Thanks to the legacy of TON, telegram chats have become the main audience of the TON Crystal cryptocurrency on the Free TON blockchain. It is not surprising that chatbots that allow exchanging TON Crystal for other cryptocurrencies and fiat money were created in Telegram.
We already wrote about how to buy TON, it’s time to describe another popular method: P2P cryptocurrency exchange in Telegram.
Why is P2P exchange via a chatbot more attractive than a cryptocurrency exchange? Is the process safe? What are the risks? We will answer these questions.
Buy-sell TON In “Manual” Mode
In addition to the automated exchange via the Chatex chatbot, there are groups in the Telegram network in which the exchange is carried out in a “manual” mode, through the guarantors of the transaction. For the exchange to go smoothly, it is important to draw up an advertisement for the purchase or sale of TON Crystals in the format accepted by the group and indicate the guarantor of the transaction. The guarantor in such a transaction means almost everything, because if you take a fraudster for a guarantor, you will probably lose all your money.
P2P-exchanger: buy cryptocurrency without commission
Sergey Potemkin, the guarantor of FreeTON OTC, one of the largest channels of the Telegram network offering TON Crystal exchange, agreed to answer our questions.
- Sergey, tell us how the guarantor system works in Telegram transactions?
There are groups in Telegram that have trusted, community-recognized guarantors connecting the seller and the buyer. Let’s say one member of the group publishes an ad with a price for the sale of a cryptocurrency: in our case, TON Crystal. If another member of the group is satisfied with the terms, he makes a deal — for example, using private messages in Telegram.
Since the parties to a transaction are not familiar with each other, i.e. there can be no question of mutual trust, they resort to the services of a guarantor. The seller and the buyer, together with the guarantor, create a Telegram chat for three participants, in which the terms of the transaction are once again negotiated. The seller sends TON Crystal coins to the guarantor’s address, where they will be temporarily stored. The buyer pays with the seller of the cryptocurrency in a way agreed in advance in the chat. After receiving confirmation from the seller about the receipt of money, the guarantor transfers the cryptocurrency to the buyer’s address.
So far, there are only two chats for exchange: our FreeTON OTC and the international FreeTON OTC p2p Exchange. The guarantor’s nicknames are pinned in these chats and you should always compare the guarantor’s nickname and the data specified in the pinned post. The best way to make sure that the guarantor is real is to click on the nickname in the pinned post.
- For what reason do users reach out to you for an exchange, and do not go to the exchange?
Participants in a transaction cannot always use the services of a cryptocurrency exchange or exchanger — for example, if they want to receive cash, any checks or property rights. Therefore, chats for cryptocurrency exchange will always be in demand. In addition, when exchanging in the chat, you do not need to specify passport data and other personal information. In addition, an exchange for a large amount in the chat does not affect the exchange rate, unlike a cryptocurrency exchange. To exchange in chat, you do not need to leave Telegram, which is convenient. You can also create your own offer to sell or buy.
- What are the dangers of P2P exchange?
When making a transaction, like any financial transaction, you need to be careful. There are often fake guarantors who create similar nicknames.
Moreover, there are even fake exchange groups. The most important thing is to be attentive and careful when exchanging in the chat. The name of the guarantor must be checked during the exchange. A fake guarantor can enter into an alliance with a buyer or seller, leaving the third party of the transaction with nothing. It is quite easy to recognize a fake group — most likely, you will be added to it by spam and will be offered especially favorable terms. Also, scammers can write on your ad in a normal group for exchange — vigilance and attentiveness are also important here.
- How has the TON Crystal exchange rate fluctuated recently?
The price of TON Crystals is gradually increasing, although the balance between the number of buyers and the sellers is maintained.
P2P exchange can rightly be called decentralized. Its advantages in comparison with the exchange through a cryptocurrency exchange are the best rate and the absence of a mandatory KYC requirement, but the user should be on the alert and not fall for the bait of scammers.
The methods used by scammers are very diverse. It can be a distribution to group members of images and other files with “Trojan” programs that are trying to get to the wallet and attempt to extract the seed phrase, pretending to be group administrators or verified users. To protect against scammers when exchanging in chatbots, it is important not to open files received from strangers and under no circumstances disclose the seed phrase that gives access to the wallet.
Over time, thanks to decentralization technologies, other ways of exchanging TON Crystal for cryptocurrencies and fiat money will appear. In the meantime, it is important to know how the exchange via chatbots works, about its advantages and disadvantages, and most importantly, about the risks that can lie in wait for a user who decides to make such an exchange.