Peer-to-peer (P2P) trading on Binance is an easy and flexible way to buy and sell cryptocurrencies directly with other users. However, like any online financial activity, traders need to be careful to avoid falling victim to scams. In this article, we will discuss some important tips that traders should follow to ensure the safety of their transactions and protect their funds while using the P2P platform.
1. Ensure the credibility of sellers and buyers
One of the most prominent aspects of P2P trading is the direct dealing with individuals. Therefore, traders should ensure the credibility of the other parties in the transaction. You can always check the ratings and reviews of the seller or buyer on the Binance platform, as the platform provides ratings from previous users, which gives you an idea of the reputation of the other party.
2. Do not hand over the digital currency until you confirm the payment.
It is very important that you do not release cryptocurrencies from your escrow account until you are sure that you have received the agreed amount. You must ensure that the payment has been successfully completed and that you have received the full amount in your bank account or agreed payment method before sending cryptocurrencies. Any attempt to request additional payment after the transaction has been completed should be considered fraudulent.
3. Use Escrow
One of the most important advantages of P2P trading on Binance is the escrow service, which ensures that cryptocurrencies remain locked in your Binance account until the payment is confirmed. Never complete a transaction outside of this service, as using personal accounts for transfers may increase the risk of fraud.
4. Beware of tempting offers
If an offer seems unusually attractive, such as a price that is very low compared to the market, this could be an indication of a scam. Always check the price in the general market, and if an offer seems suspicious or unreasonable, it is best to avoid dealing with it.
5. Communicate only through Binance official channels.
Do not conduct any conversations or understandings with other parties through external platforms such as personal apps or social media platforms. Always use the official Binance app or website to complete the conversations and make sure everything is officially documented. Communication outside of the Binance platform can be a means of fraud.
6. Beware of suspicious links
Sometimes, scammers may try to send fake links that may lead to fraudulent sites. Always make sure that you are dealing with the site
