Fraud has evolved alongside technology, with cybercriminals capitalizing on the booming cryptocurrency market. A 2021 Chainalysis report revealed that crypto-related crimes reached a record high, with scammers stealing $14 billion in digital assets—nearly double the 2020 figures. Peer-to-peer (P2P) trading, where buyers and sellers transact directly without intermediaries, is particularly vulnerable to these scams despite safeguards like KYC checks and escrow systems.
👉 Secure your trades with OKX's P2P escrow service
How to Avoid P2P Crypto Scams
Follow these 6 essential safety measures to protect your assets:
Confirm Transactions Manually
- Verify receipt of crypto/fiat before authorizing transfers.
- Scrutinize transaction proofs—they may be doctored.
Check Identity Matches
- Ensure the seller’s payment details align with their OKX profile.
- Trade only with verified OKX merchants (higher KYC tiers).
Report Suspicious Activity
- Contact OKX support immediately for disputes.
- Provide screenshots and evidence for faster resolution.
Communicate Within OKX
- Avoid external platforms (Telegram, WhatsApp) to maintain transaction records.
Ignore Scare Tactics
- Scammers may threaten account freezes—OKX never demands asset releases.
Use OKX’s P2P Platform Exclusively
- External transactions bypass escrow protections.
Common P2P Crypto Scams
1. Fake Receipts
Scam: Fraudsters send forged bank receipts pressuring you to release crypto.
Prevention:
- Double-check payment accounts.
- Never rush transfers under pressure.
2. Impersonators
Scam: Posing as OKX staff or celebrities to steal assets.
Prevention:
- OKX emails only use
@okx.com. - Enable anti-phishing codes for email verification.
3. Social Engineering
Scam: False claims about account issues to cancel authorized transactions.
Prevention:
- Reject cancellations without fund receipt.
- Document all interactions.
4. Chargeback Scams
Scam: Reversing payments after crypto is sent.
Prevention:
- Avoid PayPal/Venmo—use irreversible payment methods.
- Trade with verified merchants.
5. In-Person Cash Scams
Scam: Offline deals with counterfeit cash or no crypto release.
Prevention:
- Meet in public spaces during daylight.
- Verify cash legitimacy before transferring crypto.
👉 Explore OKX’s dispute resolution process
FAQs
Q: How does OKX’s escrow protect P2P trades?
A: OKX holds the buyer’s crypto until the seller confirms payment receipt.
Q: What if a seller demands external communication?
A: Decline—OKX can only assist with platform-based interactions.
Q: Are in-person crypto trades safe?
A: High-risk; use OKX’s online escrow for security.
Q: Can chargebacks be reversed?
A: Rarely—avoid chargeback-enabled payment methods.
Q: How to spot impersonators?
A: Check email domains and enable anti-phishing codes.
Stay vigilant and prioritize security to safeguard your crypto investments.