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Some time ago I started to entertain the idea of becoming a seller on the Binance P2P Trading platform, but not sure if it's worth it, and to be fair, I don't quite understand that market.

I can get the technicalities from Binance FAQs and guidance, but struggling to understand who would actually use P2P Trading for buying, as it seems more expensive than the traditional way of using bank cards or fiat deposits. Is it targeted at people from jurisdictions where banks are banning transfers to crypto exchanges?

Has anyone ever used Binance P2P at all and would like to share their experience? Any feedback, whether from buyers or sellers, is welcome.

P2p is still available in countries that completely legalize cryptocurrencies, but if the central bank in your country do not support crypto transactions, you can move to p2p.

I have used it, also on some other exchanges, it is good to use if you do not bother about privacy, but bad for privacy people because KYC is needed.

Not sure what you mean. Cryptos do not have to be "legalized" at all, they are legal if they're not banned. And I don't think any central bank in the world supports (meaning uses) crypto transactions, nor do they generally have the mandate to regulate cryptos (they usually can issue recommendations).


How was your experience on Binance specifically? Were you buying or selling? How long did it take for the transaction to get fully completed and was it easy to use?

The government do not ban crypto and have law that legalize it, it means it is legal. All crypto transactions are legal.

Central bank ban crypto but the government do not have any law about it, it means it is not illegal. People will move to p2p.

If the government have laws and the law illegalize crypto, it is illegal but decentralized p2p can be the only option as centralized exchanges can be banned from the country, or the centralized exchanges restrict users from the restricted countries


It is not hard to use. Transaction can be very fast like taking just 2 to 5 minutes, transaction can also take more minutes if the buyer or seller do not respond in time.

It's the other way around, p2p in binance is way cheaper they don't have fees ^{(as of the moment),} and there are lots of options you can choose from payment methods ^{(e.g. banks, wallets)} to buy/sell order rates.

You can't use binance if you were from a country who banned crypto as you will need to pass KYC and they will probably you to leave. Unlike decentralized p2p sites like bisq and hodl hodl who are all welcome to trade there.

I have been using the Binance P2P platform for several years, and I see that this is the safest way for anyone who wants to buy and sell cryptocurrencies against local currencies and with more than 700 flexible payment methods, as it allows you to withdraw on any international or national bank in any country in the world, even in banned countries It allows you to sell crypto at the price you want and buy at the price offered by merchants and without any fees, as Binance does not profit or take a percentage of fees from these transactions, in addition to the presence of support around the clock to help when any problem occurs or to resolve any dispute between you and anyone, And my important advice that must be taken into account before choosing who you want to buy from or sell to is that he be a Merchant who has hundreds of deals and a success rate above 90%.

If you would like to become a Non-Merchant on Binance, it is easy to create a Sell ad, but to create a buy ad there are requirements, check the links below.

[1] https://www.binance.com/en/blog/p2p/how-do-i-become-a-binance-p2p-merchant-421499824684903764
[2] https://www.binance.com/en/support/faq/binance-p2p-advertisements-posting-requirements-6d1c39e0afdd48f99b2d9ab0d8e1cda0

I think it depends on someone's jurisdiction. In my Jurisdiction, buying crypto using the platform is far much cheaper that using bank card or fiat deposits. That's how I have always seen it

Almost all countries that are supported by the exchange, actually.


Trades are smooth most of the time, but once in a while you will meet scammers who try to trick you. Their appealing and arbitration process is also very slow, and It can go on for over 24 hours

It is convenient to say the least. Buying crypto with your bank card can sometimes take a day not to mention there are only a handful of banks in our country that fully support cryptocurrencies, so people turn to P2P.
Trades are usually completed within minutes and you'll be able to 1on1 chat with the seller/buyer as well. Binance also shows ratings, number of trades made and trade completion rate for all sellers and buyers which gives you basis as to whom to trade with.
I've only ever encountered a single cancellation of trade and that's because the seller ran out of crypto to sell.

It has already been almost a year + I always using Binance P2P it was super great for me. I usually withdraw my crypto to fiat via a local exchange called tokocrypto that right know has been acquired by binance too.

I'm using binance because binance is widely used by traders and dozen of features. that is why Im also use their p2p product it fast, secure and 0 fee(which is best) the rate is good toom Im usually withdraw from stablecoin to my fiat so the spread is not that bad

Using binance p2p here as well since many months and never got any problems with it.
However, you need to select valid ppl to be able to execute your trade properly and faster. There are some trolls too who keep their time limits to 120mins rather than the default 15min. And if you start a trade with them you gotta wait for 2hrs and they never pay you (their motive is to waste your time). So always select users with 15min max. delay set.

