Last updated: 9 May 2024
What is Binance P2P Trading?
Binance P2P is a peer-to-peer marketplace that allows you to directly trade cryptocurrencies with other Binance users, using your preferred local currency, price and payment method. Binance P2P also focuses on safeguarding all users with added layers of security and 24/7 customer support. You can buy and sell on Binance P2P via web and on the Binance App.
How does P2P Trading work?
The offers you see on Binance P2P are provided by other Binance users, and some are from more experienced P2P Merchants verified through Binance’s P2P Merchants Program. The P2P Merchants Program was launched to add an extra layer of trust in the P2P marketplace, and safeguard users from common P2P scams. You can identify a verified P2P Merchant by searching for a yellow badge next to their nicknames.
The platform offers users easier access to cryptocurrencies with more than 800 payment methods supported. Users can choose from a wide range of preferences for receiving/sending payments
For a comprehensive overview and explanation of key terms, see the Binance P2P Newbie Guide.
As a P2P Trader, how am I protected?
Binance P2P has escrow services in place for all trades, ensuring safe and fair trading. When an order is created, the amount of crypto being traded will be automatically reserved with Binance escrow and only released when the transaction is successfully completed on both ends. This process ensures that all trades are handled professionally and no amount is withheld from buyers or sellers. For further details, read How Am I Protected as a P2P Trader.
Getting Started
All Binance users must complete identity verification to access Binance products and service offerings, including P2P trading. Before trading on P2P, you must also enable SMS verification and at least one 2FA device (email, Binance/Google Authenticator, or security key). This is to verify that users are carrying out the transaction themselves.
What are the transaction fees on Binance P2P?
Binance P2P may charge transaction fees from takers/makers for every completed order. The fees vary per market. For details on transaction fees, view the Fees & Transactions Overview page. Please also note that your payment service providers may charge additional fees.
Binance P2P Further Reading
