Do you have any challenge with Binance p2p

[Hispo]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

[sarmrakib]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I actually didn't get you you have sent the payout and the seller didn't realase the asset is it?? if it is there is nothing to worry about you just knocl the seller if he/she don't want to relaease just make a complain with the payment details Binance will release your asset for sure. I personally using its for many time and never faced any issue.

[CutePanda]

i already tried p2p payment in Binance, i have nothing to worry and no problems at all.
i already did it about 6-7x p2p transaction, but there's nothing wrong with it.
the sellers are trusted sellers so i think there's nothing to worry in p2p Binance.

[semobo]

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

As of now Binance p2p has zero fees means user who are buying and selling don't have to pay anything for the trades but its kind of promotion which exists upto the end of June 2021 not forever.

And p2p is not really good for big trades, its optimal for small trades who want to set their own price instead of selling for the market price.

[Christabel247]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

I only  transact with those that have trusted badge attached on their user name, meaning they can't compromise.

[RbiggerG]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

A spread? I thought if two guys have an agreement they can go to Binance and use their p2p service in order to execute the deal at exactly the price they agreed upon? Or is it also set up like an order book? Then a spread makes sense but how is it different from normal trading then?

[Hispo]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

A spread? I thought if two guys have an agreement they can go to Binance and use their p2p service in order to execute the deal at exactly the price they agreed upon?

They can, I think (I have not done it myself).
What I try to say is that usually the sellers offer the criptocurrencies a little bit more expensive than the market price and buy a little bit cheaper than the market price. Perhaps, it is an isolated case because I usually pay with Venezuelan Bolivars (which are highly devaluated and people try not to lose or even earn some money with the operations).

When the USD is at 2.800.000 Bs, one can expect people there to offer USDT for 2.850.000-2.950.000Bs

[RbiggerG]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

A spread? I thought if two guys have an agreement they can go to Binance and use their p2p service in order to execute the deal at exactly the price they agreed upon?

They can, I think (I have not done it myself).
What I try to say is that usually the sellers offer the criptocurrencies a little bit more expensive than the market price and buy a little bit cheaper than the market price. Perhaps, it is an isolated case because I usually pay with Venezuelan Bolivars (which are highly devaluated and people try not to lose or even earn some money with the operations).

When the USD is at 2.800.000 Bs, one can expect people there to offer USDT for 2.850.000-2.950.000Bs

Yes because usually this is a great option for customers with a lot of money as they would suffer from slippage in the order book if they sell or purchase in bulk. They don't want to disturb order book consistency to their own disadvantage and hence make a deal p2p, but they need a strong and reliable escrow service for that. I guess this is where that service from Binance comes in.

[Christabel247]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

I have not used Binance P2P but used their sister site Wazirx and they have a really great P2P platform and the currency i use does have good liquidity as there are more buyers in the market but sometimes you need to wait for a much longer time to get the confirmation as it depends upon the banking network delays as well and if that happens the escrow will take a couple of days to release the coins.

Like some said you cannot scam as they literally work as an escrow and you cannot lie and get away with the money as you need the transaction proof and if you are not able to provide and verify that they will not release the coins.

Although I use Binance regularly, I have no experience with Binance p2p. Is that supposed to be some kind of decentralized service based on a smart contract or handled by Binance eventually? They just serve as a custodian I guess to allow others to come to agreement without using the exchange to avoid price fluctuations?

Binance p2p and Wazirx are not same and its same as LBC if you don't know.

When both party confirms the payment will be released or else it will take time but surely there is no chance for scam while trading on p2p trading platforms while have the risk of receiving funds from blacklisted accounts or hacked ones.

Ok so Binance provides the escrow service so to say right? Does Binance take a fee for the service and is the fee higher than the fee of a normal trade on their centralized exchange?

The p2p option is great especially if you want to trade larger amounts and want to avoid significant price slippage. Can you only trade coins p2p that are listed or any coin?

It does not have an added fee, but obviously there is a spread because of the offer of the seller/buyer. Binance also have a confirmed sticker to their trusted p2p users.

Sadly, the variety of coins is bad.
They only offer BTC, ETH, USDT, USD (Binance stable coin) and I think I forgot another one, but basically that's it.
If you are interested in another coin, you will have to buy USDT and exchange for the desired coin on the Binance's platform. A few extra clicks.

A spread? I thought if two guys have an agreement they can go to Binance and use their p2p service in order to execute the deal at exactly the price they agreed upon?

They can, I think (I have not done it myself).
What I try to say is that usually the sellers offer the criptocurrencies a little bit more expensive than the market price and buy a little bit cheaper than the market price. Perhaps, it is an isolated case because I usually pay with Venezuelan Bolivars (which are highly devaluated and people try not to lose or even earn some money with the operations).

When the USD is at 2.800.000 Bs, one can expect people there to offer USDT for 2.850.000-2.950.000Bs

I recently trade again and buy chargers me for transfer fee to my local bank account, while binance p2p periodically free and fair transaction and down rated (Negative feedback) the buyers for doing such activity

[Kena Banned]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

Im never using the service since i dont think theres any benefit from it, its seems market price is cheaper than the price the seller offer on the p2p market.
Also, i heard some of user complain that the seller didnt responsive regarding to the transaction process.

[Christabel247]

That's why there's a word "CONFIRM".

Why should you push a transaction if there's no confirmation at both ends?

