How can I protect myself from scammers?

It can be difficult to determine if you're dealing with a scammer during your transactions. Or, you might've suspected a scammer but don't know what to do.

Here are some tips to avoid potential scammers and learn how to secure your assets.

1. Does OKX hold crypto or cash?

We only hold onto the seller's crypto once the order is made, for security (otherwise known as escrow). Escrow is a legal term used when a third party holds the assets in a transaction until an agreement has been met between the buyer and the seller.

We don't hold onto cash or freeze any payments from the buyer as the payment is made offline — from card to card (or from wallet to wallet). It's technically impossible for us to hold to payments made outside of the OKX platform.

We'll release the crypto to the buyer's account after the seller confirms the payment has been received and selects the Release Crypto option.

2. What should I do if I'm dealing with a scammer or have been scammed?

Raise a dispute immediately if you find any suspicious activities or scammers during the transaction process. Our customer support team will look into it and contact you.

Learn how to raise a dispute here.

3. How can I further safeguard myself if I'm a seller?

Always check your bank/electronic wallet/payment method of choice to confirm if you've received the full payment. Don't solely rely on payment proof provided by the buyer.

Also, when you've a large number of orders, don't release your crypto based on an email or SMS notification. Scammers can send a fake SMS which at first glance looks like an SMS from a bank. Or they may send you a fake email, pretending to be from payment services such as Wise or AdvCash.

Always check the email address to make sure the domain matches with the service domain. Raise a dispute if the domains don't match.

Be cautious of 'partial payment or amount manipulation' scams. Scammers may place an order for a large amount (for example, 50,000) but only pay a much smaller amount, such as 5,000 or even 0.01. They may send fake or edited screenshots to rush you into releasing tokens. Always verify the actual amount received in your account before releasing the token. If you notice any discrepancies, please don't release the token and submit an appeal immediately.

4. What should you do if you received money from an account that's not with the buyer's name, but the buyer selected the Payment Completed option?

You should raise a dispute to customer support as this may be a suspicious situation of triangulation fraud.

Triangulation fraud involves a buyer sending payment from a card that's under another person's name. The seller accepts the payment, releases the crypto, and after some time receives a notification from the bank that the other person, whose card the payment was sent from, has reported to the bank that the funds were stolen.

In this case, we won't be able to get involved in this transaction as the payment is made outside our platform. It's also very difficult for the relevant bank to resolve this matter.

Always check the buyer's name and payment amount are correct before releasing the crypto. If you receive payment and the payer's name doesn't match the buyer's name on OKX, please raise a dispute. We don't recommend accepting payment from a credit/debit card that doesn't belong to the buyer.

5. What should I do if I’m scammed in a C2C trade and the other party refuses to refund?

During a P2P trade, if you encounter a dispute such as limited buying attempts, the other party not releasing tokens or the other party paid using a non-verified account etc, you can submit an appeal for the order.

Within 72 hours of order creation, please tap the self-service appeal link, select the relevant order, and upload supporting evidence such as payment screenshots. Our specialists will review the case and assist you as soon as possible.

6. How can I avoid being scammed by a “pig-butchering” scheme?

In this type of scam, fraudsters may contact you through messaging apps (such as WeChat) and begin with casual conversations to build trust. Over time, they may introduce trading or investment opportunities and encourage you to scan QR codes or register on external platforms.

These external platforms are often fraudulent. Once you deposit funds, there is a significant risk of permanent financial loss.

If you encounter this behavior:

• Don't engage further.

• Don't transfer funds to external platforms.

• Don't scan unknown QR codes.

• Report the user immediately through the platform’s reporting or appeal function.

7. What is the “Please Pay on My Behalf” scam and how can I avoid it?

Scammers may use Alipay to send you a “Please pay on my behalf” request and provide a screenshot as proof. If you don’t notice the trick, you could be scammed. If you encounter this behavior, please don't proceed with the payment and kindly submit an appeal immediately.