1. What is P2P trading？
- P2P (Peer-to-Peer) trading is also known as P2P (customer-to-customer) trading in some regions. In P2P trade, the user directly deals with his/her counterparty, exchanging the fiat asset offline and confirming the transaction online. Once the offline fiat asset exchange is confirmed by both parties, the digital asset is released to the buyer.
- A P2P platform serves as the facilitator of the trade by providing a platform for buyers and sellers to broadcast their offers. At the same time, the escrow services of online digital assets ensure the safety and timely delivery of digital assets during trade execution.
2. Are the offers I see on P2P exchange provided by Binance?
The offers you see on the P2P offer listing page are not offered by Binance. Binance serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.
3. As a P2P trader, how am I protected?
All online trades are protected by escrow. When an ad is posted, the amount of crypto for the ad is automatically reserved from the seller's P2P Wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved funds.
If you're selling, never release the fund before you confirm that you have received money from the buyer. Beware that some of the payment methods buyers use are not instant, and may face the risk of chargeback.
4. Can I trade without KYC? What do I need to do before trading on P2P?
4.1. You must enable 2FA verification in the Account Center (i.e. link SMS verification or Google Authenticator), then complete Identity Verification (basic information + facial recognition).
4.2. Add your preferred methods for receiving/sending payments on the Binance App. Tap [Trade] - [P2P].
Tap [Profile] - [Payment Method].
Tap [Add a new payment method] - [All Payment Methods] to select your desired methods.
4.3. Why do I have to add a preferred payment method?
P2P transactions are trades that are carried out directly between two users. This means that fiat currency can only be transferred between the two users if the buyer's and seller's payment methods match. For example, User A has a debit card from ING Bank and is going to use euros deposited onto the platform to buy crypto. At this time, User B must also have an ING Bank debit card to be able to receive euros transferred from the other user in order to complete the transaction.
4.4. Why do I need to enable 2FA?
In addition to security concerns during login, all users who trade on P2P need to receive payments, release coins, and perform other operations during the buying and selling process. These operations require users to enter a two-factor authentication code in order to verify that the users themselves are carrying out the transaction.
4.5. Why do I need to complete Identity Verification?
P2P transactions are trades that are carried out directly between two users. After the buyer's and seller's orders are matched, both parties must verify their identities through real-name "KYC", i.e. it must be confirmed that the person sending fiat currency to your account is in fact the same person you matched with on the platform.
5. Is P2P available on the Binance website and App?
You can buy and sell USDT, BTC, ETH, BNB, BUSD and DAI through Binance P2P on Binance.com and Binance App. P2P trading function is available on version 1.17.0 (Android) / 2.6.0 (iOS) or higher.
6. What are the transaction fees on Binance P2P?
Binance P2P charges transaction fees from makers for every completed order. Here’s an overview of the fees rates:
|Maker||0% - 0.35%, depending on fiat trading pairs. Click here for more details|
*Please note that some payment method service providers may charge extra transaction fees.
7. What is the 30-day completion rate?
30-day order completion rate = 1 - total number of canceled purchase orders in the last 30 days / total number of completed orders in the last 30 days;
If you are the buyer and you canceled a P2P order, this will affect your completion rate, whereas the seller’s completion rate will not be affected.
If you are the seller and the buyer fails to accept the order or does not complete the payment, then only the buyer’s completion ratio will be affected.
1. What is the minimum number of bitcoins per ad I can trade?
You can sell from a minimum of 0.01 BTC to a maximum of 5 BTC (200 BTC for merchants).
For other cryptos:
For non-"Block Trade" merchants
2. Can I make transactions with users from other countries?
Yes, the set of fiat currencies you can trade is determined by your Identity Verification region. For example, if you and the counterparty are both located in Southeast Asia, then it is highly likely that VND and MYR are available to both of you. Binance P2P is also constantly adding more fiat currency choices for users from different regions.
Please note that certain currencies are not available for Nigeria, Pakistan, and Russia users.
- Currencies unavailable for Nigeria users:
- Currencies unavailable for Pakistan users:
- Currencies unavailable for Russian users:
3. Are there any restrictions on setting the ad price?
For floating price ads:
- ARS, CLP, BRL (80%, 300%)
- VES (50%, 300%)
- NGN, KES, GHS, ZAR, USD (80%, 200%)
- KRW (80%, 150%)
- Others fiat currencies (80%, 120%)
For fixed price ads:
- ARS, CLP, BRL (-20%, 200%)
- VES (-50%, 200%)
- NGN, KES, GHS, ZAR, USD (-20%, 100%)
- KRW (-20%, 50%)
- Others fiat currencies (-20%, 20%)
4. Can I temporarily make my ad unavailable?
Yes. You can go to the [Ads] tab to take them offline, or even close the ads by clicking [...] - [Close].
5. Will I be notified of a new order?
You will receive SMS, email and App push notifications if you’ve enabled them. To set up, go to [Profile] - [P2P Notifications] to choose the notifications you wish to enable.
6. How can I report fraud?
If you are on the Binance website, click the Binance Support icon on the bottom right and click [Trading] - [Report P2P Scams].
If you are using the App, go to [P2P Help Center] and tap the Binance Support icon on the top right. Then tap [Trading] - [Report P2P Scams].
1. How do I pay the seller?
You have to follow the instructions provided on the order detail page and make a transfer to the seller’s account with the indicated payment method. After that, please click [Transferred, notify seller]. Please note that your fiat balance will not be deducted automatically by clicking [Transferred, notify seller], you have to make the transfer yourself.
2. How many payment methods can I link to my account?
You can activate up to 20 payment methods. Please note that you have to enable the payment methods before posting ads or taking orders. If you are posting ads, you can only show 5 different payment methods on a single ad.
3. Can I use someone else's account as a payment method?
No. For security reasons, we only allow using accounts with the exact same name as your Identity Verification. If there is a mistake in the verified name, you will have to contact customer support to correct it before you can add the payment methods correctly.
If you use other’s bank/payment account to pay the sellers, your P2P activities may face a 15-day sanction period. You might be permanently banned from P2P trading if you receive 3 warnings from the CS Team.
4. What is a "payment window"?
The payment window is usually pre-set by the maker. When posting ads, makers can choose how long they would like to receive/make payment, ranging from 15 minutes - 6 hours (depending on the fiat currency).
1. How do I set/change my nickname?
You cannot change the nickname once it has been set.
2. What does the yellow badge next to the user's nickname mean?
The yellow badge differentiates Verified Merchants from regular users.
3. What does the "Verified Merchant" status mean? What is the difference between a merchant and a regular user?
Verified Merchants are experienced, frequent traders who enjoy higher levels of trading limits, lower fees, and more advanced trading tools.
4. What does the diamond badge next to the user's nickname mean?
The diamond badge is assigned only to merchants who make block trades, the ads of those merchants are prioritized in the Block Trade Zone.
5. What does the red “Pro” badge next to the yellow tick mean?
The red Pro badge is assigned only to “Pro merchants" who have local crypto exchanges licenses, their own payment gateways or equivalent advanced qualifications. Every Pro merchant is strictly approved by Binance P2P team. We highly encourage users to trade with Pro merchants for better trading experience.
6. What are the requirements for becoming a merchant?
The basic requirements for becoming a merchant program are solid trading history and large trading volume. Applications are reviewed by the P2P team according to internal algorithms and regional requirements.