Binance P2P - any experience/opinions?

[crwth]

For sure, there are pros and cons to using P2P. However, I always do that for selling cryptocurrency once I need the money.

If you were to be a seller or a merchant in P2P Binance, you just have to post an Ad, and depending on what you have set, the parameters there like

• Is it a Buy or a Sell
• What type of Fiat are you going to trade for
• Price Type: Fixed or Floating
• Price Margin: Fixed Price or Margin%

You can take advantage of that because some bank card fees are expensive too. You have to pay at least $10 to get it. Better go through P2P. This all depends on the amount that you want.

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[pawel7777]

If you are planning to be a P2P seller in Binance they have requirements you must be an active buyer on their P2P exchange within 30 days before you can able to post ads as a seller.

Not a problem at all, I could do that.

About the security for the seller, the screenshot is required as proof that the seller send the amount to the buyers but if the buyer or seller didn't receive any transaction you can dispute/appeal and later binance support will assist you.

I know I'm probably overthinking this, but isn't that a problem? Screenshots are easy to fake (right-click, inspect, change code etc). You could make hundreds of successful trades as a seller, but if one scammer gets Binance to decide in their favour based on fake screenshot - that could put you in negative. So I guess it all boils down to how good/effective Binance resolution system is.

And the time is also mentioned, maximum 15 minutes is given within which the transaction will be completed.

I think that 15 minutes is not a set in stone rule, but every merchant can set their own max time. At least that's what I've read on binance.

[khaled0111]

And the time is also mentioned, maximum 15 minutes is given within which the transaction will be completed.

I think that 15 minutes is not a set in stone rule, but every merchant can set their own max time. At least that's what I've read on binance.
[/quote]
This is not correct. This depends on the order maker. He can choose for how long the order will remain valid/open after someone initiates it. The shortest is 15 minutes but if can be up to 6 hours. As I said it depends on the order maker.

Regarding disputes, don't over think it. They don't rely solely on screenshots. They will request both parties to provide their evidences and screenshots aren't a valid evidence unless the second party doesn't response.

[BitMaxz]

I know I'm probably overthinking this, but isn't that a problem? Screenshots are easy to fake (right-click, inspect, change code etc). You could make hundreds of successful trades as a seller, but if one scammer gets Binance to decide in their favour based on fake screenshot - that could put you in negative. So I guess it all boils down to how good/effective Binance resolution system is.

Yes, they can fake screenshots but you can also send your videos or screenshots as proof that you didn't receive it and provide more data like bank transactions pulled out from your bank account or I think Binance support will request data from your bank account to check if you actually receive a transaction or not. And take note this is their top priority fake images are not allowed and only you to decide if you allow this transaction or report it.
And honestly, all your question that you need is already on Binance why not explore their support area and faqs?

Check this one "All You Need to Know About the Binance P2P Appeals Process"

I sell there but I never experienced such an issue yet I don't just randomly sell to anyone there I only sell to someone with 98% positive reviews to make sure I'm dealing with trusted buyer.

[pawel7777]

Yes, they can fake screenshots but you can also send your videos or screenshots as proof that you didn't receive it and provide more data like bank transactions pulled out from your bank account or I think Binance support will request data from your bank account to check if you actually receive a transaction or not. And take note this is their top priority fake images are not allowed and only you to decide if you allow this transaction or report it.
And honestly, all your question that you need is already on Binance why not explore their support area and faqs?

Check this one "All You Need to Know About the Binance P2P Appeals Process"

I sell there but I never experienced such an issue yet I don't just randomly sell to anyone there I only sell to someone with 98% positive reviews to make sure I'm dealing with trusted buyer.

Thanks, but I've seen the page you linked and there aren't many details there regarding the types of proofs they accept. This is pretty much all there is:

2, Attach relevant proof like proof of payment or no payment being made, don't attach a screenshot of conversations with the counterparty as proof of payment.

So what would be a valid proof of payment, or even better, a proof of no payment? Fiat transactions are not made on a public blockchain, so they'll have to rely on some sort of statements, which many payment apps like Revolut or PayPal won't produce on demand (other than some csv data export), or on said screenshots (or videos of them), all are easy to fake with no effort. The below took me 10 seconds to produce by modifying the source code.

