P2P Trading Safety and Dispute Handling
1. How can I avoid P2P trading scams?
When trading on the P2P marketplace, stay alert and follow the platform’s trading rules to reduce the risk of fraud.
The following tips can help protect your assets.
1) Do not conduct off-order transactions
Always complete transactions within the platform order. Do not accept requests to trade outside the order. Requests to transfer funds privately, trade off-platform, or complete transactions through other platforms may carry significant risk.
2) Do not click unknown links or scan suspicious QR codes
Scammers may send phishing links or QR codes that redirect you to fake websites or malicious applications. Avoid clicking links from unknown sources or scanning QR codes sent by strangers, as this may result in account information leaks or asset loss.
3) Release digital assets only after confirming payment has been received
For sellers, confirm that the payment has been credited to your account before clicking Release Assets. Do not rely solely on payment screenshots, SMS notifications, or chat messages as proof of payment, as these can be forged.
2. How can I identify fraudulent behavior?
Both buyers and sellers may encounter fraudulent activity during P2P trading. Remain cautious throughout the transaction.
For buyers
If you have completed the payment but the seller claims not to have received the funds and refuses to release the digital assets, you may be facing a fraudulent situation.
In such cases, contact customer support immediately and provide proof of payment, such as transfer screenshots or transaction records.
For sellers
If a buyer claims to have made the payment and urges you to release the digital assets while the funds have not arrived in your account, proceed with caution.
Some scammers may use forged payment screenshots, fake payment notifications, or stolen accounts to commit fraud.
Before completing the transaction, confirm the following:
- The buyer’s name matches the platform’s real-name verification information
- The receiving account information is correct
- The funds have been credited to your account before clicking Release Assets
Important:
- Blockchain transactions are irreversible
- If digital assets are released before payment is confirmed, the assets cannot be recovered
- Scammers may also attempt to persuade you to use unsupported payment methods
- If you trade outside the order or use unsupported payment methods, the platform cannot guarantee asset safety or provide dispute resolution support
3. How are trading disputes handled?
If a dispute arises after the buyer clicks I Have Paid, either party may contact customer support for assistance.
The platform provides the following protection mechanisms.
1) Escrow mechanism
When an order is created, an equivalent amount of digital assets is locked from the seller’s account and held in escrow until the transaction is completed or canceled.
2) Order cancellation rules
- The seller may cancel the order before the buyer clicks I Have Paid
- If the order is canceled, buyer confirmation may be required to prevent accidental cancellation after payment
3) Release of digital assets
After the seller clicks Confirm Receipt and Release, the escrowed digital assets are released to the buyer’s account, and the transaction is considered completed.
4) Automatic order cancellation
- If the buyer does not click I Have Paid within the specified time limit, the system will automatically cancel the order and return the escrowed assets to the seller
- If additional time is needed to complete the payment, click Extend Order Time
5) Customer support arbitration
If a dispute occurs, Hotcoin customer support will review payment proof, order chat records, and account transaction history before making a final decision.
4. Why would someone ask to trade outside the order?
During P2P trading, if another user asks you to cancel the order and continue the transaction outside the platform (for example, through WeChat, Telegram, or a private transfer), remain cautious.
Some scammers may attempt to:
- Persuade you to cancel the order and trade privately to bypass the platform’s escrow protection
- Request payment through unsupported payment methods
- Continue communication through social media platforms and persuade you to transfer funds
- Urge you to release digital assets before the payment is confirmed
Please note:
- The platform’s digital asset escrow protection only applies to transactions completed within platform orders
- If you cancel the order and proceed with an off-order transaction, the platform cannot provide asset protection or dispute resolution support
To protect your funds:
- Complete all transactions within platform orders
- Refuse any off-order trading requests
- Do not share account information or transfer funds privately
If you encounter such requests, refuse them and report the situation to Hotcoin customer support.
5. What should I do if I receive a forged payment screenshot?
During P2P trading, some scammers may send forged payment screenshots or fake payment notifications to trick sellers into releasing digital assets.
Please note:
- Payment screenshots, SMS notifications, or chat messages cannot serve as proof that the payment has been received
- Before clicking Release Assets, log in to your receiving account (such as your bank account, Alipay, or WeChat Pay) and confirm that the funds have been credited to your account
Be cautious if:
- The buyer sends a payment screenshot and urges you to release the assets immediately
- The buyer claims payment has been made, but the funds have not been credited to your account
- The buyer asks you to release assets before verifying the payment
In these situations:
- Do not release the digital assets
- Check whether the funds have been credited to your account
- Communicate with the buyer through the order chat
- Contact Hotcoin customer support if you detect suspicious activity
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