There might have many more reasons but those who are banned to buy through their debit or credit card or mobile wallet still be able to trade via P2P. And another reason might be to deposit funds Binance or any other site will ask for a deposit fee but those who will trade a small amount of funds may prefer to trade P2P.
Edit:
To buy directly from Binance/other sites may need extra verification for P2P that type of verification may not need.

I used Binance P2P and it was very easy to use.

Before you use it, try to find the seller with a lot of feedback from the buyer and look at the last date of each transaction so you can know whether the seller is a very active seller serving his customers or is he less well-known among other sellers.

You can choose a seller with an average Payment Time Limit of 15 minutes because there may be sellers who take longer and it is not recommended to choose that seller.

The final suggestion is that you can try to transact with small amounts to see how the seller reacts in serving customers and if you are comfortable with the seller, make him your favorite so you don't have to look for other sellers.

Usually, I do P2P trading on Binance to exchange my earned cryptocurrency to fiat currency. In this case, most of the time I have to sell cryptocurrency, from my experience, I would say that Binance's p2p option is a good way to exchange cryptocurrency to fiat currency. And p2p trading is basically mostly by stable coin, in this case you have to take a strategy and accordingly calculate the profit and set the price and create an ads for selling that's how it's work.
In my country crypto currency  is illegal But if you exchange the currency in this way and following the right rules, then it can be protected from that jurisdiction banning.

Yeah, Binance p2p is perfectly working fine as far as I know and I have been using it for long time now since my country restricted us from associating our bank details with cryptocurrency transaction. So is another alternative for we that are from Nigeria to trade directly from Binance p2p or we use forum p2p service provider.
For you I don't know of your country if Binance p2p will be that effective since you people can easily associates your cards directly so it would make no sense engaging yourself with that service. It can only work perfectly fine with those people who their banks don't allow them to associate their details with crypto transactions.
The thing there is that, is just a normal trade with your fiat (local currency).  

If you don't mind passing kyc verification then binance p2p platform is one of the best centralized p2p exchanges, according to my own experience. I've been using it for more than a year with no problems.
Just make sure to deal only with highly rated buyers/sellers to avoid any kind of troubles.
Also, make sure to read carefully their ToS as they are very firm about it.

Note: I don't think this is the appropriate board for this thread. Maybe you need to move it to Service Discussion > Exchanges (https://bitcointalk.org/index.php?board=223.0)

Big thanks to everyone who replied for your feedback. Didn't realise that P2P trading was so popular on this forum and that so many people here use it.


Well, it may be cheaper for some, but, in general, sellers must be charging more than what they're buying for, otherwise, their business is not sustainable.


From the seller's perspective, does it actually matter if a buyer is highly rated or not? Are buyers actually rated as well?

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What concerns me is:
To my understanding, Binance is locking the crypto to make sure the buyer receives it. But is there any similar security feature for sellers? If buyers are sending fiat directly to sellers, what happens when the buyer says he has sent the payment but the seller didn't receive anything? I'm guessing Binance would require some sort of proof from the buyer that he indeed sent the money - but what would that proof be? A screenshot? That can be easily faked. Or are fiat transactions also going via Binance? What am I missing here?

If you are planning to be a P2P seller in Binance they have requirements you must be an active buyer on their P2P exchange within 30 days before you can able to post ads as a seller.

About the security for the seller, the screenshot is required as proof that the seller send the amount to the buyers but if the buyer or seller didn't receive any transaction you can dispute/appeal and later binance support will assist you.

You don't need to deposit the fiat all fiat transactions are made outside Binance that is why a screenshot is needed.

Yes, business wise, you need to do that even just a little profit you can gain.

I don't think it matter since the buyer will need to send first the fiat. The seller will only confirm if he receives the fiat then release the crypto afterwards.
What should be avoided is those order who has more than 15 mins. time and fiat payment method such paypal or other transaction that can be reverse back

Seller should report it and open a dispute, give every details as much as it should be. And let binance decide the outcome.

To be honest this is always be the case in every platform when it comes to p2p, there are also existing issue other users experienced.
That is why dealing only to higher rated or verified seller or merchant or whatever they call it will lower the chance of facing this kind of issue but it won't give you 100% assurance so always proceed with risk.

No doubt Binanace is most secure and reliable exchange for all kind of trading, from spot to P2P, besides providing large number of options available on their platform for investment, including staking and liquidity providing. Most of my friends from my country who maintain account in Binance, have been using P2P service, since it was launched, and they all fully satisfied with quality of service.

