Glossary of P2P Trading Terms
1. What is P2P?
‘Peer-to-peer’ (P2P) trading is a form of trading where a buyer and seller directly exchange their crypto and fiat assets with the help of an online marketplace and escrow services.
2. What is the advertisement?
Users can post the price they would like to trade their crypto at and publish it on our platform. The broadcasted deal is called an "Advertisement".
3. What is the publisher?
The user who posts an "advertisement", a broadcasted offer to buy/sell the cryptocurrency, is the publisher.
4. What is the release?
When a buyer has paid the seller, and the seller has confirmed that the payment is received, the seller has to confirm and release the crypto to the buyer.
5. How to transfer?
You have to transfer your crypto from the P2P wallet to the spot wallet in order to trade in the market. In the APP, Go to "Funds", go to "P2P", click on "Transfer", select the crypto and amount you would like to transfer, and click on the "Transfer" button.
6. What is the appeal?
When there is a dispute between buyer and seller, and a user would like the platform to arbitrate, users can file an appeal. The crypto involved in the trade will stay locked during the process.
7. How to cancel an appeal?
After filing an appeal, the user who started the appeal can cancel the appeal if the agreement is reached between the parties and arbitration is no longer needed. The order will return to the state where it is waiting for confirmation from the seller to release the crypto. The crypto will stay locked until the seller has confirmed the receipt of payment.
8. How to post ads?
For users who satisfy the prerequisites, you can click on the "Post a new ad" button, and post an Ad by selecting the type of ads, trading amount, price and conditions etc. Once the details are confirmed, you can click on "Publish" to post the ad.
9. How to become a merchant?
Please submit an application to become a merchant, for more details, please visit this page.
10. What is the "T+1" withdrawal limit?
If risk controls are triggered, the buyer will not be able to withdraw the purchased crypto from Binance for 24 hours. The "T+1" withdrawal limit only applies to Chinese yuan trading.
11. What is In order?
An order is a promised trade that the buyer and seller has agreed upon. Binance P2P facilitates the trade by providing an escrow service, meaning locking the assets until both sides agree to release as promised.
12. What is Add payment method?
In order to receive payment from the buyer, the user has to add payment details.
13. What is order matching?
Our system automatically matches the buyer/user for the users by the best price, matching payment method, and total trading amount.
14. Why can a price expire?
The prices of floating price Ads fluctuate with the market and are refreshed every minute. The price you see might have expired after a minute. In that case, you need to refresh and get the updated price before confirming the order.
15. What is trade qualification?
You need to add a valid mobile number and complete identification verification before you can trade P2P.
16. What is a floating Price Advertisement?
The price of a floating price ad fluctuates with the market and is refreshed every minute.
17. What is a Fixed Price Advertisement?
Price of fixed price Ads is fixed and does not move with the market price of the crypto.
18. What is Floating Price Adjustment?
Floating Price Adjustment is the premium that the Ad publisher would like to charge in order to calculate the price they would like to buy/sell at.
19. What is the difference between Offer listing and Express mode?
The "Express" mode automatically matches a buy/seller for you, while in "Offer Listing" you can select your own buyer/seller.