r/CryptoExchange

Can someone tell me about this crypto GOFI Global Oil Institutional Fund? My dad showed me this today but it seems odd maybe a pump and dump situation

Hi I wanna be doing high frequency trading on spot BTC USD I will be trading once every five minutes and will hold it for 2 minutes but my problem is that I make only 0.15% profit per trade and most platforms fees are more than my profit and the "0% fee" exchanges have really bad reviews on Thurstpilot

Dose anyone know a exchange that would work for me and can be thrusted?

I recently ran into a P2P situation that made me question how much protection the platform actually gives the buyer.

I sent the fiat payment, but the order expired and got cancelled before I managed to mark it as paid.

The weird part is that the seller then opened the appeal themselves and confirmed that they had received my payment.

Binance created a refund process, but support told me that the seller still has to approve the refund. If they do not cooperate, the case can basically stay open and I may have to go to law enforcement.

This is the part I do not really understand.

In a lot of countries, P2P is one of the main ways people move between fiat and crypto. If the seller has already received the money, admits receiving it, and then simply stops cooperating, what exactly protects the buyer?

I am not saying this seller is definitely a scammer or a money mule. I cannot prove that.

But imagine the worst case. The seller is using a disposable account or someone else’s bank account, receives the fiat, moves the money somewhere else and does not care if the exchange account gets blocked.

What leverage is left at that point?

Police may identify the person behind the bank account, but identifying someone and recovering money are two very different things. If there is nothing left to recover, that does not really help the buyer.

Before this happened, I assumed that this was the whole point of using a P2P platform with escrow and dispute resolution. If I can prove that I paid and the seller confirms that they received the money, I assumed the platform could eventually enforce the transaction.

Now I am not sure that is true once the order is already cancelled.

Has anyone here had the same situation?

Fiat sent, seller confirmed receipt, order cancelled, then the seller simply stopped cooperating.
Did Binance or another exchange eventually return the funds without the seller doing anything?

Or did the case just stay open while support kept contacting the seller?

If the practical answer is that the seller can simply stop cooperating and the buyer then has to rely on police, that seems like a pretty serious weakness in the P2P model.