Points to Note
1. DO NOT lend your CoinEx account to others for use.
2. DO NOT rent out, lend, or disclose important personal property information such as your ID documents, bank card, passbook, or password.
3. BOTH parties in a transaction should actively cooperate with CoinEx for identity verification.
4. When conducting transactions on CoinEx, choose and use secure and reliable third-party payment channels for payment activities.
5. Do not accept payments from anyone other than the buyer / seller. Verify the recipient / payer's name and ensure that it matches the real-name information of the transaction partner on CoinEx P2P platform.
Trading Tips
1. Do not make payments before the merchant accepts the order; in this situation, the order will not be valid and cannot be appealed.
2. Be sure to confirm the receipt of funds on the third-party payment platform before releasing the cryptos.
3. CoinEx official customer support specialists will not participate in the private chat between buyers and sellers in the chat window.
4. CoinEx will not act as a custodian for fiat currency and will never send emails asking you to complete a P2P transaction.
5. Communication between both parties in a transaction should be restricted to the P2P chat window to avoid interactions or transactions outside the platform.
6. To avoid phishing and fraud, be sure to verify the authenticity of your email address, phone number, and website links through CoinEx Official Verification Channel.
7. If you encounter suspicious users or merchants, or have any questions about your P2P orders, please immediately initiate an appeal or submit a ticket to contact CoinEx's customer support.
Risk Warning
As a trading assistance tool, P2P trading Does NOT constitute financial or investment advice from CoinEx. CoinEx only provides information display functions, and all your transactions are completed with the counterparties. After fully reading the P2P trading instructions, evaluate your own risk tolerance and make rational decisions.
Note: To ensure the safety and transparency of transactions, and to protect your rights, if you notice any suspicious transactions during payment or after order completion, please report the details to CoinEx for investigation. For instructions, refer to How to Submit an Appeal.
Common CoinEx Scams and Anti-Fraud Guide
In P2P trading, please guard against the following common scam behaviors:
1. Impersonation of CoinEx Customer Support for fraud
(1) Case
In the chat window, a scammer may impersonate platform customer service, claiming false information such as fiat funds being held in escrow, and requiring you to release the digital assets before the funds are credited. They may also initiate an appeal to pressure you to release the assets and provide a fake payment receipt.
(2) Prevention
Please note that CoinEx Customer Support Specialists do not engage in private chat between buyers and sellers. CoinEx Support is not involved in the P2P IM chat window. Be sure to confirm the receipt of funds on the third-party payment platform before confirming to release the cryptos.
2. Fake Payment Proof Fraud
(1) Case
Scammers may send forged payment proof or falsely claim that funds have been escrowed by CoinEx, and demand that you release the digital assets before the funds are credited to your bank account.
(2) Prevention
Before releasing cryptocurrency assets, be sure to verify the balance in your bank account and ensure that the payment amount has been credited. Do not rush to release the cryptocurrency assets due to the scammer's intimidation tactics, such as initiating an appeal.
If there is any suspicious behavior, please give up the deal and report the details to CoinEx for investigation. For instructions, refer to How to Submit an Appeal.
3. Timeout Cancellation Order Scam
(1) Case
- Scammers may request you to make payment before accepting the order in the chat window. After you make the payment, the scammer either refuses to accept the order or lets it time out, conducting the scam.
- Scammers may also claim that there is a high volume of orders being processed and inform you to wait after placing an order. When the order times out, the scammer notifies you that they can now process the order but does not allow you to reorder. If you follow the payment instructions provided by the scammer, they do not respond after you pay, leading to a successful scam.
(2) Prevention
Always make payments after the merchant has accepted the order. If a P2P order times out but you still need to proceed with the transaction, place a new order and click the "I have made the payment" button after payment to avoid losses due to order timeouts.
4. Clicking the "Paid" button without payment
(1) Case
The scammer clicks the "Paid" button without payment, and tells the seller that there is a delay in the bank's payment, that they need to release the cryptos first before receiving the payment, or that the assets have been stored by CoinEx, and asks the seller to release the cryptos first.
(2) How to prevent it
Before releasing the cryptos, please be sure to check your bank account balance and confirm that the payment has been received.
