P2P trading is a very common concept when it comes to buying and selling cryptocurrencies. At the moment, it’s the most effective way to cut out intermediaries and third parties when buying, selling, or trading cryptocurrencies.
Binance P2P trading introduces a simpler way of trading cryptocurrencies, while safeguarding the interests of both parties along with their assets. Today, Binance is one of the most trusted P2P trading marketplace globally.
In this guide, you’ll learn about Binance P2P trading, how to get started on Binance as a P2P buyer or seller, and why you should use Binance P2P for trading.
If you want to learn more about Binance, check out our full Binance review.
Binance Overview
Binance, founded in 2017 by current CEO Changpeng Zhao, is one of the largest centralized cryptocurrency exchanges globally. Today, Binance has some of the best fees in the industry with support for over 350 listed cryptocurrencies.
The Binance platform is user friendly and offers a wide array of trading features and options, perfect for institutional, seasoned, and beginner cryptocurrency traders. In addition, thanks to its competitive fees, Binance receives users from around the world and is only restricted in a few countries.
It also has an ecosystem that comprises the Binance Exchange, Binance Academy, NFT, Trust Wallet, Labs, Launchpad, Charity, and more. To learn more about Binance, check out our in-depth Binance Review.
Pros and Cons of Binance P2P Trading
| 👍 Binance P2P Trading Pros | 👎 Binance P2P Trading Cons |
|---|---|
| ✅ Multiple payment methods (300+) | ❌ Peer delayed transaction times |
| ✅ Flexible amounts | ❌ No P2P PayPal transactions |
| ✅ Zero trading fees | ❌ Not available in the US |
| ✅ 24/7 customer support | |
| ✅ Escrow-protected transactions | |
| ✅ Quick transaction times | |
| ✅ Customizable/personalized offers |
Understanding P2P Trading on Binance
Binance P2P trading is the process of conducting peer-to-peer cryptocurrency trades directly with other Binance users on the Binance P2P marketplace. It provides you with freedom to select a custom local currency, price, and payment method.
In addition, it safeguards the P2P trading process by providing safeguards such as an escrow system that protects risk-conscious traders from fraudsters and scammers. There’s also a public rating system that helps traders choose a suitable counterparty, while incentivizing merchants to offer reliable services.
Moreover, it offers the most diverse and easiest payment gateways for any user. Currently, it has thousands of trading pairs of 70+ local fiat currencies and 300+ flexible (both traditional and electric) payment methods to trade any cryptocurrency on any terms.
Binance P2P Trading (Step-by-Step
To get started on Binance P2P, you’ll need to register an account if you don’t have one. Additionally, you’ll need to complete the Identity Verification process and set up your payment method. After, you’ll be ready to start buying, selling, or trading cryptocurrency on Binance P2P.
How to Buy Crypto on Binance P2P using Express
To buy crypto on Binance P2P using the Express selection:
1. Log in to your Binance account
2. Select Trade > P2P > Express. Express automatically matches you with a seller while P2P provides you with the freedom to select which seller you want to trade with.
3. Select the fiat currency you want to use and the cryptocurrency you want to buy. Simply enter the amount of fiat currency you want to use and the system will automatically calculate the amount of crypto it’s worth.
4. Click “Buy with 0 fees.”
5. Select your preferred payment method and click “Confirm Purchase.”
How to Buy Crypto on Binance P2P using the P2P Custom Selection
1. Select the crypto you want to buy. Use the filter section to customize your order.
2. Once you locate an offer you like, click the “Buy [Crypto]” button next to the offer.
3. Confirm the amount of fiat currency you want to use and the system will automatically the amount of crypto you can get.
4. Click “Buy [Crypto].”
5. You’ll see the seller’s payment details. Transfer to the seller the amount indicated to their preferred payment method within the time limit. You have an option to use the Chat option on the right to notify the seller.
6. After you’ve made the transfer, click “Transferred, notify seller” and “Confirm Payment.”
7. The seller will confirm your payment and release the crypto to you and the transaction will be considered completed.
8. Click on “View my balance” to view your digital assets.
9. If you don’t receive your cryptocurrency within 15 minutes after confirming payment, click on “Appeal” to contact Binance customer support for assistance.
