In this article, we will explain how the Binance P2P service works. And if you need to buy or sell cryptocurrency for a dollar or other paper, it is not at all necessary to make a deal right away. And peer-to-peer trading has a number of advantages. First , in the Binance decentralized market, you can also find better deals than in the traditional market.
Secondly , many other payment methods are supported there and there is no need to immediately transfer fiat currencies to the exchange, and you can pay the counterparty directly from a bank card or electronic wallet.
And third , P2P commissions are, frankly, meager. The taker pays absolutely nothing, the manufacturer pays 0% - 0.35%, the amount depends on the fiat currency pair he is working with. And before you can buy Bitcoin on Binance via P2P, you need to create an account and go through identity verification.
Register and set up an account
To create an account, go to . The country of residence is determined automatically, you only need to confirm the correct geolocation and indicate the type of account (personal or corporate).
Secondly, you need to fill out the registration form. And the login is an email address or a mobile phone number. The password is entered once. Make sure to keep it on paper. And the necessary checkboxes are already set, you can subscribe to the newsletter and enter your referral ID if you are signing up at the invitation of a friend.
And if everything is ready, click the " Next " button . You will be redirected to the next page, where you will need to enter the confirmation code sent to the email or phone number you specified when creating your account. After that, you will be taken to the exchange site, where you will immediately be offered to go through KYC. It certainly will have to be done. Until you verify your identity, access to any Binance transactions will be closed to you.
Verification
Many reputable cryptocurrency exchanges have begun to require or at least aggressively encourage their clients to submit to KYC. And this is not at all a whim of its creators, but a coercive measure that they took under pressure from external regulators. And while the turnover of funds in the blockchain industry has been relatively low, this sector has been almost neglected, but in our time, more funds are traded in the digital asset market than on exchanges. In order to complicate the laundering of illegally obtained money, financial regulators have decided that clients of trading platforms must confirm their identity.
Of course, there are still anonymous exchanges, but the vast majority of them do not support traditional currency pairs. The verification procedure is simple. And you can pass it on the internal passport.
As the main thing is that you have a working webcam, because you will need to upload passport photos, selfies and pass dynamic facial verification. And it is not possible to send a photograph in advance and a copy of the passport to the exchange, and everything happens in real time.
And if you don't have a webcam, install the Binance app on your smartphone and complete the verification using it. And after the procedure is successfully completed, you need to activate additional security options. And to trade on Binance P2P , you need to connect Google Authenticator and verify transactions by phone number. And for a special status, it is subject to an additional examination. But in order to become a merchant on P2P Binance , you will need to make a number of successful transactions. You can learn more about how to become a merchant here
How does P2P trading work
After registering, passing KYC and enabling two factors, you will be asked to make the first transaction in the “ Purchase ” section . And one of the options for replenishing the deposit is to buy the P2P cryptocurrency Bitcoin for dollars, as the scheme for executing the transaction is not very complicated, but it is fundamentally different from the instant scheme. Here the counterparties interact directly with each other. The exchange also provides warranty services only. This means that the seller cannot create an order if he does not have a penny on his balance.
And the buyer pays for the transaction on his own, so no one controls his balance. Payment for an OTC transaction is often done simply from one card to another, although the option to pay from a paper balance is also possible. You will need to submit it yourself. You will not receive the crypto until you transfer the paper money to the seller, and it will not confirm the fact of receiving it.
And for everything to go smoothly, you need to get the details and complete the transaction within the given time. And after sending the money, be sure to confirm the fact of the payment, and you can also send a copy of the receipt to the seller in the chat. The cryptocurrency is frozen on his deposit and as soon as you confirm that the funds are there, the system will transfer it to your wallet for replenishment. But, if you messed something up with the payment or the process is delayed, you may have to contact the support service and provide proof of money transfer. However, the seller is likely to file an appeal himself. After all, he wasted his time with you.
Choosing a safe counterparty
Can a salesperson cheat? If you decide to buy Bitcoin P2P on Binance , the probability of being left with no coins and no money is almost zero. And the main thing is to do everything right and not miss anything, and in order to avoid unnecessary trouble, study the seller's rating. And it is better if it is a P2P merchant , i.e. a seller who has made many successful transactions and passed an additional verification process. You can find out more in a separate article here
You can sort the offers by payment type and minimum transaction size and then explore them. As under the seller's login, there is information about the number of transactions they have made in total and the percentage of successfully completed transactions is displayed. And if the counterparty manages to close 100% or at least 98% of orders, then you can safely buy. And if you do everything right, then there will be no problems. But if the percentage of successfully completed transactions is less than 90%, it is worth considering. Deal with him, it seems that he is not a fraud, but it will not be easy to work with him. Those you suspect can be banned, and to learn how , go to this article
Processing stages
The first stage is the selection of the counterparty. In order not to turn all the pages, immediately indicate how much paper money you are willing to spend and how you will pay. For example: $5000, payment method. The system will select the appropriate applications, and you can proceed to study the rating of the sellers. P2P merchants on Binance are marked with a yellow check mark. Each sells at its own price, and the most profitable option for the buyer is put first. The system may display orders with a suitable payment method but a higher trading volume, so pay attention to the minimum.
You can also go to the " Express " tab and then the exchange itself will select a counterparty according to the parameters you specified. And after selecting the appropriate option, press the "Buy" button and place an order.
The seller will send the payment details via chat. You may need to clarify some nuances so that the counterparty can verify that it was you who transferred the funds. After he confirms that the funds have arrived and confirms the payment, the bitcoins will be transferred by the P2P moderators to your account.
Beginners mistakes
Beginners often forget to confirm the payment, and sometimes they can delay it. And in this case, and without the intervention of the support service, most likely, you can not do. And the amount must be exactly the same as indicated in the application.
Important! Never agree to chat in messengers, and everything should happen in the Binance P2P interface . Transfer funds before closing the payment window and be sure to confirm the fact of payment.
And if you cannot make the payment on time, contact the seller via chat, and in case of problems, file an appeal. And if the paper balance is chosen as the payment method, do not expect the exchange to transfer the funds themselves, as is usually the case immediately. You must send the funds yourself by transfer within the exchange. To do this, the fiat currency must be transferred to the wallet for replenishment and transferred to the seller using their payment ID or email address.
Pros and Cons of P2P Trading
We will summarize everything by sorting out the defects and negatives in a table to facilitate
conclusion
Of course, P2P trading cannot completely replace the spot market, as the bulk of the money revolves there. But if you suddenly urgently need to buy Bitcoin on Binance, and you cannot replenish your paper balance from the card, you can easily do it on the P2P website.
Post a Comment