5. Phishing Email Fraud
(1) Case
Scammers may request your email address in the chat window and subsequently send a fake official email claiming that the scammer has completed the transfer, urging you to release the assets as soon as possible. After releasing the assets, you discover that the receiving account has not been credited. The scammers typically use spoofed email addresses such as coinexpro.mail@gmail.com to send emails.
(2) Prevention
To avoid phishing and fraud, it is recommended to set up anti-phishing codes, which can help you verify if the received emails are from the official CoinEx. For instructions, please refer to What Is an Anti-Phishing Code, and How to Set It Up.
If you come across any suspicious websites, emails, Telegram, etc., please verify their authenticity through the CoinEx Official Verification Channel. For instructions, please refer to CoinEx Official Verification Channel.
6. SMS Fraud
(1) Case
Scammers may impersonate banks or wallet applications, sending SMS messages that mimic real notifications, claiming that you have received a payment and enticing you to believe that your bank account has received funds, thus leading you to release the assets, resulting in successful fraud.
(2) Prevention
Be sure to confirm whether you have received the payment from your personal bank account or electronic wallet, and do not blindly trust SMS messages.
7. Guiding to Other Scam Platforms
(1) Case
Scammers may guide you to communicate privately about P2P orders using other social media platforms, register and deposit into other so-called reputable exchanges, where the platform either disappears or withdrawal becomes impossible, resulting in financial loss.
(2) Prevention
Maintain communication within the P2P chat window to avoid financial loss by leaving the platform. If you encounter suspicious users or merchants, promptly raise the issue through tickets or appeals to CoinEx. CoinEx is not responsible for financial losses resulting from transactions conducted outside the CoinEx platform.
8. Inducing Order Cancellation
(1) Case
Scammers may obtain your phone number through chat or payment information and impersonate customer service from a third-party payment app to contact you. They will claim that the payment failed, and funds will be refunded, enticing you to manually cancel the order.
After receiving payment, scammers may falsely claim technical issues, requesting you to cancel and reorder. Once you cancel the order, the scammer will immediately remove their advertisement from the P2P page, preventing you from obtaining a refund.
(2) Prevention
Do not cancel the order after payment. If you encounter any technical issues with the order, promptly lodge an appeal for assistance.
9. Triangle Scheme
Two scammers simultaneously place orders with the same seller. The scammers take advantage of the seller's trust and urge the seller to release the crypto without valid verification. Releasing crypto without verifying the sender poses risks. If caution is not exercised, you may release crypto twice but only receive half or even less of the assets sold.
(1) Related Cases
Case 1
Scammer A places a buy order for 2,000 USDT worth of crypto (Order A), while Scammer B places a buy order for 3,000 USDT (Order B). Scammer B transfers 2,000 USDT to the seller, and simultaneously, Scammer A falsely marks Order A as "paid." The seller releases the crypto for Order A to Scammer A.
Scammer B then pays the seller another 1,000 USDT for Order B and provides payment proof of the full 3,000 USDT. Scammer B pressures the seller to release the crypto for Order B.
Case 2
Scammer A places a buy order for 2,000 USDT worth of crypto (Order A), while Scammer B places another buy order for 2,000 USDT (Order B). Scammer B transfers 2,000 USDT to the seller, and simultaneously, Scammer A falsely marks Order A as "paid." The seller releases the crypto to buyer A.
Scammer B claims that the payment has been made but the seller has not released the crypto. Scammer B submits an appeal to get a refund or cancel the order, threatening the seller.
2. Prevention
Please carefully check the payment proof of the counterparty, as fraudsters may reuse the same proof in multiple orders, avoid being defrauded. When receiving payments for multiple orders, ensure the buyer's or seller's name matches the ID verification. Never accept payments under non-real names.
10. Refusal to Pay Upon Refund/Cheque Fraud Scheme
(1) Case
Scammers may exploit the refund refusal feature of certain payment methods or issue non-negotiable cheques after the completion of a P2P order to cancel or refund the initial payment. They may intentionally cast doubt on the order for possible fraud or error as a reason to revoke the original payment.
(2) Prevention
Before releasing the coins, always ensure that the payment has been credited on the third-party payment platform. Do not accept payment via cheque or through third-party payment methods with high chargeback risk. If someone insists on using a cheque for payment, remain vigilant and promptly file an appeal.