BINANCE P2P 2022 ULTIMATE MOBILY GUIDE FOR BEGINNERS
12/07/2022
By Damilola Ogungbayi olushola
Table of contents:
- What is Peer to Peer Trading
- What is Binance P2P
- The reasons why P2P is the Best Way for beginners to Buy
Local Bitcoin in local Currency - How to buy and sell cryptocurrencies on Binance P2P
- Types of Scams In P2P Trading
- Steps To Avoid Scams On Binance P2P Trading
- Conclusion
WHAT IS PEER TO PEER TRADING
There are many ways to trade cryptocurrencies. The most common practice is to use centralized exchanges like Binance.com and buy or sell crypto at certain price points against another cryptocurrency or a local currency supported on the platform. Alternatively, you can transact with your fellow crypto holders and swap your assets without needing to track charts and orders.
This second scenario is what we call P2P trading. In the early days of crypto, there weren’t many options to buy and sell crypto. This forced the people interested in buying or selling crypto to meet with other people in person or through online communities to barter their digital assets in exchange for other assets, like cash, vouchers, goods, or other cryptos. Even with the emergence of cryptocurrency exchanges, some traders remain using P2P despite the risks involved with in-person deals, such as threats of violence, theft, or scams.
To make P2P trading safer, various online platforms developed a safer way to facilitate P2P deals. One of these solutions is Binance P2P.
WHAT IS BINANCE P2P
P2P marketplaces like Binance P2P
enable users to directly trade crypto with one another using their
preferred payment method and local currency.
Binance P2P is the platform we built in late 2018 to enable P2P Bitcoin exchange transactions using local currencies. Three years later, the platform supports buying and selling for six cryptocurrencies – BTC, ETH, BNB, BUSD, DAI, and USDT – using 55 local currencies via 150+ payment channels around the world.
Last year, Binance P2P processed $7 billion worth of transactions made through 3.8 million orders, with daily volumes reaching as high as $54 million. P2P users on Binance grew sevenfold compared to 2019, and they had plenty of options, with more than 2,000 P2P merchants serving their needs worldwide.
Aside from growing its selection of local currencies, payment channels, and global merchants, Binance P2P recently launched new features, such as:
1. Ad Posts. P2P users can post trade advertisements to buy and sell crypto assets using fiat currencies with zero ad fees. Initially offered on the Binance App in May 2020, this feature was extended to the Binance.com website in September 2020. Advertisers can also share their deals on social media and elsewhere on the Internet starting December 2020.
2. Cash-in-Person Transactions. This allows users to directly buy and sell cryptocurrencies through their selected ads and then give or receive cash for those transactions offline in person.
3. Comment Feature. Launched in January 2021, this new feature allows users to rate their trading experience and review their trade partners when they complete a P2P order.
THE REASONS WHY P2P IS THE BEST WAY FOR BEGINNERS TO BUY
LOCAL BITCOIN IN LOCAL CURRENCY
There are so many advantages of trading on Binance P2P, we
highly recommend you to mention each of these listed as below:
1. Live Trade Chat
Chat with your trading counterparty before you complete any transaction. Clarify payment requirements, follow up with delayed transactions or get to know who you’re trading with. For more information, you can read our helpful tips for using Binance P2P chat.
2. Personalize Your Offers: Ad Posting
Through our ad posting feature, buyers and sellers can personalize their offers according to their preferred price, payment method and local currency. Create strong ad postings and provide suitable trading terms for crypto users around the world.
3. Security: Escrow Service
P2P trading is more convenient than your traditional crypto exchange, but trading with other users also comes with its own set of risks. At Binance P2P, we provide an escrow service that ensures safe and fair trading. Once a buyer completes their order, we handle the seller’s cryptocurrency in a temporary deposit until both parties confirm the transaction is successful.
4. Customer Support
If you encounter a problem with your P2P trading counterparty, you can quickly seek assistance from Binance’s customer support team, who will contact you via email. Our customer service team will come in to mediate between both parties and solve the issue. You can read this article to learn more about the appeal process.
5. Zero Fees
Traditional crypto exchanges serve as intermediaries and will collect a small fee from all crypto transactions. On a P2P marketplace like Binance P2P, you can buy or sell Bitcoin and other popular cryptocurrencies from other users with zero fees.
6. Multiple Payment Methods
Binance P2P offers more than 300 different payment methods on, including local bank transfer, SEPA Transfer, International transfer, online wallet, cash and more.
7.Local and Global Marketplace
Whereas many other P2P platforms target specific markets, Binance P2P provides a truly global trading experience with support for more than 70 local currencies. Despite our international emphasis, we also strive to meet the needs of local markets via multi-language customer support and support for regional payment providers.
8. External Restrictions
Regulatory restrictions have historically intervened with traditional crypto exchanges. Transactions are facilitated interpersonally on P2P marketplaces, which means users are not affected by these restrictions.
9. Fast Transaction Speeds
P2P transactions can last from 20 minutes to one to three working days, depending on the payment method you use. Typically, online wallet transactions are quick and easy; however, some local banks may take one day to process the transfer, and in the case of International Swift transfers, you may need to wait up to three days.
10. Flexible amount
Start small with $3 worth of crypto or make a large block trade. If you’re looking to make a large crypto order, you can find experienced block traders on Binance P2P to buy or sell your crypto.
HOW TO BUY CRYPTOCURRENCIES ON BINANCE P2P?
Step 1
Log in to Binance app
- If you already have a Binance account, click “Log in” and go to Step 4
- If you do not have a Binance account yet, click “Register” on the top left
Step 2
Enter your email on the registration page and set your login password. Read the Binance P2P terms and click on the arrow to register.
