Binance now supports Philippines Peso (PHP) for P2P Trading. Have you tried it?

[krat0s2019]

Binance have just announced the launch of peer-to-peer (P2P) trading for Philippine Peso (PHP) today, providing Filipino users with a way to access cryptocurrencies using their local currency. Go to http://p2p.binance.com/ and choose PHP. Buy crypto with ZERO fees

https://www.binance.com/en/blog/421499824684900657/Binance-Supports-Philippines-Peso-PHP-for-PeertoPeer-Trading--

What's the benefit that you like the most in P2P trading?

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[hugeblack]

Using peer-to-peer trading will be beneficial if the platform is completely decentralized and secure, but an attempt by a platform like Binance to control all types of cryptocurrency trading will lead to some unsuccessful experiences like Binance P2P.
It will be different if they partner with P2P exchanges like LBC & Paxful.


The problem lies in trading volumes, which seem low. Within five months, about $300 million dollars have been traded.

Within five months since its launch, Binance P2P has processed over $300 million in trades and integrated three currencies (Chinese yuan, Vietnamese dong and Russian ruble) for users to trade multiple cryptocurrencies.

Source --> https://www.binance.com/en/blog/421499824684900430/Should-You-Try-the-Binance-P2P-Platform-Read-What-Our-Users-Say-About-It

Adding more countries will not change much.

[rexxarofmoknathal]

Using peer-to-peer trading will be beneficial if the platform is completely decentralized and secure, but an attempt by a platform like Binance to control all types of cryptocurrency trading will lead to some unsuccessful experiences like Binance P2P.
It will be different if they partner with P2P exchanges like LBC & Paxful.


The problem lies in trading volumes, which seem low. Within five months, about $300 million dollars have been traded.

Within five months since its launch, Binance P2P has processed over $300 million in trades and integrated three currencies (Chinese yuan, Vietnamese dong and Russian ruble) for users to trade multiple cryptocurrencies.

Source --> https://www.binance.com/en/blog/421499824684900430/Should-You-Try-the-Binance-P2P-Platform-Read-What-Our-Users-Say-About-It

Adding more countries will not change much.

I see what you mean that by adding more countries on the list might not change much but in my opinion its nonetheless progress. Binance has been going strong and lately have worked on improving their platform even more, and so far we witness progress towards  the lower hanging fruits before tackling the more complex issues like trading volume.

Overall, by adding more countries it also spreads awareness and helps with crypto adoptability which may not be Binance's main objective but its still a net positive for crypto 

[Boombl4]

Using marketplace as discussion section is worst than shit posting

[Lorence.xD]

This further upgrade and support in more currency means that trading will even reach more people and that is a good thing, Binance is leading crypto trading revolution via these increased currency that they can support.

[cheezcarls]

Using peer-to-peer trading will be beneficial if the platform is completely decentralized and secure, but an attempt by a platform like Binance to control all types of cryptocurrency trading will lead to some unsuccessful experiences like Binance P2P.
It will be different if they partner with P2P exchanges like LBC & Paxful.


The problem lies in trading volumes, which seem low. Within five months, about $300 million dollars have been traded.

Within five months since its launch, Binance P2P has processed over $300 million in trades and integrated three currencies (Chinese yuan, Vietnamese dong and Russian ruble) for users to trade multiple cryptocurrencies.

Source --> https://www.binance.com/en/blog/421499824684900430/Should-You-Try-the-Binance-P2P-Platform-Read-What-Our-Users-Say-About-It

Adding more countries will not change much.

I would definitely agree that they should partner with LBC and Paxful. I heard that we can now buy Bitcoin through 7Eleven stores as well. It's a good thing that Binance now offers P2P exchange in the Philippine market. I have yet to tried them by the way.

Usually Coins.PH, Abra and PDAX are the main ones that we could buy or sell BTC. I think this is a great move by Binance, but partnering with LBC and Paxful would get even better.

[Krabby]

Binance have just announced the launch of peer-to-peer (P2P) trading for Philippine Peso (PHP) today, providing Filipino users with a way to access cryptocurrencies using their local currency. Go to http://p2p.binance.com/ and choose PHP. Buy crypto with ZERO fees

https://www.binance.com/en/blog/421499824684900657/Binance-Supports-Philippines-Peso-PHP-for-PeertoPeer-Trading--

What's the benefit that you like the most in P2P trading?

Sure it is buying coins without losing fees. When I buy bitcoin or usdt, I have to pay a high fee, about 2 - 3.5% per transaction. Because my country has a ban on crypto trading, everything is very expensive. Filipinos really should feel happy being served by a Big Exchange. If I have the opportunity, I will move to the Philippines to live and work there, a country worth living for crypto traders like me.

[mk4]

I don't understand all the fuss with Binance P2P to be honest. We already have far more reputable P2P exchanges than Binance such as Bisq[1] and Hodl Hodl[2]. Or is there something I'm missing here?

[1] https://bisq.network/
[2] https://hodlhodl.com/

[crwth]

I will be trying it soon if I'm going to invest some of the money that I earned for in my regular job. It's quite nice to be away from the big exchange fees and the negative rates for myself when investing into crypto. Hopefully more volume in the future.

