Main conclusions

  • User safety and security is Binance's top priority. With our new trading password feature, users can execute orders using a preset password instead of SMS or Google authentication.

  • The new feature allows for faster order execution and reduces the likelihood that users will fall victim to phishing attacks disguised as authentication messages from Binance.

The Binance app has introduced Trade Password, a new security tool that helps make transactions on Binance P2P even faster and more secure.

Peer-to-peer (P2P) trading involves buying or selling cryptocurrencies directly between users without the participation of intermediaries. This method allows sellers to choose their preferred payment method and buyers to choose the right price and seller.

Launched in 2019, the Binance P2P platform provides users with unmatched liquidity and high security. What's more, Binance P2P makes it incredibly easy for users to access cryptocurrencies, supporting over 700 payment methods and 100 fiat currencies.

Since launch, we have been committed to continually improving the trading experience and security for our users. That's why we launched Trade Password, a new security mechanism that makes transactions on our P2P platform faster and more secure than ever.

What is a trading password and where to use it

Currently, the trading password is only available on the Binance app. It allows users to execute orders using a preset password instead of SMS or Google's two-factor authentication. It can only be used for orders of no more than 500 USD.

Please note that the trading password is only available in Binance app version v2.55.0 or higher.

Advantages of a trading password

By enabling a trading password, you can avoid delays in authentication messages caused by poor connectivity or problems with mobile operators. A trading password also allows you to execute orders faster and, most importantly, minimize the likelihood of SMS phishing.

Trusted by millions of users around the world, Binance P2P exchange offers low fees and flexible payment options. Start trading today.

How to enable trading password

1. Log into the Binance app and open the P2P trading page.
2. Select your preferred fiat currency and click "...". Then select Announcement Mode from the drop-down menu. Go to Profile.
3. Then select Trading Password.

4. Read the risk warning carefully, check the box and click Enable.

5. Follow the on-screen instructions to set your trading password. To be as secure as possible, your password must contain at least 8 characters, including at least 1 capital letter and 1 number.

6. Make sure the button next to Trading Password is enabled.

7. You can now confirm transactions by entering your trading password instead of going through two-factor authentication (2FA).

Start trading on Binance P2P

Now you know how to set up a trading password for faster and safer transactions. Ready to start trading on Binance P2P? To do this, simply register an account on Binance or download the Binance app. Once you complete the identity verification process, you will be able to buy or sell cryptocurrency on the Binance P2P platform.

To learn more about the Binance P2P platform, read the following articles:

  • (Blog) Everything You Need to Know About Bitcoin and Cryptocurrency Trading on Binance P2P

  • (Blog) How to Recognize and Avoid P2P Trading Scams

  • (Support) How to buy cryptocurrencies using P2P exchange in the Binance app

  • (Support) How to Sell Cryptocurrency on Binance P2P Platform (In-App)

  • (Blog) How to Report P2P Fraud on Binance App

Denial of responsibility. Your use of the Binance P2P Services and all information and other content (including third parties) included on or available on the Binance P2P Platform is at your own risk. Our responsibility is limited to processing cryptocurrency transactions. All payments are final upon completion unless otherwise required by law. Binance P2P Platform has neither the right nor the obligation to resolve any disputes arising in connection with a completed payment. Neither the Binance P2P platform nor the merchants are responsible for any losses incurred as a result of the payment made.