Good tips to protect your Bitcoin and avoid scamming on Binance exchange

Good tips to protect your Bitcoin and avoid scamming on Binance...
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As with all types of investments, there is still a risk of buying or selling cryptocurrencies on crypto trading platform source code. In this article, I will share with you some tips to protect yourself from fraud.

Common scams that users should be alert for

If you are a newcomer to cryptocurrency, there will always be people with ill intentions who take advantage of your ignorance to cheat, just like any other form of investment. Here are some of the most common scam tips:

- Phishing fraud

This is a scam where your partner uses a third party payment account to make transactions. That person will use someone else's account to pay you before you unlock the cryptocurrency. Some even send you information about a new payment account and ask you to transfer money there. After you transfer the money, they inform you that they have not received the money and refuse to transfer it back to you.

The best way to avoid getting in a situation like this is to verify the identity of the user you are dealing with. Before starting the transaction, please ensure that the payment account information matches the partner's identity. DO NOT transfer money or unlock cryptocurrencies if the payment account does not match the information about the seller or the buyer.

- Payment is reversible

Another common scam is reverse payment. In this case, the buyer will initially transfer the money to your bank account to ensure that you will unlock the cryptocurrency. Within the next 72 hours, the buyer will call his bank and tell him that he did not make the transfer, ask the bank to cancel the transaction and cause you to lose your cryptocurrency. .

A simple way to guard against reversible payment transactions is to ask the buyer to send proof of money transfer before unlocking the cryptocurrency. The user therefore will not be able to claim that they are not the executor.

What will Binance P2P do to protect users from scams?

- Identity verification

Before being able to start trading on Binance P2P, users will be required to complete identity verification, otherwise known as KYC. KYC assures users will transact with their real identities, and assists Binance during the investigation if any.

- Deposit Service

In all P2P transactions, Binance trading platform source code supports depository services to ensure the security of users' crypto assets. When an ad is posted, the cryptocurrency for that ad is automatically sealed in the seller's fiat wallet. If the seller decides to run away with your payment and doesn't unlock the cryptocurrency, or forgets to unlock the cryptocurrency at a set time, their customer support team can intervene, open lock the amount of cryptocurrency that has been sealed in the seller's wallet and send it to you.

- Customer support

If you encounter problems while trading P2P and cannot reach a settlement agreement with your partner, you can ask for help from support team. The customer support department will contact users via email to investigate and resolve disputes.

Customer support

You can also file a complaint to report suspicious users and protect other users. If you believe your partner is trying to scam you, file a complaint, share your evidence, and the team will resolve the dispute.

Follow our official channels for up-to-date information at here


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