P2P Security Tips: How to Stay Safe When Buying & Selling Cryptocurrency on a P2P exchange

. 7 min read

LocalCoinSwap is a secure P2P marketplace that helps people from all around the world to buy and sell cryptocurrency fast, easy and private. However, as cryptocurrency such as Bitcoin, Ethereum, Monero and Dash, become more popular, there is an increased need to ensure that you are always utilizing the latest security measures to protect your cryptocurrency wallets and investment portfolios. New scams can pop up at any time, in a variety of different formats, so it’s important to remain vigilant when buying or selling cryptocurrency to safeguard your hard-earned funds.

If you are new to P2P trading, these security methods will become second nature in no time. You can also keep a print out of this information nearby to ensure that you are following best practice when you begin trading with your peers on the exchange.

We have provided these security tips to help you stay safe when buying and selling your cryptocurrency on the LocalCoinSwap P2P platform.

Technical Safety:

- Use a Unique E-mail Address!

When you register at LocalCoinSwap all you need to get started buying and selling cryptocurrency is an email address, username, and password. When choosing which e-mail address to use it is a good idea to set up a dedicated email specifically for use with LocalCoinSwap and not used for anything else. This unique P2P trading email address should be kept private and should neither be used for any correspondence with other traders you may be trading with. Try to keep this email address as a source for receiving updates and notifications about your LocalCoinSwap account only this way fewer people know about it. Gmail and Proton email accounts are great as they are free and have multifactor authentication settings.

- Use a Unique Password!

Whilst it is easy to use the same password for many different websites, we cannot stress enough how important it is that you choose a completely new password that you DO NOT and WILL NOT use elsewhere. If an attacker gains a password that you use on multiple accounts, they will immediately have access to all of your other accounts that use the same password. This simple step will ensure that if one account is compromised, you will limit the potential of the hacker accessing your other accounts.

- Enable Multi-Factor Authentication (MFA)

MFA is essential to enable because it means that if your password gets discovered by a hacker, they will still need to input a randomly generated code which changes every 60 seconds to do any withdrawals or initiate contracts. To do this, download the google authenticator app to your mobile device, log into your LocalCoinSwap P2P account, click on your username on the top right-hand side and select settings. Once the setting page loads, select the security tab and enable Multi-factor authentication.

- Apply MFA to Your Additional Accounts

You can add Multi-Factor Authentication (MFA) to a whole host of services and sites. Now you have it on your LocalCoinSwap account it is a good idea to also add this to your email and social media accounts too. This gives you further overall protection in a simple way to stay safe online.

- Review Your Login History Often

Every so often it is a good practice to check your login history to your LocalCoinSwap account. This can be done by going to your settings page found underneath your username on the top right-hand corner of the site. Click your username and in the drop down box select settings. After doing that select the login history tab to view your entire history. If you notice any unauthorized or suspicious logins you can act accordingly by changing passwords and running anti-virus, as well as malware, scans on your computer. It is also a good idea to get in touch with LocalCoinSwap support by raising a support ticket. This can be found here. Once on the support page select “I have a security issue” from the pull-down box and explain that you have had unauthorized or unknown attempts at logins to your account.

The people you trade with might send images as proof of payment at your request. Always take care to ensure that your antivirus software is up to date and never open files with .scr or .exe filetypes that you are unsure of. Never open suspicious links and, if in doubt about something, simply do not open the file. It is good practice to run periodic full anti-virus scans too to ensure your computer is safe. This covers you for most of your web activity but you should always stay alert to new viruses and scams.

- Do Not Post any Trades Using a Public Shared Device

Using internet cafes, public library computers or campus computers should be avoided when buying or selling cryptocurrency on P2P platforms as it is impossible for you to determine their security or if keyloggers have been installed. Keyloggers steal your private information by recording everything you type, exposing your passwords and usernames to attackers easily.

- Bookmark our LocalCoinSwap Website

Before you log into LocalCoinSwap, always check the browser address bar to ensure you are on the genuine LocalCoinSwap website E.g. https://localcoinswap.com, as scammers will set up fake websites that look similar but are there to complete what is called a ‘phishing attack’. Scammers could even create entire fake website domains that might only have subtle differences such as localcoinswaps.com or even localcoinswap.co for example. Make sure you always verify the address bar and bookmark our website once you are certain to be on the genuine site linked above.

