P2P Trading Services on Binance Make it Easy for Everyone to Buy or Sell Crypto

[AakZaki]

source: Binance.com


First I want to share this information especially for those who do not understand P2P Trading.

Actually this service is no stranger to Cryptocurrency users.
This P2P Trading service supports as many currencies as I have written below, but I don't know much about the Currency code.
maybe you can find out from your respective country.

The following is a list of currencies supported by the P2P Trading service on Binance:


in this P2P Trading Service, everyone can become a Merchant whether they want to be a Verified merchant or not for their respective country.
usually those who become verified merchants will be prioritized by prospective buyers or sellers at the merchant. even get special services from Binance admins in a timely manner.

the payment can also use Bank Transfer or E-Wallet which is supported by each country. among them as I quoted from Binance P2P Trading Service.

All Payment
1+ Winner
ABN AMRO
Advcash
AirTM
Alfa-bank
Alipay
Apple Pay
Banco Brubank
Banco de Bogota
Banco de Chile
Banco Estado
Banco General Panama
Bancolombia S.A
Banco Santander Chile
Bandes Uruguay
Banesco
Banesco Panama
Banistmo Panama
Bank Transfer
Bank Transfer (Argentina)
Bank Transfer (Brazil?)
Bank Transfer (India)
Bank of the Republic of Uruguay
Bank Transfer (Taiwan)
Bank Transfer (Venezuela)
Barclays Bank
BBVA
BBVA Uruguay
Blik
BNP Paribas
Bank slip
Caisse d'Epargne
Cash app
Cash Deposit to Bank
Cash in Person
Ceska sporitelna
Chipper Cash
Citibank (Russia)
Coinpay
Credit Agricole
Credit Bank of Peru
Credit Bank of Moscow
CSOB
DANA
Davivienda S.A
EasyPay
Efecty
FNB-ewallet
Forte bank
Faster Payment System (FPS)
GEO Pay
GoPay
Grab Pay
Halyk Bank
IMPS
ING (Holland only)
Interac e-Transfer
Intesa Sanpaolo
Itau Brazil
Itau Uruguay
JKOPAY
Kaspi Bank
Kuda Bank
La Banque postale
LCL
LINE Pay
Livecoin
Lloyds Bank
mBank
Mercadopago
Mercantil
Mercantil Bank Panama
Mi dinero
Mir
Mobile top-uptop-up
MoMo
MONETA Money Bank
Momobank
Mony
Movii
M-PESA Kenya (Safaricom)
M-PESA Paybill
MTS-Bank
Nequi
NETELLER
NGN fiat balance
Oschadbank
Otkritie
OTP
OVO
OXXO
Pago Movil
PagSeguro
PayPaPay
Payooner
Payall
Payeer
Paymaya
PayMe
Paynet
Payoneer
PayPal
Paysend.com
Paytm
Perfect Money
PicPay
Plin
Post Bank
Prex
Privat Bank
Provincial
PUMP
QIWI
Raiffeisenbank
Revolut
Rocketbank
Rosbank
Rosselkhozbank
RUB fiat balance
Russiaan Santander Uruguay
Sberbank
SBP-Fast Bank Transfer
ScontiaBank Peru
ScontiaBank Uruguai
SEPA (UE) Bank transfer
Shopeepay
Skrill
Societe Generale
Sovkombank
Transfers with spesific Bank
STP
Internasional Wire (swift)
TinkOff
Touching n Go
Transferwise
Tru Money
Trust
Ulala
UniCredit
Uphold
UPI
Venmo
ViettelPay
Vodafone cash
VTB Bank
Web money
WeChat
Western Discount Bank
Western Union
World Remit
Yandex.Money
Yape
ZaloPay
Zelle

I myself became a verified merchant on Binance for my country Indonesia using Rupiah = IDR.



anyone can become a P2P merchant on Binance.
if you want to be a part of a P2P Merchant on Binance please register yourself.

[hugeblack]

P2P service is not considered a service but rather a place for parties to meet and exchange currencies. Therefore, everything that Binance provides is promotional advertising.
The most important thing is the trading volumes, so it did not seem that there would be enough trading volumes and a safe guarantee was found.

trading volumes for central services will be useless, they will try to track IP and may try to sell them.

[AakZaki]

~snip~

trading volumes for central services will be useless, they will try to track IP and may try to sell them.

I myself don't think about it, it's just that I answer the questions of friends who have trouble buying crypto, especially someone who doesn't have a good reputation on this forum.

with this thread that I made, even everyone can buy crypto without being pushed aside by the transaction opponent.
even the currency and means of payment in each country is almost easy to do.

