Avoiding Peer-to-Peer (P2P) scams on Binance requires caution and adherence to security best practices. Here are some tips to help you stay safe.
1. Trade with Verified Users: Ensure the other party is KYC verified and has a positive reputation with high trading volume.
2. Use Binance Escrow: Always use Binance's escrow system to protect your funds until the transaction is complete and confirmed by both parties.
3. Verify Payments Before Releasing Crypto: Double-check that you have received the payment in your account before releasing any cryptocurrency.
4. Avoid External Payment Methods: Stick to Binance-approved payment methods and avoid dealing with untraceable or less secure platforms.
5. Report Suspicious Activity: If something feels off, immediately contact Binance support to report potential scams.
By staying cautious and following these practices, you can minimize the risk of falling victim to scams on Binance’s P2P platform.