There is no doubt that the P2P market is the best option for some traders in the cryptocurrency market. A large percentage of traders in the cryptocurrency market reside in countries facing banking difficulties in dealing with cryptocurrencies, so they cannot use the platform's bank transfer for withdrawals and deposits. Therefore, the P2P market is not only the best for this category but is also the only option.

Although the P2P market is considered one of the best ways to withdraw and deposit cryptocurrencies, you may encounter scams while using it, so you should be sufficiently aware to avoid such operations.
In this article, I will explain several ways to avoid scams in the P2P market.

Do not communicate with a P2P trader outside of Binance.

After submitting a buy or sell request, the contact details and a chat window will appear for you and the trader. Sometimes, scammers may try to lure you into completing the transaction outside of Binance. If you encounter such a scenario, do not accept in any way to complete the transaction outside of Binance, even if a lower price is offered.

This is simply because you need all communication between you and the trader to take place within Binance, so that the platform can retrieve your funds in case of fraud when a complaint is filed. Therefore, any dealings outside of Binance will expose you to the risk of losing your money.

Deal with verified traders.

Binance has a new verification system that gives you an idea of how reliable and experienced the trader you are dealing with is.

Binance divides verification into two sections: Verified and Professional.

Verified Merchant

This classification is divided into three categories:

  • Bronze Merchant: A trader with a transaction history and a reserved security deposit with the platform.

  • Silver Merchant: An experienced trader with a regular trading record.

  • Gold Merchant: A trader with extensive experience and a rich trading history.

Professional Merchant

This classification is also divided into three categories:

  • Shield Merchant: A trader who has allocated a large amount for insurance with the platform and has a security system for trading.

  • Block Merchant: A trader with a distinguished trading experience and large trading volume.

  • Pro Merchant: Open to local platforms.

These are the six categories of Binance verification, through which you can determine with whom you are dealing.

As a precaution, if you are trading any amount less than $100,000, any trader with Bronze, Silver, or Gold verification will be an excellent choice.

If you intend to trade an amount exceeding $100,000, it is best to choose a trader who has Shield, Block, or Pro verification.