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Nov 19
2020
5 Tips on How to Pick the Best Offer When You Buy Bitcoin on Binance P2P

If you're a newbie to peer-to-peer trading, you've probably asked yourself, which offer do I choose? Don't worry. In this blog, we'll talk about how to select the best offer, as well as what to consider when trading on the P2P platform.

  • Advertiser details

  • Choose the price that suits you best 

  • The minimum and maximum trade amount 

  • Payment methods and transactions 

  • Terms and conditions 

  • Extra tips for buying crypto on Binance P2P

Before start trading on the platform, you need to create a Binance account and verify your identity. It is easy! It only takes a couple of minutes. The identity verification will help us to protect your account.  Then, you can instantly transfer cryptocurrencies from any Binance wallet (spot, futures, and margin) to Binance P2P, without paying any transaction fees. 

Advertiser details

On Binance P2P, you can see the activity of the users by clicking on the nickname. The user profile contains information such as:

  • Security deposit, essentially an escrow fund, ensuring no cheating or wash trading. With this deposit, users don’t need to worry about suffering fiat or crypto assets loss.

  • Total orders, the full number of transactions made 

  • 30d orders, number of transactions completed in the last 30 days

  • 30d completion rate, percentage of transactions that he has started and completed successfully in the last 30 days

  • Avg release time, how long does it usually take for the seller to release the crypto

  • Online ads, the offers to buy and sell that the user has online

Users marked with a yellow tick are merchants Binance P2P. These are traders who have passed additional verification, confirmed their advanced trading experience on other platforms.

Choose the price that suits you best 

The price of bitcoin and other cryptocurrencies on P2P at Binance is not always equal to the official market rate. The seller who publishes the ad is free to choose the selling price. This flexibility is one of the significant advantages of peer-to-peer trading.  

On the Binance P2P platform, you can find incredible offers, where the selling price of bitcoin and other cryptocurrencies is lower than the official rate. As we see in the image above, the purchase prices are different, as well as the limits and payment methods.

The minimum and maximum trade amount

The maximum and minimum amount that you can buy and sell bitcoin and other cryptocurrencies on  Binance P2P depends on the advertiser. When you are going to make a purchase, keep in mind the limits set by the seller. 

Let's say that you want to buy $250 of BTC. You have to look for an offer with a minimum limit of $250 or less. For example, as shown in the image below, the seller "Criptala" has set a minimum limit of $150 and a maximum of $351.63. 

 

 However, if you want to buy $700, you have two options. You can make two purchases of $350 from "Criptala.” On the other hand, if you want to save time and place only one order, you would have to look for another offer because it has a maximum limit of $351.39. A compatible ad to buy $700 would be "SerBN,” which has a minimum limit of $400 and a maximum of $900.

At the top, we see "0.02018545 BTC," which refers to the total amount the seller wants to trade with his ad and has available in his portfolio. 

Payment methods and transactions 

Another important factor when choosing an offer or a seller is the payment method. On Binance P2P, we have more than 60 payment methods. You can filter ads by bank transfer, wallet, etc., through the menu on the top. 

Please note that when choosing an offer with payment through a specific bank, you must also have this payment method added to the “P2P Payment Method” section. Don't miss this video tutorial on how to add a new payment method.  

According to the platform’s rules, it is forbidden to use third-party accounts for payment. The payment information should match the Binance account information.

Never ask a seller to release a cryptocurrency before you completed the payment. The platform uses an escrow system to keep your assets safe. These funds are held until your payment is completed. 

Never release the cryptocurrency before you receive the payment. If the buyer asks to release the crypto before payment, this may be regarded as a fraud and will lead to the blocking of the Binance account. Check out our guide to secure trading on Binance P2P.

If you are a newbie, use secure payment methods such as bank transfer and avoid those payment methods that may be reversible.  

Terms and conditions 

When you create an ad, it is important that you fill in the "description" section with all the information you think is essential for the transaction. This will be displayed as your terms and conditions for other users to trade with you. If this information is clear, you will avoid canceling orders due to a lack of information.  

When choosing an offer, carefully review the trading requirements of the advertiser. Each user has the right to specify the preferred trading requirements for the transaction, and the counterparty, by default, agrees to the terms by placing an order. If the conditions do not suit you, please choose another offer.

The trading terms and conditions may indicate a specific bank for the transfer, or a request for special comments when making a payment, the need for additional verification, etc.

Keep in mind that all prices in ads are final, and the advertiser is not allowed to demand to pay any additional commissions. The payment must be made using the payment method specified in the ad and the amount should correspond to the amount of the order.

Before placing an order, pay attention to the time indicated in the “Payment window”. If you buy cryptocurrency, then this is the time during which you must make a payment. If you sell cryptocurrency, then this is the time during which the buyer will have to complete the payment. 

Please note: when selling cryptocurrency, you will not be able to cancel the order before the expiration of the time specified in the counterparty's ad.

Extra tips for buying crypto coins on Binance P2P

Cancel the offer if you are not interested 

If after placing an order, you decide to abandon the trade and are no longer interested in the offer, please cancel the order. This is considered a sign of respect for other users. As long as you keep the order pending, this prevents the seller from continuing to trade on the platform, as his assets are frozen.

Use the chat to communicate with the counterpart

Binance P2P allows users to communicate directly with each other through a built-in chat. The chat is available immediately after placing an order. As soon as you open an order, greet the user, make sure he is online and available for the trade. 

According to statistics, a large number of orders are canceled due to the inaccessibility of the counterparty, and the inability to clarify the necessary information before making the payment. It is important to deactivate the ads if you are not available to answer the counterpart. 

Other articles that might interest you:

How to Buy Cryptocurrency on Binance P2P?

How Does Binance P2P’s Escrow Service Work?

Tips to Protect your Bitcoins and Avoid Scams

What's the appealing process on Binance P2P?