🚨 Avoiding peer-to-peer (P2P) scams on exchanges like Binance requires vigilance and adherence to best practices. Here’s how you can protect yourself:
Verified Traders
- Check Ratings and Reviews Only trade with users who have high ratings and positive feedback. Binance P2P allows you to see a trader’s reputation score and trading history.
- Verified Badge Prefer trading with users who have a verified badge, indicating they have passed identity verification.
Use Escrow Services
- Binance Escrow: Binance P2P has an escrow system that holds the seller’s cryptocurrency until the transaction is confirmed. Ensure you complete all transactions.
Avoid Off-Platform Transactions
-Stay on Platform: Never agree to complete a transaction outside of the Binance platform. Scammers may lure you with better rates or faster transactions, but off-platform deals are not protected by Binance’s security measures.
Double-Check Payment Details
- Accurate Information: Ensure that the payment details provided by the seller are correct and match the name on the account. Scammers may try to trick you with incorrect or altered payment details.
- Payment Verification: After making the payment, double-check the transaction before marking it as complete on Binance. Do not release the cryptocurrency until you have confirmed that the payment is successful.
Beware of Fake Payment Receipts
- Verify Payments: Scammers may send fake payment receipts to pressure you into releasing the cryptocurrency. Always verify the payment by checking your bank or payment account directly before releasing the funds.
Avoid Suspicious Offers
- Too Good to Be True: Be cautious of offers that seem too good to be true, such as prices significantly above or below the market rate. These can often be scams designed to lure you in.
- Pressure Tactics: Be wary of users who try to rush or pressure you into completing a transaction. Scammers often create a sense of urgency to make you skip important verification steps.
