Tips for Using the Binance P2P Chat to Avoid Transaction Problems
Key Takeaways:Â
Learning how to properly use the chat function of Binance P2P can help resolve potential issues regarding your transactions on the platform, whether youâre a general user or a merchant who posts ads.
Binance P2P offers the best experience for peer-to-peer crypto trades, with industry-leading liquidity, top-notch security, and access to 700+ local payment methods and 100+ fiat currencies
The proper use of the P2P chat function has solved many P2P transaction scenarios that would have led to help requests for our customer support team. In this article, the Binance P2P team shares the best practices we have seen with many users, to help everyone enhance their communication skills during P2P trades. This information-sharing is part of our social responsibility to improve security awareness for all crypto users, because proper communication also helps keep our platform secure.
Binance P2P Chat Function: Proper Communication for Smooth Trades
Binance P2P combines industry-leading liquidity, top-notch security, and access to 300+ local payment methods and 70+ fiat currencies to offer the best experience in peer-to-peer crypto transactions. However, another unsung hero in the whole package that is Binance P2P is its chat function, which allows P2P traders to instantly communicate with each other about transaction details and other important information.Â
General Chat Tips for P2P Users
1. Check if your counterparty is online.
When you start a trade on Binance P2P, the most important thing to do first is to check the terms of the advertiser. Once these terms meet your needs, you can proceed to open the trade and say hello in the chat, to check if your trading counterpart is online.Â
Making this initial connection between trading partners is important so that you can avoid scenarios where you end up sending money to someone who isnât as responsive as you would have wanted (although on the crypto side, Binance P2P has a great escrow system that takes care of your worries on that front). Oftentimes, a counterparty would want to confirm some information with you, so if the other side isnât doing that, you might want to assess if you plan on waiting for his reply or move on and let the clock expire.
2. If youâre selling crypto, remind your buyer to click the âTransferred, notify sellerâ button.
Sometimes, a new Binance P2P user would end up transferring money to your account, thinking that itâs all he needs to do to complete the P2P trade. A simple reminder to click the âTransferred, notify sellerâ button would do the trick to avoid issues regarding that kind of trade.Â
Now, if the buyer does not send anything and has failed to communicate with you, thereâs no need to worry further. As long as the buyer hasnât clicked the âTransfer the fundâ button, once a trade expires, your cryptocurrency will be released from the trade escrow and returned to you.
3. If youâre selling crypto, and the buyer clicked the âTransferred, notify sellerâ button without sending you funds, ask nicely before appealing.
There are times when a buyer makes an honest mistake and clicks the âTransferred, notify sellerâ button without confirming that his money transfer to you has indeed been completed. In this case, you can show the buyer via screenshot that you havenât received the needed funds, then you can ask the buyer to cancel the trade within the 15-minute period.
However, there might be situations in which a buyer claims his successful transfer of funds, complete with screenshots. As long as you can confirm that you havenât received anything in your account, you can calmly let the other person know via a screenshot of your own. The buyer can then be asked to cancel the trade and check with his payment channel for issues. If the buyer refuses to cancel this trade, you can click the âAppealâ button to start the appeal process.
4. If youâre buying crypto, and the seller does not respond in the first chat attempt, cancel the trade.
Sometimes, a P2P counterpart can face Internet access or other issues that may prevent him from responding to your P2P transaction. In this case, itâs best to cancel the existing trade and try other ad postings.Â
5. If youâre buying crypto, and the seller was initially responsive but went offline after you sent money, be alert.
There are instances when a P2P seller was responsive to your first chat, but suddenly becomes unresponsive after you send the money needed for the transaction. When this happens, click the âTransferred, notify sellerâ button on your end so that the trade doesnât expire. Otherwise, your ongoing trade expires, and the seller will get his cryptocurrency back from escrow.Â
After that, you can maintain communications with the seller, to check for updates on your transaction. If the seller is still unresponsive after a reasonable amount of time spent waiting, you can raise an appeal to call the sellerâs attention and help resolve the matter.
Chat Tips for P2P Merchants
Aside from general chat recommendations we have for all P2P users, we also give the following communication guidelines for P2P merchants, especially for those who post ads on the platform.
1. Make sure that your deal terms are clear.
With each ad you post, you are given the space to type additional details regarding your offer under the Terms section. This is where you remind potential counterparties about what youâll expect from them to complete your deal. Find the right balance between concise and detailed, so that you will be able to explain yourself clearly.
2. Make the most out of your auto-reply function.
When a P2P user responds to your ad and confirms his intent to transact, merchants are also granted the ability to send an automated first message related to that offer. In this chat message, you are advised to be as detailed as possible.Â
Give clear instructions of what you need from your counterparty and explain the steps that lie ahead, especially if the other party needs to provide additional info or documents, such as receipts, screenshots, IDs, or more.
3. Take advantage of your ad posting settings to filter counterparties.
Sometimes, as a merchant, you may want to set some limits on the types of counterparties youâre gonna transact with through your ads. Under the Counterparty Conditions section of your ad posting interface, you have the option to filter users based on KYC completion, length of Binance registration, and total holdings. Use these functions especially if you might be limited when it comes to communicating and would want to avoid time-consuming chats.
4. Never use chat, auto-reply, and terms to lead people outside of Binance P2P, especially outside escrow.
Any suggestions to trade or otherwise connect outside of the Binance P2P platform, through bypassing our escrow service or leading users to other websites or modes of payment other than whatâs displayed on your ad, are strictly forbidden. This kind of activity will get you banned from Binance P2P.
5. Avoid giving any personal contact information.
The chat function of Binance P2P is there as a communication tool to let buyers and sellers talk about their deals, without the worry of having to give away your contact details to someone you donât know. Giving personal information over Binance P2P chat defeats this purpose and opens you up to risks.
For more information to support your journey on Binance P2P, please consult the following articles: