Binance P2P 2022 ultimate mobile guide for beginners

What is Binance P2P ?

P2P trading is the act of buying and selling cryptocurrencies directly between users, without a third party or intermediary. When you buy or sell cryptocurrencies using a traditional exchange, you don’t get to transact directly with the counterparty. Instead, you use charts and other market aggregators to determine the optimal time to buy, sell, or hold cryptocurrencies. The exchange organizes the transaction on your behalf, and the market price determines your final price at the time of transaction.

As even the Bitcoin white paper’s title suggests, Bitcoin is a peer-to-peer electronic cash system. The term peer-to-peer is obviously essential to the Bitcoin ethos, since it’s included in the title and in the first and third sentences of the white paper.

As Satoshi Nakamoto states: “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required to prevent double-spending. We propose a solution to the double-spending problem using a peer-to-peer network.” It’s important to point out that Bitcoin was not created in a vacuum. Instead, it was part of a continued development of several different types of digital currencies. Some of the most famous Bitcoin predecessors were hashcash, b-money and bit gold.As Satoshi describes, Bitcoin was mainly created as a solution to the double-spending problem that had been problematic for previous digital currencies, and this problem was solved using the peer-to-peer network.Such networks weren’t a novel invention either, since peer-to-peer filesharing had become notorious at the turn of the millennium. However, it’s not far-fetched to claim that the peer-to-peer aspect was the last ingredient needed for a truly revolutionary digital currency.

The reasons why P2P is the Best Way for beginners to Buy Local Bitcoin in local Currency

1. Live Trade Chat

Chat with your trading counterparty before you complete any transaction. Clarify payment requirements, follow up with delayed transactions or get to know who you’re trading with. For more information, you can read our helpful tips for using Binance P2P chat.

2. Personalize Your Offers: Ad Posting

Through our ad posting feature, buyers and sellers can personalize their offers according to their preferred price, payment method and local currency. Create strong ad postings and provide suitable trading terms for crypto users around the world.

3. Security: Escrow Service

P2P trading is more convenient than your traditional crypto exchange, but trading with other users also comes with its own set of risks. At Binance P2P, we provide an escrow service that ensures safe and fair trading. Once a buyer completes their order, we handle the seller’s cryptocurrency in a temporary deposit until both parties confirm the transaction is successful.

4. Customer Support

If you encounter a problem with your P2P trading counterparty, you can quickly seek assistance from Binance’s customer support team, who will contact you via email. Our customer service team will come in to mediate between both parties and solve the issue. You can read this article to learn more about the appeal process.

5. Zero Fees

Traditional crypto exchanges serve as intermediaries and will collect a small fee from all crypto transactions. On a P2P marketplace like Binance P2P, you can buy or sell Bitcoin and other popular cryptocurrencies from other users with zero fees.

6. Multiple payment methods

Binance P2P offers more than 300 different payment methods on, including local bank transfer, SEPA Transfer, International transfer, online wallet, cash and more.

7.Local and Global Marketplace

Whereas many other P2P platforms target specific markets, Binance P2P provides a truly global trading experience with support for more than 70 local currencies. Despite our international emphasis, we also strive to meet the needs of local markets via multi-language customer support and support for regional payment providers.

8. External Restrictions

Regulatory restrictions have historically intervened with traditional crypto exchanges. Transactions are facilitated interpersonally on P2P marketplaces, which means users are not affected by these restrictions.

How to buy and sell cryptocurrencies on Binance P2P?

Step 1

Log in to Binance app

  • If you already have a Binance account, click “Log in” and go to Step 4
  • If you do not have a Binance account yet, click “Register” on the top left

Step 2

Enter your email on the registration page and set your login password. Read the Binance P2P terms and click on the arrow to register.

Step 3

Enter your email and password, then click on the arrow to Log In.

Step 4

After you log in to the Binance app, click the user icon on the top left to complete identity verification. Then click “Payment Methods” to complete SMS authentication and set your payment methods.

Step 5

Go to the home page, click “P2P Trading”.

On the P2P page, click the (1) “Buy” tab and the crypto you want to buy (2) (taking USDT for example), and then select an ad and click (3) “Buy”.

Step 6

Enter the quantity you want to buy, confirm the seller’s payment method(s), and click “Buy USDT”.

Step 7

Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit, and then click “Transfer the fund”. Tap on the payment method you transferred to, the click “Transferred, next”

Note: Setting payment method on Binance does not mean that the payment will go directly to the seller’s account if you click “Transferred , next” . You need to complete the payment directly to the seller through bank transfer, or another third-party payment platform based on the seller’s payment information provided.

Please do not click “Transferred , next” if you have not made any transactions. This will violate the P2P User Transaction Policy.

Step 8

The status will be “Releasing”.

Once the seller has released the cryptocurrency, the transaction is completed. You can click “Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.

You can click “Wallet” at the bottom and then “Fiat” to check the crypto you bought in your fiat wallet. You can also click “Transfer” and transfer the cryptocurrency to your spot wallet for trading.

Note :

  1. If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can contact the seller by clicking the “Phone” or “Chat” icon on the top.

Or you can click “Appeal”, select a “Reason for Appeal”, and “Upload Proof”. Our customer support team will assist you in processing the order.

To get started, visit Binance P2P

Don’t have a Binance account? Click here to register

References :

https://blog.localbitcoins.com/why-you-should-trade-bitcoin-p2p-326c73f9e681

https://www.binance.com/en/blog/p2p/intro-to-peertopeer-trading-what-is-p2p-trading-and-how-does-a-local-bitcoin-exchange-work-421499824684901839

https://www.cryptohopper.com/news/6404-10-reasons-why-p2p-is-the-best-way-to-buy-local-bitcoin-in-your-currency

https://www.binance.com/en/support/faq/360039384951

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