Bitcoin Forum

A thorough examination of binance exchange peer-to-peer trading.
The full definition of p2p is a group of people that freely purchase and sell bitcoins to one another at a fixed price specified on the framework from various locations.
If is about P2P there several exchanges that support  such functions  eg kucoin ,Binance e.tc for this post we are talking about binance which I believe  is  one place to go, but before any action is carried out on this fiction so, you have to pass this phase (kyc), which stands for "before you can use this option.

Where To go to Get Virtual currency VIA P2P

To initiate, subscribers must get registered then users should now login using the same specific emails and password  which was  used to enroll. So after that, you must ensure that your identification is verified by presenting documents such as a passport, driver's license, or national identity card. Finally, go to the purchasing sections, configure your payment options, and then click on buy crypto, shortlist which one to buy, and decide the amount of fiat user would like to buy. If (15) minutes have passed since you confirmed the amount, click on appeal to be informed by an attendant.

SELLING CRYPTOCURRENCY ON P2p

Still at home, go to p2p, then sell, select the desired crypto to sell (you pick the sum or means of payment), then simply pick client you want to sell to, then input the value to be traded and press sell, then sit tight for the purchaser to make a fiat transfer, then free the coin.

ADVANTAGES OF P2P TRADING
1.No charge for transaction  all transactions are free.
2.it involves different types of payments it has over 150 payment channels
3.Enough cash flow to go around , has a data of over seven billion dollars of proceedings.

HOW TO DETECT SCAMS

Theft of one's identity is one big major issue.

Another name for this is data capture theft. Which is a ruse in which your commercial counterpart uses a third financial profile to conduct transactions. They pay you with a trust account of another person before you issue crypto currency. Text messages can also be used by individuals to provide you with new financing bank details and demand that you didn’t send any funds to that address. They will disagree that they did not obtain any kind of funds after you handed them and will thus refuse to give out  the cryptocurrencies that was purchased.

It should be noted that people should not depend on text message, which can be fake. Login to bank app for confirmation is necessary before releasing the bitcoin from escrow.

No fee, but no privacy, which is its downside.

Also not to forget that Binance and all other exchanges you mentioned are centralized, the exchanges have full control because they have the private key, it is their coins on blockchain, not yours on blockchain, the reason for the control they have that you do not have. Your account can be freezed and many other inconvenience like hack and the likes.

Some people like to leave their coin on these type of exchanges which is also not advisable and not recommendable because of some reasons I have a mentioned above.

I don't see any reason why people need to trade by P2P when you must complete your KYC. It's Peer to Peer where there's no one involved in this trade, but binance is actually take a control in this. For me the advantages of P2P is no KYC, that's why I trade on Bisq or Localcryptos.

"Zero fees" is just a gimmick, it depends on few pairs only, not all. Moreover P2P somewhat lack of liquidity, you might see the price is more higher than usual.

For privacy, the best is to go for decentralized exchangers, like https://localcryptos.com/, or going for direct p2p like exchanging bitcoin to fiat with another member on this forum which is reputed or making use of escrow.

It is actually free, the reason some people do not want to care about privacy which suppose not to be. Having privacy can be costly, but it can be otherwise when someone provide KYC and later indirectly fall victim of phishing attempt as a result of data breach.

Bisq is one of the best DEX for buying and selling Bitcoin. You can use it to buy Bitcoin worth $10 dollars too. But, you need to get a hang of it first. It is not that simple to use this exchange best option would be to refer to this guide (https://docs.bisq.network/getting-started.html). Zero KYC only happens if you are using the money order system. Zelle is another option but remeber the bank connected to it uses KYC.

Exactly, I have done some trade on the Binance Exchange peer2peer outlet and when compared to other platforms their rate are always the highest especially when you want to buy. Seems marchant are only there to milk the buyers. Binance Exchange is trying to take control of all the sectors of the industry and it beginning to seem like they're been backed by the government of China.

It's no news that china wants the world power and if cryptocurrency was to be the future of payment, what better way is their to control the world than having power over the new system of payment. Binance is steadily acquiring all the start-up and making it seems like you them to have a successful project in the industry.

Without kyc if anything should go wrong it can’t be tracked ,so I think kyc is very important.

With KYC, if you mistakenly send bitcoin or other coin to a wrong address, does that means because of KYC, the exchange would give you back your bitcoin or coin? Definitely no. There are still irreversible mistakes that can be made after completing KYC.

Someone can be hackers or scammers target after KYC data breach on exchanges and other centralized platforms. Some victims would fall for this phishing attempt and be scammed. Because of KYC, some people that bought Ledger Nano directly from the company were given a threaten call of home visit. If the data given got to the wrong hands, this can be so detrimental to the person that give out his/her personal information to the public like an exchange or a custodial wallet.

I think having a seed phrase backups in different locations should not be a problem rather than depending on centralized platforms in a way you do not have full control over your own coin on blockchain.

Bitcoin is about personal responsibility and unfortunately many people still ask protection from the 3rd parties instead using their brain.

Regarding your statement  about KYC being important, you might wanna check an excellent explanation Why KYC is extremely dangerous – and useless (https://bitcointalk.org/index.php?topic=5221497.0), written by @1miau. Check it out and you will see how wrong you were, and how KYC is not there to protect you at all.