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For successful P2P trading, it is important to find a suitable counterparty.
The rating system on Binance P2P allows you to evaluate the user's role, the percentage of completed trades (%) and feedback from other participants.
The rating system not only allows users to choose suitable counterparties, but also motivates merchants to provide reliable and competitive conditions.
Choose your trading partners on the Binance P2P marketplace wisely.
When you use a P2P trading platform, including Binance P2P, you need to evaluate the reliability of potential counterparties. But how to do this and how to identify possible risks? You can proceed from the reputation of the trader on the platform. But reputation is a fairly abstract concept, and assessing the trustworthiness of a large number of participants can be difficult.
Let's say you want to buy cryptocurrency and see a tempting offer on a P2P website that is very different from competitors' prices. Is this a scam or does the trader really offer such conditions, just for a special promotion?
It is important to understand what a trader is and what he offers. Of course, in the Internet space you never know for sure who you are dealing with. The Binance P2P platform uses a rating system that should make this task easier.
Binance P2P Rating: Reliability Assessment Tool
The rating function on Binance P2P allows you to qualitatively and quantitatively assess the reliability of each participant in P2P trading. This is a kind of digital reputation of the user on our platform, based on the analysis of quantitative data.
The rating of each user is formed based on the statistics of his actions on the site, the volume of transactions, results and reviews. This data allows you to quickly assess the experience, behavior and reputation of a potential counterparty. It is important to understand that the rating does not guarantee reliability; it is only a convenient tool for assessing partners before concluding transactions.
How does the Binance P2P rating system work?
Binance's rating system ranks P2P counterparties based on various aspects—core metrics—and how they perform. The user's rating and reliability consists of the following components:
Completion Rate (%) is the percentage of deals completed to the total number received.
Average transfer time.
Average payment time.
The number of counterparties with whom transactions were concluded.
User reviews.
User status.
Completion percentage
How is it calculated? Let's look at an example. If a supplier received two orders but completed only one, his completion rate would be 50%. This criterion can be used to assess reliability when choosing a counterparty.
The higher the user’s transaction completion percentage, the more often his requests are executed. Conversely, traders with a low percentage of closing transactions should be treated with caution.
The order is not considered executed if:
The buyer canceled it.
The order expired because the buyer did not make payment.
Buyers do this for a variety of reasons, but often it is because they are not happy with the deal.
User reviews
Feedback is an important tool for assessing reputation. On the platform, you can study reviews from users who have worked with different suppliers. A comment, positive or negative, can only be left after the order has been executed. Learn more about this feature here.
It should be taken into account that reviews are not always objective. Not all of them can be trusted, so we recommend reading as many reviews as possible before deciding to choose a particular supplier.
User status.
There are different types of users on the Binance P2P platform, which can also be used to judge potential counterparties and prospects for cooperation with them. These types include:
Verified user: a member who has passed the verification (KYC procedure) on Binance.
Verified merchant: a trader who has passed additional verification by the P2P team. To obtain this status, you must provide the appropriate documents and have an excellent reputation and successful experience on Binance P2P and other platforms.
Large Merchant: A trader who offers a large volume of assets and has experience conducting transactions in the new large trade zone. Users with this status are also marked with a diamond icon.
Cash Merchant: A user who can post cash trades on the Binance P2P platform. Trading cryptocurrency for cash involves a personal meeting between the buyer and seller.
Merchant P2Pro: P2P merchant with P2Pro status. The Binance P2P team awards it to traders who meet strict requirements, including high qualifications.
By reviewing information about user types, you can judge the experience and skill level of traders on Binance. This information helps you select suitable counterparties and make informed trading decisions. You can also look at the date of account registration and first transaction to understand how long the user has been engaged in trading operations and what experience he has.
How Binance Makes P2P Trading More Efficient
Our rating system serves two purposes. First, it allows Binance P2P users to evaluate the reputation and reliability of potential counterparties. Secondly, it encourages suppliers to behave more responsibly and professionally. Thanks to this two-way approach, it is easier for users to navigate the platform and select suitable counterparties.
Binance P2P is committed to making cryptocurrency trading easier, safer, and more profitable for all types of users.
Additional Information
(Blog) Binance P2Pro: professional exchanges collaborating with P2P traders
(Blog) 5 Tips to Find the Best Deal When Buying Bitcoin on Binance P2P
(Blog) How to become a P2P merchant on Binance
(Support) Binance Merchant P2Pro Program
(Support) Instructions and rules for secure P2P cash transactions
Denial of responsibility. Your use of the Binance P2P services, and all information and other content (including third parties) included or available on Binance P2P, is at your own risk. Our responsibility is limited to processing cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. Binance P2P Platform has neither the right nor the obligation to resolve any disputes arising in connection with a completed payment. Neither the Binance P2P platform nor the merchants are responsible for your losses as a result of your payment.