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Glossary of P2P Trading Terms

2020-04-08 11:24
Tutorial Video
1. What is P2P?
‘Peer-to-Peer’ (P2P) trading is a form of trading where a buyer and a seller directly exchange their crypto and fiat assets with the help of an online marketplace and escrow services.
2. Who can trade on Binance P2P?
You must add a valid mobile number and complete Identification Verification before you can trade on the P2P platform.
3. What are makers and takers?
Maker:
A user who posts advertisements on Binance P2P to buy/sell cryptocurrency is a maker.
Taker:
A user who buys/sells cryptocurrency via listed advertisements on Binance P2P is a taker.
4. What is an advertisement?
Binance users can post advertisements on the Binance P2P platform to trade their crypto with other users. The broadcasted deal is called an advertisement.
5. How to post a P2P advertisement?
Users who satisfy the Binance P2P advertisements posting requirements can post ads by tapping the [Post a new ad] button. Select the type of ad, trading amount, price, conditions, etc. and confirm the details. After that, tap [Publish] to post the ad.
6. How to become a P2P Merchant?
Users interested in becoming P2P Merchant can submit their applications here. For more information, please refer to How to Become a Binance P2P Merchant.
7. What does “in order” mean?
An order is a promised trade the buyer and the seller have agreed upon. Binance P2P facilitates the trade by providing an escrow service. The seller’s assets are “in order” and will be locked until both parties confirm the payment.
8. What does “release crypto” mean?
When a buyer has paid the seller, and the seller confirms that they received the payment, the seller must release the agreed-upon amount of crypto to the buyer.
9. What is order matching?
The system automatically matches the buyer and the seller by the best price, preferred payment method, and trading amount.
10. Why do I need to add a payment method?
To match your order with a counterparty, the system will check the payment methods you added to ensure both parties have access to the same payment method. For more information, please refer to How to Add New Payment Methods for P2P Trading.
11. How to trade the assets I purchased from Binance P2P on Binance?
To trade on Binance, you have to transfer the assets from your Funding Wallet to your Spot Wallet first. Log in to your Binance account and go to [Wallets] - [Funding]. Tap [Transfer], then select the crypto and enter the amount to transfer.
12. What are fixed-price advertisements?
The price of fixed-price ads is fixed and does not move with the market price of the crypto.
13. What are floating-price advertisements?
The price of floating-price ads fluctuates with the market and is refreshed every minute.
14. Why does the order price expire?
The price of floating-price ads fluctuates with the market and is refreshed every minute. The order price will expire if you do not proceed with the order within the time limit. Please refresh to confirm the order.
15. What is Floating Price Adjustment?
Floating Price Adjustment is the premium the ad publisher charges to calculate the price they would like to buy/sell their assets.
16. What is the difference between the Express and the P2P zones?
The [Express] zone automatically matches a counterparty for you, while in the [P2P] zone, you can select your own buyer/seller to trade with.
17. What are the "T+1" & “T+2” withdrawal limits?
The “T+1” and “T+2” withdrawal limits protect users’ assets by providing a 24- to 48-hour buffer for withdrawals. For more information, please refer to What Are the "T+1" and "T+2" Withdrawal Limits.
18. What is an appeal?
When there is a dispute between the buyer and the seller, they can submit an appeal and request Binance Customer Support agents to assist with the negotiation. The assets from the appealed order will be locked during the investigation process.
19. How to cancel an appeal?
After submitting an appeal, the appeal requestor can cancel the appeal if an agreement is reached and customer support is no longer needed. The order will be resumed to the payment confirmation stage and the seller has to release the crypto.