- Never Click on Paid Google Ads to Access Our Website

Paid Google ad links are often displayed at the top of a search engine, sometimes below. Google has strict rules with regards to paid advertising for cryptocurrency platforms such as LocalCoinSwap. Although some exchanges and platforms have been cleared for paid advertising being a new platform LocalcoinSwap has not although this will likely change in the future. Any that you see currently will not be a genuine advertisement and most likely link to a phishing site. Always ensure you are on https://localcoinswap.com before entering login details.

- Only Use Verified Software From 3rd-Parties

The install and use of pirated (illegal) software put you at the mercy of trojan horse attacks and other viruses. Browser add-ons that are not 100% trusted should not be used either as this increases the risk of attack and potentially finding sensitive login information. Specific malware that targets cryptocurrency users can be installed without your knowledge by using illegal software.

- Pay Attention to the Email Address in Your Inbox!

When raising a support ticket, or receiving any e-mail correspondence check the sender's address. Scammers will often try to dupe you into thinking the e-mail you have received is from an official account. Only accept and reply to e-mails from localcoinswap.com. Check the mailed by and signed by portions of the e-mail. Scammers will try to use subtle changes such as localcoinswaps.com, for example, to mislead you into thinking it is an official correspondence. Localcoinswap staff will never require your passwords and will never ask for them.

- Use Google to Research if You Are Unsure

If you are in doubt about certain addresses or messages being sent to you, you can also check google by searching the message or account details that have contacted you. It is often worthwhile to do so because other users who have run into scammers will post and warn the public of these copied messages or accounts. Scammers will often use one message, copy and paste it and use it en mass.

- Contact LocalCoinSwap Support

If you are ever in doubt, or have any concerns you should always contact LocalCoinSwap customer service immediately. You can do this via e-mail on our Customer Support Portal, on Telegram or on Discord. Admins in chat will always have an admin tag next to their names. Once you join, ask for an admin, they will respond always in the public channel and they will instruct you to private message them. From here they will quickly deal with your concerns. As above, admins will never require your account passwords and will never ask for them.

User Safety:

- Understand New Buyers

The most fraudulent activity comes from brand new accounts to it is important you understand and check user profiles to understand their status. When posting a trade, fill out the description to tell new traders with no rating or trade history that you will only enter into small trades with such accounts at first. This will limit your exposure to large scale fraudsters and also build your reputation as someone who is security conscious and trustworthy.

- Verify the Buyer's Reputation

Before entering or receiving a new trade, take a look at the trader's profile. You will be able to see their feedback given to them from past trades as well as their overall rating. This gives you a good indication of their trading reputation and how other fellow traders experience went with them.

It is a good habit to ask those you trade with to leave feedback and or a rating at least with you yourself doing the same. Building a good reputation within the platform will ensure a wider community of trusted traders and help newcomers as well as you enter into more trades with less worry.

- Understand Payment Reversals

It’s important to remember that some of the online payment methods used in P2P trading can be reversed. Unfortunately, this is even true after the money has arrived into your account. Different countries and banks have different online security measures. There is a possibility within countries using weaker security practices to have their computers compromised. Hackers can then initiate transfers and payments to any number of different services and those include the buying of cryptocurrencies.

To lessen this risk you can always ask those entering into trades with you to supply you with proof of identification. This can be sent conveniently to you via the chat box that is opened with new trade contracts. Once the person sends you proof of I.D, carefully check the name on it and make sure it is the same name of the account that sent you money. When setting up a trade advertisement you can include in the description of your trading conditions that you only trade with people willing to send a proof of ID. This will alert other traders to know that you are a vigilant trader regarding security and will hopefully deter any potential scammers from trying to scam you.

- Join our Official LocalCoinSwap Community Chat Groups

Knowledge is power, if there are any potentially harmful viruses or know scams going on in the community, our dedicated team always update community members. This is done not only for our platform but for all cryptocurrency communities we are aware of. Stay ahead of the new ways attackers operate and join a fun community at the same time! There is always someone available to chat with in either our official LocalCoinSwap Telegram group or official LocalCoinSwap Discord group.

Scammers are in the minority when it comes to P2P trading however knowing how to protect yourself and your assets are invaluable knowledge. Ensuring that you follow these simple best practice methods above you will be doing a lot to ensure that you are safe when buying and selling cryptocurrency on LocalCoinSwap.

Armed with this knowledge, you can start P2P trading now! Join us at LocalCoinSwap to get started trading!