Binance P2P is a peer-to-peer cryptocurrency trading platform offered by Binance, allowing users to buy and sell digital assets directly with each other using various local fiat currencies and payment methods ^[1]. Its primary purpose is to facilitate direct transactions between individuals without the need for a traditional intermediary exchange order book ^[1].

Overview

Binance P2P functions as a marketplace where users can post advertisements to buy or sell cryptocurrencies at their desired prices and payment methods ^[1]. This peer-to-peer model means that transactions occur directly between the buyer and the seller ^[1]. The platform supports the exchange of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), BNB, and USDT using various fiat currencies such as USD, EUR, CNY, and JPY ^[1].

The platform provides a framework for users to connect and trade, offering features that allow for customization of trading terms within advertisements ^[1]. While the transaction is peer-to-peer, Binance provides an escrow service to secure the cryptocurrency during the transaction process ^[1]. This mechanism locks the seller's cryptocurrency once a trade is initiated and releases it to the buyer only after the seller confirms receipt of the fiat payment ^[1].

The platform aims to offer a convenient way for users to convert between fiat and cryptocurrency, particularly in regions where traditional banking integrations with exchanges might be limited ^[1]. It emphasizes user control over trading partners and methods, facilitated through the creation and management of trading advertisements ^[1].

How it Works

Binance P2P operates on a peer-to-peer model where users trade directly with one another ^[1]. The platform facilitates this by providing a marketplace for users to post buy and sell offers, known as advertisements ^[1].

When a buyer initiates a trade based on a seller's advertisement, the specified amount of cryptocurrency from the seller is held in escrow by Binance ^[1]. The buyer then transfers the agreed-upon amount of fiat currency directly to the seller using the payment method specified in the advertisement ^[1]. After receiving and confirming the fiat payment, the seller notifies Binance, which then releases the cryptocurrency from escrow to the buyer's wallet ^[1].

The platform includes a chat function for buyers and sellers to communicate during the transaction ^[1]. In cases of disputes, users can file an appeal, and Binance customer support assists in resolving the issue, typically within 1-2 business days ^[1]. Users are advised to verify payment receipt independently before releasing cryptocurrency to avoid financial losses ^[1].

Buying and Selling Process

To use Binance P2P, users must first register a Binance account and complete identity verification (KYC) ^[1]. The process for buying and selling involves several steps:

How to Buy Cryptocurrencies on Binance P2P

1. Log in to the Binance account ^[1].
2. Navigate to the P2P trading section, accessible from the homepage or under the 'Trade' section ^[1].
3. Select the 'Buy' section and choose the desired cryptocurrency ^[1].
4. Filter merchants by payment method and country/region if needed ^[1].
5. Select a merchant based on their rate and terms ^[1].
6. Enter the amount of fiat or crypto to trade and initiate the buy order ^[1].
7. Proceed to the payment page to view the seller's payment information ^[1].
8. Transfer the funds to the seller using the provided details within the given time limit (typically 15 minutes) ^[1].
9. After transferring, click 'Transferred, notify seller' ^[1].
10. Use the chat window to communicate with the seller and potentially provide proof of payment ^[1].
11. Wait for the seller to confirm receipt of funds and release the cryptocurrency from escrow ^[1].
12. The purchased crypto will be deposited into the user's P2P wallet ^[1].
13. To trade or use the crypto on other Binance services, it must be transferred from the P2P wallet to the Spot wallet ^[1].

How to Sell Cryptocurrencies on Binance P2P

1. Log in to the Binance account and navigate to the P2P trading section ^[1].
2. Select the 'Sell' section and choose the cryptocurrency to sell ^[1].
3. Browse available buyers and select one offering a suitable rate and payment method ^[1].
4. Enter the amount of crypto or fiat for the transaction and select a payment method to receive funds ^[1].
5. Place the sell order ^[1]. The transaction status will show "Pending Buyer's Payment" ^[1].
6. Communicate with the buyer via the chat window ^[1].
7. Wait for the buyer to transfer the fiat payment ^[1].
8. Crucially, log in to the receiving bank or wallet account to confirm that the payment has been received from the buyer ^[1]. Do not rely solely on screenshots or notifications ^[1].
9. Once payment is confirmed as received, click 'Confirm receipt' and then 'Confirm' to release the cryptocurrency from escrow to the buyer's account ^[1].
10. If payment is not received or issues arise, use the chat or the 'Appeal' function to contact customer service ^[1].

Advantages

Binance P2P offers several advantages for users trading cryptocurrencies ^[1].

• Zero Fees: Binance P2P generally does not charge transaction fees for buyers and sellers who trade via existing advertisements. Fees may apply for active merchants who create advertisements ^[1].
• Multiple Payment Methods: The platform supports a wide array of payment options, reportedly over 300 different methods, allowing users flexibility in how they conduct transactions ^[1].
• High Liquidity: As an integrated part of the Binance ecosystem, the platform benefits from high trading volume, facilitating large buy and sell orders ^[1]. It has processed significant transaction volumes ^[1].
• High Completion Rate: Binance maintains standards for merchants on the platform to encourage quick and satisfactory transactions ^[1].
• Escrow Service: Binance holds the cryptocurrency in escrow during the transaction, providing a layer of security for both parties until payment is confirmed ^[1].
• Fast Transaction Speeds: Merchants can set transaction timers, with some trades completing within 15 minutes depending on the chosen payment method ^[1].

Comparison with Remitano P2P

Binance P2P is often compared to other peer-to-peer trading platforms like Remitano ^[1]. Both platforms facilitate P2P cryptocurrency trading, but they have differences in features and fee structures ^[1].

Criteria	Binance P2P	Remitano
Credibility	Both are described as prestigious P2P exchanges with over 5 years of operation in the international market .	Both are described as prestigious P2P exchanges with over 5 years of operation in the international market .
Transaction Fees	Free for buyers and sellers using existing ads; fees apply for active merchants creating ads. withdrawals are free .	Buyers may pay approximately 1% higher than the display price. A 1% fee is collected when withdrawing from a wallet .
Convenience	Integrated within the ecosystem, convenient for trading on spot markets. Supports over 500 different cryptocurrencies .	Primarily supports around 20 coins .
Remitano is noted as popular in the United States, Vietnam, China, and South Asian countries [1].

Instructions for Trading Coins

For information on spot trading on Binance, users can refer to guides on that specific topic ^[1].

Image: Illustration depicting Binance P2P as a peer-to-peer cryptocurrency trading platform ^[1].