Main conclusions
Peer-to-peer (P2P) trading is a popular way to buy and sell cryptocurrencies.
Binance P2P offers the highest level of security and offers over 700 payment methods and 100 fiat currencies, allowing users to trade directly with each other without intermediaries.
As with any other form of trading, problems can arise during P2P trading, regardless of your level of experience. Users should be aware of the most common ones and how to solve them.
Are you new to Binance P2P? Learn how to avoid the most common problems with P2P transactions to ensure successful transactions.
P2P trading became one of the first ways to trade cryptocurrency. It allows you to exchange cryptocurrency directly with other users without intermediaries. In addition, sellers can specify their preferred payment method, and buyers can choose the appropriate price. Binance P2P exchange offers users better liquidity and high security, as well as over 700 payment methods and over 100 fiat currencies.
Although P2P platforms give buyers and sellers more freedom and flexibility, there are times when a transaction does not go as smoothly as planned. The vast majority of transactions on Binance P2P are successful, but users should be aware of potential problems and how to resolve them. In this guide, we will show you how to avoid problems with P2P transactions so that trading on our platform is easy and safe.
How to Avoid Common Problems with P2P Transactions
1. The buyer marked the order as paid, but the seller did not receive payment
We understand that this is quite a stressful situation for a seller. However, it may be caused by new users who are simply testing the platform. They simply mark the order as paid to test the features without intending to buy cryptocurrency.
Buying Tips
Do not test the transaction process on a P2P platform if you do not intend to buy cryptocurrency, as this may cause problems for sellers. Also, always double-check that you have transferred the amount specified by the seller before marking the order as paid. To learn more about buying cryptocurrencies on Binance P2P, check out our detailed guide on How to Buy Cryptocurrencies Using a P2P Exchange on the Binance App.
If you are new to Binance P2P and want to learn more about this platform, read our blog Binance P2P Guide for Beginners.
Tips for sellers
Before filing an appeal, try to resolve the issue by contacting the buyer through the chat feature and letting them know you haven't received payment. If he doesn't respond or refuses to provide proof of payment, you can file an appeal by clicking the Appeal button. Our customer support team will ensure that your issue is resolved as quickly as possible.
2. The buyer made a payment, but the seller did not transfer the cryptocurrency
If you've just completed your first P2P cryptocurrency trade and the counterparty doesn't live up to their end of the agreement, it can be extremely concerning.
Buying Tips
Do not panic. Try to resolve the issue with the seller directly by contacting him through the chat function. Let them know that you made the payment by attaching proof of payment in the chat, and remind them to transfer cryptocurrency.
If the counterparty does not respond or refuses to cooperate, you can file an appeal by clicking the Appeal button at the bottom of the page. Our customer service team will intervene and contact all parties involved in the dispute.
To avoid similar problems in the future, you can trade with lightning-fast merchants. This is our new feature. Such merchants support automatic P2P payment methods that automatically transfer cryptocurrency from the escrow service as soon as the corresponding payment is received. It is much faster, safer and more convenient as manual intervention is limited.
To learn more, read our article What does the lightning icon mean on Binance P2P.
Tips for sellers
Contact the buyer via the chat feature and request payment confirmation to check if your details were entered correctly. If you find that they paid using the wrong method, transferred the wrong amount, or made a payment through a third party, try to resolve the issue directly with the seller. Remind him of the correct payment method and amount, as well as Binance P2P policy prohibiting third party payments. If the seller does not respond or becomes conflicted, please file an appeal and our support team will take the necessary action.
3. The buyer used a different payment method than the one specified in the seller's order
This usually happens to new users who are not familiar with the Binance P2P payment process. If in such a case the seller refuses the transaction, the only thing we can do is cancel the order.
Buying Tips
Make transfers only using the payment method specified by the seller in the ad. Always read the ad details carefully and only transact with those users whose payment method suits you.
No matter how attractive a seller's prices may be, do not trade with them if you cannot pay through their specified payment method. Remember that you can only mark an order as paid after you have transferred the correct payment amount using the method specified by the seller in his ad.
Tips for sellers
Contact the buyer via the chat function on the order page to inform them that they paid for the order using the wrong method. Return the amount to his original account, indicate the correct payment method in the chat and ask him to send the funds again. If the buyer is unresponsive or uncooperative, please submit an appeal and our customer service team will help resolve the issue.
4. The buyer transferred payment to the seller's old bank account, which is no longer used
If users have traded with each other before, the buyer may transfer funds to the seller's old bank account and later find out that it is no longer in use.
Buying Tips
Always read the ad details carefully, use the bank account information provided on the order, or confirm the account details with the seller before transferring funds to them. Do not transfer funds to the seller's account without confirming these advertisements, even if you have already traded with each other. Sometimes the seller may change their details and you may be able to transfer funds to an account they no longer use.
Tips for sellers
Contact the buyer via chat and find out what payment method they used. If you have received funds but do not have access to them, obtain valid proof of payment from the buyer and contact your bank to cancel the payment. Please do not contact the counterparty outside of the Binance P2P chat as this will hinder our support team in the event of an appeal.
5. The buyer made payment through a third party
This situation usually occurs when the buyer pays through a bank account other than the one listed in the ad, and the seller does not transfer the purchased cryptocurrency because it violates the P2P policy.
Buying Tips
Always double-check the account details you provided in Binance P2P and only make transfers from that account. Transfers through a third party or from someone else's account do not comply with the P2P policy. This means that our sellers cannot accept such payments.
Note: Before placing orders, be sure to check your verified name on Binance. You can do this by going to the Binance P2P page and opening the payment methods page. Click "Add a payment method" and select from the options provided (you can choose any). When you add a new payment method, your verified name should automatically appear in the account holder field. If the name matches, your verified name is correct. If the name is different, please contact our support team via live chat and ask them to correct your name according to the ID documents you provided.
Tips for sellers
Send a message to the buyer via P2P chat on the order page and ask for their original account details. Then make a full refund to that account. Do not communicate with the counterparty outside of the P2P chat, otherwise it will be difficult for you to prove anything if you file an appeal.
Note: If the buyer's name on the payment proof does not match their verified name on Binance, try contacting the buyer and letting them know. Sometimes, due to a technical glitch, the verified buyer's name may not be displayed correctly. You can always appeal and confirm the name with the support agents. If it turns out that this is a third party payment, you can proceed with a full refund.
Start trading on Binance P2P
If you're ready to start trading on Binance P2P, register an account on the Binance website or Binance app. Once you complete the identity verification process, you will be able to start trading cryptocurrency on the Binance P2P platform.
To learn more about the Binance P2P platform, read the following articles:
(Blog) Introduction to P2P trading: what is peer-to-peer trading and how does a local Bitcoin exchange work?
(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.