PearDAO
Launch AppWhitepaper
English
English
  • What is PearDAO?
    • How PearDAO works
  • Getting Started
    • Create a wallet
    • Connect Your Wallet To PearDAO and Add PEX token to your wallet
    • How to earn passive income with P2P and trade more safely?
      • Tips and advices
      • How to conduct KYC verification on p2p exchanges?
    • How to avoid scams
    • How to appeal
    • Gas fee and transaction fee explanation
    • P2P Marketplace FAQ
  • Tokenomics
    • PEX Token
    • Innovation Hub
    • Token Allocation
  • NFT
    • How to use NFT marketplace
    • SBT
    • BAB
  • Earn
    • Pear Farm
      • How To Buy PEX-BNB LP Token
      • Trade Access Pool
      • PEX-BNB LP Pool
      • PEX Pool (Projected Launch Date: 4 April 2022)
    • Trade Mining Reward
      • How are the Trade Mining Rewards being calculated?
    • Share to Earn
  • DAO Mechanism
    • Pear DAO Governance
      • Governance
      • Operational
      • Iteration Cycle
    • Pear DAO Treasury Fund
    • Pear DAO Appeal Nodes
      • What if there is a trading problem?
      • PearDAO Appeal Handling SOP
  • Use Cases
    • How To Post Ads
      • Posting Buy or Sell Advertisements (Ads)
    • How To Buy Digital Assets
      • How to Buy Digital Assets On Pear Marketplace
    • How To Sell Digital Assets
      • How to Sell Digital Assets On Pear Marketplace
  • RoadMap
    • PearDAO RoadMap
  • Programs
    • Community Career Roadmap
    • Student Ambassador Program
  • Team
    • Pear Members
      • Product Manager
      • Growth Manager
      • Operations Manager
      • 3D Animation Designer
      • Crypto Gaming / NFT Business Manager
      • Technical Writer
      • Global Community Manager
      • Business Development Manager
    • PearDAO Logos
  • Pear Events
    • WorldCup NFTs Claim Rules
    • World Cup betting rules
    • Tokyo Ver 1.0 Release
      • Features
    • Beta User Airdrop
    • Genesis PearDrop
      • How To Claim NFT
    • AMA
      • Recap of 1st AMA on 20 Feb
    • Learn & Earn Winner List
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  1. Getting Started
  2. How to earn passive income with P2P and trade more safely?

How to conduct KYC verification on p2p exchanges?

  1. Ask the buyer to provide his personal identification documents and ask for video chat verification if needed It is important to conduct your own KYC verification when trading on p2p exchanges, this is a common practice that is adopted by users on centralized exchanges. This is because accounts with KYC verified status can easily be purchased on the internet and there is always a risk that you are trading with another person who bought the account. Ensure that the user's KYC name on ID / Passport is consistent with his/her bank account name. Do not trade with bank accounts which belong to non-verified names.

  2. Checking the recent bank statement and looking out for suspicious activities Just like how banks require employment status and monthly salary from individuals when applying for credit cards, looking at bank statements can ensure that you are trading with a legit p2p dealer. Look at the overall amount in the account, and check on the main source of funds through recent bank statements. If there is a recent deposit which looks suspicious and the user is unable to explain the source of fund for that, cancel order immediately and avoid trading with the user. This is because scammers may use p2p exchanges as a way to exchange their illegal source of funds into cryptocurrencies. If there is no recent deposit into the bank account, it should be considered safe as chargeback and bank freeze should already occur if the funding is through illegal activities. The longer the amount has stayed in the bank account, the safer it is to trade with the user.

🍐 Trading on centralized exchanges or decentralized exchanges does not have a major difference, it depends on how careful you are when dealing with p2p traders on the platform. Remember the two steps and establish long-term relationships with quality merchants on the platform.

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Last updated 2 years ago