Binance P2P is a hotspot for cryptocurrency trading, but it's also a breeding ground for deceitful schemes. Here are 7 common swindles on Binance P2P and how to outsmart them:
1. *Phony Payment Verification Scam*: Con artists falsely confirm payments without transferring funds. Verify transactions in your financial institution or wallet before handing over crypto.
2. *Reversal Scam*: Scammers retract payments, leaving sellers empty-handed. Opt for payment methods without reversal options and trade with trustworthy users.
3. *Proxy Payment Scam*: Scammers utilize someone else's bank account to make payments. Only accept payments from accounts matching the buyer's Binance username.
4. *Market Manipulation Scam*: Scammers create fake orders to distort market prices. Compare prices across multiple offers and steer clear of deals that seem suspiciously good.
5. *Imposter Support Scam*: Scammers masquerade as Binance support, requesting sensitive info or funds. Only contact Binance support through official channels.
6. *Hasty Release Trick*: Buyers coerce sellers into releasing crypto before payment confirmation. Never release crypto until payment is confirmed in your account.
7. *Arbitrage Exploitation*: Scammers exploit platform delays or hidden fees to resell crypto at inflated prices. Calculate transaction fees and hidden costs before trading.
To safeguard yourself on Binance P2P:
Trade with reputable users boasting high completion rates and positive feedback.
Verify payment confirmations in your account before releasing crypto.
Refrain from sharing sensitive info or clicking suspicious links.
Report shady activity to Binance promptly.
Stay vigilant!
Best of luck dor your trades.
