Greed is the number (1) reason people get scammed while using Binance P2P.

Second reason is inadequate research.

This thread aims to break down how you can avoid getting scammed using P2P.

Retweet for newbies.

There are two main ways to purchase coin on binance.

1. P2P
2. Express

Before you proceed, follow on twitter. On Telegram, http://t.me/coinmata  & chat on http://t.me/coinmata 

Tag a friend and goodluck as you intend to be financially free

Let me describe option 1 “P2P” as the manual process.

Here, you use certain factors to select who you’re buying from. These factors include;

• Number of completed sales: Here, you clearly do not want to deal with a seller with just 7 sales. I’d rather deal with the one who..

... completed 11,000 deals.

Mind you, I haven’t confirmed the one with 7 trades as a scammer but as a Nigerian, I’d be skeptical about patronizing a brand/business with no real time information and proof of service rendered.

• Verification: Blue thick on twitter often times is a sign of sense and trust (Although some blue thick owners don’t have sense).

Same can be applied on binance. A yellow thick seller has gone through rigorous process to get verified and thus can be trusted.

• Rating: As a business owner, you really need your customers to always share review/feedback when you complete a deal.

A positive review can lead a stranger to buy from you.

Likewise, a negative review can ruin your business to the ground.

• Price: This is where greed comes to play.

Five (5) sellers are selling USDT at 497/$ while one (1) displays 400/$. Here, you clearly should stay off the cheap price.

Remember, when it’s too good to be true, something is definitely wrong. Me too I’m speaking English fah

For option 1 “P2P”, let all these factors come into play when you want to buy and I’m 99.9% certain you won’t get scammed.

Ensure you finish this thread as there’s a vital point you’re yet to read.

2. Express

This is the automatic process. Binance goes through the selection process to match available sellers to buyers & vice versa.

It’s the safest.

However, there could be delay due to bank alert or forgetfulness on either buyer or seller’s part.

Time frame to make payment to seller is 15mins and for buyer to receive coin is 15mins.

If after this time frame you haven’t received your coin, you can contact the seller and ask for reason.

If it’s a favorable response, you can give seller some time.

Favorable responses include;

“I’m yet to get alert/receive payment”

“Sorry, I forgot” - it has happened to me before so it’s a fav response which you must forgive.

However, if coin isn’t disbursed in hours, you can initiate an appeal and submit screenshot/statement of account showing you made payment.

VERY IMPORTANT: NEVER SEND COIN BEFORE YOU RECEIVE PAYMENT & NEVER CLICK PAYMENT MADE WHEN YOU HAVEN’T SENT MONEY.

There are lots you can learn as a newbie on @Coin_Mata

Hope you learnt something new. Cheers