P2P trading on Binance has recently attracted the attention of investors thanks to its flexibility and convenience while minimizing risks thanks to the support of Binance . However, not everyone knows what Binance p2p is and how to buy and sell p2p on Binance. The following article will guide you on effective P2P trading methods and experiences on the Binance exchange!
Overview of P2P trading on Binance
As a form of direct cryptocurrency trading between buyers and sellers with support tools from Binance, P2P trading facilitates free and extremely effective cryptocurrency trading.
What is Binance P2P trading?
P2P trading on Binance is the direct buying and selling of cryptocurrency between users without the need for intermediaries or third parties. The highlight of this form of trading is that it will give investors more control in choosing who they want to sell or buy cryptocurrency to. At the same time, the price and payment time are also decided by the investor.
However, a disadvantage of regular P2P transactions when giving more decision-making power to users in the transaction is the risks when there is no third party intervention. Therefore, many cryptocurrency investors have chosen to buy and sell P2P on Binance to minimize their risks thanks to the connection and coordination of the exchange.
P2P trading fees on Binance
Trading on Binance P2P on Binance is completely free while creating convenience, security and safety for investors. In addition, P2P trading on Binance is also relatively simple and seamless, users can easily make transactions via Binance’s website or mobile application. Thanks to these outstanding strengths, P2P trading on Binance is increasingly gaining trust and attracting a large number of cryptocurrency investors to choose.
Simple instructions for P2P trading on Binance
To effectively trade P2P on Binance, investors first need to understand the operating nature of the P2P tool on this exchange. After that, buying and selling can be done easily over the Internet with a few simple steps.
How does the P2P exchange on Binance work?
When it comes to P2P transactions, the biggest issue that many people are concerned about is ensuring the transactions are successful, the buyer receives the goods and the seller receives the money. Therefore, usually P2P exchanges will be formed for the purpose of connecting buyers and sellers, and creating conditions for transactions to be carried out. P2P trading on Binance also operates according to the same principle.
Specifically, when participating in P2P transactions on Binance, investors (buyers and sellers) will be guaranteed through layers of transaction protection and minimize the risk of fraud. In addition to the public user rating system, Binance P2P also applies an escrow feature, requiring participants to have a minimum amount of money in their accounts to ensure payment for the amount of money the parties make purchases. sell.
For example, if investors want to sell Bitcoin to receive fiat currency in return, then those who want to buy will need to send money to Binance’s escrow system. Once the investor deposits Bitcoin and the P2P transaction on Binance has been confirmed, Binance will unlock the assets for both the seller and the buyer.
Thanks to that, transactions take place safely and securely. In case the buyer and seller are not satisfied with the transaction, they can open a complaint to resolve the issue between the parties or ask the Binance Customer Support team to assist.
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Steps to perform P2P trading on Binance
There are two forms of P2P trading on Binance: buying and selling. The specific steps are guided as follows:
How to buy P2P on Binance
Step 1: After registering an account and logging in, investors access the “Trading” section and select “P2P”.
Step 2: Click “Buy” on the screen, enter the quantity, Fiat currency and appropriate payment method.
Step 3: A list of sellers that meet the criteria will appear on the screen. Investors need to select the most potential proposals, click buy USDT, enter the order quantity and click confirm to buy USDT.
Step 4: The seller’s specific payment information will appear on the screen, the investor quickly transfers money and selects “Money transferred, next”, then selects “Confirm” to complete.
How to sell P2P on Binance
Step 1: Similar to P2P buying, after registering an account and logging in, investors access the “Transactions” section and select “P2P”
Step 2: Click “Sell” on the screen, enter the quantity, Fiat currency and appropriate payment method.
Note: At this step, investors can choose as many payment methods as they want by clicking on “set payment method”.
Step 3: A list of buyers that meet the criteria will appear on the screen, the seller needs to select the most potential proposals, click sell USDT. Then, enter the amount in the “I want to sell” section, the screen will display the amount of money you will receive accordingly. Here, the investor clicks to confirm selling USDT. You can skip this step if you do not need to sell urgently, the buyer will come to you and pay according to regulations.
Step 4: The investor will wait for the buyer to make payment within the deadline. After the buyer pays, unlock the cryptocurrency by pressing “Confirm unlock” then “Confirm payment received” to complete the order. In addition, the system may require the seller to enter a 2FA confirmation code or verify by phone/email to complete the order.
After confirmation, the transaction is considered completed, the seller needs to check his account balance to detect errors (if any) and make timely complaints if necessary.
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Is it safe to do P2P trading on Binance?
Currently, many investors wonder whether P2P trading on Binance is safe. This is completely understandable because the cryptocurrency trading market is still very new to most people. To have a comprehensive perspective, we should objectively evaluate the advantages and disadvantages of this form of trading.
