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| Binance P2P: Tips to Protect Your Bitcoins and Avoid Scams |
As with all investments, there is also risk when buying and selling digital currency. In this article, we will share some tips on how to protect yourself from fraud .
Before you start buying or selling cryptocurrency, it is best to familiarize yourself with the environment by joining your local cryptocurrency community and getting to know local merchants on Binance. In our Binance Telegram groups , you can ask questions to the community, learn about coin trading, and get the latest, legitimate news from Binance.
Meanwhile, on our Binance Support page , you can learn the steps on how to make transfers on Binance, get help from our customer service team, and more.
Common scams you should watch out for
If you are new to cryptocurrency, some bad users may try to take advantage of you, as they do with other types of investments. These are some of the most common types:
Identity fraud
Also known as triple fraud, it is a fraud attempt where the counterparty to Tadawulak uses a third party payment account for transfers. He or she pays you through the others account before you release the digital currency. Some may send you new payment account information through chat messages and ask you to transfer money to that account. After you transfer the money, they will claim that they did not receive the money and therefore will not send you the digital currency.
The best way to avoid this situation is to verify the identity of the user. Before you start the transfer process , make sure that the payment account details match the person's identity. Do not transfer money or release digital currency if the payment account is not the buyer's or seller's account.
Reversible boost
Another common scam is refundable payment. In such cases, the buyer transfers the money to your bank account first to make you release the digital currency . Within 72 hours, the buyer contacts the bank and tells them that they did not make the purchase, so the bank will cancel the payment, causing you to lose the digital currency.
An easy way to protect yourself from a revocable payment is to ask the buyer to send you a photo of the transfer history as proof of his or her purchase before releasing the digital currency . The user cannot claim that he or she has not made a payment after that.
What does Binance Person-to-Person (P2P) do to protect your assets from fraud?
Identity verification
Before you can start trading on Binance person-to-person , you need to complete identity verification, also known as KYC (Know Your Customer). KYC confirms that users are trading with their original identity , and Binance reserves the right to investigate.
warranty service
In all P2P trading, Binance provides a coin escrow service to secure coin assets for users . When an ad is posted, the ad's digital currency amount is automatically kept from the seller's cash wallet. This means that if the seller runs away with your money and doesn't release your token, or forgets to release your token on time, our customer support can release the token from the funds held in the seller's wallet to your wallet.
customer support
When you have a problem during P2P trading and cannot reach an agreement with your counterparty, you can turn to our customer support team for help . Our customer support team will contact users by email to investigate and resolve disputes.
You can also make appeals to report suspicious users and other users' stories . If you believe your counterparty is trying to deceive you, file an appeal, and share your evidence, our team will handle the dispute.
If a user tries to convince you to make a transaction outside of Binance person-to-person , ignore the suggestion and open an appeal. If you are trading outside the platform we cannot protect you .
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