Main conclusions

  • P2P trading, or peer-to-peer trading, is the simple and flexible way of buying and selling cryptocurrencies using a payment method that's convenient for you.

  • As with any type of trading, users should be aware of potential problems and how to resolve them with the help of our support team.

  • Binance P2P is a popular marketplace for peer-to-peer cryptocurrency trading. It offers industry-leading liquidity, top-notch security, 700+ payment methods, and 100+ fiat currencies.

If you're just starting out trading on Binance P2P, check out this step-by-step guide to ensure your first cryptocurrency trade is a success.

Peer-to-peer (P2P) trading is a popular way of buying and selling cryptocurrencies that many users have already appreciated. Sellers can set their own prices and buyers can choose who they want to transact with. Additionally, the Binance P2P platform supports over 700 payment methods such as bank transfers and SEPA, as well as over 100 local currencies such as USD, AUD and EUR. At the same time, on a traditional exchange there is usually less choice of payment methods.

Although P2P trading offers more flexible terms, both new and experienced users should be prepared for potential problems when transacting. In this guide, we'll look at a successful P2P transaction and dive into two common mistakes in P2P trading:
1. The buyer forgets to mark the transaction as paid.
2. The buyer mistakenly sends more money than required.

Principles of a successful P2P transaction

When you come across an offer that interests you, remember some important points. First, make sure you read the terms and conditions of the transaction carefully before proceeding.

Please note: All transactions on Binance P2P have a payment deadline. It is set by the seller and usually ranges from 15 minutes to 3 hours. If you're in the middle of something important, like a work meeting or a date, it might not be a good idea to start trading.

Keep track of time

If you are satisfied with the terms of the transaction, feel free to continue. On the next page you will see the Binance P2P chat window. Here you can contact the seller to make sure they are online. If problems arise, it is always better to deal with a responsive counterparty.

The countdown will begin: a timer will tell you how much time you have left to pay and mark the transaction as paid. When sending funds, always double-check the payment amount.

Complete the order

After sending the funds, there is one more step left: you need to mark the order as paid by clicking the yellow button in the lower right corner. After this, the seller will allow the transfer of coins, and they will go to your wallet for replenishment.

What to do in case of errors with P2P transactions

To err is human—even the seasoned professionals on our platform. Some users forget to mark a transaction as paid during the 15-minute payment window. Others accidentally send the wrong amount of fiat currency to the seller.

Anyone can make a mistake. Below is what you should do if you encounter one of these situations.

First of all, go to the Orders section in the top right corner of the Binance P2P home page and find the last transaction you made. Open an order and contact the counterparty via chat. We remind you that this is not a place for insults or threats.

Write to the counterparty

Here are examples of messages that can be sent to a counterparty:

"Hello! I paid the order, but it was cancelled. Here are my refund details."

"Hello! I mistakenly sent more money than required. Here are my refund details."

  • Account number

  • Sum

  • Proof of payment

Learn a detailed guide on communicating with other Binance P2P users here.

Then contact one of our agents via Binance Support Chat. The agent will ask the counterparty to respond to you via the order chat.

How to Use Binance Live Chat

1. Log in to your Binance P2P account and click on “Profile” in the bottom right corner. Go to P2P Help Center, then click on the agent icon to open the chat.

2. Click "P2P trading".

3. Select a subject for the request, for example, “P2P Order Disputes.”

4. You will receive an automatic response first. Carefully read all the proposed options and choose one of them. If you don't find a suitable problem in the list, ask a question in the chat.

Start trading on Binance P2P

To use Binance P2P, download the Binance app, create a Binance account and complete identity verification. After this, you will be able to trade commission-free on the Binance P2P marketplace.

To learn more about Binance P2P, check out the following articles:

  • (Blog) Introduction to P2P trading: what is peer-to-peer trading and how does a local Bitcoin exchange work?

  • (Support) How to Buy Cryptocurrency on P2P Platform on Binance App

  • (Blog) How to Create an Ad to Buy or Sell Cryptocurrency on Binance P2P: $0 to $10,000

  • (Blog) Tips for Using P2P Chat on Binance to Avoid Transaction Issues

  • (Blog) Everything You Need to Know About the Binance P2P Appeal Process

Denial of responsibility. You assume the risks and are solely responsible for your use of Binance P2P and all information and other content (including third parties) available on Binance P2P. Our sole 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. Binance P2P platform and merchants are not responsible for your losses as a result of your payment.