What Is Binance P2P and How to Use It?
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What Is Binance P2P and How to Use It?

What Is Binance P2P and How to Use It?

Beginner
Publié le Apr 26, 2024Mis à jour le May 2, 2024
6m

Key Takeaways

  • Binance P2P facilitates direct peer-to-peer transactions, eliminating the need for intermediaries and providing a seamless trading experience for users worldwide.

  • The Binance P2P platform offers enhanced security measures, 24/7 customer support, fast transactions, and support for 800+ payment methods and 100+ fiat currencies.

  • The platform provides accessibility and convenience to both novice and experienced traders. Users can get started with Binance P2P in a few simple steps.

Introduction

Binance P2P offers a seamless trading experience to cryptocurrency users, bridging the gap between buyers and sellers across the globe. Let's delve into the basic mechanisms and interface of the Binance P2P platform.

What Is P2P Trading?

Peer-to-peer (P2P) trading refers to the exchange of assets directly between users. Also known as person-to-person trading, P2P embodies the essence of decentralized exchange, as proposed by Bitcoin’s creator, Satoshi Nakamoto. 

Satoshi introduced Bitcoin in 2009 as a P2P electronic cash system that allows individuals to directly engage in buying, selling, and trading cryptocurrencies without the need for intermediaries. However, traditional P2P models involved security and compliance risks, so Binance stepped in to redefine the landscape with the introduction of Binance P2P, making the practice safer and more accessible to cryptocurrency users.

What Is Binance P2P?

Launched in 2019, Binance P2P revolutionized the way users engage in P2P currency exchange. Acting as a peer-to-peer marketplace, Binance P2P facilitates direct trades between users, enabling seamless transactions in a variety of cryptocurrencies and fiat currencies. 

The Binance P2P platform offers enhanced security measures and an extensive array of features, making it the go-to destination for both novice and seasoned crypto traders.

Binance P2P Glossary

To navigate the Binance P2P platform efficiently, it’s worth getting familiar with some of the key terms:

  • Funding Wallet: Binance accounts have different types of wallets for different trading purposes. The Funding Wallet is a dedicated wallet for P2P trading, where cryptocurrencies obtained from P2P transactions are stored.

  • Ad: A user-generated offer detailing their price and trading requirements, such as asset type, payment methods, and other terms.

  • Order Limit: The specified range of minimum and maximum amounts for buying or selling assets in a particular ad.

  • Payment window: The time frame during which payments must be sent or received for a transaction.

  • Average release time: The average duration within which a seller releases cryptocurrency after receiving payment. You can check a user’s Avg Release Time by clicking on their nickname or Ad.

  • Pay time: The deadline for buyers to complete payments.

  • 30d Trades: The total number of completed trades in the past 30 days. 

  • 30d Completion Rate: The ratio of completed orders to canceled orders in the last 30 days.

You can check the 30d Trades and 30d Completion Rate by visiting a user’s profile page.

  • Appeal: A mechanism for resolving disputes between buyers and sellers with the help of Binance customer support.

  • Maker: A user who creates P2P advertisements on the platform.

  • Taker: A user who executes trades using existing P2P advertisements.

  • P2P Merchant: Users providing liquidity and payment solutions on the platform.

Advantages of Binance P2P

Binance P2P offers a myriad of benefits, including:

  • Escrow service: Secure holding of cryptocurrencies during transactions, mitigating risks of theft and fraud.

  • Diverse payment methods: 800+ payment methods and 100+ fiat currencies supported, ensuring accessibility for users worldwide.

  • Swift transactions: Reduced waiting times, with transactions completed in as little as 15 minutes.

  • Price control: trade crypto with the freedom to choose your seller or set your own price.

  • 24/7 Customer Support: Comprehensive assistance in multiple languages, ensuring a seamless trading experience.

Getting Started With Binance P2P

Embark on your journey with Binance P2P through these simple steps:

1. Register an account on Binance.

2. Complete the Identity Verification (KYC) process.

3. Set up your preferred payment methods.

4. With your account verified, you can start using P2P as a buyer right away. We will cover how to buy and sell in more detail soon, but both can be done easily with just a few steps.

As a buyer:

5. If you plan on selling crypto via Binance P2P, you will need to transfer your assets to your Funding Wallet first. 

As a seller: 

6. At the top right corner, you can find user guides, check your P2P orders, and access the P2P User Center. You can also manage your payment methods and P2P ads.

7. On your P2P User Center, you can edit your profile and find more details about your payment methods, feedback received, blocked users, and more.

How to Buy on Binance P2P

1. Browse ads on Binance P2P and select suitable trades based on your requirements. There are multiple filters available to help you find what you need.

2. To place a buy order, find the ad that you want and click the buy button to start the process.

3. Make sure you agree with the advertisers’ terms before placing your order.

4. When ready, place the order and pay the seller. This step will be different depending on the location and payment method.

5. Wait for the seller to confirm the payment and release your crypto.

How to Sell on Binance P2P

1. To place a sell order, find the ad that you want and click the sell button to start the process.

2. Make sure you agree with the advertisers’ terms before placing your order.

3. When ready, place the order and wait for the payment.

4. Confirm that you have received the payment and release the funds.

Closing Thoughts

Binance P2P offers a secure and efficient P2P platform with support for hundreds of payment methods and fiat currencies. The process is now much easier than the traditional P2P services. With Binance’s safeguards and customer support, users can navigate the world of digital assets with confidence and peace of mind.

Further Reading

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