The easiest way you can trade P2P on Binance.  I have traded here many times and completed in just 2 to 4 minutes.
If you sell then the buyer places the order.  And the time is also mentioned, maximum 15 minutes is given within which the transaction will be completed.  You will mark trades by time and how many trades he has made with full biodata.  You can take payment to any bank or PayPal account.  You can receive money in any way online.  I will cite a proof of this.

For sure, there are pros and cons to using P2P. However, I always do that for selling cryptocurrency once I need the money.

If you were to be a seller or a merchant in P2P Binance, you just have to post an Ad, and depending on what you have set, the parameters there like

• Is it a Buy or a Sell
• What type of Fiat are you going to trade for
• Price Type: Fixed or Floating
• Price Margin: Fixed Price or Margin%

You can take advantage of that because some bank card fees are expensive too. You have to pay at least $10 to get it. Better go through P2P. This all depends on the amount that you want.

Not a problem at all, I could do that.


I know I'm probably overthinking this, but isn't that a problem? Screenshots are easy to fake (right-click, inspect, change code etc). You could make hundreds of successful trades as a seller, but if one scammer gets Binance to decide in their favour based on fake screenshot - that could put you in negative. So I guess it all boils down to how good/effective Binance resolution system is.


I think that 15 minutes is not a set in stone rule, but every merchant can set their own max time. At least that's what I've read on binance.

I think that 15 minutes is not a set in stone rule, but every merchant can set their own max time. At least that's what I've read on binance.
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This is not correct. This depends on the order maker. He can choose for how long the order will remain valid/open after someone initiates it. The shortest is 15 minutes but if can be up to 6 hours. As I said it depends on the order maker.

Regarding disputes, don't over think it. They don't rely solely on screenshots. They will request both parties to provide their evidences and screenshots aren't a valid evidence unless the second party doesn't response.

Yes, they can fake screenshots but you can also send your videos or screenshots as proof that you didn't receive it and provide more data like bank transactions pulled out from your bank account or I think Binance support will request data from your bank account to check if you actually receive a transaction or not. And take note this is their top priority fake images are not allowed and only you to decide if you allow this transaction or report it.
And honestly, all your question that you need is already on Binance why not explore their support area and faqs?

Check this one "All You Need to Know About the Binance P2P Appeals Process (https://www.binance.com/en-IN/blog/p2p/all-you-need-to-know-about-the-binance-p2p-appeals-process-421499824684901493)"

I sell there but I never experienced such an issue yet I don't just randomly sell to anyone there I only sell to someone with 98% positive reviews to make sure I'm dealing with trusted buyer.

Thanks, but I've seen the page you linked and there aren't many details there regarding the types of proofs they accept. This is pretty much all there is:

So what would be a valid proof of payment, or even better, a proof of no payment? Fiat transactions are not made on a public blockchain, so they'll have to rely on some sort of statements, which many payment apps like Revolut or PayPal won't produce on demand (other than some csv data export), or on said screenshots (or videos of them), all are easy to fake with no effort. The below took me 10 seconds to produce by modifying the source code.

https://i.imgur.com/hkjVXE9.png

This most important points about which one buyer or seller have reach deal to make transaction P2P in Binance, usually many people looking for lower price than market price usually and have potential with delay transaction and indicate take more than 15 minutes for transaction release. I think more than 15 minutes after payment made or success better make appeal or contact Binance support for refunded our balance.

No matter with higher price than market if trusted seller or buyer than looking little profit have faced bigger problem long time release when transaction payment have been success sent.

In Binance P2P exchange, orders are placed by mentioning different types of time.  The order maker waits for the order to be completed within 15 minutes.  And after this time, the order will be canceled automatically.

I don't know why are people here referring to that 15 minutes completion time as it was set in stone.

According to Binance  (https://www.binance.com/en/blog/p2p/your-guide-to-smooth-transactions-on-binance-p2p-421499824684903847) it can up to 3 hours and depends on the merchant's (order maker's) preferences:

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Does anyone know if there's any way to automate the completion of orders, or, as a merchant, do you have to be glued to the screen to respond and process them manually?

As far as I know, Binance doesn't have a feature to automate the completion of orders since it directly fiat to the bank. They can add features like this but they do need a bank corporate or bank API developer so they know the money is arriving. and of course, to obtain these they do need to comply with local regulations.

and the final answer is Yes you need to be glued to the screen to respond  :D but they have sound when the order is arriving.

