Binance P2P: Advantages And Key Features
Binance P2P offers a secure platform for peer-to-peer cryptocurrency trading, featuring zero transaction fees and protection via an escrow service. This ensures that the seller’s funds are securely held until the buyer confirms payment, minimizing fraud risks. With over 800 payment methods and a wide variety of supported fiat currencies, Binance P2P makes trading accessible and safe for users worldwide.
Binance P2P is a peer-to-peer cryptocurrency trading platform that allows users to directly buy and sell digital assets without intermediaries. The platform has gained popularity due to the absence of transaction fees, making it a profitable option for traders. Another important advantage is the high level of security thanks to the built-in escrow service that protects both parties to the transaction. Binance P2P also supports over 800 payment methods and over 100 fiat currencies, making it flexible and accessible worldwide.
Binance P2P: advantages and key features
On Binance P2P, users choose with whom and under what conditions to conduct transactions, which gives more freedom in choosing the price, payment method, and time of transaction execution.
How Binance P2P works
Binance P2P
Binance P2P offers a simple way of P2P trading. Sellers post ads indicating the cryptocurrency and fiat currency they are willing to exchange. Buyers select the ad that matches their requirements and make the transaction. The escrow service guarantees the safety of both parties by holding the cryptocurrency until the payment is confirmed. This system reduces the risk of fraud and increases trust in the platform.
No fees
One of the key advantages of Binance P2P is zero fees for transactions. Users do not pay fees for buying or selling cryptocurrencies on the platform. This distinguishes Binance from other P2P platforms, which often charge additional fees. However, the absence of fees on the Binance P2P platform does not exclude possible fees from third-party services. They may arise when using banking systems or other payment methods, for example, when transferring money to a bank account.
Wide support for payment methods
Binance P2P supports over 800 payment methods and over 100 fiat currencies, such as USD, EUR, GBP, RUB, NGN and many more. Users have a variety of convenient payment methods at their disposal, including bank transfers, e-wallets and even local payment systems. You can buy cryptocurrency with USD, EUR or other local currencies using popular services such as Wise, Payoneer, Zelle and Payeer.
What cryptocurrency can be converted to fiat on Binance P2P
| Crypto | Fiat available on Binance P2P | Popular payment methods | Additional features |
|---|---|---|---|
Bitcoin (BTC) | USD, EUR, GBP, AUD, and others | Bank transfer, PayPal, mobile wallets | Escrow, live chat, and dispute resolution |
Ethereum (ETH) | USD, BRL, NGN, JPY, etc. | Bank transfer, Payoneer, domestic payment | Secure transaction management |
USDT (Tether) | PHP, MXN, INR, VND, IDR, and more | Digital wallets, cash, credit card | Supports multiple fiat currencies |
BNB (Binance Coin) | USD, CNY, TRY, RUB, THB | Local banks, mobile transfers, cash | Wide range of fiat options in supported regions |
Dai (DAI) | USD, EUR, GBP, various Asian and African currencies | Online payments, bank, mobile wallets | Multiple currencies for easy exchange |
Binance P2P trade security
Binance P2P’s escrow service is a central element in ensuring the security of trades. When a buyer initiates a trade, the cryptocurrency that the other party is selling is locked in escrow. This means that the assets are held by the platform until the buyer confirms payment. The seller does not lose control of their funds until they complete the payment process, minimizing the risk of fraud. If disputes arise, Binance provides the opportunity to appeal, and the platform then reviews all evidence before releasing the funds.
To further protect all users, Binance requires mandatory KYC (Know Your Customer) verification. This process ensures that each user on the platform is acting under their real name, reducing the risk of fraudulent activities. KYC helps create a transparent trading environment where each party can be confident in the authenticity of their counterparty.
These measures make Binance P2P one of the safest peer-to-peer trading platforms, protecting both the buyer and seller during cryptocurrency trades.
How to trade on Binance P2P
To trade on the Binance P2P platform, follow the steps below.
Deposit
To trade on Binance P2P, you must register on the platform. Once you have created an account, you will need to go through the verification process (KYC), which involves providing identification documents and proof of residence. Verification is required to use all the features of Binance P2P.
Binance Deposit
Transfer
Select a cryptocurrency and create a trade. After completing KYC, go to the “P2P Trading” tab via the “Trade” section on the main page. Here you can select the cryptocurrency you want to buy or sell (e.g. USDT, BTC, BNB), as well as the currency you will use for the exchange and your preferred payment method. Users can choose between two modes: P2P, where you can choose an offer yourself, or Express, where the system will automatically select the best offer.