[webtricks]

The only reason I prefer P2P Trading over buying/selling on the centralized exchange is the non-requirement of KYC. But Binance P2P doesn't allow users to trade without completing KYC and verifying phone number. These verification requirements make Binance P2P inferior to other alternatives like Bisq, LocalBitcoins and LocalCryptos.

If user doesn't care about privacy then it's better to sell on centralized exchange than on P2P platform because it becomes easier to convince the authorities that you are withdrawing legal income if money comes from a company's account compared to individual buyer's account in your bank.

[LeGaulois]

@webtricks

LocalBitcoins has a KYC verification process since last year, otherwise, users are limited to $1000 per year and despite that, they still need to provide a valid phone number (which is like giving your name indirectly, anonymous SIM cards are almost gone).
https://localbitcoins.com/blog/id-verification-update/

Also, some people may prefer to use a P2P marketplace rather than a centralized exchange because of the payment method they're looking.
For example, you may be interested to sell bitcoins for Amazon gift cards, Payoneer, or F2F, in such case the CEXs won't be of any help.

@OP

You could shorten your list and say "bank transfers" instead of naming all the banks. And if credit agricole can be used then all banks using the SEPA protocol in Eu can be used too.

[GreatArkansas]

Thanks for this AakZaki.
I recently got the same business just like this, but for me, it's kinda different, you got the platform Binance, while me is more on personally and local. here.

I also want to try this, but please enlighten me for few things.
- How can you make money here if you use Binance platform for P2P?
Is you gonna make profits by the buy/sell spread price here?

[Darker45]

Is you gonna make profits by the buy/sell spread price here?

Most probably. I've read some articles about merchants involved in P2P trading on Binance. The profit is basically coming from the margin, from the buy and sell spread. That would range from 0.5% to 5%. But I guess it is normally playing around 1-2%. So for your P2P trading to be profitable it has to have a high number of transactions or probably fewer but with larger amounts. Either way, you're gonna need a decent amount of starting capital.

I myself became a verified merchant on Binance for my country Indonesia using Rupiah = IDR.

How's the set of qualifications? Was it easy enough to comply and pass?

And I've read there is also a security deposit. How much did you pay for it and was it spendable once you're already into it?

[mk4]

P2P services sure are great. Personally though? I'd heavily prefer no-KYC P2P exchanges such as HodlHodl[1] and Bisq[2] regardless if they have far less users.

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

[Maus0728]

What really frustrates me when using Binance P2P Trading services is that they are not allowing you to use their services when your SMS authentication is disabled  as well as the time limit that the buyer sets leading your funds to become temporarily unavailable for more than 5 hours when someone is placing an order.

I wonder why Binance is not carefully moderating those SCAM P2P advertisement on their platform?

[AakZaki]

- How can you make money here if you use Binance platform for P2P?
Is you gonna make profits by the buy/sell spread price here?

Of course my friend, I get the advantage of the spread between buy and sell.
like offline currency exchanges like those in Airports for example.

How's the set of qualifications? Was it easy enough to comply and pass?

And I've read there is also a security deposit. How much did you pay for it and was it spendable once you're already into it?

At the beginning of P2P lauching on Binance I received an official invitation by the Binance Indonesia Team, I was invited to become a P2P trader, because they already know that the Binance Indonesia Team knows me as a Money Changer on another platform.
I didn't even pay anything for it.

What really frustrates me when using Binance P2P Trading services is that they are not allowing you to use their services when your SMS authentication is disabled  as well as the time limit that the buyer sets leading your funds to become temporarily unavailable for more than 5 hours when someone is placing an order.

~snip~

SMS is intended as a notification, when a new order comes in there will be an SMS, as well as if the transaction is completed the SMS will come again.

If you are a seller you can set a shorter time limit if you wish.
or if you as a buyer you can see the time limit set by the seller, if you feel that time is too long you can look for other merchants that have a shorter time limit.

[Bitcoin_Arena]

What really frustrates me when using Binance P2P Trading services is that they are not allowing you to use their services when your SMS authentication is disabled  as well as the time limit that the buyer sets leading your funds to become temporarily unavailable for more than 5 hours when someone is placing an order.

SMS verifications is very important. This is intended so that you can receive an SMS as soon the buyer marks the transaction as paid or if the trade expires minus the other party responding.
You wouldn't want to refresh the p2p platform every 30 seconds to see if the trade payment has been made by the other party, would you?

Under the terms of the trade, you can clearly see what amount of time you are willing to give the other party to pay you. If you can't wait for 5 hours, why would you go ahead to open a trade with such a person?

If there is any scam, there's an option to appeal or write to support.