When dealing with crypto (cryptocurrencies) and P2P (peer-to-peer) transactions, there are several important things to be careful about to protect your assets, identity, and avoid scams. Here's a breakdown of the key precautions:
🔐 General Crypto Safety
1. Use Trusted Wallets and Exchanges
Stick to reputable platforms (e.g., Binance, Coinbase, Kraken).
Avoid downloading wallets from unofficial sources.
2. Secure Your Private Keys & Seed Phrases
Never share your private keys or seed phrase.
Store them offline in a secure location (e.g., hardware wallet, paper backup).
3. Enable Two-Factor Authentication (2FA)
Always use 2FA (preferably with apps like Authy or Google Authenticator).
Avoid using SMS-based 2FA due to SIM-swap risks.
4. Beware of Phishing
Always double-check URLs of crypto platforms.
Don’t click suspicious links or open unknown email attachments.
5. Use Cold Storage for Long-Term Holdings
Store large amounts of crypto in hardware wallets (Ledger, Trezor).
Keep only trading funds on exchanges.
6. Keep Software Updated
Ensure wallets, apps, and antivirus are up to date.
Updates often include security patches.
🤝 P2P (Peer-to-Peer) Trading Safety
1. Use Escrow Services
Only use P2P platforms with built-in escrow (e.g., Binance P2P, Paxful, LocalBitcoins).
Escrow ensures funds are held until both parties fulfill the deal.
2. Confirm Payments Before Releasing Crypto
Always verify receipt of payment (not just a screenshot) before releasing funds.
Be cautious of reversed or fake bank transfers.
3. Avoid Off-Platform Communication
Keep all communications within the P2P platform.
Off-platform deals are riskier and often not protected by platform policies.
4. Watch Out for Chargebacks
Use payment methods that are harder to reverse (e.g., cash deposits).
Be extra cautious with PayPal, Venmo, and credit cards.
5. Trade During Bank Hours
Avoid trading when banks are closed to prevent payment delays.
6. Check Trader Reputation & Reviews
Always look at the trader’s ratings, completed trades, and reviews.
