🛑 Be careful while trading P2P! How to avoid the 3 biggest scams? 🚨
💰 P2P (Peer-to-Peer) trading can be very easy and profitable, but a small mistake can wipe out all your capital!
Millions of people use P2P on Binance Square every day, and unfortunately, scammers are waiting for every new user. To ensure your safe trading, here are the 3 most dangerous and common P2P scams and how to avoid them.
1️⃣ Fake SMS or email scam (The Fake Payment Proof Scam)
This is the most common scam. You sell coins, the buyer claims to send money to your bank account, and sends you a fake (Fake) SMS or email that appears to be from the bank.
❌ How to stay safe?
Only trust Binance Notifications! Until you receive a clear notification in your Binance app that the buyer has made a payment, and you log in to verify the amount in your bank account/app, never release crypto.
SMS or email are never a reliable source of payment confirmation. Scammers can easily create them.
2️⃣ Chargeback/Reversal scam (The Chargeback/Reversal Scam)
In this, the buyer makes the payment and you release the crypto. Then, they call their bank claiming that the payment was 'made by mistake' or was 'fraudulent'. The bank reverses the money, and you both lose the crypto and the money.
❌ How to stay safe?
Only deal with verified (Verified) and high-rated (High Rating) traders. Be cautious with new or low-rated users.
Ask your bank: Does your bank branch have any specific account or process to prevent a P2P payment from being reversed?
3️⃣ Overpayment scam (The Overpayment Scam)
The buyer sends you more money and immediately claims a mistake, demanding that you return the extra amount. If you return the extra money, they later reverse the original large payment.
❌ How to stay safe?
If someone overpays, refuse to accept it and cancel the trade. Ask the buyer to start a new trade for the correct amount.
Never return extra money! Always cancel the entire order and trade on the new correct order.
⭐ Important tip for Binance P2P: In case of any issue, immediately press the Appeal button. The Binance team will intervene and resolve the issue by reviewing evidence from both parties.
Have you ever experienced a P2P scam? Share your experience in the comments so other users can stay safe! 👇
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