There is a lot of different stuff you can do on Binance besides regular cryptocurrency trading. That´s why I decided to start a small Binance for Professionals series starting with today´s post.
I already wrote about the TOP 5 Features On Binance You Need To Know. In this post, let me explain what Binance P2P trading is and how it works.
What is Peer-to-Peer (P2P) Trading?
There are different ways to trade cryptocurrencies. You can go to a centralized or decentralized exchange for spot trading or alternatively, you can trade directly with other crypto holders and swap your assets, from person to person.
This scenario is called Peer-to-Peer (P2P) trading. There weren’t many options to buy and sell crypto in the early days. This circumstance forced users to meet with other people in person or through online communities to trade their digital assets in exchange for various other assets. Even today after the emergence of many big cryptocurrency exchanges, some traders remain using P2P trading despite the risks involved with this kind of deal. The risk of getting scammed is too high. That´s why I generally don´t recommend P2P trading without any intermediate, especially not in the Telegram Messenger.
What´s Special About Binance P2P Trading?
Binance P2P offers a solution to make P2P trading safer by reducing the risk of getting scammed. The Binance P2P trading platform enables P2P Bitcoin exchange transactions with local fiat currencies. Six different cryptocurrencies ($BTC, $ETH, $BNB, $BUSD, $DAI, and $USDT) and 55 local currencies via more than 150 payment channels around the globe are supported by the platform.
In 2020, the Binance P2P trading platform processed over $7 billion worth of transactions made through 3,8 million orders, with daily volumes reaching as high as $54 million. It´s growing its selection of local currencies, payment channels, and global merchants.
Binance P2P recently launched new features, such as Ad Posts. Users of the Binance P2P trading platform can post trade advertisements to buy and sell cryptocurrencies using fiat with zero ad fees. Initially offered on the Binance App in May 2020, the Ad Posts feature was extended to the Binance homepage in September 2020.
However, one of the biggest advantages of Binance P2P besides the reduction of risks is the total absence of fees. While many P2P trading platforms get a share out of your trades, you don’t have to worry about that when it comes to Binance P2P trading. The P2P trading fees are zero!
How To Use Binance P2P Trading?
Before you can make your first trade on the Binance P2P trading platform, you have to register on Binance first. Complete the Identity Verification (KYC) process, enable second-factor Verification, and set your preferred payment method. By verifying all P2P traders, Binance is able to provide a layer of security for all your P2P trades.
When you are all set up, navigate to “P2P Trading” on the top navigation. On the P2P trading page, select the cryptocurrency you want to buy. Filter the price and the payment in the drop-down menu, select an ad, then click on "Buy".
Confirm the transaction details and process the payment. That´s basically it. Once the seller has released the cryptocurrency you bought, the transaction is completed and you can transfer the crypto to your spot wallet.
Don´t worry, if you do not receive the cryptocurrency after 15 minutes, you can click "Appeal" and customer service will assist you in finally processing the order.
My Final Thoughts
Personally, I have never done P2P trading, especially not on a Telegram Group. However, if I am ever going to do a P2P trade then Binance would definitely be my first choice.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of Binance P2P trading and my intention is not to replace your own research. However, this post really reflects my own opinion.
If you are not registered on Binance yet, you can use my referral link with the invitation code E3PGAJCE for signing up. When you use it, it will save you trading fees each time you perform a trade on Binance. Don`t forget about this possibility when you introduce a friend to cryptocurrency as it will save both of you some money.
If that`s the kind of stuff that you like to read on Publish0x, make sure to hit that follow button. Thank you guys for reading, liking, following, and tipping 👍
If you like, you can also follow me on Twitter, and also on noise.cash. This is similar to Twitter but with free tips in Bitcoin Cash.
You may also like: Ways To Generate Passive Income On Binance - Earn Crypto While You Sleep
