Key Points
Binance P2P provides a smooth trading experience for global users, enabling direct peer-to-peer transactions without the involvement of intermediaries.
The Binance P2P platform offers enhanced security measures, 24/7 customer service, and fast transactions, while supporting over 800 payment methods and over 100 fiat currencies.
The platform is extremely user-friendly for both new and experienced traders. Users can learn to use Binance P2P in just a few simple steps.
Introduction
Binance P2P provides a smooth trading experience for cryptocurrency users and builds a bridge between buyers and sellers around the world. Below we will take a deep dive into the basic mechanisms and interfaces of the Binance P2P platform.
What is C2C transaction?
Peer-to-peer (C2C) transactions refer to the exchange of assets directly between users. C2C transactions, also known as person-to-person transactions, embody the essence of decentralized transactions proposed by Bitcoin creator Satoshi Nakamoto.
In 2009, Satoshi Nakamoto launched a peer-to-peer electronic cash system, Bitcoin, through which individuals can directly participate in the buying and selling of cryptocurrencies without relying on intermediaries. However, given the security and compliance risks of the traditional C2C model, Binance launched Binance C2C, which redefined C2C transactions and enabled cryptocurrency users to participate in C2C transactions more safely and conveniently.
What is Binance P2P?
Launched in 2019, Binance P2C revolutionized the way users participate in P2P currency exchange transactions. As a peer-to-peer marketplace, Binance P2C enables direct transactions between users, allowing users to trade multiple cryptocurrencies and fiat currencies and enjoy a seamless trading experience.
Offering enhanced security measures and a variety of features, Binance P2P is a top choice for both new and experienced cryptocurrency traders.
Binance C2C Glossary
To quickly get familiar with the Binance P2P platform, we need to understand the following key terms:
Funding Account: Binance offers several different types of wallet accounts for different trading purposes. A funding account is a wallet dedicated to C2C trading, where the cryptocurrency earned from C2C trading is deposited.
Advertisement: A user-generated quote in which the user details their price and trade requirements, such as asset type, payment method, and other terms.
Order Limits: The upper and lower limits for buying and selling assets specified in a specific ad.
Payment Period: The time frame within which payment for a transaction is sent or received.
Average Release Time: The average time it takes for a seller to release cryptocurrency after receiving payment. You can click on a user's nickname or ad to view their average release time.
Payment Time: The deadline by which the buyer must complete payment.
30-day single number: total single number in the past 30 days.
30-day order conversion rate: the ratio of the number of orders converted to the number of canceled orders in the past 30 days.
You can view a user's 30-day order count and 30-day order rate by visiting their profile page.
Appeals: A mechanism to resolve disputes between buyers and sellers with the help of Binance Support.
Order maker: A user who creates a C2C advertisement on the Binance C2C platform.
Single party: Select the user who has executed the transaction through C2C advertisement.
C2C advertisers: Users who provide liquidity and payment solutions on the Binance C2C platform.
Advantages of Binance P2P
Binance P2P offers many advantages, including:
Providing custodial services: Providing safekeeping of cryptocurrencies during transactions, reducing the risk of theft and fraud.
Provide multiple payment methods: Support more than 800 payment methods and more than 100 legal currencies to ensure that users around the world can use it.
Fast transaction speed: Transactions can be completed in as little as 15 minutes, and users have less waiting time.
Provides price control: Users can choose their favorite sellers and freely trade cryptocurrencies at their preferred prices.
Provide 24/7 customer service: Provide comprehensive, multilingual customer service to ensure users enjoy a smooth trading experience.
How to use Binance P2C
Just complete the following simple steps to start your Binance C2C journey:
1. Register a Binance account.
2. Complete the KYC identity verification process.
3. Set your preferred payment method.
4. Once your account is verified, you can immediately start using Binance P2C as a buyer. Below is the detailed process of buying and selling cryptocurrencies on Binance P2C, which can be easily completed in just a few steps.
If you are a buyer:
5. If you plan to sell cryptocurrencies through Binance P2P, you must first transfer the assets to your personal account.
If you are a seller:
6. In the upper right corner of the page, you can view the User Guide and C2C Orders, and access the C2C User Center. You can also manage payment methods and C2C advertising.
7. You can edit your personal information in the C2C User Center and learn more about your payment methods, reviews, and blacklists.
How to Buy Crypto on Binance P2P
1. Browse the ads on Binance C2C and select the appropriate transaction based on your personal requirements. Binance C2C provides a variety of filtering conditions to help you easily filter out the transactions you want.
2. If you want to place a purchase order, please find the ad you like and click the buy button to start the coin purchase process.
3. Before placing an order, please make sure you agree to the advertiser's transaction terms.
4. When you're ready, place your order and pay the seller. This step will vary depending on your location and the payment method you choose.
5. Wait for the seller to confirm payment and release the coins.
How to Sell Crypto on Binance P2P
1. If you want to place a sell order, please find the ad you like and click the Sell button to start the coin selling process.
2. Before placing an order, please make sure you agree to the advertiser's transaction terms.
3. Once you are ready, place your order and wait for payment.
4. Confirm that the payment has been received, and then execute the coin release operation.
Conclusion
Binance C2C provides a secure and efficient C2C platform that supports hundreds of payment methods and fiat currencies. Compared with traditional C2C services, the process of buying and selling coins on the Binance C2C platform is much simpler. With Binance's strong safeguards and customer service, users can navigate the digital asset space with peace of mind and confidence.
Further reading
Disclaimer: This article is provided "as is" for general information and educational purposes only and does not constitute any representation or warranty. This article does not constitute financial, legal, or other professional advice and is not intended to be a recommendation to purchase any specific product or service. You should seek advice from appropriate professional advisors. If this article is contributed by a third party, please note that the opinions expressed herein are those of the third-party contributor and do not necessarily reflect the opinions of Binance Academy. For more information, please click here to read the full disclaimer. Cryptocurrency prices may fluctuate. The value of your investment may go down or up, and you may not get back the money you invest. You are solely responsible for your investment decisions and Binance Academy is not responsible for any losses you may incur. This article does not constitute financial, legal, or other professional advice. For more information, please refer to our Terms of Use and Risk Warning.
