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Peer-to-peer (P2P) trading is known to be a somewhat risky activity, as buyers may try to scam sellers by never actually paying for what they bought, or sellers may scam buyers by receiving payments and never sending any cryptocurrency.
An African cryptocurrency trader, George (fictitious name), found this out the hard way. When starting off his cryptocurrency trading journey via P2P deals, he first spotted a popular Telegram group with other members interested in doing these transactions.
The trader shared that the group’s members trusted their administrator as “an escrow service to buy and sell crypto from other members.” George noted that he showed rigorous self-conduct analysis before transacting, including know-your-customer checks on users. In reality, however, the group’s administrator was a scammer.
The group’s members, including George, fell victim to a scam that saw the African trader lose 50% of his initial capital. George took it as a learning experience to move on in his trading journey and learned “his crypto life lesson the hard way.” He now defends “most telegram P2P groups are scams and are extremely risky for crypto transactions.”
With security as his top priority, George moved onto new platforms until he stumbled upon Binance P2P. He had registered an account with the cryptocurrency exchange in 2018 for altcoin trading, but only in October 2020 did he find the P2P platform Binance provides its users.
Per his words, Binance P2P is the only platform that provides him “safe, smooth, and fast transactions” combined with “excellent customer support.” He said:
“I decided to become a Binance P2P merchant after reading up on their mode of operations. I saw how much safer it was when my first trade on the platform was so smooth and fast.”
Per the trader, in most P2P platforms traders move funds in fear the others will not keep their end of the bargain, but on Binance P2P he feels safe as “you can’t mess around on Binance and expect to run away.” Binance offers industry-standard security and regulations that protect users from scammers.
On Binance P2P, transactions are secure, as counterparty risk is reduced through a crypto escrow service that ensures counterparties are paid in full and protected. The firm’s customer support team directs users to helpful resources when necessary and escalates issues to live support if needed. Their support team is available 24/7.
On top of that, Binance has introduced numerous P2P security updates over the last year, which include optimized risk management algorithms. Merchants on Binance P2P are verified through a strict vetting process, and users can filter to only transact with verified merchants.
Adding to all of this, the platform has an extensive library of educational content, how-to guides, and security tips that help P2P traders thoroughly understand the ins and outs of the platform and how to remain safe.
George has since become a top trader on Binance P2P, conducting 300 trades per day to see a profit of over $200. Binance P2P has over 300 different payment methods and over 70 fiat currencies available.
Featured image via Unsplash.