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How to protect yourself from P2P scams on Binance Nigeria, part 1

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We all want to buy or sell our cryptos and not die trying. Just to prevent you from having a bad time on binance. We, at Nairatalktoday, have created this guide that contains very important information that you should know to protect yourself and close your purchase or sale transaction with great success.

The term P2P is used to describe a person-to-person transaction, meaning that at no time are you trading with Binance directly, but rather the exchange is acting as an intermediary. To make this possible, each transaction has a security deposit to protect users.

Importance of the guarantee deposit


Once a buyer and a seller match an order, the system will automatically freeze the seller’s cryptocurrencies until the transaction is complete. In this case, only two things can happen :

Everything goes well →  The seller receives the money agreed correctly, in the payment method they chose, and from an account belonging to the same account holder on Binance. In this case, the seller makes the confirmation by clicking on the “Payment received” button, and the coins are transferred to the buyer’s fund wallet. Here the transaction ends, you qualify the other person and everything is fine.

Something is wrong →  If the seller does not see the money reflected in his account, notices that the bank receipt is false, or something is not right in the transaction, the buyer or seller will click on the “Appeal” option. At this time, the decision to terminate the trade remains in the hands of the Binance support service, who will carry out an in-depth study of what happened.

It is very important that you always read the profile of your counterparty, what percentage it has, the qualifications and the comments that other users have made to it, but above all, when you notice something suspicious, DO NOT release the coins, because in this case, you are preventing the guarantee deposit from being deposited. works, we are then going to review the most common fraud attempts during that period in which a P2P transaction is open.

Fake proof of payment

Suppose you are selling your house. You are not going to hand over the keys until you have the money in your hands or until you have checked very well that the money is in your bank account, right? It seems too logical but many scammers send proof of payment that they edit with design tools. Some others can send you an SMS message saying that you received a payment or an email identical to the one sent by well-known payment methods.

These are all very frequent fraud attempts and the only way to avoid them is very simple, go into your bank account and verify that the funds are indeed there.

Reversals of payments

It is important to take into account two aspects to avoid these reversals :

Avoid being transferred from third-party accounts.  Many of the people who do this, are trying to do is use money that does not belong to them to buy cryptocurrencies, what happens next is that the affected person will file a complaint with their bank and you can imagine the problem with your account, with the payment you received, etc.

Choose a payment method from which it is not easy to reverse transactions.  You already made sure that the payment comes from the account holder and everything is fine. Some payment methods allow people to easily go and report the transactions up to 3 months after they have been made, so it is better to use entities with good customer support and from which you have good comments in that regard.

Scammer who harasses you to free

Let’s say things don’t go well in a transaction, so you’re not too sure about releasing your coins. The counterparty begins to tell you that he is a support person, that you have to release the coins, or he tells you that he is in a hurry due to some family or economic problem, or worse still, he tells you to release him now and that he assures you that in a few hours you will receive your money. As you have already read this article, you know that for no reason are you going to release until everything has ended well for both parties, resorting to harassing the other usually occurs when something risky happens.

Transaction outside of P2P

The process of a P2P transaction has various elements such as escrow, mediation support, communication via Binance chat as evidence supporting what happened during the transaction, the ability to rate and review reviews. of merchants etc.

One of the most common problems is that you are going to take part of the conversation to other social networks outside of Binance (such as Whatsapp, Facebook, telegram, etc.) or worse still, that you make transactions outside of P2P orders.

Many scammers pose as verified merchants on Binance, but the only way to be sure you’re actually dealing with one of them is to take orders directly from their listings identified by the gold badge.

Millions of people every day in Nigeria Buy and sell safely in the binance P2P with the highest volume and global support, we want your experience to be totally satisfied and that is why we will make the second part of this special blog about scam attempts more common.

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