Peer-to-peer (P2P) crypto trading offers fast, flexible, and convenient transactions without the need for intermediaries. However, it also comes with risks, especially from scammers looking to exploit beginners or unaware traders. To stay safe, you need a simple but effective strategy.
1. Use Reputable Platforms
Always trade through trusted P2P platforms like Binance, OKX, or Bybit. These platforms have escrow services that hold the crypto safely until both parties complete the transaction.
2. Check Trader Ratings and History
Before trading, review the other party’s profile. Look for a high number of completed trades, positive feedback, and high completion rates. Avoid new or low-rated profiles.
3. Never Deal Outside the Platform
Scammers often ask to continue the deal outside the platform (e.g., WhatsApp or Telegram). This is a red flag. If you move the conversation off-platform, you lose all protection.
4. Wait for Confirmation Before Releasing Crypto
If you’re the seller, never release your crypto until you see the money in your bank account and it is confirmed. A screenshot is not proof of payment.
5. Avoid Rushing
Scammers often create pressure to act fast. Stay calm and take your time to double-check all details.
6. Use Unique Payment Accounts
Avoid using the same bank account for multiple trades. Using dedicated accounts for P2P helps you track funds and reduce the risk of blocked accounts.
Final Thought
Stay alert, use common sense, and follow platform guidelines. P2P trading can be safe and profitable—as long as you stay one step ahead of scammers.
