Peer-to-Peer (P2P) trading allows users to buy and sell crypto directly with other people using a platform as a mediator. Binance P2P provides tools like escrow and dispute support to make trading safer. However, scams can still happen if users are not careful. Understanding how scams work is the first step to protecting yourself.
What Is P2P Trading?
In P2P trading, buyers and sellers connect directly. The platform locks crypto in escrow while payment is made. Once the seller confirms receiving payment, the crypto is released. This system reduces risk, but user mistakes can still lead to problems.
Common P2P Scams
One common scam is fake payment proof. A scammer may send edited screenshots or fake SMS messages showing payment that never arrived. Another scam involves asking users to release crypto early before confirming funds. Some scammers also try to move the conversation outside the platform to avoid monitoring.
Another risk is chargeback fraud, where a buyer sends payment and later tries to reverse it. There are also impersonation scams where someone pretends to be customer support.
How to Protect Yourself
Always keep communication inside the Binance app. Never accept screenshots as payment proof—check your bank or wallet directly. Do not release crypto until the payment is fully received and confirmed.
Trade only with users who have good ratings and history. Read comments and check completion rates. Avoid rushing; scammers often create urgency to force mistakes.
Never share personal information such as OTPs, passwords, or private keys. Official support will never ask for this information.
Use Platform Safety Tools
Binance P2P offers escrow, dispute resolution, and verified merchants. If something feels wrong, open a dispute instead of continuing the trade. These tools exist to protect users, so it’s important to use them.
Final Thoughts
P2P trading can be safe and useful when done correctly. Education, patience, and following platform rules are key to avoiding scams. Learning how scams work helps users trade more confidently and responsibly.
Staying alert is the best protection in any financial activity.
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