P2P Trading can be sensitive at times, as you are prone to scammers and other bad actors. I've compiled a list of actions you should consider taking inorder to avoid losing your life savings;
1. Avoid trading with your main bank accounts. Nowadays, you have the opportunity to open as much bank accounts as possible. Make sure to use a spare digital account, you can always send the funds out after successful trades.
2. Verified Vs Unverified Merchants
Well, trading with verified merchants is usually safer as they have a higher level of scrutiny by binance. Nonetheless, there are still Unverified Merchants that are very legit.
3. Check the ratings and statistics of the merchants you are trading with. I recommend trading with merchant with these metrics:
Over 50 - 100 successful orders✅
90% success rate✅
4. Look out for past reviews. This helps see what others are talking about the merchants. Some merchants have reviews that can not be deleted and this is why you should always check them.
5. Avoid merchants with flashy prices. Most fake merchants and scammers tend to put out attracting prices, so you can patronize them. If it's too good to be true, you should beware and exercise risk.
*In the event of your account being blocked due to #stolen funds transferred to you, please try to reach out to #Binance Cs to relate the issues. Also provide proofs of your innocence if possible to both parties.💥
I'll be dropping more #p2p experiences soon...
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Disclaimer:
This post is for educational purposes only. Make sure to follow the steps and do your research properly while trading. Stay safe🙏