Safe Trading Tips

General P2P Trading Scam Type

1.  Proof of payment scams

When making online transactions on BitMart P2P, it’s essential to double-check all payment-related information shared by your counterparty. Scammers can digitally manipulate screenshots and claim that they’ve upheld their part of the deal and pressure you into releasing your funds. If you comply without confirming that you’ve received the payment, you risk losing your money or digital assets with little to no chance of recovering them.

2.  SMS Scams

In this type of scam, fraudsters will send their victims an SMS text message that looks identical to the notifications sent by banks or wallet apps to notify the victim that they’ve received a payment from their counterparty.

3.  Chargeback Scams

Scammers can initiate a chargeback (available for some payment methods) to retract the payment they’ve made to their counterparty. In many cases, fraudsters will process payments via a third-party account.

If your counterparty tries to pay you with a cheque deposit, it’s most likely a scam because requesting a chargeback from cheque payments is very easy. If your counterparty insists on paying you with a cheque, don’t release the funds and file an appeal immediately.

4.  Man-in-the-middle scam

The scammer will pretend to be a reputable merchant looking to buy or sell crypto on BitMart P2P. They'll contact their victims on Telegram, WhatsApp, or social networking platforms and send the victim their bank account details and a link to a P2P ad to let them know they'll be making a payment via this account. The scammer will then ask the victim to confirm that they've received the account details by having them copy them over to the chat on the order page.

The victim doesn't realize they are sharing the scammer's bank account details in the chat of an unrelated buyer, who is also unaware of the scam. The victim then releases their crypto to the unrelated buyer, who unknowingly sends money to the scammer's bank account.

If the victim tries to reverse the transaction by opening an appeal, there isn't much customer service can do. Because all communication with the fraudster took place outside the BitMart P2P platform, and the buyer sent their funds to a third-party scammer account.

5.  Triangle scam

A triangle scam involves two scammers simultaneously placing two orders with the same seller. Scammer A makes an order for 5,000 USDT worth of crypto (order A), and Scammer B makes an order worth 6,000 USDT (order B).

Scammer B then transfers 5,000 USDT to the seller. At the same time, Scammer A marks order A as paid. The seller releases the crypto to Buyer A, thus completing order A for 5,000 USDT. Scammer B sends another 1,000 USDT to the seller, provides the 5,000 USDT payment proof they got from Buyer A, and pressures the seller to release digital assets under order B.

The fraudster’s goal is to make the seller release the funds immediately without verifying the transfer. It can be easy to release funds without verifying who initiated the transfer. If you're not being careful, you could be releasing the funds twice but only receive half or less of the assets being bought.

6.  BitMart imposter scams

This type of scam involves scammers posing as BitMart employees to offer fake services to steal people's funds. The scammer will contact potential victims via unofficial emails or social media accounts that look like official BitMart accounts.

In some scenarios, scammers might impersonate BitMart Customer Support in the P2P order chat. For example, they claim that the “buyer” had paid the required amount and the fund is now in BitMart's account. To receive payment, you’ll need to send assets via internal transfer (or other services) to an unknown account.

They'll ask you in the P2P chat for your email address, claiming that it's required by the "BitMart P2P Escrow service" to confirm your payment. Then they'll send you an email that looks remarkably similar to official BitMart emails to make you believe that you need to release the crypto first to receive the payment.

Tips for safe trading

1.  How to protect yourself from proof of payment scams

Always check your bank account or e-wallet to confirm that you’ve received the funds from your counterparty before marking the transaction as complete.

2.  How to avoid falling for SMS scams

Make sure to check your bank account or e-wallet to confirm that you’ve received the funds from your counterparty. Don’t blindly trust the text message. Always log in to your bank account or e-wallet and double-check whether you’ve received the funds.

3.  How to protect yourself from chargeback scams

Always check that the buyer’s name on the payment details matches their verified name on BitMart. Don’t accept payments from third-party accounts. If it happens, file an appeal and refund the payment to the sending account.

4.  How to protect yourself from a man-in-the-middle scam

Don't respond to any P2P trading requests outside of BitMart P2P. Limit communication with your counterparty to the BitMart P2P chat before or during a transaction. More importantly, if a buyer asks if they can make payment via a third-party transfer, remind them that transfers made from someone else's account violate P2P transaction policies. Also, double-check your counterparty's bank account details directly on the BitMart P2P platform. Refrain from trusting information or offers received on external channels.

5.  How to avoid falling victim to triangle scams

Always check your bank account or e-wallet to confirm that you've received all the funds from your pending P2P transactions. Be careful with the proof of payment counterparties send you, and remember that scammers may try to reuse these proofs.

6.  How to protect yourself from BitMart imposter scams

BitMart will never send emails asking you to complete a P2P transaction. Always release funds after receiving the payment. Pay attention to the username or email address. You can verify the authenticity of email addresses and site links on BitMart by searching the sender's address on this page.

Note: Do not mention anyone's name or share offline contact information in the chat. Payment must be submitted using the counterparty's specified payment method, and the name on the account must match your counterparty's verified name on BitMart.

