What is P2P trading Binance? Buy and sell Person to Person!
What is P2P trading Binance? Nowadays, according to the increase of Bitcoin and cryptocurrency’s users and buyers, it’s possible that some people wouldn’t have enough trust to buy or sell cryptocurrency to the exchanges, or they may need to buy or sell cryptocurrency person to person and don’t buy from exchanges. Binance’s P2P trading is the solution for these guys.
Here in the continue of this article in shetcoiner website we are introducing Binance’s P2P trading, so stay with us until the end of this article.
Binance P2P trades (peer to peer bitcoin exchange)
Binance is one of the biggest cryptocurrency exchanges in the world. Binance reached the record for the highest number of cryptocurrency transition count in a very short period of time after it was launched, proportional among other exchanges.
you should know that to buy or sell in Binance exchange you’ll need to transfer your cryptocurrency to this exchange and then buy different cryptocurrencies with the Classic or Convert ways. But many people need to use Person-to-Person transitions with a person who they trust. Binance launched Binance P2P to fix the needs of those who need physical transitions or transactions without the direct intervention of the exchange.
Binance’s P2P trading has many features to ease your buying or selling activities. there is a High security level provided by Binance for you and no one else will interfere in your transitions and this is one of the best features of P2P trading.
Another feature of Binance’s P2P trading is that they are free of charge and are done by individuals and there is no fee for you to pay. This Binance trading way is made for people who need to sell their coins or cryptocurrencies in blocks and together with other people.
How does Binance P2P Trading work?
The mechanism for using Binance P2P trading is that you, as a buyer or seller, must first register and authenticate on the Binance website. After completing the authentication process, you can register your cryptocurrency sale ad in the P2P Binance section with your favorite specifications and methods.
In the Binance’s P2P section, unlike Binance exchange itself, you will not be limited in choosing payment methods, and you can buy or sell with various methods through the financial intermediation of more banks in the world and Binance won’t limit you.
For example, if you are a buyer and want to buy some Bitcoin from someone else, you can start this process by finding the person and transition you want and send your purchase request to the seller. The seller will then hand over the cryptocurrency you want to buy to a part of Binance that is called “Binance Screw” so that you can pay for it.
After you pay, Binance will receive a payment confirmation from the seller and then release your bitcoins and transfer them to your wallet. Easy Peasy! If you had any problem in the transfer process, you can easily solve your problem with the special supporter of this Binance section. Binance will follow your problems and will fix it for you.
In Binance p2p transactions, you can buy or sell in this section with different methods, such as the following methods:
- Paypal
- Moneygram
- MTN Mobile Money
- Orange Money
- Tigo Money
also read: Binance P2P payment methods
Disadvantages of Binance P2P Trading
Each feature can have many advantages and disadvantages. In most parts of the article we talked about the advantages of binary p2p trading, in this section we want to show you the disadvantages of this new trading method.
- Delay in payment; One of the biggest disadvantages of p2p transactions is the delay in receiving money from the buyer. This is because the buyer may want to pay for it hours after receiving your message or may have seen your message late, and unfortunately this will prolong your transaction.
- Limited sales in p2p; Unfortunately, despite the many advertisements of this exchange and the knowledge of many cryptocurrency activists, this method still seems to be a slow or limited method and trading in the exchanges themselves is faster and with much less restrictions, so buyers and sellers. In this section, the exchange offices, especially the p2p section of Binance Exchange, are limited, or they all exchange with certain sales volumes, which you may not be able to do.
If you have any experience or opinion about P2P trading, please comment your opinion at the bottom of this article. shetcoiner will respect and publishes your comments in this article.
