What Is Binance P2P’s Verified Merchant Badge – And How to Get One?
Main Takeaways
Binance P2P is a user-friendly peer-to-peer (P2P) crypto trading platform that lets people buy and sell cryptocurrency directly with one another.
To enhance user experience, we identify and verify reliable merchants with a yellow badge on their profiles.
Discover the benefits of trading with a verified seller on Binance P2P – and becoming one!
A verified merchant’s yellow badge is a feature on Binance P2P that helps you better navigate the platform and improves your trading experience. Find out more in this article.
Every day, Binance’s P2P exchange strives to offer a safe and easy-to-use marketplace for peer-to-peer traders. One way we achieve this is through our verified merchant program.
Highlighting outstanding merchants who consistently provide exemplary service is an excellent way to build trust and help users better navigate the market. It adds to both the user experience and the safety of transactions.
How to Identify a Verified Merchant on Binance P2P
You can easily identify a verified merchant by the yellow badge on their public profile. In order to become and remain a verified merchant, users must meet certain requirements. Therefore, verified merchants dedicated to keeping their status typically provide better customer service and handle many transactions each month.
Here’s an example of a verified merchant’s profile. Some useful information about the seller is also displayed:
Active: In the last 30 days, they have made 686 transactions.
Short wait time: With an average release time of 3.15 minutes, buyers typically receive their cryptocurrency within about 5 minutes of making the payment to this merchant.
High completion rate: 98.425% of this merchant’s transactions have been successful, which means that it is extremely rare to see their transaction canceled for any reason.
Benefits of Being a Verified Merchant and Verified User on Binance P2P
Frequently Asked Questions
If I don't have a verified merchant badge, can I still buy and sell on Binance P2P?
Of course, you can. You can create orders starting from a minimum limit or choose already created orders.
How does Binance P2P keep my crypto safe?
Binance P2P has an escrow service that allows traders to transact with peace of mind. Digital assets that the seller sends to the buyer are held in escrow. Once the seller receives the payment for their crypto and confirms it, the system will automatically release the funds to the buyer.
What are Binance P2P’s platform fees?
Binance charges 0% to 0.35% fees for users to buy or sell on its P2P platform.
How to Get a Verified Merchant Badge on Binance P2P
Before you apply
Interested in becoming a verified P2P merchant? Binance P2P has a rigorous verification process in place that involves merchants submitting the following:
Bank statements
Contact information and certificates of residence
Videos for facial recognition
Proof of P2P trading experience
Proof of reputation and customer satisfaction on other exchanges
Ensure that you have these documents ready before proceeding with your application.
How to become a verified P2P merchant on Binance
Log in to your Binance account and go to the P2P homepage by clicking on [Trade], then [P2P] on the main navigation menu.
Go to the [P2P User Center] and click the [Become a merchant] button at the top right.
You’ll then be asked to complete SMS or email authentication and advanced identity verification.
Once you’ve met all the requirements, click [Apply now] to submit your application. Our team will reach out to you within 7 - 14 business days if you qualify for verified P2P merchant status.
Further Reading
(Blog) What Is the Binance P2P Merchant Program and Why You Should Become a Merchant
(Blog) Intro to Peer-to-Peer Trading: What is P2P Trading and How Does a Local Bitcoin Exchange Work?
(Blog) How to Create An Ad To Buy Or Sell Crypto on Binance P2P: Go From $0 to $10,000
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 the Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.