in , ,

7 Tips and Tricks for Safe Trading on Binance P2P

Binance P2P is a popular platform for peer-to-peer trading of cryptocurrencies. However, like any online marketplace, there are potential risks of scams and frauds. Here are some tips and tricks to help you protect your assets and trade safely on Binance P2P:

  1. Verify User Identity: Before initiating a transaction, make sure to verify the identity of your trading counterparty. Binance P2P requires users to complete identity verification (KYC) before trading, which helps ensure that users trade with their authentic identities. Be cautious of users who refuse or are hesitant to complete KYC.
  2. Beware of Identity Fraud: Identity fraud, also known as triangulation fraud, is a common scam where your trading counterparty uses a third-party’s payment account for transactions. They may ask you to transfer money to a different account, claiming it belongs to them. Always verify that the payment account details match the person’s identity before transferring money or releasing crypto.
  3. Be Cautious of Reversible Payments: Another common scam is reversible payments. A buyer may transfer money to your bank account to make you release the crypto, but then claim they did not make the payment and request a chargeback from their bank. To protect yourself, ask the buyer to provide proof of payment, such as a photo of the transfer record, before releasing the crypto.
  4. Utilize Binance Escrow Service: Binance P2P provides an escrow service to secure users’ crypto assets. When an ad is posted, the amount of crypto for the ad is automatically reserved from the seller’s fiat wallet. This means that if the seller fails to release the crypto or runs away with your money, Binance’s customer support can release the reserved funds to your wallet.
  5. Seek Help from Customer Support: If you encounter issues during a P2P trade and cannot reach an agreement with your counterparty, don’t hesitate to contact Binance’s customer support for assistance. You can file appeals to report suspicious users or disputes, and provide evidence to support your claim. Binance’s customer support team will investigate and handle the disputes.
  6. Avoid Trading Outside the Platform: It’s important to trade only within the Binance P2P platform. If a user suggests making a deal outside the platform, ignore the suggestion and open an appeal. Trading outside the platform voids Binance’s protection, and you may be at risk of scams or frauds.
  7. Stay Informed About Security: Binance regularly publishes articles and updates about security measures. Stay informed by reading these articles to learn about the latest tips and tricks to protect your assets and trade safely on Binance P2P.

By following these tips and tricks, you can minimize the risks of scams and frauds and trade safely on Binance P2P. Always exercise caution, verify user identities, and utilize the escrow service and customer support when needed. Stay informed about security measures to ensure a secure trading experience on Binance P2P.

Written by IOI

Get the latest stories from Tech & Innovation from around the globe. Subscribe Now!

Leave a Reply

Your email address will not be published. Required fields are marked *

Mycelium can be an eco friendly plastic alternative to packaging around the globe!

Now you can Identify 13 different types of cancer From a Single Drop of Blood!