The Best Online Platforms for Converting $100 Gift Cards to Naira

Potential Risks When Trading

Any investment carries a potential risk. To lessen the risk when trading, read our guide on how to protect yourself.

Part of protecting your investment involves familiarizing yourself with all the risks that come with trading. Being aware of these risks puts you in a better position to make a profit off your Trade. In this article, we’ll cover most of the risks both sellers and buyers may encounter while trading on YormeHut.

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    Risks for buyers on YormeHut

    If you’re new to our marketplace, some dishonest users may try to take advantage of you. Here are a few ways they can do this:

    Sellers asking you to cancel the trade after you’ve paid

    This is a common tactic used by scammers, where they’ll ask you to cancel the trade after you’ve paid.

    For example, if you’re trading a gift card and you’ve uploaded all the details of your gift card, then you put yourself at risk of giving those details away for free. Scammers can then use the gift card right away, and if you cancel the trade, the Order will be released from escrow back to the scammers as well. Essentially, these users get the gift cards for free, and you lose your Property.

    If a seller ever asks you to cancel the trade after you’ve paid, don’t cancel the trade. Instead, follow these steps:

    • Click Report Order and start a dispute.
    • The moderators will investigate the trade and award the Trade to the deserving party.
    • Be ready to provide additional proof to the moderators and extend your full cooperation to the investigation.

    Another tip to protect yourself is to ensure that the seller is online before uploading a Screenshot and making payments.

    Note: Reselling gift cards is strictly prohibited and is against our Terms of Service. Make sure that you are the original buyer of the gift card.

    Trading outside YormeHut

    Many scammers will try to complete a trade outside of YormeHut. They may ask for your contact details and attempt to get in touch outside of our marketplace. If you agree to trade outside of our platform, you lose the protection of our secure escrow.

    Once you trade outside of YormeHut, there are no guarantees that the seller will send you your Money. And our moderators won’t be able to provide assistance since the trade happened outside of our platform. Remember that the escrow system is in place for your protection, whether you’re a buyer or a seller.

    Risks for sellers on YormeHut

    Just like buying, there are also a few risks that you have to look out for while selling on YormeHut. Familiarizing yourself with these risks will help you protect your funds.

    Reversible payment methods

    Some payment methods on YormeHut are reversible (such as PayPal or credit cards), meaning that the payer can request a refund. A common scam occurs when a fraudulent trader uses a reversible payment method. After the trade is completed, the scammer will then ask for a chargeback.

    If you receive a chargeback, follow these steps:

    • Go to your dashboard
    • Click to Order.
    • Click the trade where you got the chargeback, and you will see the trade page.
    • Scroll down, and under your instructions, you will see the Info for the trade.

    Gift cards that have already been redeemed

    This is a common method that fraudulent traders use. It occurs when buyers upload details of gift cards that have already been used. Scammers may also say that they’ve already made the payment or that they’re in the process of making it.

    It’s important that you check the balance on the gift card before Pay. You can check the balance by redeeming the gift card and making sure that the balance is reflected in your account.

    You will want to do this quickly, as the buyer may try to sell the same card to another seller. At the same time, be wary of scammers who ask you to trade quickly.

    Buyers using a fake ID or a stolen credit card

    Credit card companies usually protect their users from fraud. If their customers report that their card was stolen, they will block specific transactions. This is why it’s important to check the users’ IDs and ask for a selfie to prove the trader’s identity.

    Be wary of blurry images, especially if the face and name on the card are not clearly visible. If a user is genuine, they are usually willing to complete all trade instructions. Some traders may refuse to give their ID, but It’s up to you to decide what proof you’re willing to accept for each trade. Keep in mind that the more evidence you have, the more leverage you’ll have against the scammer.

    The user is “very busy”

    Be cautious with users who try to rush a trade. Some users may try to rush you and say they’re “very busy”. 

    This is typically a red flag, as some scammers will try to push you into Pay. If you do send the scammer your funds, the fraudulent trader may send your cryptocurrency to a non-Paxful wallet. After they send their fund outside of YormeHut, they can get away without get a pay for the Trade.

    Both buyers and sellers should carefully follow the trade instructions provided and finish the trade when all agreed-upon conditions have been met. For more information on how to secure your Trade, take a look at our security guide.

    If you need any assistance from our Support team, do not hesitate to contact us. Check out this article on How to Contact Support.

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