When Buying Coins or Using P2P, How Can You Tell if the Other Party May Be Fraudulent?

When buying crypto or using P2P, be careful if the other person sends a fake payment screenshot, asks you to cancel an order, or wants to move the conversation to another app. When buying a token, be careful if you cannot sell it, the liquidity suddenly disappears, or someone promises guaranteed profits. Always check the other person's account, the payment, the token, and official announcements before you complete a trade. Before you start a P2P order, see the bitcoin-p2p-trading tutorial.

How to Identify P2P Fake Payment Certificates and Induced Order Cancellation?

A fake payment screenshot is a common P2P scam. The buyer may send a screenshot or message saying that the payment has been made. However, the money may not actually be in your bank or payment account.

Do not release your crypto just because the buyer sends a screenshot. Open your bank or payment app yourself and check that the money has arrived. Make sure the amount is correct before you release the crypto.

Be careful if the buyer asks you to cancel the order after saying they have paid. They may say the payment failed or that you need to create a new order. If you have already received a payment or there is a problem with the transaction, do not cancel the order just because the other person asks you to.

Use the platform's appeal or dispute process if there is a problem. Keep the transaction and communication inside the platform whenever possible.

You should also check the name of the person who sent the payment. If the payment comes from a different person's account, stop and check the situation before completing the trade.

Tokens Cannot Be Sold or Liquidity Is Withdrawn. What Are the Warning Signs?

Some risky tokens may let you buy but make it difficult or impossible to sell. This can happen when a token has very little liquidity or has unusual rules in its smart contract.

Be careful when a token's price suddenly goes up without a clear reason. A high token price does not mean you will be able to sell it at that price.

Low or disappearing liquidity is another warning sign. If liquidity is removed, there may not be enough buyers or funds available when you want to sell. For tokens that can only be bought but are hard to sell, see the fake-token-honeypot explanation.

You should also be careful when a token has very little information about the project, its supply, contract address, or trading activity. A token that suddenly changes its contract address or tells users to use a different trading contract should also be checked carefully.

Before buying an unfamiliar token, check its exact name, symbol, and contract address. Check the token's trading activity and liquidity as well. Do not assume that a token is safe just because you saw it on social media or in a private group.

What Are the Common Words Used for Guaranteed Income, Fake Airdrops, and Private Groups?

Scammers often use promises that sound too good to be true. They may use phrases such as "guaranteed profit," "risk-free income," "fixed daily return," or "no-loss investment."

Fake airdrops can use similar promises. Someone may tell you that you have won free tokens and then ask you to pay a fee, send crypto, connect your wallet, or provide account information before you can receive the reward.

Private groups can also be used to attract victims. A person may invite you to a Telegram or WhatsApp group and promise special trading signals, early access to a new token, guaranteed profits, or insider information.

These words do not automatically prove that someone is a scammer. However, they are reasons to stop and check the information before sending money or crypto.

Be careful when someone asks you to leave the official platform and continue the trade in a private chat. If the person says they are customer support, check through the exchange's official website instead of using the contact details they give you. For the common tricks behind this kind of impersonation, see fake-customer-support-scam.

Never give anyone your password, verification code, private key, or recovery phrase to receive an airdrop or fix a trading problem.

How Do I Check Counterparties, Tokens, and Official Announcements Before Trading?

Before making a P2P trade or buying an unfamiliar token, take time to check the information yourself. Do not rely only on what the other person tells you.

Check the P2P Counterparty

Look at the counterparty's profile and trading information on the platform. Check the verified payment name and make sure it matches the person involved in the transaction. For why a platform reviews accounts and trades, see exchange-risk-control.

Keep your conversation inside the official P2P platform whenever possible. Be careful if someone asks you to move to Telegram, WhatsApp, email, or another private chat.

If the person pressures you to act quickly, change the payment method, cancel the order, or send crypto to another wallet, stop and verify the request first.

Check the Token

Check the token's full name, symbol, and contract address before buying. Make sure the contract address matches the one provided by the project's official channels.

Also check the token's liquidity and trading activity. A token with very low liquidity may be difficult to sell later.

Be careful with tokens that have names or symbols similar to well-known cryptocurrencies. A similar name does not mean it is the same token.

Check Official Announcements

Check official announcements for information about listings, delistings, withdrawals, airdrops, promotions, and maintenance.

For example, if someone tells you that your withdrawal is frozen and asks you to send more crypto to unlock it, do not follow the instructions until you verify the information through an official channel.

If you cannot find the announcement on the official platform, treat the claim carefully.

Check the Payment Before Releasing Crypto

Always check your bank or payment account yourself before releasing crypto in a P2P trade. A screenshot, SMS, or message from the buyer is not proof that the payment has arrived.

Check that the money is actually in your account and that the amount is correct. Only then should you complete the transaction through the platform.

What Evidence Should Be Retained After a Dispute and How Do I Appeal?

If a P2P trade becomes a dispute, keep all records related to the transaction. Save the order number, payment record, chat messages, screenshots, receipts, transaction details, and the time of each important action. To add another layer of protection for yourself, you can start with withdrawal-whitelist.

For a token problem, keep the token contract address and transaction hash if available. Save any official announcement or project information that is related to the issue.

Do not delete important messages or change screenshots. Keep the original records so the platform can review what happened.

If you paid someone but they say the payment was not received, do not send the payment again without checking what happened. Use the platform's appeal process and provide your payment records and other evidence.

If you believe the other party may be trying to scam you, explain the situation clearly when submitting the appeal. Include the order details and any evidence that can help the platform understand the transaction.

The safest approach is simple: check the payment, check the counterparty, check the token, and check official information before completing the trade. If something looks unusual or the other person is pushing you to act quickly, stop and verify the information first.