I don't understand all the fuss with Binance P2P to be honest. We already have far more reputable P2P exchanges than Binance such as Bisq[1] and Hodl Hodl[2]. Or is there something I'm missing here?

I haven't heard of and used any P2P exchanges that are applicable in the Philippines but knowing that Binance is a big exchange and there's acceptance with our local currency, that's a great step for being recognized in the cryptocurrency space. Maybe other exchanges will follow as well, not just USD, AUD, etc.

[mk4]

I haven't heard of and used any P2P exchanges that are applicable in the Philippines but knowing that Binance is a big exchange and there's acceptance with our local currency, that's a great step for being recognized in the cryptocurrency space. Maybe other exchanges will follow as well, not just USD, AUD, etc.

Both Bisq and Hodl Hodl supports the Philippine Peso too. Liquidity is just very very low due to both having a bit worse UI/UX. The Binance P2P platform's advantage in this case is just the name, but whatever. At least we get P2P adoption I guess.

https://bisq.network/markets/?currency=btc_php
https://hodlhodl.com/offers?search=1&side=buy&location=PH&include_global=false

[crwth]

I haven't heard of and used any P2P exchanges that are applicable in the Philippines but knowing that Binance is a big exchange and there's acceptance with our local currency, that's a great step for being recognized in the cryptocurrency space. Maybe other exchanges will follow as well, not just USD, AUD, etc.

Both Bisq and Hodl Hodl supports the Philippine Peso too. Liquidity is just very very low due to both having a bit worse UI/UX. The Binance P2P platform's advantage in this case is just the name, but whatever. At least we get P2P adoption I guess.

Low liquidity is immediately a turn off with people using a service and it's possible that it's one of the reasons that it's not yet mainstream or being used. You can never question the reputation that Binance has right now but still, it's a win for the local currency.

[Casdinyard]

I haven't heard of and used any P2P exchanges that are applicable in the Philippines but knowing that Binance is a big exchange and there's acceptance with our local currency, that's a great step for being recognized in the cryptocurrency space. Maybe other exchanges will follow as well, not just USD, AUD, etc.

Both Bisq and Hodl Hodl supports the Philippine Peso too. Liquidity is just very very low due to both having a bit worse UI/UX. The Binance P2P platform's advantage in this case is just the name, but whatever. At least we get P2P adoption I guess.

Maybe, why Bisq and Hodl Hodl had less attention than the binance accepting P2P of Philippine Peso is that their User Experiences were poor lol I've seen a lot of my friends preferred using Binance as it's features and trading volume is numerous and high. And the time they've accepted my local currency, it's shocking and I'm somehow happy that they require no fees. Binance wins the likes of their customers afterall.

Low liquidity is immediately a turn off with people using a service and it's possible that it's one of the reasons that it's not yet mainstream or being used. You can never question the reputation that Binance has right now but still, it's a win for the local currency.

Indeed. Despite the fact that mk4 has a point that those respectable exchanges already had been accepting PhP, the success of a project (trading platform to be exact) depends on the number of its users and their positive reviews.

[chip1994]

Binance have just announced the launch of peer-to-peer (P2P) trading for Philippine Peso (PHP) today, providing Filipino users with a way to access cryptocurrencies using their local currency. Go to http://p2p.binance.com/ and choose PHP. Buy crypto with ZERO fees

https://www.binance.com/en/blog/421499824684900657/Binance-Supports-Philippines-Peso-PHP-for-PeertoPeer-Trading--

What's the benefit that you like the most in P2P trading?

That will be one of the great benefits for traders. P2P transaction fee is usually quite expensive because it is based on the price that the seller wants to sell and the buyer wants to buy. but usually the sellers will sell the price difference on CEX is about 1-2% and the fee that we have to pay the floor, the total is more than 2% for each transaction. But now we are buying and selling with zero fees, which will also be an opportunity for us to make more profits for selling bitcoin and the top coins there.

[Aaroenz0r]

Using peer-to-peer trading will be beneficial if the platform is completely decentralized and secure, but an attempt by a platform like Binance to control all types of cryptocurrency trading will lead to some unsuccessful experiences like Binance P2P.
It will be different if they partner with P2P exchanges like LBC & Paxful.


The problem lies in trading volumes, which seem low. Within five months, about $300 million dollars have been traded.

Within five months since its launch, Binance P2P has processed over $300 million in trades and integrated three currencies (Chinese yuan, Vietnamese dong and Russian ruble) for users to trade multiple cryptocurrencies.

Source --> https://www.binance.com/en/blog/421499824684900430/Should-You-Try-the-Binance-P2P-Platform-Read-What-Our-Users-Say-About-It

Adding more countries will not change much.

I see what you mean that by adding more countries on the list might not change much but in my opinion its nonetheless progress. Binance has been going strong and lately have worked on improving their platform even more, and so far we witness progress towards  the lower hanging fruits before tackling the more complex issues like trading volume.

Overall, by adding more countries it also spreads awareness and helps with crypto adoptability which may not be Binance's main objective but its still a net positive for crypto 

Totally agree! Adding more nations to the network helps building a stronger connection for cryptocurrency market. Even though the main purpose of adding P2P payment method for Philippines is not that one, it still creates advantages for traders. You may concern about the security of this method but c'mon guys, there's nothing as much secure in this cryptocurrency world!