Peer-to-peer (P2P) trading on platforms like Binance offers great flexibility and convenience, but it also comes with risks, especially for beginners. Scammers often take advantage of new users’ inexperience, using a variety of scam tactics. Here are some of the most common scams and how to avoid them:

1. Fake website

Scammers may create fake websites that look exactly like Binance or other reputable platforms. These websites are designed to trick users into entering personal information or making transactions.
How to stay safe:

  • Always double check the website URL.

  • Use bookmarks to access official websites.

  • Look for secure HTTPS protocol in the address bar.

2. Impersonating customer support

Scammers often impersonate Binance support staff, contacting users and asking for sensitive information such as one-time passwords (OTPs) or account login information.
How to stay safe:

  • Binance support will never ask you for OTP or password.

  • Only contact customer support through official channels such as the Binance app or website.

3. Fake payment proof

Some scammers will send fake payment receipts or screenshots as “proof” of a transfer, even though no actual transaction occurred.
How to stay safe:

  • Always check your bank account or e-wallet to confirm receipt of funds before releasing cryptocurrency.

4. Partial or incorrect payment

In some cases, scammers will send incomplete payments or amounts that don't match the agreed amount, hoping the user won't notice.
How to stay safe:

  • Please verify the transaction amount carefully before confirming the transaction.

  • Cancel the transaction immediately if the amount is incorrect.

Scammers may send malicious links via text messages or emails. Clicking on these links may redirect you to fraudulent websites or result in malware being installed on your device.
How to stay safe:

  • Avoid clicking on any unwanted links.

  • Always verify the source of the message.

General Tips for Safe P2P Trading

  • Verify User Profile: On platforms like Binance, check the trading history, feedback score, and reviews of the counterparty before starting a trade.

  • Enable Two-Factor Authentication (2FA): Increase your account security by enabling 2FA.

  • Use trusted platforms: Always use reputable and well-known platforms for P2P trading.

  • Educate yourself: Familiarize yourself with the transaction process and common scams to stay ahead of the scammers.

Conclusion

P2P trading can be a very profitable way to buy and sell cryptocurrencies, but it is important to be cautious. Scammers often target new or inexperienced users, so staying vigilant and informed is your best defense. By following the above tips and being cautious, you can enjoy the benefits of P2P trading while minimizing the risks.