At the point when individuals ponder cryptocurrency trading, they by and large rapidly consider bringing together trades and convoluted graphs. Many individuals are uninformed that there are more straightforward ways of exchanging crypto that does exclude complex techniques. Moreover, a lot of citizens employ these tactics to make money on a regular basis all around the world.
Here’s a closer look at Binance P2P (peer-to-peer) trading to help you understand how you can make successful transactions from this well-known platform.
By the way, have you read my article on 4 ATM Cards that can make you a Millionaire in 2022? If not, try reading the article; the P2P Trading we are about to discuss is another important tool you’ll need to start arbitrage trading.
What Exactly Is P2P Trading?
Peer-to-peer trade, or P2P trading, is when two or more individuals sell or buy cryptocurrencies directly from one another. Vendors and buyers register on a website called a peer-to-peer platform, marketplace, or exchange for this sort of trade. They can probably be able to publish adverts for cryptocurrencies to be bought or sold, with a price range and location specified.
The process is similar to selling items on eBay, Etsy, or Craigslist, in that the vendor and buyers interact directly with each other to reach an agreement on a price. However, the fact that you are buying and selling cryptocurrencies like Bitcoin, Ethereum, XLM, BNB, or TRX makes this situation distinct. Consider the circumstance when you want to acquire Bitcoin from someone in your neighborhood. The P2P trade can help you connect with the right person, at the right time, in the right place, so you can get the greatest trading price and pay with a method that works for both of you.
Binance P2P Trading
When it comes to P2P trading, Binance is a great alternative since it offers a variety of withdrawal choices, payment methods, and transaction execution speeds.
To use Binance’s P2P, margin, or futures trading platforms, users must first pass the Know Your Customer (KYC) process. You can still deposit tokens to your account without the KYC.
Binance Account Registration
If you already have a Binance account, you can use your existing Binance account. If you don’t have a Binance account, click here to register.
If you are using the mobile app, use this referral ID: 88331204 to register.
Binance Account Verification Process
You can access the Identity Verification from [User Center] – [Identification] or access it directly from here. You can check your current verification level on the page, which determines the trading limit of your Binance account. To increase your limit, please complete the respective Identity Verification level.
Information required to move to Level 1 includes:
- Full Name (first, middle and last)
- Date of birth
- Residential Address
- Nationality
Users must also submit a copy of a Government-issued identity document as well as a selfie of themselves.
Accepted Government-issued identity documents:
- Driver’s License
- International Passport
- Identification Card
P2P Trading: How To Buy And Sell Cryptocurrencies
Before you can make your first transaction on Binance P2P, you must first register an account on Binance and complete the identity verification process.
On Binance, P2P vendors must go through a screening process that includes identification and company verification. By certifying all Binance P2P users, Binance adds an extra degree of security to your transactions.
After the verification procedure, you can make your first transaction with just a few clicks. Below is how to go about it.
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How do I buy cryptocurrency on the Binance P2P?
For Mobile App Users
- Log into your verified Binance account through the app
- If you don’t already have a Binance account, click “Register” and follow the on-screen instructions.
- Pass the identity verification quiz, enables SMS verification, and add your preferred payment method to your account.
- Click “P2P Trading” on the home page.
- On the P2P page, click the (1) “Buy” tab and the crypto you want to buy (2) (taking USDT for example), and then select an ad and click (3) “Buy”.
- Click “Buy USDT” after entering the quantity you wish to buy and confirming the seller’s payment method(s).
- Within the payment time limit, transfer the money straight to the seller using the seller’s payment details, and then click “Transfer the Money.” Then tap “Transferred, next” or “To Pay Page” on the payment method you transferred to.
Note that selecting “Transferred, next” as a payment option on Binance does not guarantee that the funds will be sent straight to the seller’s account. You must pay the vendor directly by bank transfer or another third-party payment channel using the payment details given by the seller.
If you haven’t done any transactions yet, don’t click “Transferred, next.” The P2P User Transaction Policy will be broken as a result of this.
“Releasing” will be the status.
The transaction is complete after the seller has released the crypto. To transfer the digital assets to your Spot Wallet, click “Transfer to Spot Wallet.”
To verify the crypto you bought in your fiat wallet, go to the bottom of the page and choose “Wallet,” then “Fiat.” You may also move the bitcoin to your spot wallet for trading by clicking “Transfer.”
Note: If you do not get the crypto within 15 days, please contact Binance Customer Support.
For Laptop/Desktop Users
- Go to the Binance P2P page after logging in to www.binance.com. If you don’t already have a Binance account, click “Register” and follow the on-screen instructions.
- Pass the identity verification quiz, enables SMS verification, and add your preferred payment method to your account.
