1. What is P2P trading？
- Fiat P2P (Peer to Peer) trade is also known as C2C (customer to customer) trading in some regions. In a P2P trade user directly deals with his/her counterparty, exchanging the fiat asset offline and confirming the transaction online. Once the offline fiat asset exchange is confirmed by both parties, the digital asset is released to the buyer.
- A P2P platform serves as the facilitator of the trade by providing a platform for buyers and sellers to broadcast their offers. At the same time, the escrow services of online digital asset ensure the safety and timely delivery of digital asset during trade execution
2. How to Buy Crypto with P2P
In order to buy crypto with P2P, you must pass KYC and added a payment method in fiat setting,
- Register and complete KYC.
- Add payment method: Click on account > Fiat setting > payment method > add new payment method > activate
- Buy Crypto: Click on Trades> select Fiat Tab > select Buy Tab > put in the quantity you would like to purchase > Click on Buy BTC> confirm trade details > select a payment method> transfer fiat offline according to the instruction in transaction detail> click on ” I have paid” button > wait for seller’s confirmation > the transaction is completed and crypto is being released to buyer’s account.
3. How to sell your crypto?
In order to cash out your cryptocurrency, you will have first transfer your crypto from the exchange wallet to the Fiat wallet.
- Transfer fund to Fiat Wallet: Click Funds > click Fiat > select to exchange from Exchange wallet to Fiat Wallet > put in the amount you would like to transfer > click Transfer
- Sell your crypto: click on Trades > select Sell Tab> put in the quantity you would like to sell > Click on Sell BTC> confirm trade details > select a payment method> wait for the buyer to transfer money offline > click on ” release crypto” button after confirming the offline payment > the transaction is completed and crypto is being released to buyer’s account
4. As a P2P trader, how am I protected?
All online trades are protected by escrow. When an ad is posted the amount of crypto for the ad is automatically reserved from the seller's fiat wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved fund.
If you're selling, never release the fund before you know that you have received money from the buyer.
5. Can I trade without KYC, what do I need to do before trading on P2P
You can only start P2P trading after completing KYC verification and enabling SMS authentication.
6. Is P2P available on the web or APP?
Users can now buy and sell USDT, BTC, ETH, and BNB through Binance P2P on the latest version of Binance mobile App. P2P trading function is available after the version 1.17.0 (Android) or 2.6.0 ( iOS )
*The service is not available on our website at the moment.
7. What are the coins that I can trade on Binance P2P?
Currently, we support trading of BTC, USDT, ETH, and BNB.
- What if I disagree with the buyers/seller's action during a transaction?
During a trade, you can click on the “contact” button to start a chat with your counterparty.
If you can not resolve the disagreement between the two parties, you can click on the “appeal” button. Our customer support will assist in resolving the issue. When a trade is in appeal the crypto will stay locked until the case is resolved.
Our customer support will contact the users involved in the dispute as soon as possible via email. Currently, only English support is provided for dispute handling, please be prepared to provide evidence, for example, proof of payment from banks, in English in order to facilitate the investigation.
9. Are the offers I see on the P2P exchange provided by Binance?
The offers you see on the P2P offer listing page are not offered by Binance. Binance serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.
10. How do I pay for my purchase in fiat?
You have to follow the instructions provided on the order detail page and make a transfer to the buyer’s account with the indicated third-party payment app or bank transfer. After that please click on the button “I have paid”
11. How do I post an ad?
Right now only merchants can post an ad. Please fill in the form if you are interested, if you have any question, please send your information to P2P@binance.com.
12. How many payment methods can I link to my account?
You can add up to 20 payment methods, and they can be the same type (for example you can add 20 different bank cards). You will have to enable the payment method before you can use it for selling orders
13. Can I use someone else's account as a payment method?
No, for security reasons, when adding a new payment method, we only allow using the name from verified KYC information as the account owner’s name. If there is a mistake in the verified name, you will have to contact customer support to correct it before you can add the payment method correctly.