P2P is a platform where ordinary users trade cryptocurrencies among themselves. In this article, we have prepared instructions for p2p Binance.
We will tell you how to use p2p Binance, what are the rules and how this exchange works in general.
What is a p2p wallet on Binance
A P2P wallet on Binance is required in order to be able to buy and sell on the exchange.
In a more understandable language, p2p is an internal exchanger on the Binance platform, with the help of which different users exchange fiat money (national currency) and cryptocurrency among themselves.
A P2P wallet is created automatically during the registration process on Binance.
There are such main types of wallets on the Binance exchange:
- Fiat and spot wallet
- Margin Wallet
- Futures Wallet
- P2P wallet
How to fund binance via p2p
In addition to buying cryptocurrency, the p2p platform is useful in that you can deposit money to Binance in the desired currency with virtually no commission.
Many national currencies are available, among which there are rubles, hryvnia and tenge.
An additional advantage is that there are many ways to deposit via Binance p2p.
For example, you can replenish using Qiwi wallet, Yandex money, Sberbank card, MIR, Tinkoff, Privatbank, Monobank, Paypal and many others.
Some of the listed methods of replenishment include a commission of no more than 1%.
This is how applications for replenishing a p2p account of a Binance account in rubles look like using a Tinkoff and Sberbank card.
we want to replenish the account on the p2p exchange in rubles and pay in rubles. The first three offers, as we see, with a commission of only 1% (1.01 rubles for 1 ruble).
Payment by card Sberbank and Tinkoff. But in the filter, you can choose different ways. I repeat, there are Qiwi and Yandex, and other regional popular payment systems.
It is also possible to submit an independent application with a zero commission. To do this, you need to click on the binance p2p express tab.
Keep in mind that in order to trade on p2p binance, you need to pass account verification.
How to transfer money to Binance p2p
In addition to replenishing the balance of the P2P wallet, you can also transfer to the Binance p2p wallet.
For transfers, you can use the following wallets inside the Binance exchange:
- Fiat and spot wallet
- USD-M futures
- Cross Margin
- Isolated Margin
Within the Binance exchange, transfers between wallets are carried out without commission. You can transfer as much as you like from the spot to the balance of the P2P wallet and vice versa. There is no commission for these transfers!
How to buy cryptocurrency on Binance p2p
Buying cryptocurrency on Binance p2p is no different from replenishing with fiat money in the national currency.
Using the p2p exchange, you can purchase the following cryptocurrency assets:
BNB (Binance Coin)
As well as stablecoins (cryptocurrency tied to the US dollar).
BUSD (Binance USD)
As a rule, the most popular exchange is the purchase of Tether (USDT) for rubles or hryvnia, which can already be transferred to a spot or futures wallet and buy and sell cryptocurrency there.
How to sell cryptocurrency on binance p2p
Again, everything is the same as buying. Go to the sell tab. UI elements will turn red.
For example, I want to sell USDT for rubles.
This is what one of the requests looks like.
In this application, we see that 285.01 USDT is available for exchange, the current exchange rate is 74.52.
I can receive payment on Qiwi wallet, on Sberbank or on Tinkoff. To do this, I need to specify the payment details of my card or Qiwi wallet. How to add a card and other payment details will be discussed below.
How to withdraw money from p2p binance
There are many ways to withdraw money from Binance, but one of the most popular and convenient is withdrawal via p2p Binance.
The convenience of this method lies in low commissions, a huge number of payment systems to choose from and a very fast transaction speed.
As a rule, withdrawing money from p2p binance takes no more than 15 minutes, but mostly 3-5 minutes.
As we wrote above, a huge number of payment methods are supported for withdrawing funds. Of the main ones, these are cards of Sberbank, Paytm, UPI, Phonepe, MIR, Tinkoff, Monobank, Privatbank, Oschadbank, Qiwi wallets, Yandex money, WebMoney, ADVcash and many others.
How to add a card to p2p binance
You can choose up to 20 different payment methods among 60 different payment systems and payment methods.
In order to add a bank card to p2p binance, you need to go to the payment settings menu.
How to Appeal p2p Binance
Since the exchange takes place between different users, there are certain risks, since scammers do not sleep.
But Binance p2p has a working mechanism to prevent potential scammers.
To resolve disputes between participants, there is an opportunity to file an appeal.
If for some reason a part of the transaction is not completed, you have the right to file an appeal. The amount that appears in the application will be instantly frozen.
In order to file an appeal, you need to go to the application, and click on the appropriate button. A form will open in which you need to fill in the required fields, describe the essence of the claim.
How to make money on p2p Binance
The main earnings on p2p Binance is profitable trading. To make money on Binance p2p trading, you need to buy at a favorable rate and sell at a favorable rate.
This is one of the types of trading on the exchange, not as popular as spot or futures trading, but there is a certain contingent of people who use Binance p2p trading for regular earnings. A merchant program has been developed for more advanced sellers.
What is a merchant on Binance p2p
A merchant program is a program that involves experienced traders who make many transactions every day for large amounts.
Merchants on p2p Binance are indicated by a yellow checkmark next to the nickname. This indicates the additional reliability of this seller.
Opinions on Binance p2p
Binance is rightfully considered the most popular cryptocurrency exchange. Users vote with their own funds, and if you look at the daily turnover of funds on the Binance exchange, then it has no equal.
The thing is that a large number of functions on the Binance exchange work like clockwork, this also applies to the p2p platform.
The cons are hard to find. Perhaps our users will tell about them in the comments.