What is Binance P2P?
Binance P2P is a peer-to-peer trading platform. It allows users of Binance to trade with each other using fiat.
It can also be understood that this is a C2C transaction (Consumer to consumer). In C2C transactions, users will buy and sell directly with other users.
Binance's Role in the P2P Platform
Binance exchange will provide users with the platform. At the wire, users can make purchases with their fiat.
In addition, Binance will be the place to make sure your transactions go smoothly. Thanks to the online asset custody service, your property will be safe.
How will P2P trading on Binance exchange take place?
Buyers in VND
When a buy order is created, the coins from the seller will be held by the exchange. You will directly transfer VND to the seller.
The seller has received the money. After that, they will confirm the unlock of the coin and you will receive the coin.
Sellers sell VND
When a sell order is created, the coins you sell will be held by the exchange. You wait to receive VND transferred to your account and then unlock the coin.
Peer-to-Peer can be traded on any device
Currently, you can only trade Biannce App Android and IOS latest version. Trading on the Website will be launched soon.
The web interface was launched on February 28, 02.
Who can trade on the P2P platform?
First you must have a Binance account. If you have not registered yet, please register using the following link: https://blogtienao.com/go/binance.
If you already have an account, you must meet the following requirements:
- SMS Verified Account
- Account has done KYC successfully
- Account signed the agreement
For instructions on posting KYC and verifying SMS, please see the link below. Signing the BTA agreement will guide later.
Watch now: How to register, verify SMS and KYC on Binance Exchange
Instructions to use Binance P2P on mobile application
How to sign the agreement
To be able to make purchases, you must sign an agreement with the terms of Binance.
Step 1: Open the Binance app. At Home page you choose Buy and sell with one click..
Or you can also choose Transaction -> Fiat
Step 2: You choose the button ... and click User Manual as shown below.
Step 3: choose Sign the agreement as shown below
Step 4: Read the agreement carefully and press the button I have read and agree to the terms of the agreement.. So that's it then.
How to Buy Cryptocurrencies P2P
Steps to Buy P2P on Binance
- Step 1: Add Payment Method.
- Step 2: Select coin and enter the amount you want to buy.
- Step 3: Transfer money in VND and press the button “I have already paid".
Details of the steps
- Everyone come in account then select Install fiat.
- Press the button Payment methods.
- Please choose a bank payment method. Because currently, VND only supports banks.
– Enter your bank information such as:
- Bank card number (bank account number)
- Bank name
- Bank branch information
Once you are done, press the . button Confirm.
Enter the 2FA code and you're done.
After successfully adding the payment method, you will get as shown below.
- Everyone come in Transaction and choose Fiat nhé
– At the “Buy” card, you choose the coin you want to buy. Next, select the ad with the price you want and press the . button Buy .
– There will be 2 cards here.Buy fiat"And"Buy crypto“. For a fiat card, you enter the amount of VND you want to buy. Crypto card is where you enter the amount of coins you want to buy.
It's up to you what style you want to buy. You enter the quantity and then press the . button Buy USDT.
– Within 15 minutes you make payment according to the information provided. Next, you press the button Mark as paid.
- You can cancel the order by pressing the . button Cancel the order
- You can chat with the seller by clicking on the message icon with the word Contact below
- You can call the seller if needed
How to Sell Cryptocurrencies P2P
Steps to Sell P2P on Binance
- Step 1: Transfer money from Floor wallet blood Fiat Wallet
- Step 2: Select the coin and enter the amount you want to sell.
- Step 3: Wait for the money to return to the bank and confirm the transaction
Detailed implementation of the steps
- Everyone go to the "Fund” and select the button Transfer to switch from Floor wallet blood Fiat wallet.
– At section Transfer, you choose From Floor wallet - This Fiat Wallet. Next, select the Coin you want to transfer to the Fiat wallet for sale and enter the amount. Finally, you press the . button Confirm .
Note: There are some of you who have had the error that you have not entered the Chinese phone number, you can delete and then re-download the application.
– Enter the 2FA code
- Press the button Go to transaction. You can also choose Trade -> Fiat to conduct a P2P transaction on Binance.
- Choose card "Sell" and select the coin you want to sell. You select the appropriate buy ads and then select the sell button.
In the example, I chose to sell USDT to show you how it works. If anyone wants to sell Bitcoin, choose BTC.
– Enter the quantity you want to sell and press the . button Sell USDT.
Wait for the buyer to transfer money to the card and unlock the number of coins you want to sell.
Note: Unlock only when the money has been received. Also read some tips below for better trading.
How to Create Ads on Binance P2P
People click on the “+” above to create a buy and sell ad on Binance P2P
Choose a buy or sell ad type. If you want to sell USDT to VND then you choose “Asset" is USDT”with Fiat“You choose VND.
