What is P2P trade in Binance
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P2P trading, or peer-to-peer trading, is a type of trading where individuals can buy and sell cryptocurrencies directly with one another without the use of a centralized intermediary ¹ ².
Some benefits of P2P trading include ¹ ²:
- Zero trading fees
- More flexible payment methods
- Escrow services that hold funds until transactions are complete
- Reputation systems to ensure trustworthiness
- Direct communication for faster transactions
- Decentralization, which aligns with the principles of blockchain technology
However, P2P trading also comes with some downsides, including ¹ ²:
- Slower transactions
- Lack of AML/KYC (anti-money laundering/know your customer) regulations
- Higher risk of fraud and scams
- Lower liquidity
- Limited availability
- Technical expertise required