Can you get scammed on Binance P2P?

Yes, you can. Daily, people are scammed off their hard-earned crypto assets in Nigeria and worldwide. It has happened in many popular trading platforms like Binance before and it will happen again. The evidence of fraud during P2P transactions is so beyond doubt. While these scams vary in approach and enticement, the end result is usually a financial loss. What are the most common Binance P2P scams in Nigeria?

Common Binance P2P scams

The scams that have been used successfully during P2P transactions include all cons that are performed during live face-to-face transactions. With the privacy enshrining these P2P transactions, these scams have gotten only more creative especially as the perpetrators have so much protection for their privacy. Below are some of these scams in Nigeria:

  • Wrong transfer scams
  • Fake receipt scams
  • Romance scams

Wrong transfer scams

This is the scam: After a successful P2P exchange, the scammer flags the transfer he just made, hoping the third party bank would void his payment so he can keep his cash or crypto tokens as it may be after reviewing full value from his peer. These scams take advantage of trading platforms that do not have a very good escrowing system. Reputable crypto traders in Nigeria like bitbaazi.com are not appealing to these kinds of scammers.

Fake Receipt scams

This is the classic “returns” scam that most shops face in real life. A thief obtains a false receipt and comes back to the shop to lay claim to the indicated items. In P2P crypto trades, a scammer produces doctored screenshots and tries to deceive the unsuspecting victim that he has done his own part of the bargain.

Romance scams

They’re so called because the scams often involve some form of emotional investment where trust is gained through true false pretense and crypto tokens and cash are ‘willingly’ surrendered by the unwitting victim. Romance scammers often complain of the platform P2P chat and suggest other methods of communication that do not have the same security and regularity.

Alternatively, the ruse may be investment opportunities that sound too good to be true. A very expensive coin being sold for peanuts should pique one up that a scam is loading.

How to safely carry out P2P transactions

With so many scams flying about. How can you protect your cash and your crypto assets from fraud?

Trading with a reputable platform cannot be overestimated at this point!

Rather than settle for just any trading site in Nigeria, trade with traditional names like bitbaazi.com where you can be assured of a verifiable and reliable third-party mediator that has a responsive customer care team to guide you through your trade.

Apart from performing P2P exchanges only on reliable apps, the following are things you must do to protect yourself from P2P exchange frauds:

  • Do not share your login details with others.
  • Do not leave the bitbaazi app for further unregulated communication with peers. Such transactions cannot be checkmated.
  • Be wise! If a trade appears too good to be true, it probably is.

In conclusion, carrying out P2P crypto exchanges in Nigeria can be like navigating troubled waters, but with secure platforms like www.bitbaazi.com and your eyes open to potential dangers, the journey can be pleasant and rewarding.