What should you know about P2P

[Smartvirus]

Scams Risks:
For P2P there is no third party involved, there is a pleasant risk. There is also a risk of being cheated. By creating using fake profile, can attract with false information. So before transaction should verify complete information of the seller. It is better to see the opinions related to previous transactions.

I used Binance Exchanger, almost all exchange rules are same.

Am not so sure that checking users profile helps very much as users can do create some really cool profiles but, there trade records and reviews might offer some insight on what to expect.
On the part of having a third party involved, being an escrow, the exchange is your escrow and that's why they've got a support team to ensure scam activities are minimised to its barest minimum especially with the fact that, orders placed out for a trades are often handled by the exchange and they serve as an escrow at that point and should things ever try to go wrong, it means you didn't follow up with the issues that arose with your transactions properly.

[Mate2237]

You explanations are correct but the example is wrong. Binance is not p2p. Binance is a third party that even have access to your fund in their app or site. You are not absolutely in control of your fund in binance. P2p is the direct transaction of fund without third party address or app/website. But it is the direct transfer of coin from you wallet to another wallet then the buyer pays the sell from his Fiat currency. Anything binance or any other app to buy and sell is a third part system.

Third party system
Third party system is when you send you coin to another platform and there you sell it off to another person through the app or site and it is not direct from the owner wallet.

[ThemePen]

Not really, what do you need to know is using P2P trading in Binance isn't an actual real P2P trading. A real P2P trading doesn't need any third party who can freeze someone account or need to submit KYC, this is actually a centralized exchange who run fake P2P trading.

I don't know on which basis you are saying it as fake P2P trading. I have done many transactions. And also called to the buyer or seller many time.

I found my own language person in call which live in different city.
Also found the local bank accounts and telecommunication numbers.

According to me the person are real who trades with each other. And they do trade in local currencies from crypto.

I think without interaction of third party it is more risky.
Let suppose you are talking with buyer or seller and you sent the payment and he don't send so what will you do.
If there will be a third party so it has the terms and conditions and they will take action if anyone do fraud.

Note: I am not a defense lawyer of Binance. I just explain which I saw and observed.

[stompix]

I don't know on which basis you are saying it as fake P2P trading. I have done many transactions. And also called to the buyer or seller many time.

I found my own language person in call which live in different city.
Also found the local bank accounts and telecommunication numbers.

Simple:
P2P trading on Binance
- you go to Binance and select a trader
- you select the offer you send money via your bank
- you get your coins

Centralized trading on Binance
- you go to Binance and look at the markets
- you select the price you want to buy, and you deposit money via the bank
- you get your coins

In which case did you get rid of both the centralized platform and the third-party payment gateway?

[CryptopreneurBrainboss]

I don't know on which basis you are saying it as fake P2P trading. I have done many transactions. And also called to the buyer or seller many time.

According to me the person are real who trades with each other. And they do trade in local currencies from crypto.

I think without interaction of third party it is more risky.

To clear you more, before you're eligible to transact on Binance with their supposedly P2P option, you must first be a verified users on Binance with your real identity been exposed to them through there kyc procedures. Next although binance needs your approval before coins are been released to a merchant on the platform still that can be done without your approval if there was to be a valid appeal and it was confirmed that you have received the funds without approving for the coins to be sent to the merchant account by the Binance system.

To cut the story short, Binance ecosystem is built centralized which means, all other products that binance has to offer which includes their P2P products is also centralized. While you are actually trading with another users still you aren't receiving the full benefits of a P2P system which is meant to be total decentralized and there are better option out there if you want to enjoy total decentralization.

[royalfestus]

What's p2p:
First of all, P2P is the process of performing cryptocurrency transactions directly between two people without middlemen and third party intervention. It allows you to determine your best price.

Advantages of P2P:
Its main advantage is that two people can decide the payment method according to their own convenience. Here the cost is also reduced. Work step by step as per the diagram below:

By referencing exchanges and Binance images of transactions, you rule out the idea of middle men or third parties. Essentially, the exchange is acting as an escrow agent between two parties in order to prevent scams.
Likewise, I do not believe that individuals involved can always decide how to make payments. It will require a safe form of transaction within a certain timeframe. It is possible for individuals to have a little deviation but not to go outside the rule; for instance, a request for a transaction fee, or a favorable bank.

[RockBell]

I like peer-to-peer (p2p) to a certain extent, but it has many drawbacks compared to decentralized exchanges because it does not protect your privacy and most people get scammed because they are centralized after the Nigerian government warned banks to stop working with crypto currencies p2p was the only option available,If you check Binance's p2p, you'll notice that there are many restricted accounts in p2p.