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Author Topic: Do you have any challenge with Binance p2p  (Read 145 times)
Hispo
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May 04, 2021, 12:24:51 PM
 #21

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.

Leyendo leyendas ~ ♫
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sarmrakib
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May 04, 2021, 12:59:59 PM
 #22

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.

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May 05, 2021, 04:11:29 AM
 #23

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.

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May 06, 2021, 02:45:07 AM
 #24

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
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May 06, 2021, 09:42:04 AM
 #25

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.

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