Starter Guide

1.  How to buy crypto via P2P Trading?

There are two ways of buying crypto in P2P trading:

a. Find an ad at your preferred rate in the marketplace.

b. Create your own ad in the marketplace.

c. For more details on the process, refer here.

2.  How to sell crypto via P2P Trading? 

There are two ways of buying crypto in P2P trading:

a. Find an ad at your preferred rate in the marketplace.

b. Create your own ad in the marketplace.

c. For more details on the crypto selling process, refer here.

3.  P2P Buy Crypto FAQ

a. How can I pay the seller after placing an order?

Follow the order below on how to process the payment to the seller:

• • • Once you've placed an order, follow the payment instructions provided by the seller.
    • Make a payment to the seller with your preferred banking/wallet app.
    • Ensure all payment details are correct before making the payment.
    • After you've completed your payment, don’t forget to select Payment Completed on the order.
    • The crypto will be sent to your Funding Account once the seller confirms your payment is received.

b. Any tips to ensure smooth and successful payment to the seller?

Here are some tips to ensure smooth payment to the seller:

• • • Complete your payment before the payment window closes. You can find the payment timer in the order details.
    • To speed up your payment process, please use an instant payment method.
    • Only select Payment Completed after you've made the payment. Otherwise, your order will be automatically canceled and you may not be able to receive your crypto.
    • Your payment account holder's name must be identical to your BitMart account name.
    • Don't add any crypto-related remarks (e.g. crypto, BTC, USDT, etc.) in the payment message when making the payment.

c. Can I cancel an order?

Yes, you can cancel an order by selecting the Cancel Order option in the order details.

We recommend you not to cancel the order if you've paid the seller and the seller didn't release the crypto. Canceling the order will not automatically return the payment that you've sent and you might lose your funds. Please reach out to the seller via BitMart chat or contact customer service for support if you want to cancel the order and see if you can retrieve the payment that was transferred.

There's a limit on the number of orders you can cancel within a day. If you've reached the limit, you'll not be able to place orders within a certain time frame.

d. What should I do if my payment can't be completed because of a bank/wallet account issue with the seller?

Since the payment happens on your banking/wallet app outside of BitMart, you'll need to contact your seller via the BitMart chat for assistance. You can find the chat icon in the order details and request the seller for another payment account.

In the event where you can't resolve the payment issues between the two parties, it's best to cancel the order and find another advertiser where you can complete the payment.

e. What should I do if the seller doesn’t release the crypto after I've completed the payment?

To avoid payment delays, it's important for you to select a payment method that's real-time. There are a couple of things you can check before taking further actions:

• • • Check that the payment has been successfully processed by your banking/wallet app. Take a screenshot of the payment details as payment proof.
    • Make sure Payment Completed is selected before the order expires. If the order has expired, you can submit a dispute with a screenshot of your payment proof. BitMart will handle the case for you.
    • If you've selected Payment Completed before the order expires, you can select the Remind Seller and upload your payment proof to remind the seller to release the crypto.
    • You can contact the seller via the BitMart chat in the order details.

If you still encounter issues, please submit a dispute with the payment proof and a summary of your problem. BitMart is here to help!

f. When will I receive the crypto after completing the payment?

Once an order is placed, BitMart will lock the crypto until the order is completed. You'll receive the crypto as soon as the following steps are completed:

• • • Complete the payment with your preferred banking/wallet app.
    • Notify the seller that you've completed payment by selecting Payment Completed in the order details before the order expires.
    • Wait for the seller to release the crypto once they've confirmed that they've received the payment.
    • Once the seller selects Release Crypto, the crypto will be instantly deposited in your Funding Account.
    • If you've completed step 1 and 2, and your seller hasn't responded after a reasonable amount of time, you can remind your seller to release the crypto by selecting the Remind Seller button in the order details.

g. What happens if I cancel the order after I've made the payment?

Canceling the order will not automatically return the payment that you've sent. Please reach out to the seller via BitMart chat or contact customer service for support if you want to cancel the order and see if you can retrieve the payment that was transferred.

If the seller refuses to return the payment and you've not received the crypto, submit a dispute with a payment proof and BitMart will provide assistance.

4.  P2P Sell Crypto FAQ

a. How do I transfer assets for P2P trading?

Make sure that your assets are in your funding account first. There are two ways you can do this:

• • • Transfer the funds to your funding account by selecting Assets > Transfer
    • Select Transfer on the order page and transfer assets from other accounts

b. How do I receive a payment?

The buyer will make a payment according to the settings of your receiving account. After the payment is completed, the order is marked as Buyer has paid. Check your receiving account for the payment and if the name of the person who paid you is correct. Make sure you received the money from an account with the same name as on the BitMart platform. It's risky to receive payment from a third-party account. If you've received it, select Received and we’ll release your crypto to the buyer.

c. What should I pay attention to when receiving a payment?

