If you're new to buying crypto on Binance's P2P platform, this guide will walk you through the process step-by-step. Binance P2P allows you to buy and sell cryptocurrencies directly with other users. It’s safe, easy, and convenient. Let’s get started!
Step 1: Create a Binance Account (👈 20% lifetime discount link)
Download the Binance App or visit the official Binance website.Register your account by providing an email address or phone number.Verify your identity (KYC) by submitting required documents like your ID or passport. This step ensures the safety of transactions on the platform.
Step 2: Access Binance P2P
After logging in, navigate to the “P2P” section:On the app: Go to the homepage and tap “P2P Trading.”On the web: Click on “Buy Crypto” and then “P2P Trading.”
Step 3: Choose Your Preferred Currency
On the P2P page, you will see various cryptocurrencies listed for trading (like BTC, USDT, ETH, etc.).Choose the crypto and the fiat currency (local currency) you want to use for buying or selling.
Step 4: Select an Offer
You’ll see a list of sellers along with their prices and limits.Filter sellers by location, payment method, or amount.Choose a seller based on their rating and order history for a trustworthy experience.Click "Buy" next to the offer that matches your needs.
Step 5: Place Your Order
Enter the amount of crypto you want to buy, or the amount of fiat currency you want to spend.Review the details and confirm the order.
Step 6: Make Payment
After confirming, the seller’s payment details will be shown.Transfer the required funds using the agreed payment method (bank transfer, mobile payment, etc.).Once payment is made, click “Transferred, Next” to notify the seller that you have sent the money.
Step 7: Receive Your Crypto
After the seller confirms receipt of your payment, Binance will release the crypto to your wallet.You can now see the crypto in your P2P Wallet.
What if You Have an Issue?
Sometimes, there may be a delay in the process, or the seller doesn’t release the crypto on time. Don’t worry! Binance has a dispute resolution system to protect buyers and sellers.
Steps to Resolve Issues:
Contact the Seller: Use the chat option to communicate and resolve any payment-related issues.Raise a Dispute: If the seller is unresponsive or there’s a problem with the payment, click “Appeal” or “Raise a Dispute” on the order page.Binance customer service will step in to mediate and resolve the issue.
How to Reach Binance Customer Service
If you need help beyond P2P transactions:
Binance Support Center: Visit the Binance Support Center (accessible via the app or website) and browse through the help articles.Live Chat: Use the live chat feature to speak directly with a customer service agent.Submit a Ticket: If your issue requires further assistance, you can submit a support ticket via the Support Center.
Tips for Safe Trading on Binance P2P:
Always make payments using the seller's listed method to avoid disputes.Double-check the seller’s rating and order completion rate before making a trade.If something seems off, don’t hesitate to raise a dispute or contact Binance support.

Buying crypto on Binance P2P is quick and secure. Now that you know the basics, you can start trading confidently. Happy trading!

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Peer-to-peer (P2P) trading platforms, such as Binance P2P, give consumers a safe and decentralized means of buying and selling digital assets directly with each other as the popularity of cryptocurrencies grows. But the popularity of P2P trading has also drawn con artists who prey on gullible traders. We'll talk about some of the most prevalent P2P scams on Binance in this article, along with self-defense strategies to keep your money safe.

What Is Binance P2P?

Users can trade cryptocurrencies directly on Binance P2P without the need for middlemen. It offers a decentralized marketplace where buyers and sellers may trade assets at pricing that work for both of them. Even with Binance's security precautions in place, traders may still fall victim to scams. The secret to avoiding these traps is being aware of popular scams.

Common P2P Scams and How to Avoid Them

1. Fake Payment Proof Scam
In this scam, a buyer provides the seller bogus proof of payment, like as a doctored screenshot or a forged receipt, in order to deceive them into releasing the bitcoin before the actual money arrives. The fraudster counts on the seller being overly trusting or in a haste to complete the transaction.

How to Avoid It: Always ensure that the payment has been received in your bank account or payment system before releasing the currency. Do not rely on screenshots or email confirmations. Before proceeding, make sure the payment is in your account.

2. Chargeback Scam
A chargeback scam happens when a buyer pays the seller but then files a dispute with their bank or payment provider, claiming they did not authorize the transaction. This is particularly common with credit card and PayPal payments, which make chargebacks simple to obtain. After receiving the bitcoin, the scammer successfully reverses the transaction, leaving the seller with no funds.

- How to Avoid It: Use payment methods that are less prone to chargebacks, such as bank transfers, or select payment methods that offer fewer chargeback options. When transferring funds, always make sure the buyer uses their own confirmed account.

3. Overpayment Scam
In this scenario, a scammer gives more money than agreed upon and then asks the seller to refund the difference. However, the original payment may be reversed (if it was fraudulent or made with a stolen account), resulting in a loss for the seller after refunding the excess amount.

How to Avoid It: Only accept payments that are exactly the agreed-upon amount. If the customer overpays, refund their entire payment and request that they resend the exact amount. This prevents any concerns with fraudulent payments.

4. Third-Party Payment Scam
A third-party payment fraud occurs when the buyer uses someone else's bank account or payment method without the owner's permission. The seller accepts payment but may face a reversal if the genuine account owner reports the fraud. As a result, the vendor loses both cryptocurrency and money.

How to Avoid It: Always ensure that the buyer's payment information matches their confirmed Binance identity. If the payment is from a third party, do not release the bitcoin and contact Binance support for further inquiry.

5. Phishing Scam
Phishing scams attempt to steal your personal information, such as login passwords and private keys. Scammers may mimic Binance customer service or send bogus emails with links to harmful websites requesting sensitive account information.

How to Avoid It: Only use the official Binance P2P website or app. Never reveal your Binance login credentials or private keys with anybody, and use two-factor authentication (2FA) for added security.

How to Stay SAFU on Binance P2P

1. Only trade with verified users who have completed Binance's KYC (Know Your Customer) process. Verified users are less likely to participate in fraudulent behavior, and you can check their transaction history and ratings for further peace of mind.
2. Enable Two-Factor Authentication (2FA): Always enable 2FA on your Binance account to increase security. This ensures that even if someone gets your password, they will be unable to access your account without the second form of verification.
3. Stay Up to Date on Binance's Security Features: Binance's platform is continuously updated to improve security. Stay up to date on new features and adhere to Binance's P2P trading guidelines to ensure security.
4. Keep Personal Information Secure: Avoid disclosing superfluous personal information during trading, and never reveal sensitive information such as bank account information unless absolutely necessary for the transaction. Keep interactions within the Binance platform to avoid phishing efforts.
5. Report Suspicious Activity: If you feel you are dealing with a scammer or witness any suspicious conduct, please report the user to Binance immediately. Binance's support team can assist with investigating and resolving conflicts.

Stay smart, stay safe, and STAY SAFU on Binance P2P!

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