[Oneandpure]

This is not correct. This depends on the order maker. He can choose for how long the order will remain valid/open after someone initiates it. The shortest is 15 minutes but if can be up to 6 hours. As I said it depends on the order maker.

Regarding disputes, don't over think it. They don't rely solely on screenshots. They will request both parties to provide their evidences and screenshots aren't a valid evidence unless the second party doesn't response.

This most important points about which one buyer or seller have reach deal to make transaction P2P in Binance, usually many people looking for lower price than market price usually and have potential with delay transaction and indicate take more than 15 minutes for transaction release. I think more than 15 minutes after payment made or success better make appeal or contact Binance support for refunded our balance.

No matter with higher price than market if trusted seller or buyer than looking little profit have faced bigger problem long time release when transaction payment have been success sent.

[Hallroom]

In Binance P2P exchange, orders are placed by mentioning different types of time.  The order maker waits for the order to be completed within 15 minutes.  And after this time, the order will be canceled automatically.

[pawel7777]

I don't know why are people here referring to that 15 minutes completion time as it was set in stone.

According to Binance it can up to 3 hours and depends on the merchant's (order maker's) preferences:

Note that every transaction on Binance P2P has a payment window (usually goes from 15 minutes up to 3 hours depending on the time the merchant has set up). It might not be wise to start a trade if you’re in the middle of something important, like a work meeting or a dinner date.

Does anyone know if there's any way to automate the completion of orders, or, as a merchant, do you have to be glued to the screen to respond and process them manually?

[dansus021]

Does anyone know if there's any way to automate the completion of orders, or, as a merchant, do you have to be glued to the screen to respond and process them manually?

As far as I know, Binance doesn't have a feature to automate the completion of orders since it directly fiat to the bank. They can add features like this but they do need a bank corporate or bank API developer so they know the money is arriving. and of course, to obtain these they do need to comply with local regulations.

and the final answer is Yes you need to be glued to the screen to respond  but they have sound when the order is arriving.

[Smack That Ace]

Does anyone know if there's any way to automate the completion of orders, or, as a merchant, do you have to be glued to the screen to respond and process them manually?

As far as I know, Binance doesn't have a feature to automate the completion of orders since it directly fiat to the bank. They can add features like this but they do need a bank corporate or bank API developer so they know the money is arriving. and of course, to obtain these they do need to comply with local regulations.

and the final answer is Yes you need to be glued to the screen to respond  but they have sound when the order is arriving.

I am just a regular buyer and seller on it, not a trader. But I heard that big merchants use a bot for automatic payment. Because you won't always get your order or not everyone has a lot of time to sit in front of a computer screen all day just waiting to pay for those deals. In the chat with each other, I tried several times to text the trader, but all I received were automated messages with information to easily contact if the transaction went wrong.

[dansus021]

I am just a regular buyer and seller on it, not a trader. But I heard that big merchants use a bot for automatic payment. Because you won't always get your order or not everyone has a lot of time to sit in front of a computer screen all day just waiting to pay for those deals. In the chat with each other, I tried several times to text the trader, but all I received were automated messages with information to easily contact if the transaction went wrong.

First of all look at it guys @pawel7777 got a signature from coinomize i got from sinbad and you @Smack That Ace from Yomix i think its very rare to find like this   back to topic

Yes, I notice a seller that is 24 hours online I don't know if they are using bot or have an employee to do so. and yes usually they just transferred the money without anything to say become a p2p seller is not just waiting for the order but also staring at the chart and notice price movement too right

[pawel7777]

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Yes, I notice a seller that is 24 hours online I don't know if they are using bot or have an employee to do so. and yes usually they just transferred the money without anything to say become a p2p seller is not just waiting for the order but also staring at the chart and notice price movement too right

I figure there's got to be a way of automating the process. You have to offer competitive exchange rates otherwise buyers will go elsewhere, the average order is probably not super big, and, judging by the total number of transactions for each merchant, the total volume is not very high either. So I don't expect many would be willing to commit much time to monitor orders whole day for a few $ per hour profit at best.

[logfiles]

I figure there's got to be a way of automating the process. You have to offer competitive exchange rates otherwise buyers will go elsewhere, the average order is probably not super big, and, judging by the total number of transactions for each merchant, the total volume is not very high either. So I don't expect many would be willing to commit much time to monitor orders whole day for a few $ per hour profit at best.

