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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.
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:
Important:
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
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
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.
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:
Please note:
To protect your funds:
If you encounter such requests, refuse them and report the situation to Hotcoin customer support.
During P2P trading, some scammers may send forged payment screenshots or fake payment notifications to trick sellers into releasing digital assets.
Please note:
Be cautious if:
In these situations:
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