Step 3
Enter your email and password, then click on the arrow to Log In.
Step 4
After you log in to the Binance app, click the user icon on the top left to complete identity verification. Then click “Payment Methods” to complete SMS authentication and set your payment methods.
Step 5
Go to the home page, click “P2P Trading”.
On the P2P page, click the (1) “Buy” tab and the crypto you want to buy (2) (taking USDT for example), and then select an ad and click (3) “Buy”.
Step 6
Enter the quantity you want to buy, confirm the seller’s payment method(s), and click “Buy USDT”.
Step 7
Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit, and then click “Transfer the fund”. Tap on the payment method you transferred to, the click “Transferred, next”
Note: Setting payment method on Binance does not mean that the payment will go directly to the seller’s account if you click “Transferred , next” . You need to complete the payment directly to the seller through bank transfer, or another third-party payment platform based on the seller’s payment information provided.
Please do not click “Transferred , next” if you have not made any transactions. This will violate the P2P User Transaction Policy.
Step 8
The status will be “Releasing”.
Once the seller has released the cryptocurrency, the transaction is completed. You can click "Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.
You can click “Wallet” at the bottom and then “Fiat” to check the crypto you bought in your fiat wallet. You can also click “Transfer” and transfer the cryptocurrency to your spot wallet for trading.
Note :
If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can contact the seller by clicking the “Phone” or “Chat” icon on the top.
Or you can click "Appeal”, select a “Reason for Appeal”, and “Upload Proof”. Our customer support team will assist you in processing the order.
1. You can only buy or sell BTC, ETH, BNB, USDT, EOS and BUSD on Binance P2P currently. If you would like to trade other cryptos, please trade at the spot market.
2. If you have any questions or complaints, please contact our customer support team.
HOW TO SELL CRYPTOCURRENCIES ON BINANCE P2P
Step 1
Go to the (1) [Wallets] tab, tap (2) [Funding], then (3) [Transfer] the crypto that you want to sell to your Funding Wallet. If you already have the crypto in the Funding wallet, go to the homepage and tap “P2P Trading” to enter the trading page.
Step 2
Tap “P2P Trading” on the app homepage. Tap “Sell” on the top of the P2P trading page, select a coin (taking USDT as an example here), then select an advertisement and tap the [Sell] button.
Step 3
(1) Enter the quantity you want to sell, (2) select a payment method, then tap (3) [Sell USDT] to place an order.
Step 4
The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will then display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you selected. After you confirm the receipt of money from the buyer, tap [Payment received] and [Confirm] to release the crypto to the buyer’s account. Again, If you have not received any money, please do not release crypto to avoid any financial losses.
Note:
If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page, or you can tap [Appeal], and our customer service team will assist you in processing the order.
TYPES OF SCAMS IN P2P TRADING
Some ill-intentioned individuals may take advantage of you if you are new in the world of cryptocurrencies, just as they do with other types of investments. The following are a few of the most frequent kinds:
Identity Theft Is A Serious Problem
It’s also known as triangulation fraud. It is a scam in which your trading counter-party conducts transactions using a third-party payment account. Before you release crypto coins, they pay you with an account under another person’s name. Some people may provide you fresh payment account details via chat messaging and request that you transfer money to that account. They will claim that they did not get the money after you transfer the funds and hence will not provide you the cryptocurrency.
Verifying the user’s identity is the best method to avoid this issue. Before you begin the transaction, double-check that the payment account information matches the person’s identification. If the payment account is not the buyers' or sellers’, do not transfer money or release your crypto assets.
Reversible Payments
The reversible payment is another typical fraud. In such situations, a buyer will first send funds to your bank account in order to force you to surrender the cryptocurrency. The buyer makes a call to the bank within 72 hours and informs them that they have not made the transaction, therefore the bank will revoke the payment, resulting in a financial loss for you.
Asking the buyer to provide you a snapshot of the transfer record as a confirmation of their purchase before transferring crypto is a simple approach to safeguard yourself from reversible payment. It is not possible for a user to argue that they did not make the payment in such a case.
STEPS TO AVOID SCAMS ON BINANCE P2P TRADING
Scams can be avoided by following these simple steps:
Confirmation Of Identity
You must complete identification verification, commonly known as KYC, before you can begin trading on Binance P2P. KYC ensures that users trade under their real names, and Binance maintains the right to examine any suspicious activity.
Escrow Service
Binance offers crypto escrow in all P2P deals to protect consumers' crypto assets. The quantity of crypto for the ad is immediately withheld from the seller’s fiat wallet when the ad is placed. This implies that if the seller takes your money and does not deliver your crypto, or if the seller forgets to release your crypto on time, the customer service team of Binance can transfer the asset from the seller’s wallet’s reserved funds to your wallet.
Customer Support
If you encounter a problem during a P2P trade and are unable to reach an agreement with your counterparty, you can seek assistance from Binance’s customer care staff. To investigate and resolve issues, the customer service staff will contact consumers through email.
You may also file appeals to report and safeguard other users from suspicious individuals. If a person attempts to persuade you to make a deal outside the Binance P2P platform, ignore them and file a complaint. Remember, Binance cannot protect you if you perform trading outside of the site.
CONCLUSION
If you are Buying Bitcoin for the first time or looking for a method to cash out your cryptocurrencies in an easy, fast and secure way without paying commissions? Binance P2P is the best option you can find in Nigeria.
Binance P2P is the best and reliable means of buying crypto currency such as Bitcoin with over 70+ Supported Local currencies and over 300+ Payment Methods.
One of the great advantages of Binance P2P is that you can trade wherever and whenever you need, because it is available on Binance app. To get started on Binance P2P click on the link below
