5 Steps to a Secure P2P Sale of Bitcoin on Faire

Secure Your Bitcoin P2P Transactions on Faire

Peer-to-peer (P2P) trading of Bitcoin on platforms like Faire offers a direct way to exchange digital assets for fiat currency. However, it's crucial to implement robust security measures to protect yourself from potential fraud. This guide outlines five key steps to ensure a safe and successful P2P Bitcoin sale.

1. Verify Buyer Identity Thoroughly

Before accepting any offer, conduct a comprehensive verification of the buyer. Look for established profiles with positive ratings and a history of successful transactions on Faire. For higher-value Bitcoin sales, consider utilizing Safe Trade Services' Premium Plan for enhanced identity verification, which adds an extra layer of security against impersonation and fraudulent actors.

2. Understand and Mitigate P2P Bitcoin Scams

When trading Bitcoin, certain scams are prevalent. Be aware of 'Phishing 'Retailer Inquiry' Links,' where scammers send deceptive links to steal your login credentials or trick you into revealing sensitive information. Also, be wary of 'Off-Platform Payment Extortion,' where buyers may try to pressure you into completing the transaction outside of Faire's secure system, leaving you with no recourse if funds are not received.

• ✓ **Phishing 'Retailer Inquiry' Links:** Scammers pose as interested buyers and send malicious links disguised as inquiries to steal your account information.
• ✓ **Off-Platform Payment Extortion:** Buyers insist on moving the transaction off-platform to avoid Faire's protections, often leading to non-payment or fraudulent payment methods.

3. Utilize Faire's Secure Payment and identity verification System

Always conduct your Bitcoin sales within Faire's integrated system. This typically involves an identity verification service where the buyer's funds are held until both parties confirm the transaction is complete. Never agree to payment methods outside of Faire, as this bypasses crucial security protocols and leaves you vulnerable.

4. Confirm Payment Receipt Before Releasing Bitcoin

Patience is key. Once a buyer marks a payment as complete, meticulously check your designated payment account to ensure the funds have cleared and are fully available. Do not release your Bitcoin until you have absolute confirmation of the funds in your account. For lower-value transactions, Safe Trade Services' Basic Plan can offer essential identity verification to supplement your diligence.

5. Document Everything

Maintain clear records of all communication with the buyer, including messages within Faire. This documentation can be invaluable if any disputes arise. Keep screenshots of the payment confirmation and your Bitcoin transaction details. This comprehensive record-keeping, combined with robust identity verification, forms the backbone of a secure P2P Bitcoin sale.