Advantage
- International trading market: One of the big advantages of using the Binance P2P exchange is that this form of trading allows investors to access the international trading market, including cryptocurrency buyers and sellers. globalization. Specifically, P2P trading on Binance can allow users of more than 180 countries to exchange with each other. Thanks to that, investors can buy and sell Crypto with global investors in a short time..
- Diversity of payment methods: Binance currently allows more than 150 different payment methods, including direct cash transactions. This is a big advantage of Binance P2P trading while trading on a traditional exchange may not have as many diverse payment options.
- Free for transactions: As stated above, Binance P2P allows investors to connect and make transactions with a fee of 0 VND. This is considered a competitive advantage for Binance because not all P2P exchanges apply this form of incentive. In reality, traditional cryptocurrency exchanges all apply fixed fees or charge a percentage fee on each transaction.
- Transactions are guaranteed to minimize risk thanks to escrow services: Binance provides escrow services to protect buyers and sellers. If the participating parties do not meet the transaction conditions, the crypto or fiat money will be returned to the investor’s wallet. Therefore, we can somewhat rest assured about being safe when trading P2P on this exchange.
Defect
Relatively low liquidity: Compared to centralized/traditional exchanges, Binance P2P trading is still a relatively new form and has lower liquidity.
Therefore, investors who want to buy and sell in large volumes may prefer to choose OTC (over-the-counter) transactions or use traditional exchanges instead of P2P.
Transaction speed can sometimes be slow: Normally, P2P transactions can be done quickly when both the buyer and seller confirm the transaction at the same time. However, in some cases, if either party delays in carrying out the transaction for a variety of reasons, the process will be difficult to complete quickly.
This is relatively disadvantageous compared to traditional transactions because transactions can be performed without waiting for confirmation from the buyer or seller first. However, with P2P trading on Binance, the buyer or seller can change their mind during the transaction, respond more slowly, or even cancel their participation in the transaction.
Experience buying and selling P2P on Binance to have many transactions
Many people using Binance do not know how to buy P2P and sell P2P on this exchange to achieve the highest efficiency. In fact, the success of transactions will depend heavily on the experience and level of understanding of the Binance platform of investors. Here are some effective P2P trading tips on Binance:
- Always monitor and update the cryptocurrency market situation as well as provide predictive analysis of fluctuation trends to determine reasonable buying and selling prices.
- Regularly monitor your ads as well as check newly posted ads to capture sales opportunities with great profit potential.
- If you are a seller, you should accept a variety of payment methods to attract buyers at competitive prices.
- Communicate promptly and clearly with trading partners to create convenience and speed for transactions. From there, it is also easy to negotiate to reach the expected price.
Answering questions about how to trade P2P on Binance
New investors joining the Crypto market in general and P2P trading on Binance in particular still have many questions about this investment support tool. Below are some of the most common questions asked by users on Binance.
Which coins does Binance P2P currently support?
Binance P2P exchange currently supports 6 cryptocurrencies including Bitcoin (BTC), EOS (EOS), Ethereum (ETH), Binance Coin (BNB), Binance USD (BUSD) and Tether (USDT). In addition, according to information from Binance, this exchange is also constantly developing to add other Coins/Tokens that the investor community is interested in.
Which banks does Binance P2P support payments through in Vietnam?
Currently, Binance P2P exchange supports any bank in Vietnam to send and receive money when trading P2P on Binance. However, investors should note that Binance P2P only allows users to make payments in about 15 minutes. Therefore, traders need to use Mobile Banking or Internet Banking to be able to proceed quickly through the website or app on mobile devices.
What knowledge and skills do investors need to effectively trade P2P on Binance?
Normally, when trading through traditional channels, investors will need to learn and analyze complex transaction data through electronic boards and complex order numbers.
However, when trading P2P, this will be simpler because trading pairs take place independently between buyers and sellers. Therefore, investors will not need too much experience in tracking and analyzing transaction statistics.
However, because of the specificity of direct trading, it is much more difficult to give a valuation for Crypto as well as predict supply and demand. In addition, the Crypto market also has many relatively strong fluctuations in a short period of time.
Therefore, investors need to be carefully prepared in: knowledge about cryptocurrencies, analysis and prediction of cryptocurrency supply and demand, experience in monitoring and manipulating the Binance platform as well as the ability to monitor the market. market, seize trading opportunities.
P2P trading on Binance is generally not difficult. Especially with Binance’s ever-improving technology, transactions can be conducted online quickly. However, investors also need to be careful to keep their account security as well as their transaction process to ensure they minimize risks in cyberspace.
