Pi Network P2P Transactions: Potential Risks to Be Cautious About

Image:https://minepi.com/blog/open-network/

The P2P marketplace of Pi Network provides users with a decentralized trading platform, allowing Pioneers to directly engage in peer-to-peer transactions with other users. In this marketplace, users can buy or sell Pi coins. However, unlike other trading platforms, P2P transactions do not involve third-party intermediaries, thus carrying a certain level of risk.

Common risks include:

• Scam activities: Some criminals may disguise themselves as legitimate buyers and sellers, using fake trading activities to deceive Pi or fiat currency. Especially those trades that offer extremely low prices or promise high returns in the future are often common scams.

• Fake platforms and businesses: Some malicious websites, APPs, or platforms may disguise themselves as Pi Network’s official channels, inducing users to transfer Pi coins or fiat currency to them. Pi Network explicitly states that only links and resources verified through the Pi Safety Center are the officially recommended channels.

• Illegal activities: If a P2P trading platform or business is not on the official KYB (Know Your Business) list certified by the Pi Network, then it is likely to be illegal or not supported by the Pi Network. Trading on these platforms poses a higher risk of fraud to users, which may result in the loss of Pi coins or fiat currency.

Why choose mainstream exchanges such as Gate.io for trading

The P2P marketplace of Pi Network provides users with a decentralized trading platform, but with the official mainnet launch of Pi, choosing compliant centralized exchanges for trading becomes safer and more convenient. Exchanges like Gate.io have already started supporting Pi coin trading, and by trading through these platforms, users can enjoy a more reliable guarantee.

The advantages of choosing mainstream exchanges include:

1. A legal and compliant trading environment: Mainstream exchanges usually comply with international financial regulatory requirements and take strict security measures to protect user funds. When trading on the exchange, the platform will verify the user’s identity (KYC) to ensure the legitimacy of each transaction.
2. Efficient trading experience: Compared to P2P markets, centralized exchanges provide a faster and smoother trading experience. Users do not need to wait for the counterparty’s response and can quickly complete transactions, especially in cases of significant market price fluctuations, the liquidity provided by the exchange makes buying and selling more seamless.
3. Security Guarantee: Most mainstream exchanges (such as Gate.io) have security measures such as cold wallets, two-factor authentication (2FA), etc., to ensure the security of user funds. Unlike P2P trading, exchanges usually have dedicated customer service teams to handle any disputes or issues, helping users reduce uncertainty and risk in trading.
4. Market Transparency: On the exchange, users can see real-time market prices and trading volumes, helping them make wiser trading decisions. Transparent market pricing and public trading data enable users to avoid the risk of making unfavorable trades due to ignorance.

Image:https://www.gate.io/

How to securely trade Pi currency on Gate.io and other exchanges

Register and complete KYC verification: Before trading on Gate.io and other platforms, users need to complete the platform’s KYC (Know Your Customer) verification first. This step helps the platform confirm the identity of traders and enhance the security of transactions.

Select legal trading pairs: Make sure you select trading pairs that are legally supported by the platform. For example, trading pairs like Gate.io Coin against USDT or other mainstream coins can provide higher liquidity and price transparency.

Enable two-factor authentication (2FA): To enhance account security, it is recommended that users enable the two-factor authentication feature, so even if the account password is compromised, it can effectively prevent unauthorized access and transactions.

Choose the appropriate payment method: when depositing or withdrawing fiat currency on the exchange, choose legal and secure payment methods. Avoid transferring funds through unverified payment channels to prevent fraud.

Stay vigilant and stay away from illegal channels: If you encounter unfamiliar links, platforms, or individuals requesting to transfer Pi market or fiat currency, please stay vigilant. Pi Network has never asked users to perform such operations, and any such requests should be considered potential fraudulent activities.

Image:https://www.gate.io/trade/PI_USDT

How to Identify Risks of Illegal P2P Transactions

Trading below market price: If a transaction offers a price far below the market price, it is likely a scam. Scammers often use attractive prices to lure users and obtain Pi coins or fiat currency.

Merchants without KYC certification: only through the Pi NetworkKYB (Know Your Business)Only certified merchants are allowed to conduct Pi currency transactions legally. If a merchant is not on the certified list, you should avoid any transactions with them.

No payment transfer request: Anyone who asks you to transfer funds (whether it’s Pi coins or fiat currency) first is likely a scammer. Pi Network and legitimate trading platforms will never ask users to pay or transfer funds in advance.

Summary: Ensure safety and avoid risks

With launch of Pi Network’s mainnet, the trading of Pi coins has become more widespread, but it also brings certain potential risks. Pioneers must remain cautious when engaging in P2P transactions, avoid trading with criminals, and ensure that all transactions are carried out through official channels or legal exchanges. Whenever possible, choose well-established trading platforms like Gate.io for Pi coin transactions, not only for safer transactions but also for more efficient services and stronger protection of funds.

It is important to remember that Pi Network will never request users to transfer Pi coins or fiat currency. Any such requests should be regarded as fraudulent and should not be entertained. Protect your Pi account, avoid being deceived, and ensure the safety of your assets.