The 5 Different Types of Users on Binance P2P
Binance P2P is a platform that facilitates peer-to-peer crypto transactions.
There are five different types of users on the Binance P2P platform.
Find out which category you fall into and how other types of users can suit your crypto trading needs here.
Did you know that there are five different types of users on the Binance P2P platform? Each type has different functions that make the platform a convenient and secure place to trade. Whether you are looking to trade large amounts of crypto or want to do a crypto trade in cash, you can do it on the Binance P2P platform. Find out which type of user you are and who you should approach to meet your crypto needs here.
Binance P2P facilitates crypto transactions and offers a wide range of price and payment options, including local currency. Start using Binance P2P to buy or sell crypto with zero fees and connect with different users today.
Note: Binance P2P is available in more than 80 countries/regions. Check all the fiat currencies supported here.
What is Binance P2P?
Launched in 2018, Binance P2P is a peer-to-peer platform that facilitates crypto transactions with no middlemen. On Binance P2P, you can directly interact with other users for peer-to-peer trading. This grants more control over trading as compared to buying and selling on a traditional exchange, which acts as an intermediary. Learn more in our introduction to Peer-to-Peer trading.
Types of users on Binance P2P
In order to trade on Binance P2P, users need to complete the Know Your Customer (KYC) check first. Once users have completed the check, they are known as verified users. KYC standards are designed to protect the Binance P2P platform and its users against bad actors.
While you can enjoy more freedom on traditional peer-to-peer platforms, the absence of intermediaries can sometimes result in fraud or poor P2P trading experiences. Identity verification checks are used to mitigate such risks and make the overall experience a seamless and safe one. Find out how to verify your identity on Binance to complete your KYC check.
As mentioned above, verification is an important process as it helps the platform optimize risk management. Along with an upgraded order-matching logic, Binance P2P facilitates peer-to-peer trading by connecting users with verified merchants for a better experience.
Verified P2P merchants play a key role in providing liquidity on the Binance P2P marketplace. To spot if they are verified, simply look for the yellow badge that all verified merchants receive. Verified merchants undergo extra verification and need to have previous experience in peer-to-peer cryptocurrency trading. Read more on how to become a P2P merchant.
Cash merchants can post Cash Trading advertisements on the Binance P2P platform. This enables merchants and users to meet face-to-face to trade crypto with cash. Users looking for a way to trade with cash privately can do so with cash merchants.
To become a Cash Merchant, you need to first be a Binance P2P merchant and then apply to be a Cash Merchant. Ensure that you meet basic requirements like having significant experience in handling P2P trades or cash trades, a physical office to do the exchange, and the capacity to provide security deposits. For those who are interested in becoming a Cash Trade Merchant, please click here.
If you want to explore converting your cryptocurrencies into cash, don't miss this guide to Discover a Quick and Easy Way to Convert Bitcoin to Cash.
If you’re looking to trade in large quantities, chances are you’ll connect with a block merchant to conduct a block trade. Block trades are large trades made between users and block merchants. Instead of placing an order for a large amount of crypto on traditional crypto exchanges, you can privately negotiate block trades with block merchants.
Block merchants provide a way for people looking to trade in bulk conveniently. Buying or selling a large amount of crypto in one market order on a traditional crypto exchange can be difficult and result in slippage. Slippage tends to occur when there are not enough buyers or sellers to match the number required to execute your large market order.
However, since block trades involve prior price negotiation with a block merchant, there is no risk of slippage. If you’re thinking of buying or selling a large amount of crypto, you can read more about block merchants in our block trades article.
Pro merchants, or P2Pro merchants, are P2P merchants that have been awarded the PRO status. Every P2Pro merchant is approved by the Binance P2P team after meeting strict requirements, including possessing local crypto exchange licenses, having their own payment gateways, or other equivalent advanced qualifications to provide a professional exchange service.
Binance P2Pro merchants receive a wide range of benefits, from a custom profile page with their own logo to discounted trading fees. What’s more, P2Pro merchants get to leverage our community of passionate crypto users alongside exclusive global and local P2P promotions. Read more on how Binance P2Pro connects Profesional exchanges with P2P traders.
To join the P2Pro program, please apply via the P2Pro merchant program page.
Lightning badge: Instant bank transfer is a payment method available in some regions. The lightning payment process is automated and integrated with a payment service provider that enables us to process payments faster. The system is available 24/7 and will auto-release each order once the correct amount is made.
To learn more about the lightning badge, read our article on What Does Binance P2P’s New Lightning Badge Mean?
No matter which type of user you are, Binance P2P is a platform that offers convenient, secure, and affordable transactions. Which type of Binance P2P user are you? Find out when you join Binance P2P today.
For more information about Binance P2P and its users, you can visit these links:
(Blog) Binance P2Pro: Connecting Professional Exchanges With P2P Traders
(Blog) Binance P2P: Discover a Quick and Easy Way to Convert Bitcoin to Cash
(Support) Binance Merchants P2Pro
Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the 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. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.