Introduction to Binance P2P Trading
1. What is P2P trading?
P2P (Peer-to-Peer) trading is also known as C2C (Customer-to-Customer) trading in some regions. In P2P trade, the users directly buy or sell cryptocurrencies from each other on a P2P platform, exchange, or marketplace.
A P2P platform serves as the trade facilitator by providing a platform for buyers and sellers to broadcast their offers. At the same time, it can ensure the safety and timely delivery of digital assets during trade execution.
2. Are the offers I see on the P2P exchange provided by Binance?
The offers you see on the P2P 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.
3. 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 Funding 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 funds.
If you're selling, never release the fund before confirming that you have received money from the buyer. Beware that some payment methods buyers use are not instant and may face the risk of chargeback.
4. Can I trade without completing Identity Verification? What do I need to do before trading on P2P?
4.1. All Binance users must complete Identity Verification to access Binance products and service offerings, including P2P trading. You can access the Identity Verification from [User Center] - [Identification].
Before trading on P2P, you must enable SMS verification and at least one 2FA device (email, Binance/Google Authenticator, or security key) from [Security].
4.2. You’ll also need to add your preferred methods for receiving/sending payments on the Binance App. Log in to your Binance App and tap [Trade] - [P2P].
Tap [Profile] - [Payment Method].
Tap [Add a new payment method] - [All Payment Methods] to select your desired methods.
4.3. Why do I have to add a preferred payment method?
P2P transactions are trades carried out directly between two users. This means that fiat currency can only be transferred between the two users if the buyer's and seller's payment methods match.
For example, User A has a debit card from ING Bank and is going to use the EUR deposited to Binance to buy crypto. In order to complete User A’s P2P order, the system will only match sellers who also have an ING Bank account that can receive EUR transfers from User A.
4.4. Why do I need to enable 2FA?
In addition to security concerns during login, all users who trade on the P2P market need to receive payments, release coins, and perform other operations during the buying and selling process. These operations require users to enter a two-factor authentication code to verify that they are carrying out the transaction themselves.
4.5. Why do I need to complete Identity Verification?
P2P transactions are trades carried out directly between two users. After the buyer and seller are matched, both parties must verify their identities through real-name KYC (Know-Your-Customer). You must confirm the identity of the counterparty (i.e., the person sending fiat currency to your account/the account you’re sending money to) is identical to the name shown on the order details page.
5. Is P2P available on the Binance website and App?
You can buy and sell your crypto and fiat balance through Binance P2P on Binance.com and the Binance App. Please refer to the P2P market for the latest supported currencies.
The P2P trading function is available on version 1.17.0 (Android)/2.6.0 (iOS) or higher. Download the App here:
6. What are the transaction fees on Binance P2P?
Binance P2P charges transaction fees from makers for every completed order. Here’s an overview of the fees rates:
|Maker||0 - 0.35%, depending on the fiat trading pairs. Click here for more details|
*Please note that some payment method service providers may charge extra transaction fees.
7. What is the 30-day completion rate?
30-day order completion rate = 1 - total number of canceled orders in the last 30 days / total number of completed orders in the last 30 days;
If you are the buyer and you canceled a P2P order, this will affect your completion rate, whereas the seller’s completion rate will not be affected.
If you are the seller and the buyer fails to accept the order or does not complete the payment, then only the buyer’s completion rate will be affected.
1. What is the minimum number of bitcoins per ad I can trade?
You can sell from a minimum of 0.01 BTC to a maximum of 5 BTC (200 BTC for merchants) per trade.
For other cryptos:
Non-Block Trade Merchants
2. Can I trade with users from other countries?
Yes, the set of fiat currencies you can trade is determined by your Identity Verification region. For example, if you and the counterparty are both located in Southeast Asia, then it is highly likely that you can use both VND and MYR to trade. Binance P2P is constantly adding more fiat currency choices for users from different regions.
3. Are there any restrictions on setting the ad price?
For floating-price ads:
- ARS, CLP, BRL (80%, 300%)
- VES (50%, 300%)
- NGN, KES, GHS, ZAR, USD (80%, 200%)
- KRW (80%, 150%)
- Others fiat currencies (80%, 120%)
For fixed-price ads:
- ARS, CLP, BRL (-20%, 200%)
- VES (-50%, 200%)
- NGN, KES, GHS, ZAR, USD (-20%, 100%)
- KRW (-20%, 50%)
- Others fiat currencies (-20%, 20%)
4. Can I temporarily make my ad unavailable?
Yes. You can go to the [Ads] tab to take them offline, or close the ads by clicking [...] - [Close].
5. Will I be notified of a new order?
You will receive SMS, email, and app push notifications if you have enabled the services. To set up, go to [Profile] - [P2P Notifications] to choose the notifications you wish to enable.
6. How can I report fraud or scams?
If you are on the Binance website, click the Binance Support icon on the bottom right and click [Trading] - [Report P2P Scams].
If you are using the App, go to [P2P Help Center] and tap the Binance Support icon on the top right. Then tap [Trading] - [Report P2P Scams].
You may also tap on the username on the P2P market and tap [Report] to report a user.
You may tap [Report] in the chat to directly report the user if you detect fraudulent activity during a trade.
1. How do I pay the seller?
You have to follow the instructions provided on the order details page and make a transfer to the seller’s account with the indicated payment method. After that, please click [Transferred, notify seller]. Please note that your fiat balance will not be deducted automatically by clicking [Transferred, notify seller], you have to make the transfer yourself.
2. How many payment methods can I link to my account?
You can add up to 20 payment methods. Please note that you must enable the payment methods before posting ads or taking orders. If you are posting ads, you can only show 5 payment methods on a single ad.
3. Can I use someone else's account as a payment method?
No. For security reasons, we only allow accounts with the exact name as your Identity Verification. 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 methods.
If you use someone’s bank/payment account to pay the seller, your P2P activities may face a 15-day sanction period. You might be permanently banned from P2P trading if you receive 3 warnings from the CS Team.
4. What is a "payment window"?
The payment window is usually pre-set by the maker. When posting ads, makers can choose how long they would like to receive/make payment, ranging from 15 minutes - 6 hours (depending on the fiat currency).
1. How do I set/change my nickname?
You can change your nickname (alias) from [Profile]. Click on the edit button next to your current nickname to edit. It can only be modified once every 365 days.
Please set your nickname (alias) professionally and do not use your real name.
We reserve the right to make changes if we deem the nickname offensive or improper.
2. What does the yellow badge next to the user's nickname mean?
The yellow badge differentiates Verified Merchants from regular users.
3. What does the "Verified Merchant" status mean? What is the difference between a merchant and a regular user?
Verified Merchants are experienced, frequent traders who enjoy higher levels of trading limits, lower fees, and more advanced trading tools.
4. What does the diamond badge next to the user's nickname mean?
The diamond badge is assigned only to block trade merchants, whose ads are prioritized in the Block Trade Zone.
5. What does the red “Pro” badge next to the yellow tick mean?
The red Pro badge is assigned only to “Pro merchants" who have local crypto exchange licenses, their own payment gateways, or equivalent advanced qualifications. Every Pro merchant is strictly approved by the Binance P2P team. We highly encourage users to trade with Pro merchants for a better trading experience.
6. What are the requirements for becoming a merchant?
The basic requirements for becoming a merchant are solid trading history and large trading volume. Applications are reviewed by the P2P team according to internal algorithms and regional requirements.