Peer-to-Peer (P2P) trading on Binance offers users a direct way to buy and sell cryptocurrencies without involving a middleman. While this system promotes financial freedom and flexibility, it also comes with certain risks — especially scams. Here’s how you can stay safe and avoid falling victim to P2P scams on Binance.
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1. Always Trade with Verified Users
When using Binance P2P, it’s crucial to select traders who are verified and have high ratings. Check for:
Yellow “verified” badges
High completion rate (90% or above)
A large number of completed trades
Avoid users with low ratings or recent registration.
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2. Never Complete Payment Outside Binance
Scammers may try to convince you to cancel the Binance order and send funds through external platforms like WhatsApp, Telegram, or private bank transfers. This is a major red flag. Binance’s escrow service only protects transactions completed within the platform.
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3. Use Binance’s Chat System Only
Keep all communication within Binance’s official P2P chat. This ensures that in case of a dispute, Binance support can review the conversation and resolve the issue fairly. Don’t fall for requests to chat on third-party apps.
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4. Don’t Release Crypto Until Payment Is Confirmed
If you’re the seller, never release crypto until you’ve received payment in your bank account. Scammers may upload fake payment screenshots or claim they’ve sent money — but you must confirm the payment yourself from your bank’s official app or website.
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5. Beware of Overpayments and Chargebacks
Some scammers overpay to gain trust, then request a refund and later file a chargeback. Always check the exact amount and ensure it matches the order. Also, avoid refunding to different accounts from the one that sent the funds.
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6. Report Suspicious Activity Immediately
If you suspect a scam, don’t hesitate — click “Appeal” and report the issue to Binance immediately. Provide evidence like screenshots, chat logs, and transaction proofs.
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Final Thoughts
Binance P2P is a great tool when used wisely. By sticking to platform rules, verifying users, avoiding third-party communication, and never releasing crypto before confirming payment, you can enjoy safe and secure trading. Stay cautious, and always prioritize safety.