The Binance P2P (Peer-to-Peer) trading is a fantastic tool for buying and selling cryptocurrencies directly with other users, using local payment methods. It is fast, convenient, and offers great flexibility. However, like any interaction between people, P2P is not without risks and, unfortunately, scams.

In this article, we will reveal the 5 most common scams in Binance P2P and, most importantly, we will provide you with practical tips to secure your operations and protect your money. Your security comes first!

The 5 Most Common P2P Scams and How to Protect Yourself:

1. The "False Payment Receipt" 📄

  • What is it? The buyer sends a manipulated or fake proof of payment, pressuring you to release the cryptocurrencies quickly before you verify if the money really arrived in your bank account.

  • How to Protect Yourself: NEVER RELEASE cryptocurrencies until you have CONFIRMED the money in your BANK ACCOUNT or electronic wallet! Ignore any pressure. Open your banking app and check your balance. Do not trust only SMS notifications.

2. The "Third Party Payment" 👥

  • What is it? The buyer pays from a bank account that is not in their name (but in the name of a friend, family member, or even a stolen account). This can cause you problems if the true owner of the money disputes the transaction, and your bank account could be frozen due to suspicious activities.

  • How to Protect Yourself: In your P2P terms, clearly specify: "I only accept payments from accounts with the same name registered on Binance P2P". If you receive a payment from a third party, cancel the order and report the user. Do not release the funds.

3. The "Payment Reversal" (Chargeback) 🔄

  • What is it? After you release the cryptocurrencies, the buyer (or their bank) requests a payment reversal (chargeback) claiming they did not authorize the transaction or that it was a fraud. This is more common with payment methods that offer buyer protection, like PayPal (although Binance no longer supports it in P2P for these reasons).

  • How to Protect Yourself: Always use direct payment methods with no easy reversal option, such as local bank transfers. Always keep screenshots of the communication in the Binance P2P order chat as proof.

4. The "Phishing or Fake Support" 🎣

  • What is it? You receive a message (outside of Binance P2P) from someone pretending to be Binance support, asking you for your account details, keys, or to "verify" a payment by sending money to another address.

  • How to Protect Yourself: The official Binance support will NEVER contact you outside of the platform or the P2P order chat. NEVER share your private keys or sensitive data. If you have doubts, only use the support chat within the Binance app or website.

5. The "Offer Too Good to Be True" 🤑

  • What is it? A seller or buyer offers prices extremely above or below the market price, looking to attract unsuspecting users to then apply another scam (like the previous ones) or simply disappear with the funds.

  • How to Protect Yourself: Be wary of offers that are "too good to be true." Always compare the price with the spot market and with other P2P traders. Read reviews and the number of completed orders from users before trading.

Golden Advice for Safe P2P Trading:

  • Always communicate in the Binance P2P order chat. If there is a dispute, this is the only valid record for Binance.

  • Verify the identity of the buyer/seller if possible, especially for large amounts.

  • Be patient. Haste is the best friend of scammers. Take your time to verify everything.

Your security is our priority! By following these tips, you can enjoy the benefits of Binance's P2P trading with much more confidence.

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