From buying/selling cryptocurrencies to avoiding potential scams, this guide covers everything you need to know about Binance P2P trading.
Here's an in-depth look at P2P, or peer-to-peer, trading so you can have a better sense of how you may profit from this well-known trading method.
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What Is P2P Trading?
The procedure is quite similar to selling things on eBay, Etsy, or Craigslist, in a manner that the vendor and buyer engage directly with the buyer to land at a price. However, the unique thing in this situation is that you are buying and selling cryptocurrencies, such as Ethereum or Bitcoin. Consider the situation when you wish to buy Bitcoin from a person who lives nearby. The P2P exchange can help you connect with the right individual, at the right moment, and at the right location, so you can receive the best trading price and pay with a means that is convenient for both of you.
P2P Trading On Binance
How To Buy And Sell Cryptocurrencies Using P2P Trading?
The P2P sellers on Binance are subjected to a screening procedure that includes identity and business verification. Binance also offers a secure layer of protection for your transactions by validating all Binance P2P users.
It simply takes a few clicks to make your first transaction after the verification procedure. Here’s how you can do it:
Buying Cryptocurrency On Binance P2P
For Web Users
Login to your Binance account and navigate to Binance P2P page. If you do not have a Binance account, click on "Register" and follow the procedure.
On the signup screen, enter your email address and create a password. Click "Register".
Pass the identity verification test, turn on SMS verification, and add your preferred payment method.
Select "Buy Crypto," then "P2P Trading’’ located in the menu bar.
Click the ‘Buy’ button located right next to the cryptocurrency you want to buy. After filtering the price and "Payment" in the drop-down, choose an ad and press the "Buy [cryptocurrency]" button.
Add a fiat currency amount or total quantity in cryptocurrency that you want to buy, and click "Buy [cryptocurrency]".
Verify the payment method and total price. You will have to make the payment within a specific timeframe given by the exchange. After making the payment, click on "Transferred, next," and select "Confirm."
After the seller releases the crypto asset, the transaction is concluded. To transfer the digital assets to your spot wallet, click on "Transfer to Spot Wallet."
You may also see the crypto asset you just purchased by clicking "Check my account" above the button.
If you haven't received your crypto asset within 15 minutes of selecting "Transferred, next," you may click "Appeal," and an agent from customer support will help you complete your transaction.
Selling Cryptocurrency On Binance P2P
For Web Users
Select "Buy Crypto," then "P2P Trading" located at the top in the menu bar.
Click on the cryptocurrency you wish to sell, choose a buyer who is offering the best rates, and click "Sell". Choose an ad, then click "Sell" after filtering the price and "Payment" in the drop-down menu.
Enter the amount you want to sell in fiat currency or in cryptocurrency and click the ‘’Sell’’ button.
The transaction will now say “Payment to be made by buyer” with a countdown.
Once the buyer has paid, the transaction status will change to "To be released." Please double-check that you received money from the buyer through the payment app/method you selected.
After you've confirmed the buyer's payment, press "Confirm release" and "Confirm" to send the crypto to the buyer's account.
The buyer will receive the coins in their wallet. You may check your Fiat balance by clicking [Check my account].
Benefits Of P2P Trading On Binance
The Binance P2P exchange stands out among the various P2P options available in the crypto industry, due to the following features and benefits:
1. Zero Fees
One of the most appealing features of Binance P2P is that it is free to use. When it comes to Binance P2P, unlike many other P2P platforms, you won't have to worry about giving a share of your transactions. With no hidden costs, you get exactly what you paid for.
2. A Variety Of Payment Options
3. Enough Liquidity Available For Users
4. Completion Rates Are High
Binance makes sure to hold a high standard for its P2P market through strict rules for sellers. To keep their access to the platform, they must execute transactions promptly and with a high level of satisfaction.
5. Service Of Escrow
As one of several safeguards on the platform, the Binance P2P’s escrow service includes a reserve mechanism for crypto money invested in any pending transaction. This method avoids theft or scams by establishing a second degree of trust, preventing scammers from taking your money or cryptocurrency without completing their side of the transaction.
6. Transactions Are Swiftly Completed
Merchants can limit the transaction lengths to 15 minutes on P2P platforms. This implies that you may complete a secure and fast P2P transaction with selected merchants in under 15 minutes.
Types of Scams In P2P Trading
Some ill-intentioned individuals may take advantage of you if you are new in the world of cryptocurrencies, just as they do with other types of investments. The following are a few of the most frequent kinds:
Identity Theft Is A Serious Problem
The reversible payment is another typical fraud. In such situations, a buyer will first send funds to your bank account in order to force you to surrender the cryptocurrency. The buyer makes a call to the bank within 72 hours and informs them that they have not made the transaction, therefore the bank will revoke the payment, resulting in a financial loss for you.
Asking the buyer to provide you a snapshot of the transfer record as a confirmation of their purchase before transferring crypto is a simple approach to safeguard yourself from reversible payment. It is not possible for a user to argue that they did not make the payment in such a case.
Steps To Avoid Scams On Binance P2P Trading
Scams can be avoided by following these simple steps:
Confirmation Of Identity
You must complete identification verification, commonly known as KYC, before you can begin trading on Binance P2P. KYC ensures that users trade under their real names, and Binance maintains the right to examine any suspicious activity.
If you encounter a problem during a P2P trade and are unable to reach an agreement with your counterparty, you can seek assistance from Binance’s customer care staff. To investigate and resolve issues, the customer service staff will contact consumers through email.
You may also file appeals to report and safeguard other users from suspicious individuals. If a person attempts to persuade you to make a deal outside the Binance P2P platform, ignore them and file a complaint. Remember, Binance cannot protect you if you perform trading outside of the site.