Binance Transfer
Select an offer and execute a trade. After selecting the trading mode, you will see a list of sellers or buyers with the rate, minimum and maximum limits for transactions, and available payment methods. Before confirming the transaction, carefully read the reviews of the counterparties and their transaction history. Once a suitable offer is found, click “Buy” or “Sell”, enter the amount and confirm the details of the transaction.
Binance “Buy” or “Sell”
Making a payment. After placing an order to buy or sell, in the case of buying cryptocurrency, you will be provided with information about the payment method. Transfer the specified amount to the seller and confirm the transfer by clicking the “Transferred”, notify seller button. The seller must confirm receipt of the payment within the agreed time and transfer the cryptocurrency to your P2P wallet. After that, the funds can be transferred to the spot wallet for further trading.
How to withdraw funds
After completing a trade on Binance P2P, funds are automatically credited to your P2P wallet. To withdraw money, you must first transfer the cryptocurrency to the main wallet (Fiat and Spot). This is done through the "Wallet" → "Overview" → "Transfer" section, where you select the desired cryptocurrency to transfer to the main wallet.
Once the funds have been transferred to the main wallet, open the "Withdraw" tab on the wallets page. Select the fiat currency you want to withdraw. Binance supports different withdrawal methods, such as bank transfer (SWIFT, SEPA), card withdrawals (Visa Direct), and local methods that vary by region.
Note: If this is your first withdrawal, you will need to add a bank account or other payment method. Make sure that the account or method information matches your Binance account information to avoid errors. Enter the details and the amount to withdraw.
After that, simply review the entered details, such as the withdrawal amount and possible fees. After that, you will be asked to confirm the request using two-factor authentication (2FA) or a code sent to your email. Binance will also send a confirmation to your email to complete the process.
The processing time for the withdrawal depends on the selected method. For example, withdrawals to cards via Visa Direct can take up to 5 minutes, and transfers via SWIFT can take up to 4 business days to process.
To save time, choose fast payment methods
I can suggest you ways that can improve the efficiency of your trades. First of all, choose sellers with a high rating and check their transaction history. This will reduce risks and ensure faster completion of the transaction.
Another aspect worth paying attention to is the time of transactions. Many new users do not take into account that the speed of transaction completion depends not only on the speed of the platform, but also on the selected payment method. Some methods, such as bank transfers, can take longer than online wallets. To save time, choose faster payment methods, especially when working with local currencies.
I also recommend focusing on automation of processes. Binance provides the ability to save frequently used addresses and payment details, and this can significantly speed up your future transactions. This is especially useful for active traders who regularly conduct P2P trades. Setting up these features can significantly improve your experience and minimize the risk of errors when entering data.
Conclusion
Binance P2P is a convenient and secure platform for those who want to trade cryptocurrencies directly, without intermediaries and additional fees. Thanks to the escrow service and mandatory user verification, transactions are carried out with minimal risks. A wide range of payment methods and support for many fiat currencies make the platform accessible to users around the world. For maximum trading efficiency, pay attention to sellers' reviews and choose fast payment methods. Binance P2P continues to improve its features, offering users flexible terms and a high degree of protection.
FAQs
Can I set my own terms for a trade on a P2P platform?
Yes, on P2P platforms, users can create their own ads with individual terms such as price, limits, and payment methods. This is useful if you want to trade on your own terms, offering unique opportunities to buy or sell cryptocurrencies. Make sure your terms are clear to avoid misunderstandings with counterparties.
How to reduce the likelihood of a trade being cancelled on a P2P platform?
To avoid a trade being cancelled, choose counterparties with a high percentage of completed trades and fast response times. Also, try to make payments immediately within the set time to avoid delays and possible cancellations. Strictly following the terms of the trade and communicating via chat will help minimize the risks of cancellations.
Can I use multiple payment methods for one trade?
No, only one payment method can be selected for one trade. However, you can save multiple payment methods in your account and choose the most suitable one depending on the counterparty and the currency you are working with.
How to choose the best payment method on a P2P platform?
When choosing a payment method, consider the speed of payment processing, the fees charged by the payment system, and the reliability of the method. E-wallets can be faster, but bank transfers often have lower fees for larger amounts. Evaluate all options before choosing the one that best suits your needs.
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Team that worked on the article
Maxim Nechiporenko has been a contributor to Traders Union since 2023. He started his professional career in the media in 2006. He has expertise in finance and investment, and his field of interest covers all aspects of geoeconomics. Maxim provides up-to-date information on trading, cryptocurrencies and other financial instruments. He regularly updates his knowledge to keep abreast of the latest innovations and trends in the market.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).