Basics to Consider When Trading Cryptocurrency on the Binance Peer-To-Peer (P2P) Platform
Main Takeaways
Binance P2P is a simple yet secure platform that offers competitive liquidity, stringent security measures, and a variety of payment options.
Whether you’re a buyer or seller, get started with these basics for P2P cryptocurrency trading.
Whether you’re a peer-to-peer (P2P) buyer or seller, we have some tips for increasing the success of your trading advertisements on Binance P2P.
Binance Peer-to-Peer (P2P) is a decentralized marketplace allowing users to trade crypto directly with one another instead of going through an intermediary. Traders can pick the offer they want, allowing more freedom during trading. However, the platform may be unfamiliar for beginners starting their P2P journey.
Feeling overwhelmed during your first time on Binance P2P? Fret not – read on for tips to boost your chances of a successful trading advertisement.
Basics
Identity verification
One of the ways Binance P2P keeps our users safe is identity verification. Whether you are a crypto seller or buyer, you must verify your identity before using Binance P2P. Here’s a guide on How to Complete Identity Verification.
Platform rules
Pay attention to the platform rules. Some important ones are:
All advertised prices are final, and the seller has no right to demand additional commissions;
Users must make payments in one payment and an amount corresponding to the order amount.
You may find a comprehensive list of rules in our P2P User Transaction Policy FAQ and Binance P2P Merchant Guidelines.
Trading conditions
When choosing an offer, read the trading requirements of the seller or buyer who posted the advertisement carefully.
On Binance P2P, every user can specify their preferred terms for the transaction. By opening an order, the counterparty indicates agreement to the terms. If the conditions are undesirable, you can choose another offer.
The trading conditions may indicate a specific bank for the transfer, a request for special comments when making a payment, the need for additional verification, and so on.
Payment window
Before placing an order, please note the time indicated in the Payment Window section of the advertisement. If you are buying cryptocurrency, this is the time within which you must make the payment. If you are selling cryptocurrency, then this is the time during which the buyer will have to complete the payment.
Additionally, for sellers, you will only be able to cancel the order after the time specified in the counterparty's announcement has expired.
If You Are a P2P Buyer
Limits
When choosing an offer, always pay attention to the limit set by the seller who posted the offer. While there is a minimum limit depending on where you are trading, the seller determines their own minimum and maximum amounts in their advertisements.
Research using user statistics
You can view users’ statistics on Binance P2P. This feature allows you to see how many transactions were made by a user and the percentage of successfully completed transactions. Before responding to an advertisement, look at the ratio of transactions completed, as it indicates how responsible the seller is.
Additionally, you can check how quickly the seller processes orders on the merchant page.
For a better trading experience, Binance P2P connects users with verified merchants marked by a yellow badge. These merchants have been through extra verification and have proved that they have prior experience in P2P cryptocurrency trading.
Payment
Search for an ad via a preferred payment method
Most users believe that payment method is one of the most significant factors when choosing to respond to an offer. To easily find ads supporting your preferred payment method, use the filter option on Binance P2P.
We have added the option of using a bank transfer, as it’s one of the most popular payment methods.
Use the same payment method as stated in the advertisement
To avoid delays from interbank transactions, buyers are recommended to make payments from the same bank as the seller. You can view the preferred payment method in the advertisement terms.
Do not use a third-party payment account
According to our platform rules, Binance P2P forbids using third-party payment accounts for payment. You must be the original owner of the payment sent to the seller.
Do not ask the seller to release the cryptocurrency before payment is complete
The Binance P2P platform uses an escrow system to keep your assets safe; funds are held until payment is completed. If you request the release of crypto before successfully making a payment, it can be regarded as fraud, and your account may be blocked.
Cancellation
In an open order, a seller’s assets are frozen. This means that sellers won’t be able to trade those assets with someone else. Remember to cancel an order if you have decided to withdraw from the transaction.
If You Are a P2P Seller
Specify your terms
Buyers may decide to cancel a transaction if the ad lacks information. To prevent your assets from being frozen temporarily, fill in the terms section with more detail when creating your sell ad.
Remember to specify your preferred payment methods (like which bank card you accept), if you require additional verification (and instructions on how buyers can provide that), or which region they reside in (if you wish to know about inter-regional commissions).
All the information will make up your trading conditions and be displayed in your sell advertisement.
Chat directly on Binance P2P
Many orders are often canceled as buyers can’t contact sellers for clarification before payment.
Use the built-in chat on Binance P2P – available immediately after an order is placed – to communicate with a buyer. Upon opening an order, greet the user, make sure they are online, and answer all the queries they need to complete the transaction.
Try Binance P2P Today
Other than an asset’s price, remember to pay attention to user statistics, limits, payment methods, and other trading information in an advertisement.
Ready to implement these tips to boost your trading ads on our P2P marketplace? Sign up for a Binance account and complete the identity verification process today. Start trading on Binance P2P as soon as your account is verified.
Further Reading
(Blog) Intro to Peer-to-Peer Trading: What is P2P Trading and How Does a Local Bitcoin Exchange Work?
(Blog) A Comprehensive Guide to Becoming a Binance P2P Cash Merchant
(Blog) What Is Peer-To-Peer Trading and How Do People Use It?
(Blog) Get Your Binance P2P Ads to Appear Among Top Ad Search Results
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 its merchants shall be responsible for any loss after a completed payment.