There might be a scam happening in Binance P2P (but I don't know how as the Binance escrow system is great) but the majority of all trades are clean and smooth. Been using the service for 4 months now. The rates are way better compared to our local exchange.

it's trust, many users approved it claiming they have made payment wanting you to accept the transaction without you receiving funds. though recent i made another transaction using Binance P2P and it repeat itself again, so all i have to do is to ask him to hold on less until i have receive it to my local account before approving it.

guess what?

He didn't perform any transaction, greatly there's user call center were we could get contacted to each others while trading, so called the user on cell phone explain how i have not received payment for 20 minutes now; and he replied me saying " is network" but he didn't perform any to extent i asked for payment receipt so that i can also verify, but he didn't pay if that i rushed to approve i would have loose my funds.

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

Im never using the service since i dont think theres any benefit from it, its seems market price is cheaper than the price the seller offer on the p2p market.
Also, i heard some of user complain that the seller didnt responsive regarding to the transaction process.

It's another place to make trade directly to your local account whereby user (buyer) can send you local currency to you bank account then you releases your digital currency to the buyer after confirming you have received funds from the (buyer) sender, while you are the seller. which ever way can work for both party's.

[7788bitcoin]

it's trust, many users approved it claiming they have made payment wanting you to accept the transaction without you receiving funds. though recent i made another transaction using Binance P2P and it repeat itself again, so all i have to do is to ask him to hold on less until i have receive it to my local account before approving it.

guess what?

He didn't perform any transaction, greatly there's user call center were we could get contacted to each others while trading, so called the user on cell phone explain how i have not received payment for 20 minutes now; and he replied me saying " is network" but he didn't perform any to extent i asked for payment receipt so that i can also verify, but he didn't pay if that i rushed to approve i would have loose my funds.

What i want to understand is whether we have to undergo mandatory KYC before trading P2P if not the risk is higher if you are rushing for the approval button. I guess it will go into dispute if there is an issue and how time it will take to see a resolution and how is the liquidity. I have am yet to use them because i do not want to add my banking details in Binance but if there is a need in the future i might use them.  

[eaLiTy]

Im never using the service since i dont think theres any benefit from it, its seems market price is cheaper than the price the seller offer on the p2p market.
Also, i heard some of user complain that the seller didnt responsive regarding to the transaction process.

The P2P market helps if you are having issues with your local government when they are against cryptocurrency transaction and you can very well use them to overcome any restrictions and it will be traded at a premium than the market. There will be disputes due to banking network issues when the sender gets their money debited from the account while the person on the other end did not receive the amount credited and it usually takes a couple of days to get that transaction settled.

~
What i want to understand is whether we have to undergo mandatory KYC before trading P2P if not the risk is higher if you are rushing for the approval button. I guess it will go into dispute if there is an issue and how time it will take to see a resolution and how is the liquidity.

I am using their sister site WazirX for P2P transactions and they have strict KYC before making any trade and if there is a dispute is usually gets resolved in a couple of days and hopefully that is the situation with Binance as they are using the WazirX P2P platform for Binance as well.

[Christabel247]

it's trust, many users approved it claiming they have made payment wanting you to accept the transaction without you receiving funds. though recent i made another transaction using Binance P2P and it repeat itself again, so all i have to do is to ask him to hold on less until i have receive it to my local account before approving it.

guess what?

He didn't perform any transaction, greatly there's user call center were we could get contacted to each others while trading, so called the user on cell phone explain how i have not received payment for 20 minutes now; and he replied me saying " is network" but he didn't perform any to extent i asked for payment receipt so that i can also verify, but he didn't pay if that i rushed to approve i would have loose my funds.

What i want to understand is whether we have to undergo mandatory KYC before trading P2P if not the risk is higher if you are rushing for the approval button. I guess it will go into dispute if there is an issue and how time it will take to see a resolution and how is the liquidity. I have am yet to use them because i do not want to add my banking details in Binance but if there is a need in the future i might use them.  

Actually before you will trade over there you have to pass KYC and you include your bank details, now the aspect were I m talking of is; we have to be very careful before approval if not the fund will be sent out without the seller receiving his/her local currency to their account.
I also noticed binance has its own way of penalizing account who involved in cheating though it will be frozen yet until he sent back the payment to seller either the both, which ever.

[Anonylz]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

If you are a buyer then you are obligated to confirm payment before the seller will release the coins and if you are a seller the buyer must confirm payment and you will also confirm the payment is in your possession before you release the coins, binance serve as an escrow between both parties, I have been a buyer and seller and the experience was smooth, you must always look for sellers or buyers with 80% reviews to trade with to be on a safer side , to be honest I think the p2p service is very easy.

[Christabel247]

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?

If you are a buyer then you are obligated to confirm payment before the seller will release the coins and if you are a seller the buyer must confirm payment and you will also confirm the payment is in your possession before you release the coins, binance serve as an escrow between both parties, I have been a buyer and seller and the experience was smooth, you must always look for sellers or buyers with 80% reviews to trade with to be on a safer side , to be honest I think the p2p service is very easy.

It's a very nice method of trading, it reduces stress and tension. the fat is that we all have to be very careful while trading.
i m getting more familiarized with platform.

[HaekalZ]

no, as long as I make transactions through binance p2p (peer to peer), I have never experienced or encountered any problems during the process or after it was successful, I think it is possible if the one experiencing the problem is most likely from the user himself, namely the internet connection problem.
I am very comfortable doing p2p transactions through Binance.

[terciduk123]

I use Binance's P2P feature a lot, if you ask for my rating then I will give 4.5 stars out of 5 stars. P2P features help me to exchange my crypto assets to fiat, no fees for Binance P2P transactions. And so far my transactions have always gone well and smoothly.