy or sell cryptocurrency to unknown people without using a guarantor. Obviously, everyone already knows that almost the safest way to buy or sell cryptocurrency for fiat is to use p2p, although we must admit that there are enough crooks who try to cheat the system.
Stick to trusted, well known platforms or verified local dealers. Never meet strangers alone for large cash deals use public places or exchange desks if possible. Keep records of every transaction, even if the other side says 'no need.' And most importantly: don't let urgency or a 'too good' rate blind you. Scammers love cash because it leaves no trace. Move smart, not desperate.
Face-to-face trades aka F2F trading is very risky that is why trading platforms removed the trading in person features a long way back. It is very simple to know the real one. Simply ask them to sign in a message, don't ask them to send even a single satoshi, this can be done in the true/foolproof way.
And if you are dealing with crypto to fiat or vice versa, then build your profile in p2p exchanges or the decentralized p2p like Bisq, which allows you to trade completely anonymously while you control the funds entirely.
Trading crypto to cash or vice versa should not be a serious problem for anyone if you are very conscious of whom to trade with and on what platform you like to trade on. There are different exchnages online and some have good reputation while others may be struggling to have a reputation. It will be smart to trade on a good reputable exchange if you want to trade successfully without having problem with any merchant they are know for scamming people. There are exchange that support trading in large quantity so all these exchanges have the kind of traders they support and the number of Bitcoin you can trade.