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Author Topic: Do you have any challenge with Binance p2p  (Read 145 times)
Christabel247
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April 29, 2021, 05:39:06 PM
 #1

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

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April 29, 2021, 05:43:01 PM
 #2

So what is your experience?
Never really used the platform. What's the difference? You do not need KYC?

Quote
Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So you sent the payment and they are yet to release the coins to you? It's not much clearer. I suppose that is the drill there. In a P2P the other party must confirm the payment before the held coin was relesed to you.


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April 29, 2021, 06:10:35 PM
 #3

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?
Can not get your word right. As I know for p2p trading exchange works like a escrow. That means buyer and seller confirm there transaction then exchange will release the buyer/seller.

I did not use the binance p2p trade yet. Anything wrong happened with you?


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April 29, 2021, 06:54:44 PM
 #4

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?
Can not get your word right. As I know for p2p trading exchange works like a escrow. That means buyer and seller confirm there transaction then exchange will release the buyer/seller.

I did not use the binance p2p trade yet. Anything wrong happened with you?
Its an automated escrow system so yea, when both party confirms on their ends, will release the funds but if it doesn't happens at one end then the other user need to dispute the trade then the support staff will take care of the case further based on the chats and payment proof provided.

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April 30, 2021, 06:15:22 PM
 #5

So what is your experience?
Never really used the platform. What's the difference? You do not need KYC?

Quote
Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So you sent the payment and they are yet to release the coins to you? It's not much clearer. I suppose that is the drill there. In a P2P the other party must confirm the payment before the held coin was relesed to you.

Buyer can can say payment sent and marked you as paid so in the system it will automatically asked you to release funds or asset since the buyer has clicked on paid. So either you have to confirm from your local account if they fund is being transferred or not, in other words you as release asset to the receiver.

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April 30, 2021, 06:21:49 PM
 #6

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?
Can not get your word right. As I know for p2p trading exchange works like a escrow. That means buyer and seller confirm there transaction then exchange will release the buyer/seller.

I did not use the binance p2p trade yet. Anything wrong happened with you?

In binance p2p sellers / buyers can easily cheat each others, they say payment sent while the escrow will release funds to buyer without knowing the receiver has gotten he's funds into his local account.
But nevertheless there's an appeal options so it was there I tried to appeal for the transactions

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April 30, 2021, 06:53:41 PM
 #7

I have had experience with P2P networks before binance  exchange announced its own P2P network, my first experience was on paxful and I ended up getting scammed, since then I have been more very careful when it comes to B2B trading so I never had anybody spinners using binance P2P

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April 30, 2021, 07:20:52 PM
 #8

Haven't used the P2P of Binance but I've seen the same problem said by other users in other groups.

In binance p2p sellers / buyers can easily cheat each others, they say payment sent while the escrow will release funds to buyer without knowing the receiver has gotten he's funds into his local account.
But nevertheless there's an appeal options so it was there I tried to appeal for the transactions
I think Binance has to take a closer look on this of getting into an update for verifying the payments first. It's sad that there were issues like this onto their platform and scammers can use them as a medium.

I just wish that they'll do something to avoid it.

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April 30, 2021, 11:23:25 PM
 #9

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.

.
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May 01, 2021, 12:34:54 PM
 #10

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?

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May 01, 2021, 06:36:11 PM
 #11

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.

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May 01, 2021, 09:17:46 PM
 #12

Hello my first experience on binance p2p is to confirm payment without buy releasing assets to me.
So what is your experience?
Can not get your word right. As I know for p2p trading exchange works like a escrow. That means buyer and seller confirm there transaction then exchange will release the buyer/seller.

I did not use the binance p2p trade yet. Anything wrong happened with you?

In binance p2p sellers / buyers can easily cheat each others, they say payment sent while the escrow will release funds to buyer without knowing the receiver has gotten he's funds into his local account.
But nevertheless there's an appeal options so it was there I tried to appeal for the transactions
Does that mean Binance's p2p poses a big risk for buyers / sellers? if true I think it should be avoided because it will harm both parties. where it can be used as a place to cheat. if only the appeal can be resolved? honestly i want to know about this

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May 02, 2021, 10:48:02 AM
 #13

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.

actually lot can happen over there but you have to be very vigilant so you won't fall in any victim. in my country there are much liquidity on both side in binance p2p so users plays silly games so as seller  you need to receive alert from your local account before you could release the currency to them, Now i trade with my past experience.

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May 02, 2021, 08:09:24 PM
 #14

I always use binance p2p and so far i dont have any bad experiences, it ia only took about 10 minutes for whole completed transactions. After you choose the coin you want to buy, you can chat the seller so he will be ready to release the coin after you transfer the money.

Here is the step by step to use it.

Choose coin you willing to buy - chat seller - transfer money to seller bank account - confirm the payment - wait for seller to release the coin.

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May 02, 2021, 08:51:41 PM
 #15


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.


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May 02, 2021, 11:05:43 PM
 #16

~
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?
There is no smart contract per se, all they do is act as an escrow between buyers and sellers and we are dealing with fiat currency and USDT. All you need to do is send the fiat using UPI or any form of bank transfer and the other person would accept if he receives them in his or her bank account and once you confirm the transaction they will release the USDT.

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May 02, 2021, 11:30:34 PM
 #17

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.
The User interface looks great and to avoid headache always check the confirmation whether you got the transaction and then press confirm and if you are doing that how can you be scammed. Avoid direct chat with the user and if you are trying to make a direct deal with any stranger in Telegram or similar platform you are bound to be scammed most of the times but not with Binance acting as an escrow.

.
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May 03, 2021, 12:51:42 AM
 #18

I already tried using Binance P2P, since in our country converting your FIAT or crypto to your FIAT currency in your country got quite a huge volume, a lot of buyers and sellers.
In the beginning, only I was able to find some issue using P2P of Binance like there are limited payment methods only, but as time goes by they adding, which is good, you got lot of choices.

Another thing is their KYC things or about your personal information, and when you reach their customer service, it really takes time, I have tried from previous months for multiple inquiries, I just got a customer service response last week.





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May 03, 2021, 02:47:33 AM
 #19

I have used Binance P2P before, a couple of times.
Good experience so far, hopefully it will continue this way!

Leyendo leyendas ~ ♫
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May 04, 2021, 11:30:05 AM
 #20

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?

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