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Before centralized crypto exchanges and their decentralized counterparts became the most popular venues to buy and sell digital assets, peer-to-peer (P2P) trading was the only available way to exchange cryptos.
Binance taps into this traditional approach of buying and selling coins with the Binance P2P platform. Launched in 2019, Binance P2P allows users to exchange cryptos amongst themselves using 700 different payment methods and more than 100 fiat options. Binance provides escrow services, protecting both the buyer and the seller against potential scams. Moreover, Binance charges no fees for its P2P services.
What’s so great about Binance P2P?
Speaking from personal experience, Binance P2P is truly an amazing service – not only is the community well moderated and malicious actors quickly reprimanded, but the user interface is also top-notch, allowing someone who might not be as well versed in computers (such as this writer) to easily buy and sell crypto.
The next few sections will hopefully help you gain a better understanding of why I’ve been using the platform since shortly after it was initially launched.
Access to more than 700 payment methods
For someone like me, who unfortunately lives in a country that makes it difficult for its citizens to engage in crypto, Binance P2P is a godsend. The platform supports dozens of different fiat currencies and third-party payment solutions, making fiat purchases and using P2P bank transfer on Binance a viable method.
Sellers and buyers list payment methods they are willing to use, along with crypto price and other parameters, in their P2P advert.
Remember, Binance P2P is a platform where users post their sell and buy offerings – the method of payment is reached between the two parties with virtually no involvement from Binance. Popular digital banking apps like Revolut and AirTM or regular SEPA transfers can be used for settlement.
If you lack the ability to use your personal bank account to access a crypto exchange, or simply want to use secondary accounts to trade crypto, then you very well might appreciate Binance P2P as much as I do.
Binance holds funds in escrow
Arguably the most important feature of any P2P platform is how the buying and selling process is handled. Whenever there is money involved, some people will try to game the system and use it to their advantage. This is especially true when it comes to P2P money transfers.
I can honestly say that Binance P2P is one of the best in the business when it comes to ensuring that users are not getting scammed. As long as both the seller nor the buyer don’t complete their part of the deal, Binance won’t release funds from escrow. In the rare case when something nevertheless does go wrong, Binance’s customers support team makes sure the issue is resolved swiftly.
A pro tip: You can stick with verified merchants for extra security or use a filter that displays only ads from so-called Pro Merchants (holders of professional exchange licenses) to be extra safe.
Impressive platform growth
When Binance P2P first launched, there were times when finding a seller accepting a particular payment method or a buyer for certain products was difficult. In short, the traffic was a bit low.
Now, 3 years later, you can find virtually any buy and sell offers for all supported cryptocurrencies, which currently includes BTC, BNB, ETH, USDT, BUSD, and DAI, around the clock. While I personally mostly stay away from non-USD/EUR deals, there are dozens of offers available for smaller currencies like the Uruguayan Peso and the Central African CFA franc, for instance.
Here’s how Binance P2P looks in numbers:
- Over 14 million crypto traders across the world
- 100+ supported local currencies
- More than 250 regions and countries covered
- 700+ payment methods accepted
Binance is celebrating the third year of its P2P marketplace with exclusive promotions
In celebration of Binance P2P turning three years old, Binance is running a series of promotions, creating a 33,000 BUSD prize pool. The promotional period starts on Oct 13 and ends on Oct 26. Here’s what Binance P2P users can look forward to:
13,000 BUSD in Token Vouchers and exclusive Binance Swag
For the duration of the promotional period, Binance P2P users will have a chance to complete fun missions to earn a share of a 13,000 BUSD prize pool. In addition, eligible users will receive exclusive Binance Swag items.
10,000 BUSD in Gift Cards for new Binance P2P users
This promotion is reserved for new Binance P2P users. To become eligible to earn a share of 10,000 BUSD in Gift Cards, users must confirm their registration and trade at least $50 worth of any cryptocurrency in a single transaction on the P2P marketplace.
Receive 100% Maker Fee Rebate and earn up to 200 BUSD Cashback Voucher
The Maker Fee Rebate promotion is aimed at users who post advertisements and trade in any local currency on Binance P2P. There are several requirements that must be met to become eligible for this promotion. Here’s how Binance explains it:
- Complete P2P trades with at least five unique counterparties during the promotion period.
- Achieve an overall order completion rate of at least 95% during the promotion period.
- Accumulate a total trading volume of at least $5,000 equivalent (including buys and sells) on Binance P2P during the promotion period.
The top 50 participants will receive a 100% rebate on maker fees, earning up to 200 BUSD in a cashback voucher.
For more information regarding the exclusive Binance P2P promotions, check the official announcement.
How to buy and sell crypto with Binance P2P?
If you’ve never used Binance P2P before, we’ve prepared a quick and simple guide that will help you get started.
This guide covers the process of buying cryptocurrency using a mobile device. Keep in mind that the process is virtually identical when using a desktop.
1. Open the trading tab and select the P2P option
Login to your Binance account. After that, navigate to the trading tab in your Binance app and tap on P2P at the top of the screen.
2. Search for the crypto you want to buy/sell
In the main Binance P2P dashboard, you can choose among merchants offering different cryptocurrencies. You can switch between Buy and Sell offers with a click of a button.
3. Use advanced filters to find exactly what you want
There are thousands of ads featured on Binance P2P at any given point, which makes it hard to sort through the vast selection. Here’s where filters come in – they can help you sort ads based on various criteria, including payment methods, regions, and more. Click on the Filter icon on the right side of the screen to access them.
4. Place your order
Once you’ve found an offer that suits your preferences, click on it and then enter the amount of fiat you would like to spend. Conversely, enter the amount of fiat you would like to receive by selling your crypto.
5. Finalize your order
To exact procedure of finalizing the payment process depends on the method you decided to use when buying or selling crypto. After placing a P2P order, the crypto asset is escrowed by Binance P2P. After that, you need to pay the seller and click on the “Transferred, notify seller” button. Once the seller confirms the money has been sent, the crypto that has been escrowed by Binance P2P will be released. If you’re selling crypto, then the interested party must notify you about the transferred funds.
Wrapping up
Using P2P on Binance is easy, secure, and fast. While the service downright excels in the number of supported fiat currencies and payment methods, it would be nice if more digital assets were available – but that’s a minor nitpick as Binance already offers a fully-fledged CEX platform that lists hundreds of different coins and tokens.
Whether trading BTC or using Binance P2P for BNB, BUSD, ETH, USDT, and DAI, numerous merchants are available around the clock, accepting both major and minor local currencies.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.