- Select “Buy Crypto” from the menu bar, then “P2P Trading.”
- Right next to the cryptocurrency you wish to buy, click the ‘Buy’ button. Choose an ad and hit the “Buy [cryptocurrency]” button after filtering the price and “Payment” in the drop-down.
- Click “Buy [cryptocurrency]” after entering a fiat currency amount or the entire amount of cryptocurrency you wish to buy.
- Check the payment method and the total cost. You must complete the transaction within the exchange’s specified deadline. After you’ve made your payment, go to “Transferred, next,” and then “Confirm.”
- The transaction is complete after the seller releases the crypto asset. Click “Transfer to Spot Wallet” to transfer the digital assets to your spot wallet.
- By clicking “Check my account” above the button, you can view the crypto asset you just bought.
- If you haven’t received your crypto asset within 15 minutes of clicking “Transferred, next,” click “Appeal,” and a customer service representative will assist you with your transaction.
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How do I sell cryptocurrency on the Binance P2P?
For Mobile App Users
- First, go to the (1) “Wallets” tab, click (2) “P2P” and (3) “Transfer” the cryptos that you want to sell to your P2P Wallet.
- If you already have cryptocurrency in your P2P wallet, go to the homepage and select “P2P Trading” to begin trading.
- To access your app’s P2P page, go to the app’s homepage and select “P2P Trading.” Select a coin (we’ll use USDT as an example), then select an offer and click “Sell” at the top of the P2P trading page.
- To place an order, enter the quantity you wish to sell, choose a payment method, and then click “Sell USDT.”
- “Pending Payment” will now appear next to the transaction. The transaction will now show “Confirm Receipt” when the buyer has made payment. Please double-check that you received money from the customer using the payment app/method you selected. To release the crypto to the buyer’s account, hit “Payment received” and “Confirm” once you confirm the receipt of money from the buyer. To minimize financial losses, please DO NOT distribute crypto if you have not received any money.
Note: If you have any problems with the transaction, you can contact the buyer using the chat window in the upper right corner of the page, or you can click “Appeal” and our customer care staff will help you complete the order.
For Laptop/Desktop Users
- Select “Buy Crypto,” then “P2P Trading” from the menu bar at the top.
- Choose a buyer who offers the best pricing, then click “Sell” on the coin you want to sell. After filtering the price and “Payment” in the drop-down box, select one ad and click “Sell.”
- Click the “Sell” button after entering the amount you wish to sell in fiat cash or cryptocurrency.
- With a countdown, the transaction will now indicate “Payment to be made by buyer.”
- The transaction status will change to “To be released” after the buyer has paid. Please double-check that the buyer sent you money using the payment app/method you chose.
- To send the crypto to the buyer’s account, hit “Confirm release” and “Confirm” once you’ve validated the buyer’s payment.
- The coins will be sent to the buyer’s wallet. By choosing [Check my account], you may check your Fiat balance.
If you have any issues with the transaction, you can contact the buyer using the chat window in the upper right corner of the page, or you can click “Appeal” and Binance’s customer service personnel can assist you.
How to Post P2P Trading Advertisements on Binance
For Mobile App Users
- To switch the P2P trading page to advertisement mode and allow posting of advertisements, go to the “P2P Trading” page and press the (1) “…” button on the top right of the P2P trading page, then tap “To Advertisement mode.”
- Go to the bottom of the P2P trading page and tap “Ads,” then (2) “Post Ad” or (3) “+” on the top right of the screen.
- (1) Set the ad type (buy or sell), (2) crypto asset and (3) the fiat currency for the ad, and then (4) select the price type. You can choose either “Floating” or “Fixed” price.
- For your ad, set the total trade amount, the order limit, and at most three payment methods. Then press “Next” to proceed.
Please keep in mind that purchasers must pay within the payment deadline you specify, otherwise the order will be canceled.
For your ad, you can include the following information:
Remarks: The remarks will serve as a guide for users before placing an order.
After the counterparty places the order, the message will be instantly sent to him or her.
Users who do not satisfy the prerequisites will not be allowed to make an order with the counterparty.
- Your ad will be successfully posted when you pass a 2-factor authentication (2FA).
You can update, turn your ad online/offline, or close your ad once it has been published. Please keep in mind that after you’ve closed an ad, you won’t be able to edit it.
Tip: To share your ad directly with other people, tap the share button on the upper right of your “Ad Details” page.
For Laptop/Desktop Users
- Visit www.binance.com and log in to your account.
- Go to the page for P2P trading.
- On the top right of your screen, locate the [More] icon and select [Post New Ad].
- Choose between a purchase or sell ad, a crypto asset, and a fiat money.
