What Is Binance P2P’s Verified Merchant Feature and How to Join?
Main Takeaways
Binance P2P is a simple peer-to-peer (P2P) platform that lets traders buy and sell cryptocurrency directly with one another.
To enhance user experience, we verify and identify reliable merchants with a yellow badge on their profile.
Discover the benefits of being and interacting with a verified seller on Binance P2P.
Our “yellow badge” verified merchant feature on Binance P2P helps improve your trading experience. Find out more in this article.
Since its launch, Binance’s P2P exchange platform has been growing as our user base increases. Every day, we strive to offer a safe and easy-to-use platform; one way we achieve this is through our verified badge feature.
Verifying user identities can help to reduce the risk of fraud and scams, as well as build trust between buyers and sellers. This in turn makes it easier for buyers to make purchases. Additionally, a verified badge can be used to highlight preferred users, allowing them to stand out in a crowded marketplace.
How to Identify a Verified Merchant on Binance P2P
You can easily identify a verified merchant by the yellow badge on their public profile. In order to become and remain a verified merchant, users must meet certain requirements. Therefore, verified merchants dedicated to keeping their status typically provide better customer service and handle many transactions monthly.
Here’s an example of a verified merchant’s profile. Some useful information about the seller is also displayed:
Active: In the last 30 days, they have made 586 transactions.
Short waiting time: With an average release time of 4.55 minutes, buyers typically wait five minutes or less upon making payment to receive their cryptocurrency.
High transaction rate: 98.65% of this merchant’s transactions have been successful, which means the chances of your transaction being canceled are low.
Benefits of Being a Verified Merchant and Verified User on Binance P2P
Frequently Asked Questions
If I don't have the verified merchant badge, can I still buy and sell on Binance P2P?
Of course you can. You can create orders starting from a minimum limit or, if you wish to arbitrage on Binance P2P, choose already created orders.
How does Binance P2P keep my crypto safe?
Binance P2P has an escrow service to allow traders to transact with peace of mind. Through this service, crypto for sale is frozen for a period of time. When the seller receives the payment for their crypto, the system will automatically release it to the buyer.
What are Binance P2P’s platform fees?
Binance charges zero fees to buy or sell on the Binance P2P platform, as well as to use the escrow service.
How to Get a Verified Merchant Badge on Binance P2P
Before you apply
Interested in becoming a verified P2P merchant? Binance P2P has a rigorous process that involves merchants submitting the following:
Bank statements
Contact number(s) and certificate of residence
Videos for facial recognition
Proof of P2P trading experience
Proof of reputation and customer satisfaction on other exchanges
Ensure that you have these documents ready before proceeding with your application.
How to become a verified P2P merchant on Binance
Log into your Binance account and go to the P2P homepage by clicking on [Trade], then [P2P] on the main navigation menu.
Go to the [P2P User Center] and click the [Become a merchant] button at the top right corner.
You’ll then be asked to complete SMS or email authentication and advanced identity verification.
Once you’ve met all the requirements, click [Apply now] to submit your application. Our team will reach out to you within a few days if you qualify for verified P2P merchant status.
Further Reading
(Blog) What Is the Binance P2P Merchant Program and Why You Should Become a Merchant
(Blog) Intro to Peer-to-Peer Trading: What is P2P Trading and How Does a Local Bitcoin Exchange Work?
(Blog) How to Create An Ad To Buy Or Sell Crypto on Binance P2P: Go From $0 to $10,000
Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.