To sell crypto on Binance P2P:
1. Log in to your Binance account and go to “Trade.”
2. Select either Express or P2P to trade.
3. If you’re using Express, select the crypto you want to sell and the fiat currency you want to receive.
4. Click “Sell with 0 fees.”
5. Select your preferred payment method and select “Confirm Sale.”
6. For P2P, select the crypto you want to sell, filter through the P2P advertisements using the filters and click “Sell” next to the preferred buyer.
7. Confirm the order details. Enter the amount of crypto to sell. Click “Sell.”
8. The order status will show as “Waiting for buyer’s payment.” You can use the chat box to contact the buyer as you wait for them to complete the payment.
9. Once the buyer makes payment, the order status will change to “Verify Payment.”
10. Confirm that you’ve received the payment in your bank account or wallet and then select “Payment Received” and “Confirm Release.” Don’t release the crypto to the buyer before receiving payment.
11. You’ll be prompted to confirm you have received the correct fiat currency amount from the buyer. Agree to release the crypto and click “Confirm Release.”
12. Complete the Security Verification Requirements for the crypto to be released.
13. Provide feedback. If you encountered any issues during the transaction process, contact the buyer directly or contact Binance customer support for help.
Binance P2P Trading Checklist
Before you buy, sell, or trade any crypto on the Binance P2P marketplace, you need to check your potential counterparty’s track record, reliability, and behavior.
That said, here’s a checklist you should check to make sure that you’re making the right choices before proceeding further.
- The Completion Rate: Use the completion rate to evaluate a counterparty’s reliability. The higher the completion rate of a user, the more often their orders are successful. Conversely, be cautious of traders with low completion rates.
- User Reviews: Make sure to check user reviews to make sure that your counterparty is reliable. However, because this is a P2P marketplace, not every review is truthful. Make sure you read multiple reviews before moving forward with a particular buyer or seller.
- User Status: There are a number of different Binance P2P user types (Verified User, Verified Merchant, Block Merchant, Cash Merchant, and P2Pro Merchant). A user’s status will tell you essential information such as how long the user has been trading, the depth of experience, and qualification level.
- Average Release/Pay Time: This is the amount of time that a buyer or seller takes to release crypto or make payments. Time releases range from 10 minutes to 30 minutes. Make sure that your potential counterparty honors an average release time that favors you.
Binance P2P Trading Tips
To ensure that you have a seamless time on the Binance P2P marketplace, follow these simple tips.
As a Buyer:
- Complete the identification verification process
- Seek assistance from customer care in case of any issues
- Leave as much feedback as possible for every seller
- Do not agree to any request to release crypto before payment
As a Seller:
- Stay up-to-date with cryptocurrency market rates and set realistic prices for your buyers
- Communicate clearly and as soon as possible with counterparts/buyers.
- Give as much feedback as possible to build your own merchant rating
- Monitor your ads regularly and check newly posted ones
- Don’t cancel transactions before completion
- Accept more payment methods
Summary
Binance P2P trading has made it possible for crypto traders to access all types of cryptocurrencies with their local fiat currency. With over 70 fiat currencies supported and 300+ payment methods, anyone can begin their cryptocurrency journey with ease.
In addition, Binance sets up safeguards that minimize the risk of fraud using their escrow protection feature. Not to mention, traders can personalize offers and make money off the marketplace as well.
Ready to start trading on Binance P2P? Sign up for a Binance account and start your cryptocurrency trading journey today!
FAQ
Is Binance P2P Trading Safe?
Binance P2P trading is relatively safe compared to other exchanges. However, you can improve safety levels by double checking payment details and making sure that the details of the counterparty match those on their account. Additionally avoid any third-party payments and only use the Binance chat option to communicate with the counterparty.
How Does Binance P2P Work?
Binance P2P works the same way as Craigslist or Facebook Marketplace in connecting both crypto buyers and sellers. However, it goes a step further and establishes security and trust through escrow protection and a public rating system.
What Are the Benefits of Using Binance P2P?
Binance P2P allows you to trade in your preferred local fiat currency and price. Additionally, it offers low fees and has over 700 payment methods. Moreover, as a Binance P2P user, you get to benefit from Binance’s support and security safeguards.
Why Is My Binance P2P Showing Restricted?
If your Binance P2P is showing “restricted,” it means that you violated user rules and thus, Binance has imposed restrictions on you for a specified amount of time or until the reason for the violation has been addressed.
Which Wallet Is Used for Binance P2P Trading?
To buy, sell, or trade crypto on Binance P2P, you will need to transfer your funds to the Funding wallet.