Check your receiving account (e.g bank account) to see if the payment from the buyer has arrived. During this period, don't trust any messages, screenshots or anyone claiming to be from BitMart customer service claiming the payment has been received. Most importantly, if you've not received a payment from the buyer, don't select Received.

d. What should I do if the buyer selected Paid, but I haven’t received the payment?

If you don’t receive the payment in a reasonable timeframe after the counterparty selects Paid, you can submit an appeal. If the buyer doesn’t confirm receipt within 1 hour, you can appeal. To avoid losing assets, don't select Received if you haven’t received the payment.

e. What happens if the buyer keeps reminding me to release crypto?

Before selecting Received, check your receiving account (e.g. bank account) to confirm that the funds have been received. Don't release the crypto if you haven’t received the payment. Reach out to the buyer first.

f. How can I cancel a sell order?

If you haven't received the money and the buyer doesn't contact you or respond within a reasonable timeframe, you can raise an appeal.

5.  How to become a BitMart P2P Merchant?

1. 1. Open the BitMart app, select Buy crypto > P2P trading
   2. In P2P trading page, select Ads
   3. Select Become a Merchant to join BitMart Merchant Program

1. 1. In BitMart.com, go to Buy & Sell > P2P trading > More > Merchant Program
   2. You can see all the requirements needed in the BitMart P2P Merchant Program section.
   3. Select Apply on the respective tier card to submit your application.

6.  How to  Publish an Ad?

You can only post ads to buy crypto in the marketplace if you've completed your KYC2 verification. Click here to check your verification status.

Once you've completed your verification requirements, go to the P2P marketplace, and click 'Create ad'. Follow the instructions on screen and fill in the ad details to publish it.

FAQ

1.  What is P2P trading?

P2P (Peer-to-Peer) trading is also known as C2C (Customer-to-Customer) trading in some regions. In P2P trading, the users directly buy or sell cryptocurrencies from each other on a P2P platform, exchange, or marketplace. A P2P platform serves as the trade facilitator by providing a platform for buyers and sellers to broadcast their offers. At the same time, it can ensure the safety and timely delivery of digital assets during trade execution.

2.  Are the offers I see on the P2P market provided by BitMart?

No, the offers you see on the P2P market are not offered by BitMart. BitMart serves as a platform to facilitate P2P trading, but the offers are provided by users on an individual basis.

3.  As a P2P trader, how am I protected?

All online trades are protected by escrow. When an ad is posted, the amount of crypto for the ad is automatically reserved from the seller's Funding Wallet. This means that if the seller does not release your crypto, the Customer Support agents can release the crypto to you from the reserved funds.

If you're selling, never release the assets before confirming that you have received the funds from the buyer. Please note that some payment methods buyers use are not instant and may face the risk of chargeback.

4.  Can I trade without completing Identity Verification? What do I need to do before trading on P2P?

4.1. All BitMart users must complete Identity Verification to access BitMart products and service offerings, including P2P trading. You can access the Identity Verification from [Account] - [Verification].

Before trading on P2P, you must enable SMS verification and at least one 2FA device (email, BitMart/Google Authenticator, or security key) from [Security].

4.2. You’ll also need to add your preferred methods for receiving/sending payments. Log in to your BitMart App and tap [Buy & Sell] - [P2P].

Tap [Profile] - [Payment Method].

Tap [Add a new payment method] - [All Payment Methods] to select your desired methods.

4.3. Why do I have to add a preferred payment method?

P2P transactions are trades carried out directly between two users. This means that fiat currency can only be transferred between the two users if the buyer's and seller's payment method match.

For example, User A has a debit card from ING Bank and is going to use EURO to buy crypto. In order to complete User A’s P2P order, the system will only match sellers who also have an ING Bank account that can receive EURO transfers from User A.

4.4. Why do I need to enable 2FA?

In addition to security concerns during login, all users who trade on the P2P market need to receive payments, release coins, and perform other operations during the buying and selling process. These operations require users to enter a two-factor authentication code to verify that they are carrying out the transaction themselves.

4.5. Why do I need to complete Identity Verification?

P2P transactions are trades carried out directly between two users. After the buyer and seller are matched, both parties must verify their identities through real-name KYC (Know-Your-Customer). You must confirm the identity of the counterparty (i.e., the person sending fiat currency to your account/the account you’re sending money to) is identical to the name shown on the order details page.

5.  What are the transaction fees on BitMart P2P?

BitMart charges zero fee on P2P trading. However, there might be bank/wallet charges when you make the payment with the preferred payment method outside of BitMart.

6.  What is the 30-day completion rate?

30-day order completion rate = 1 - (total number of canceled orders in the last 30 days / total number of completed and canceled orders in the last 30 days)

If you are the buyer and you canceled a P2P order, this will affect your completion rate, whereas the seller’s completion rate will not be affected.

If you are the seller and the buyer fails to accept the order or does not complete the payment, then only the buyer’s completion rate will be affected.

7.  If I use a Sub-account or Institutional account, can I participate in P2P trading?

Due to compliance reasons, Sub-accounts and Institutional accounts are not allowed to participate in P2P trading. If you have special needs, please contact customer service to explain the reasons and submit a trading application.