- Set the type of ad, the price, and other parameters. You have the option of [Floating] or [Fixed] price.
- Set the total trade amount, order limit, and payment methods (up to three).
Please keep in mind that customers must pay within the payment deadline you specify. The order will be canceled if this does not happen.
You can include the following details in your ad:
Remarks: Users can use the remarks as a guide before placing an order.
After the counterparty places the order, the message will be instantly forwarded to them.
Users who do not fulfill the counterparty criteria will be unable to place an order.
- Click [Post] when you’ve put up the conditions.
- Review the information you entered for your ad and click [Confirm to Post].
Your ad will be published after the 2-factor authentication (2FA). Under the [My ads] menu, you can check the status of your ad.
You can amend, close, or turn the ad online/offline once it has been published. Please keep in mind that after you’ve closed an ad, you won’t be able to edit it.
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The Advantages of Binance’s P2P Trading
Because of the following characteristics and benefits, the Binance P2P exchange stands out among the different P2P solutions accessible in the crypto industry:
1. There are no fees
The fact that Binance P2P is free to use is one of its most tempting aspects. Unlike many other P2P platforms, you won’t have to worry about giving a portion of your transactions to Binance P2P. You receive precisely what you paid for since there are no hidden charges.
2. A Wide Range Of Payment Methods
You can use any of the more than 150 payment methods available on Binance P2P to send and receive money for your transactions.
3. Users have access to sufficient liquidity
Binance P2P has registered huge amounts of both buy and sell transactions as the world’s largest exchange by trading volume’s major P2P channel. Over $7 billion in transactions have already been handled on the network, indicating a strong degree of liquidity.
4. High Completion Rates
Binance ensures that its P2P market maintains a high level by enforcing rigorous restrictions for vendors. To maintain their access to the platform, individuals must complete transactions quickly and satisfactorily.
5. Escrow Services
The Binance P2P’s escrow service features a reserve mechanism for crypto money deposited in every pending transaction, which is one of the numerous protections on the network. By creating a second level of trust, this strategy prevents criminals from stealing your money or cryptocurrencies without completing half of the transaction.
6. Transactions are completed quickly
On P2P systems, merchants can limit transaction durations to 15 minutes. This means you can execute a safe and quick P2P transaction with certain merchants in less than 15 minutes.
Scams in P2P Trading
If you are new to the world of cryptocurrencies, some ill-intentioned individuals may take advantage of you, just as they do with other forms of investments. Listed below are a handful of the most common types:
Theft of one’s identity is a serious issue
Triangulation fraud is another name for it. It’s a fraud in which your trading counterpart uses a third-party payment account to perform transactions. They pay you using an account in another person’s name before you release cryptocurrency. Some people may use chat messaging to give you new payment account information and request that you send money to that account. They will claim that they did not get the cash after you transferred them and will thus refuse to give you the coin.
The easiest way to avoid this problem is to verify the user’s identity. Check sure the payment account information matches the person’s identify before proceeding with the transaction. Do not send money or release your crypto assets if the payment account is not the buyers’ or sellers’.
Reversible Payments
Another common type of fraud is the reverse payment. In such cases, a buyer will first transfer money to your bank account to compel you to hand over the crypto. Within 72 hours, the buyer contacts the bank and notifies them that they have not completed the deal; as a result, the bank will cancel the payment, resulting in a financial loss for you.
Requesting a screenshot of the transfer record from the buyer as proof of their purchase before sending crypto is a simple way to protect yourself against reversal payment. In such a circumstance, it is impossible for a user to claim that they did not make the payment.
Scams Prevention on Binance P2P Trading
If you follow these easy procedures, you can prevent falling victim to a scam:
Identity Verification
Before you can start trading on Binance P2P, you must first complete identification verification, often known as KYC. Binance reserves the right to investigate any suspicious conduct. KYC guarantees that users trade under their true names.
Service of Escrow
To secure users’ crypto assets, Binance offers crypto escrow in all P2P transactions. When the ad is placed, the amount of crypto for the ad is immediately deducted from the seller’s fiat wallet. This means that if the seller receives your money but fails to deliver your crypto, or if the seller fails to release your crypto on time, Binance’s customer support team can move the asset from the seller’s wallet’s reserved funds to your wallet.
Customer Support
If you have difficulty with a P2P trade and are unable to reach an agreement with your counterparty, you can contact Binance’s customer service team for assistance. Customers will be contacted through email by customer support employees in order to investigate and address concerns.
You may also file appeals to report questionable people and protect other users.
Ignore anyone who tries to encourage you to conduct a transaction outside of the Binance P2P network and submit a complaint. Remember that if you trade outside of the Binance platform, Binance will not be able to safeguard you.
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