There are several methods to trade cryptocurrencies. The most standard practice is using centralized exchanges such as Binance and selling or buying crypto at specific rate points against a local currency backed by the platform or another cryptocurrency. Instead, you can also deal with your fellow crypto investors and Crypto Exchange your assets without requiring tracking orders and charts.
This second case is what is called P2P trading. In the beginning days of cryptocurrency, there were not several choices to sell and buy crypto. That pushed the people who like selling or buying cryptocurrency to meet with other people via online communities or personally to swap their virtual assets in replacement for other assets, such as goods, vouchers, cash, or other cryptos. Even with the appearance of crypto exchanges, some investors stayed using the P2P despite the risks associated with personal deals, like risks of scams, theft, or violence. To make P2P trading secure, different digital platforms developed a fast way to allow P2P deals, and Binance P2P is one of these solutions.
What is Binance P2P?
Binance P2P is a platform established in late 2018 to allow P2P Bitcoin exchange transactions with local currencies. After three years, the platform supports selling and buying six cryptocurrencies, including USDT, DAI, BUSD, BNB, ETH, and BTC – using 55 local fiat currencies through more than 150 payment modes around the globe.
Despite increasing its range of global merchants, payment channels, and local currencies, Binance P2P just introduced the latest features, like –
1. Ad Posts: if you are a P2P user, you can post trade ads to sell and buy crypto assets with fiat currencies without any ad fee. Initially presented on the Binance application, this fantastic feature was expanded on the Binance website.
2. Cash-in-Person Transactions: this unique feature lets you directly sell and purchase cryptocurrencies using their chosen ads and then receive or give cash for those transactions personally.
3. Comment Feature: introduced in January 2021, this latest feature enables you to rate your trading experience plus review your trade partners when you finish a P2P order.
What Are the Advantages of Binance P2P?
Among several P2P solutions presented across the crypto marketplace, the Binance P2P Bitcoin exchange provides many advantages and competitive features.
1. Growth Prospects:
As an international platform, Binance always seeks opportunities to grow Binance P2P and make it accessible in as many areas as possible globally. That will boost the trading volume and provide more trading opportunities for P2P investors.
2. Zero Fees: zero fees are one of the most incredible benefits of Binance P2P. While several P2P platforms get a commission from your transactions, you don’t need to be afraid of that while transacting with Binance P2P. You can get your desired product without any extra charges.
3. Escrow Service: being one of themany protectors on the exchange, Binance P2P has a holding system for crypto money involved in any awaiting transaction. This system stops incidents of scams or theft by including another layer of conviction. Therefore, it prevents malevolent people from stealing your crypto or funds without finishing their part of the business.
4. Multiple Payment Modes: with over 150 payment modes accessible on Binance P2P, you can pick your preferred way of payment to receive or send funds for your trades.
5. Integration with the Binance Mechanism: the benefits of Binance P2P expand beyond trading. As a leading feature of the Binance mechanism of service, you get quick access to the services and products of Binance once you purchase crypto through P2P. Several other P2P platforms run independently from leading crypto services and exchanges.
6. High Liquidity:
Binance P2P is the world’s largest official P2P channel by trading volume. It has the power to secure vast amounts for both sells and buy transactions. The exchange has already processed over $7 billion worth of global transactions, which specifies a higher level of liquidity.
7. Fast Transactions: P2P traders can set their transaction timers to 15 minutes. That implies that you can finish a fast and safe P2P transaction with chosen traders in less than 15 minutes.
8. High Completion Rates: Binance P2P sets higher standards for their traders. They need to finish transactions rapidly and with a higher satisfaction rate to keep their platform’s access. With this, the platform aid in offering serenity to its users.
9. Local and Global Promotions:
The team of Binance P2P frequently introduces incentives and promotions for both existing and new customers where you can boost your P2P revenue or get free crypto. Mixed with zero fees, there is an excellent chance that the platform provides you with awesome P2P deals.
10. Customer Support and Community: Binance has the most supportive and biggest crypto communities globally. Also, it has an international customer support network to deal with customer requests and queries in so many languages. This combined effort level promises to give you the ultimate services from Binance P2P.
How to Start Using Binance P2P?
Step 1: log in to your binance account. Go to the main screen and then click on the option P2P Transaction. Look for the Buy option on the screen and tap on it.
Step 2: If you wish to place an order, choose crypto and a seller and tap on the option “Buy.” then you will need to select between Buy “With Fiat” or “With Crypto.” Then you will have to enter the right amount and choose your preferred Payment Mode. After finishing this step, tap on the Buy option.
If you wish to filter the ads to properly match your requirements, click on the funnel option and then choose “Amount” and “Payment Method.” Despite that, select the desired fiat currency. Above the funnel-shaped button, you will find two arrows pointing in opposite directions. You can use that option to choose VND as a legal currency.
Step 3: Visit the payment information page by clicking on the transfer button. In your banking application, copy your merchant’s payment information and provide them with the payment. After completion of the cost, click on “Paid, next.” Then click on the “confirm.” After this process, your status will be updated to “Pending Released.” After the payment confirmation, you should wait until your trader release the crypto.
Step 4: When the merchant release the crypto, your transaction is completed. After, you will be redirected to the main screen and receive the message “Funded to your wallet.”
Click on the “View wallet balance” and then select “Transfer” to change between the P2P wallet and Spot wallet and start trading.
Conclusion
Download the Binance crypto trading application, sign up for a Binance.com account, and validate your account. After successfully verifying your account, you can begin your crypto trading on Binance P2P without any extra charges.