You can choose either a fixed price or a floating price (Floating price = market price*coin* floating price adjustment). If you choose a floating price, the price you buy or sell will fluctuate according to the market price.
If you choose a fixed price, your price will not change. For example, if you want to buy USDT for 1 USDT = 22,000 VND but don't want to buy it at any other price, you choose the fixed price of 22,000.
Once done, press the . button Next to go to the next step
Enter the amount, payment method and time you want to transact. For example, if you want to buy 1 BTC, you enter the total transaction amount as 1 BTC.
You choose the payment method is a bank when transacting in VND. The payment time limit (the time the buyer pays you) you can choose from 15 minutes to 6 hours.
When you're done, press the . button Next ok
You can add sections Comment to warn users before trading. The auto-reply is the message that will be sent to the buyer or seller when an order is created.
You can set the conditions that your partner can trade with you. Like how many days the account has been registered and how much BTC owns. Unqualified buyers or sellers will not be able to trade with you.
Part Online right now It's an ad you can buy and sell right away. And you choose? Offline, do it manually later Then you have to re-enable Online to trade.
All that's left is to press the . button Post.
This step you just need to confirm 2FA is done. After confirming, you will get an ad as shown below. You can Edit ads like: price, payment method, etc.
When you don't want to buy or sell anymore, you can click the Online button to change it to Offline. You can close the ad if you want. After closing, the ad will be lost. If you want to buy or sell coins on Binance P2P, you have to create another ad.
Instructions for use on the Website
If you already use Binance P2P on the mobile app then you have some steps you can skip.
Set a nickname and add a payment method
First, people access the P2P trading interface on the Binance website. How to access as shown below or you can access by link: https://p2p.binance.com/vn/trade/buy/USDT
Set a nickname
Click on any buy or sell order. If you haven't verified your SMS, scroll up to see if you mentioned it in the section Who can trade on the P2P platform?.
Next, You press the button Enable to give a nickname. Finally, you press the . button Meet all requirements, trade now.
Add a payment method
Everyone come in Account choose Payment. People choose the P2P tab and press the button “Add a payment method" to G
Enter your payment method information then press the button Confirm.
Back to the P2P transaction interface. If you want to buy, select the tab "I want to buy". If you want to sell, select the tab "I want to Sell".
You the coin you want to buy and press the blue Buy button. For example, to buy USDT, click crack Buy USDT
Next you enter the quantity you want to buy at “I want to buy”. Payment method you choose Bank card next to the button Buy now.
Finally you press the button Buy USDT
Make a money transfer to the information provided. Once done, press the . button Transferred, next.
If you cannot transfer, you can Cancel the order by clicking the Cancel button.
Alternatively, you can chat with the seller at the right root of the screen.
After buying, you can go to P2P Wallet and choose to switch to Spot Wallet to be able to make transactions on Binance. How to transfer, please continue to see the sale section
To sell, you must have coins in a P2P wallet. You can transfer from Spot Wallet to or get coins purchased on Binance P2P for sale.
People go to P2P Wallet and choose Transfer then select the mosquito button between From and To. Here is to sell coins, so I will switch from Spot Wallet to P2P Wallet.
If you buy and want to transfer coins to trade, choose someone else.
Finally press the . button Remittance confirmation.
Now you can make a sale by clicking the . button Sell BNB if you are choosing BNB. You enter the quantity you want to sell and press the . button Sell now.
After that, you check if the account has received the money and unlock the coin is done. If there is a problem with the transaction, you can make a complaint.
Tips for trading on Binance P2P
Here are some tips for you to avoid being scammed.
When the purchase transaction
- When transferring, absolutely do not write in the notes of the names of coins. For example Bitcoin, BTC, Tether, USDT, Ethereum, ETH, Binance Coin, BNB. If you log in there is a chance that Your account will be blocked from paying or frozen.
- Your money will be sent directly to the seller. Coins will be kept by the exchange, so don't be afraid to lose it.
- It is not recommended to cancel transactions more than 3 times in a day. If you do, you will be banned from trading for the rest of the day.
When the transaction sells
- When selling you should log in to your Bank Account to check. Because there is some message spoofing situation. So, in case you see the message and then confirm the unlock, please.
- You can Complain if you have not received the money the buyer has confirmed to pay you.
- You only agree to unlock when you have confirmed that the money has been deposited in your account so that the picture will be lost.
Hopefully, through this article, everyone knows what Binance P2P is and how to trade on P2P.
If anyone has any questions, please comment below. Blogtienao.com We will answer your questions as quickly as possible.
Wished everyone success!