What Is P2P Trading?

P2P trading , also known as peer-to-peer or person-to- person trading , is one of the most common ways users can buy, sell, and trade cryptocurrency. P2P trading is also in line with Bitcoin’s founder Satoshi Nakamoto’s idea of Bitcoin being a peer-to- peer electronic cash system. Originally, it allowed you to trade directly with another party without using centralized exchanges. The exchange could occur in person or online communities where buyers and sellers meet. P2P soon became a popular mode of crypto trading due to a lack of trading options during crypto’s early days.

However, older P2P models also came with risks. In-person and online trading sometimes led to thefts, threats, and scams. To make P2P trading safer for new potential traders, Binance started Binance P2P.

Binance P2P

Launched in 2019, Binance P2P was created to enable P2P currency exchange transactions with local currencies. The service 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.

With Binance facilitating the process and providing some safeguards, the P2P trading process is significantly improved. The platform today is the easiest gateway to access crypto with over 85 local currencies available to users, and over 300 flexible payment methods.

P2P Beginner’s Glossary

What is a Funding Wallet?

Binance has various wallets for different trading purposes. Originally, when users started P2P trading on Binance, they had access to a P2P Wallet. Now, Binance has migrated P2P Wallets to Funding Wallets. Crypto purchased from P2P trading will be transferred to your Funding Wallet. #p2pbuysell #BinanceTournament #P2Ptradding #BinanceTrends