Trading cryptocurrency through Binance P2P is a convenient method that allows you to connect directly with other buyers and sellers on the platform. However, this is also an environment where scammers often lurk to steal your assets. Understanding common scams and implementing preventive measures is crucial to protect yourself. Let's go through the 5 most common scams on Binance P2P and how you can avoid falling into their traps.

⚠️ 5 Common Scams on Binance P2P

1. Fake Payment Receipts

Scammers send fake screenshots or documents confirming fake money transfers to trick you into confirming receipt of money. In reality, no payment has been sent to your bank account. Naivety and lack of thorough checking are the 'delicious bait' for this trick.

2. Impersonating Trusted Individuals

Sophisticated scammers often impersonate:

• Traders with a good or verified activity history.

• They even impersonate Binance's official support team to manipulate user psychology.

They use fake reputations to build trust, prompting you to make transactions without suspicion.

3. Chargeback Scam

After receiving cryptocurrency from you, the scammer contacts the bank to request a refund of the transferred amount under the pretext of a mistake or misinformation. This causes you to lose the cryptocurrency traded without being able to do anything.

4. Phishing: Stealing Login Information

This trick operates through:

• Phishing emails: Scammers send emails that resemble notifications from Binance, asking you to log into your account through a fake link.

• Scam websites: They create fake versions of the Binance site, where they can collect login information and take control of your account.

5. The 'Too Good to Be True' Trap

Some buyers/sellers offer unusually low or high trading prices, enticing inexperienced newcomers. The goal is to lure you into a trap and manipulate the trading process. By the time you realize, you have lost money or been scammed.

🛡️ How to Protect Yourself on Binance P2P?

✅ 1. Thoroughly Verify Payments

• Do not trust screenshots of payments. These images are very easy to edit.

• Check your bank account balance or transaction history on Binance directly before confirming receipt of money.

• Never 'release' cryptocurrency before being sure the transaction has been successful.

✅ 2. Activate Additional Security Features

• Two-factor authentication (2FA): Add an extra layer of security when logging in or making transactions.

• Anti-phishing code: Set up a code to distinguish official Binance emails from fake ones.

• Strong passwords: Do not share your password and change it frequently to avoid information theft.

✅ 3. Trade on the Official Platform

• Only use the official Binance app or website to conduct transactions.

• Do not conduct transactions outside the platform: Chat groups, Telegram channels, or unverified third parties carry very high risks.

✅ 4. Use Binance's Dispute Tool

If you notice any unusual signs in the transaction:

• Do not confirm transactions.

• Immediately file a complaint through Binance's dispute tool. The support team will intervene to protect your rights.

🔒 Always Trade Cautiously and with High Alertness

Binance P2P is a powerful tool for the cryptocurrency community, but the safety of your assets depends on your vigilance and caution. Scammers often exploit trust and urgency—never let them know this weakness.

Always:

• Be cautious of sophisticated tricks.

• Apply security measures.

• Refer to the official security guidelines from Binance to trade confidently.

💬 Have you ever encountered a scam situation on Binance P2P or have any other security tips? Please share your experiences and advice in the comments to help build a safe and strong trading community together! 🚀