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.
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 you 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 process will help us protect your account. Then, you can instantly transfer cryptocurrencies from any Binance wallet (Spot, Earn, and Margin) to your Funding wallet.
On Binance P2P, you can see the activity of the users by clicking on the nickname. The user profile contains information such as:
Deposit: the amount that users have as a security deposit. Usually, cash merchants have a security deposit of 5,000 BUSD.
Feedback: feedback received from users that they’ve traded with. You can see the percentage of positive feedback, total number of reviews, and how many were good and bad.
All Trades: the full number of transactions made.
30d Trades: the number of transactions completed in the last 30 days.
30d Completion Rate: the percentage of transactions that he has started and completed successfully in the last 30 days. Usually, a good completion rate is 80% or higher.
Avg. Release Time: how long it usually takes for the seller to release the crypto.
Avg. Pay Time: how long it usually takes for the buyer to make the payment.
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. You can also find users with a purple diamond or with a [PRO] icon. Learn more about the different types of Binance P2P users here.
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 $1,100 of USDT. You have to look for an offer with a minimum limit of $1,100 or less. For example, as shown in the image below, the seller "Saraisgarcia12" has set a minimum limit of $1,000 and a maximum of $4,725.87.
However, if you want to buy $5,000, you have two options. You can make two purchases of $4,000 from "Saraisgarcia12” and a second purchase of $1,000 from the merchant below “ikkou”, as the maximum amount from “Saraisgarcia12” is $4,725.87.
At the top, we see "4,768.79 USDT," which refers to the total amount the seller wants to trade with their ad and has available in their 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 700 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 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 complete 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 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’s important to deactivate the ads if you are not available to answer the counterpart.
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Disclaimer: Your use of Binance P2P services and all information and other content (including that of third parties) included in or accessible from Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. The Binance P2P platform has neither the right nor obligation to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.