Binance P2P transaction (vendors fault or app settings?)

[DaNNy001]

So this is an experience or hunch about a friends transaction on the binance P2P feature, although it's  quite confusing from one end but if it's possible,.then this will serve as heads up and guide to other forum users here also using binance exchange to avoid such silly mistake to ever occur to them.


Above are the two possible reason for me creating this thread. The first image shows a binance P2P transaction page where the currency is actually filtered in USD then the second in the actual NIGERIAN NAIRA (NGN).

So a very good friend wanted to sell some of his coins and  this would probably be the second or third time of him actually using binance P2P so he called and asked me on what to do, of which I guided him for the first time and he said to me he has successfully traded and because I was far from him, I could only guide him through WhatsApp, and since he is literate enough, I taught he totally understood the whole steps and he told me the trade a go and I didn't bother asking him the price of the sold amount because it's kind of personal.

So the whole problem started one faithful day when we both sold coins through binance on the same day and he called me that he successfully traded his coins and it was 60$ worth of Bitcoin, and this time I asked him how much came out off which he told me and I was shocked at the price because I actually traded same amount and the price difference was quite big @almost 17k naira difference in Fiat between the two trade and it was on that moment I asked him, how and what he did that caused this big difference because we both sold same amount of coins.

I meet with him again some few days past and checked his binance p2p app and found out that instead of the trade to be in Nigeria NGN it was placed at USD and I think this is what somehow caused the reduction in price value of which he has traded almost 3 separate times with this particular p2p setting, resulting to a loss of almost roughly 40k

So am still confused if this was actually the case that caused this error or some other reason for the massive price reduction, if  this was the reason then most newbie should be careful when trying to trade on binance p2p if they don't want this little difference in the price value.

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[Orpichukwu]

I still don't get how possible this was. If you select USD, the trade options that will be shown to you and the available advertisements will be USDT-USD exchange rate, and people who are buying or selling with this pair are the only active trades that you will see, you won't see Naira to USD there on that P2P, or is my own different from others?
 
Unless this is the case, your guy made use of the USD option on the P2P market, which will be after trading his coins to USD instead of USD, and since the P2P allows you to choose whose account you want to receive your money, your friend might have used his Nigeria account to receive the USD transfer, which before the money drops into his account will be converted using the CBN exchange rate, which is far lower than what we trade our USDT with. Unless this is the case, if not, I don't see the USD/NAIRA pair possible again on Binance P2P or my own account is just limited to some pairs.

[DaNNy001]

Unless this is the case, your guy made use of the USD option on the P2P market, which will be after trading his coins to USD instead of USD, and since the P2P allows you to choose whose account you want to receive your money, your friend might have used his Nigeria account to receive the USD transfer, which before the money drops into his account will be converted using the CBN exchange rate, which is far lower than what we trade our USDT with.

Yeah, I think this might be the possible cause for the price reduction as you stated, because the actual bank added to his p2p trade was the popular Nigerian mobile bank
(Opay) which is more preferable since the transactions are  received in split second. So the whole problem was due to the CBN rate for dollar ? So the vendor actually sent through what means if I may ask, because I taught he is supposed to send through his own account or is it because he sent USD so there's need for CBN exchange rate

[Mate2237]

I don't think it is the used of the dollar (USD) that caused the amount different. That should not have any effect on the price because as of the time you create this thread dollar was 1k+ and there was no way the price would be in that way and I am suspecting that your friend might have used a vendor from the bottom who buys bitcoin with very low price. In my early days of using Binance, I also made such mistakes and it was later I also discovered the price difference. And I also made such me comparation with other exchanges with the bitcoin amount and the differences are very big and that made to use Binance. He should do some comparations for exchange and vendors before selling his coins. Or he should cross check his Binance setting because it will s not possible for the same vendor to buy coin differently.

Every vendor in Binance has their price list so you select the one you like.

[DaNNy001]

I don't think it is the used of the dollar (USD) that caused the amount different. That should not have any effect on the price because as of the time you create this thread dollar was 1k+ and there was no way the price would be in that way and I am suspecting that your friend might have used a vendor from the bottom who buys bitcoin with very low price. In my early days of using Binance, I also made such mistakes and it was later I also discovered the price difference. And I also made such me comparation with other exchanges with the bitcoin amount and the differences are very big and that made to use Binance. He should do some comparations for exchange and vendors before selling his coins. Or he should cross check his Binance setting because it will s not possible for the same vendor to buy coin differently.

Every vendor in Binance has their price list so you select the one you like.

I understand your point and when checking this I actually taught that was the case too but I careful compared and contrast it and I know it's not the case of vendor with a different price tag. I think what orpichukwu stated is actually what really happened because the binance P2P trade value was selected as USD against USDT and not the normal NGN against USDT which has higher trade value.