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HOW TO AVOID P2P SCAMS AND LOSS OF FUNDS 🚭🚫 -- A complete beginner's guide
If you are new to Crypto trading including p2p, this post is meant for you !!
Binance p2p is relatively safe compared to some other exchanges. However, it is not entirely free from scammers!
To prevent accidentally or ignorantly loosing of your fund during P2P transactions, apply these cautions below :
1. Place buy/sell p2p orders ONLY from Binance p2p verified merchants
2. Check the 30 days completion rate of the merchant - It is best if it is not below 90%
3. Compare the positive and negative feedbacks from his counterparts
4. Check total trades of the merchant- the higher the better with good corresponding feedbacks
5. Then when you finally placed a sell order, 🚫 don't be a victim of Proof of Payment (POP), ensure you got the correct amount in your account before releasing the coin.
Moreover , 🚫 *Don't tap on "Payment Received" area if you haven't and don't be fooled into releasing your crypto before payment 🚭 no matter what the buyer said to you 📌
6. If you are the buyer in p2p, please make sure to have a stable network so that you won't have any issues when trying to click on "I have paid "
You must click on I have made payment , and wait for the seller to release the coin, otherwise , the system will cancel the trade after the trade countdown believing that you didn't pay. So be careful not to miss it.
If you have further questions concerning Binance p2p, drop it in the comment section , I will attend to all questions in the next p2p post.
Stay Safu 🧡