How to be safe on Binance P2P and avoid getting burned
Binance P2P is like Tinder for crypto, but without the awkward dates and ghosting. However, just like any online marketplace, Binance P2P also has its fair share of scammers and fraudsters who want to take advantage of you. Here are some tips on how to be safe on Binance P2P and avoid getting burned:
Verify your identity and enable security features. Before you swipe right on a trade, you need to complete the identity verification process and enable two-factor authentication (2FA) on your account. This will help protect your account from hackers and impostors .
Choose reputable traders and check their ratings. Binance P2P provides a rating system that shows the feedback and reputation of each trader based on their completed orders, response time, and dispute rate. You can also see their trade volume, number of orders, and verification status. Choose traders with high ratings, large trade volumes, and verified identities to reduce the risk of catfishing .
Communicate with the trader and confirm the payment details. Before you start a trade, you can chat with the trader using the built-in messaging system on Binance P2P. You can ask them any questions you have about the trade and confirm the payment details, such as the amount, currency, account number, and reference code. Do not share any sensitive information or personal details outside of the chat .
Use the escrow service and release the crypto only after receiving the payment. When you start a trade, the crypto amount will be locked in an escrow service provided by Binance P2P until the trade is completed or canceled. This ensures that neither party can run away with the funds. You should only release the crypto from the escrow after you have received and confirmed the payment from the buyer. Do not release the crypto based on screenshots, promises, or threats .
Report any suspicious or fraudulent activity to Binance P2P support. If you encounter any problems or disputes during a trade, you can contact Binance P2P support for assistance. You can also report any suspicious or fraudulent activity, such as fake profiles, phishing links, or blackmail attempts, to Binance P2P support or via email at p2p@binance.com .
By following these tips, you can enjoy a safe and smooth trading experience on Binance P2P. Happy trading! Please follow me for more of these tips