I am just a regular buyer and seller on it, not a trader. But I heard that big merchants use a bot for automatic payment. Because you won't always get your order or not everyone has a lot of time to sit in front of a computer screen all day just waiting to pay for those deals. In the chat with each other, I tried several times to text the trader, but all I received were automated messages with information to easily contact if the transaction went wrong.

First of all look at it guys :D @pawel7777 got a signature from coinomize i got from sinbad and you @Smack That Ace from Yomix i think its very rare to find like this   ;D

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back to topic

Yes, I notice a seller that is 24 hours online I don't know if they are using bot or have an employee to do so. and yes usually they just transferred the money without anything to say become a p2p seller is not just waiting for the order but also staring at the chart and notice price movement too right

I figure there's got to be a way of automating the process. You have to offer competitive exchange rates otherwise buyers will go elsewhere, the average order is probably not super big, and, judging by the total number of transactions for each merchant, the total volume is not very high either. So I don't expect many would be willing to commit much time to monitor orders whole day for a few $ per hour profit at best.

How are you going to automate something where a buyer can sometimes mark the order as paid even before they have sent the funds to you?

Obviously, your automated tool is going to complete the trade before any payment confirmation is made of whether the payment was issued or the right amount was sent.

Secondly, you have to enter the 2FA code or SMS code before payment confirmation. How is your automation tool/bot going to do that?

It's a cumbersome process without these automated tools to use in the payment system.
I found this blog on Binance p2p (https://www.binance.com/en-NG/blog/all/binance-p2p-introduces-automated-payments-2984159015667886661), they introduced the new automation features in Nigeria (which I think a good idea if all country supported this).  It's auto-release orders but of course, there's a security feature against fraud.

For now, this is the best method for a while when you didn't use any automated tools.

I have been using Binance P2P for a very long time and there has been no issue ever experienced. Although i never placed any ad of buying or selling, rather i just bought and sell my own bitcoins with the merchants avaiable on binance P2P. If you are careful in selecting good merchants by checking their review history, release & payment time, you will never be scammed.


I think those 24/7 sellers must be running a proper exchange business and may have hired people to be online in different shifts. A single individual can't be online 24/7 and also a bot won't be able to handle each request which may requires sending payments to different customers bank accounts and setting them up etc.

People who generally uses p2p platforms mostly because they prefer other payment options apart from bank transfer so yes there is lot of potential to make profit by being a p2p trader but I don't have experience with Binance p2p because it doesn't have separate platform for p2p trades so people mostly use Binance p2p for converting their fiat to crypto and vice versa when they needed for trading in main exchange wallet whereas pure p2p platforms let you to decide your own price, terms, payment period and with all those you can set 2% or more depends on the demand for your fiat can be the returns.

Thanks for sharing your experience, but I was considering trying my luck and becoming a merchant myself, so was more interested in how things look from a seller's perspective (in terms of risks, profit, and time commitment).
For buying, I can still use a bank transfer, although it's becoming a bit difficult as more and more UK banks are blocking transfers to crypto exchanges. So who knows, maybe I'll be forced to use P2P for buying as well in a near future.

There can't be any automated process to release bitcoin or accept bitcoin as before release the payment need to receive payment and which need to check manually. But for rate, it can be automated based on the +_  of the current market price.

In order to trade on Binance P2P, the first thing that is required is that your account must be verified.

Trading on Binance P2P is very easy.First of all, you have to go to the payment option of Binance account and select the token or USDT and BUSD you want to sell.Then you can set your own currency for the country you live in.

Then you can receive your payment using any payment method.
Some of its examples are presented for ease of understanding.

No personal experience but I have a friend who uses it frequently, he uses one specific bank account for p2p transactions, withdraws the money to other bank account as soon as it's received.

Once happened to me that I sold some crypto, received amount in my bank ac, after few days the amount was reversed. It's better to use throwaway bank account for p2p transactions.

You might be correct that they are not illegal in many jurisdictions, however, I disagree that they are considered completely legal. It will also depend on which type of project and in under what jurisdiction. Let us agree that many of them are under the grey area of regulations.

In any case, is there someone who is a experienced P2P trader in the thread or knows someone? What they do is very much similar to liquidity providing. I want to know how much APY have they earned versus the amount used being a liquidity provider.

In the maximum case, the transaction can be completed within 2-3 minutes. But for a few users, they set a long time and for that reason, that transaction may need a long time too as they usually do not login into their account. Also, a few users might have no balance but they also do not cancel transactions. As a result, the seller needs to wait until the time end of the order.