Peer-to-Peer (P2P) trading on Binance offers great flexibility for buying and selling cryptocurrencies, but it also attracts scammers. Here’s a concise summary with key tips for safe trading and avoiding traps.
Common Scams to Watch Out For:
Fake Payment Receipts: Scammers edit screenshots or create fraudulent SMS messages to make you believe they have paid. Never release your cryptocurrencies without confirming that the money is actually in your bank account or wallet!
Identity Theft (Phishing): They may impersonate trusted merchants or even Binance support to gain your trust and steal your data or assets. They often contact you through social media to initiate a transaction.
Chargeback Scams: A buyer may transfer money to you, and once you release the cryptocurrencies, they request a refund from their bank claiming a fraudulent transaction, leaving you without your money and your cryptos.
Third-Party Deposits: A scammer may ask you to trade with them but provides you with the bank details of someone else they owe money to. If you agree, you could get involved in a triangulation problem and lose your funds.
Key Tips for Safe Trading:
Verify, Don't Trust: The golden rule is to always check your bank account or wallet to confirm receipt of payment before releasing any cryptocurrency. Do not rely solely on SMS notifications or screenshots.
Communicate Only Within Binance: Keep all your conversations with the counterparty within the Binance P2P platform. Do not accept to negotiate through social media or other channels.
Choose Verified Merchants: Prioritize transactions with merchants who have a yellow "Verified" badge. These users have undergone an additional verification process. Check their reputation, the number of completed orders, and feedback from other users.
Use Unique Passwords and Two-Factor Authentication (2FA): Strengthen the security of your account with a strong and unique password for Binance and enable two-factor authentication.
Beware of Unrealistic Offers: If an offer seems too good to be true, it probably is a scam. Scammers often lure their victims with prices well below or above the market.
Use the Escrow Service: Binance P2P holds the seller's cryptocurrencies in escrow until payment is confirmed, protecting both parties. If you have an issue, don’t hesitate to appeal and contact customer support.
Beyond these tips, what other security measure do you consider essential when trading in P2P?