How are you going to automate something where a buyer can sometimes mark the order as paid even before they have sent the funds to you?

Obviously, your automated tool is going to complete the trade before any payment confirmation is made of whether the payment was issued or the right amount was sent.

Secondly, you have to enter the 2FA code or SMS code before payment confirmation. How is your automation tool/bot going to do that?

[sheenshane]

It's a cumbersome process without these automated tools to use in the payment system.
I found this blog on Binance p2p, they introduced the new automation features in Nigeria (which I think a good idea if all country supported this).  It's auto-release orders but of course, there's a security feature against fraud.

Secondly, you have to enter the 2FA code or SMS code before payment confirmation. How is your automation tool/bot going to do that?

For now, this is the best method for a while when you didn't use any automated tools.

[virasog]

Some time ago I started to entertain the idea of becoming a seller on the Binance P2P Trading platform, but not sure if it's worth it, and to be fair, I don't quite understand that market.

I can get the technicalities from Binance FAQs and guidance, but struggling to understand who would actually use P2P Trading for buying, as it seems more expensive than the traditional way of using bank cards or fiat deposits. Is it targeted at people from jurisdictions where banks are banning transfers to crypto exchanges?

Has anyone ever used Binance P2P at all and would like to share their experience? Any feedback, whether from buyers or sellers, is welcome.

I have been using Binance P2P for a very long time and there has been no issue ever experienced. Although i never placed any ad of buying or selling, rather i just bought and sell my own bitcoins with the merchants avaiable on binance P2P. If you are careful in selecting good merchants by checking their review history, release & payment time, you will never be scammed.

Yes, I notice a seller that is 24 hours online I don't know if they are using bot or have an employee to do so. and yes usually they just transferred the money without anything to say become a p2p seller is not just waiting for the order but also staring at the chart and notice price movement too right

I think those 24/7 sellers must be running a proper exchange business and may have hired people to be online in different shifts. A single individual can't be online 24/7 and also a bot won't be able to handle each request which may requires sending payments to different customers bank accounts and setting them up etc.

[Findingnemo]

People who generally uses p2p platforms mostly because they prefer other payment options apart from bank transfer so yes there is lot of potential to make profit by being a p2p trader but I don't have experience with Binance p2p because it doesn't have separate platform for p2p trades so people mostly use Binance p2p for converting their fiat to crypto and vice versa when they needed for trading in main exchange wallet whereas pure p2p platforms let you to decide your own price, terms, payment period and with all those you can set 2% or more depends on the demand for your fiat can be the returns.

[pawel7777]

I have been using Binance P2P for a very long time and there has been no issue ever experienced. Although i never placed any ad of buying or selling, rather i just bought and sell my own bitcoins with the merchants avaiable on binance P2P. If you are careful in selecting good merchants by checking their review history, release & payment time, you will never be scammed.

Thanks for sharing your experience, but I was considering trying my luck and becoming a merchant myself, so was more interested in how things look from a seller's perspective (in terms of risks, profit, and time commitment).
For buying, I can still use a bank transfer, although it's becoming a bit difficult as more and more UK banks are blocking transfers to crypto exchanges. So who knows, maybe I'll be forced to use P2P for buying as well in a near future.

[shasan]

I figure there's got to be a way of automating the process. You have to offer competitive exchange rates otherwise buyers will go elsewhere

There can't be any automated process to release bitcoin or accept bitcoin as before release the payment need to receive payment and which need to check manually. But for rate, it can be automated based on the +_  of the current market price.

[bitcoin_network]

In order to trade on Binance P2P, the first thing that is required is that your account must be verified.

Trading on Binance P2P is very easy.First of all, you have to go to the payment option of Binance account and select the token or USDT and BUSD you want to sell.Then you can set your own currency for the country you live in.

Then you can receive your payment using any payment method.
Some of its examples are presented for ease of understanding.

https://i.imgur.com/0zy3am7.jpg https://i.imgur.com/9ouzygX.jpg

[libert19]

No personal experience but I have a friend who uses it frequently, he uses one specific bank account for p2p transactions, withdraws the money to other bank account as soon as it's received.

Once happened to me that I sold some crypto, received amount in my bank ac, after few days the amount was reversed. It's better to use throwaway bank account for p2p transactions.