Binance P2P: Review of P2P Platform from Binance Crypto Exchange

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Binance P2P is a marketplace from the Binance exchange that allows you to directly exchange digital assets with users. Currently, the purchase / sale of cryptocurrencies USDT, BTC, BUSD, BNB, EOS, ETH is supported for almost any fiat currencies, including rubles. There are four payment methods available.

Website: https://p2p.binance.com.

Btcnewsweb.com editors prepared an overview of the Binance P2P platform and its features, as well as detailed instructions for use.

Other p2p platforms: LocalBitcoins, Cryptolocator, Localcryptos, Monabey, Paxful and others.

General Information

NameBinance P2P
Official sitehttps://c2c.binance.com/ru
Servicep2p exchange
Year of foundation2019
Country of registrationCayman islands
Registration addressSertus Chambers, Governors Square, Suite # 5-204, 23 Lime Tree Bay Avenue, P.O.Box 25 47, Grand Cayman, KY1-11 04, Cayman Island
The name of the companyBinance Holdings Ltd
Russian languageYes, there is
Working with fiat moneyYes
Fiat currenciesMany of the world’s
CryptocurrenciesUSDT, BTC, BUSD, BNB, EOS, ETH
Payment optionsWeChat, Alipay, QIWI, bank card
Transaction feesNot
Trade volume limitfrom 0.01 BTC to 5 BTC
VerificationYou need to pass KYC / AML verification to get access to the marketplace
SafetyEscrow accounts, two-factor authentication
Mobile appThere is
Contactschat on the website, social networks

Video review of the Binance p2p platform

Registration and verification

To start using Binance P2P, you need to create an account on the Binance exchange and confirm it. Click the “Register” button at the top of the site and follow the further instructions – you will need to confirm your email.

Access to peer-to-peer trading is open only to verified users. Log in with your account, go to your profile settings and click the “Verify” button.

Carefully fill in all the data – name, surname, date and year of birth, home address. They must match the ones on your ID. Next, select the appropriate type of ID, their varieties vary depending on the country (passport, ID, driver’s license).

Then:

✅ Upload a photo or scan of your passport.

✅ Take your photo along with your passport.

✅ Wait for the decision of the administration. You will receive a notification by e-mail that the application has been reviewed.

If the application was rejected, then correct the errors and try again. You can try up to 10 times a day.

In addition, you need to enable two-factor authentication in order to gain access to the marketplace – but in any case, this is a necessary measure, significantly increasing the security of the account.

P2P trading on Binance

P2P trading on Binance involves direct interaction between one user and another. At the same time, fiat assets are transferred bypassing the system, regardless of it, but the confirmation of the transaction is carried out in the system, and the cryptocurrency is transferred in it, only after confirmation of the payment by both parties. In this case, the site acts as an organizer, thanks to which customers can post ads and indicate in them any of their conditions, as well as a guarantor of the security and timely transfer of the digital asset.

All transactions are protected using the escrow tool – the amount of cryptocurrency specified in the order is reserved on a separate account and stored there until the seller confirms that he received fiat money from the buyer. When you are in the role of a seller, never “release” cryptocurrency until you are sure you have received the fiat money, even if the counterparty assures you that it did and they will just come back later.

All offers you see on Binance P2P are user-created and posted; Binance does not set conditions, but only provides technical options for the exchange.

As of June 2021, you can buy or sell USDT, ETH, BNB, BTC, RUB or BUSD using either the web interface or the Binance mobile app (running Android and iOS). Trading commissions are zero for both buyer and seller.

How to sell cryptocurrency

A client can sell on Binance P2P in the amount of 0.01-5 bitcoins (or the equivalent amount in another cryptocurrency). But before the sale, you will first need to transfer funds from the spot wallet to p2p. This function is located under Wallet> p2p wallet. Click “Transfer” next to the required currency and enter the desired amount.

Then go to the sale section https://p2p.binance.com/ru/trade/sell/BTC. There are filters at the top – indicate for which fiat currency you want to sell the crypt, what payment methods you are interested in and what is the amount of coins sold. All this will help to leave in the list of proposals only those that fit these criteria.

Select the ad that suits you and click the Sell button. Enter the number of coins, payment method. Click Sell again. During the transaction, you can communicate with your counterparty via chat.

Wait for the buyer to transfer fiat money to the details you specified. Only when you are sure that the money has arrived to the wallet in the required amount, click the “Transfer cryptocurrency” button. Then the coins will go to the buyer and the transaction will be completed.

How to buy cryptocurrency

To purchase cryptocurrency, you need to pass KYC verification and activate the payment path in the account options. In your Binance account, you can link up to twenty payment methods (even one type, for example, several bank cards). Subsequently, this will help you quickly use the desired method when purchasing.

The purchase is carried out in the section https://p2p.binance.com/ru/trade/buy/BTC. In the beginning, you can use filters in the same way to filter out unnecessary offers and leave only relevant ones.

Select an ad with the desired conditions and click the “Buy” button. Specify the order volume and payment method. Click Buy again. Use the description of the ad and the instructions to transfer the amount in fiat currency using the required details. Having done this, click on the button confirming the submission. Now it remains to wait for the seller to confirm receipt of the money, and after that the cryptocurrency will instantly be credited to your account.

How to place an ad

Until May 2020, only verified users who confirmed their trustworthiness could create ads on a P2P site. But now this opportunity is available to all verified clients who have installed the mobile application.

The procedure for creating an ad:

  1. Press the “+” button on the P2P trading page.
  2. Set your own conditions – given and accepted currencies, price, transaction limit, methods and terms of payment.
  3. Post your ad. In the future, it can be edited, paused or closed.

Possible problems

What difficulties can arise when working with the Binance P2P exchange:

  1. If the counterparty transferred the wrong amount, you can contact him directly in the chat and settle this issue – ask to add the required amount of funds or, conversely, return the excess.
  2. If, after the appeal and the return of the cryptocurrency as a result of an unpaid transaction, the funds are still received, then you can cancel the appeal by mutual agreement with the counterparty (or without agreement, if you yourself were the initiator).
  3. If the transaction has expired, and you forgot to mark the order as paid, then you should write to technical support, provide the order number and proof of payment (including the details and the name of the recipient, the amount of the payment, the date of its execution). The issue will be resolved within 12 hours.

Support always responds within twelve hours, the answer comes by e-mail. If you yourself want to report unauthorized actions on the site or make suggestions, you can write to p2p@binance.com.

Video review: how to protect your assets. The basics of secure P2P trading.

Advantages and disadvantages

Pros:

✅ Excellent reputation for the Binance ecosystem.

✅ No commissions.

✅ Support for almost all fiat currencies.

✅ High level of security.

Cons:

❌ A small selection of cryptocurrencies and payment methods.

❌ Mandatory verification.

Questions and answers

What is Binance p2p?

It is a trading platform for direct exchange between users, buying or selling cryptocurrency on comfortable terms and with a guarantee of security.

What cryptocurrencies are supported?

Tether, Bitcoin, Binance USD, Binance Coin, EOS, Ethereum.

What fiat currencies are supported?

Russian ruble, US dollar, euro, tenge, pound sterling and a number of other popular world currencies.

What methods can be used to pay for a purchase or accept payment?

WeChat, Alipay, Qiwi, bank cards.

What are the transaction fees?

Equal to zero.

Where to start trading?

First, you need to register on the Binance exchange and go through the KYC / AML check, and then transfer the funds to a separate p2p account in the system (instant transfer and no commission).

Can I trade from my phone?

Yes, there is such a function in the Binance app.

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