Binance P2P - any experience/opinions? - page 2.

pawel7777

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Quote from: BitMaxz on January 24, 2023, 07:37:34 PM

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.

Quote from: BitMaxz on January 24, 2023, 07:37:34 PM

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.

Quote from: Popkon6 on January 25, 2023, 12:04:42 PM

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.

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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.

Popkon6

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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.

The easiest way you can trade P2P on Binance. I have traded here many times and completed in just 2 to 4 minutes.
If you sell then the buyer places the order. And the time is also mentioned, maximum 15 minutes is given within which the transaction will be completed. You will mark trades by time and how many trades he has made with full biodata. You can take payment to any bank or PayPal account. You can receive money in any way online. I will cite a proof of this.

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Quote from: albon on January 23, 2023, 06:45:01 PM

Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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 the Binance P2P platform for several years, and I see that this is the safest way for anyone who wants to buy and sell cryptocurrencies against local currencies and with more than 700 flexible payment methods, as it allows you to withdraw on any international or national bank in any country in the world, even in banned countries It allows you to sell crypto at the price you want and buy at the price offered by merchants and without any fees, as Binance does not profit or take a percentage of fees from these transactions, in addition to the presence of support around the clock to help when any problem occurs or to resolve any dispute between you and anyone, And my important advice that must be taken into account before choosing who you want to buy from or sell to is that he be a Merchant who has hundreds of deals and a success rate above 90%.

If you would like to become a Non-Merchant on Binance, it is easy to create a Sell ad, but to create a buy ad there are requirements, check the links below.

[1] https://www.binance.com/en/blog/p2p/how-do-i-become-a-binance-p2p-merchant-421499824684903764
[2] https://www.binance.com/en/support/faq/binance-p2p-advertisements-posting-requirements-6d1c39e0afdd48f99b2d9ab0d8e1cda0

No doubt Binanace is most secure and reliable exchange for all kind of trading, from spot to P2P, besides providing large number of options available on their platform for investment, including staking and liquidity providing. Most of my friends from my country who maintain account in Binance, have been using P2P service, since it was launched, and they all fully satisfied with quality of service.

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Quote from: pawel7777 on January 24, 2023, 07:02:50 PM

Well, it may be cheaper for some, but, in general, sellers must be charging more than what they're buying for, otherwise, their business is not sustainable.

Yes, business wise, you need to do that even just a little profit you can gain.

Quote from: pawel7777 on January 24, 2023, 07:02:50 PM

From the seller's perspective, does it actually matter if a buyer is highly rated or not? Are buyers actually rated as well?

I don't think it matter since the buyer will need to send first the fiat. The seller will only confirm if he receives the fiat then release the crypto afterwards.
What should be avoided is those order who has more than 15 mins. time and fiat payment method such paypal or other transaction that can be reverse back

Quote from: pawel7777 on January 24, 2023, 07:02:50 PM

What concerns me is:
To my understanding, Binance is locking the crypto to make sure the buyer receives it. But is there any similar security feature for sellers? If buyers are sending fiat directly to sellers, what happens when the buyer says he has sent the payment but the seller didn't receive anything? I'm guessing Binance would require some sort of proof from the buyer that he indeed sent the money - but what would that proof be? A screenshot? That can be easily faked. Or are fiat transactions also going via Binance? What am I missing here?

Seller should report it and open a dispute, give every details as much as it should be. And let binance decide the outcome.

To be honest this is always be the case in every platform when it comes to p2p, there are also existing issue other users experienced.
That is why dealing only to higher rated or verified seller or merchant or whatever they call it will lower the chance of facing this kind of issue but it won't give you 100% assurance so always proceed with risk.

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Quote from: pawel7777 on January 24, 2023, 07:02:50 PM

From the seller's perspective, does it actually matter if a buyer is highly rated or not? Are buyers actually rated as well?

What concerns me is:
To my understanding, Binance is locking the crypto to make sure the buyer receives it. But is there any similar security feature for sellers? If buyers are sending fiat directly to sellers, what happens when the buyer says he has sent the payment but the seller didn't receive anything? I'm guessing Binance would require some sort of proof from the buyer that he indeed sent the money - but what would that proof be? A screenshot? That can be easily faked. Or are fiat transactions also going via Binance? What am I missing here?

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.

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.

You don't need to deposit the fiat all fiat transactions are made outside Binance that is why a screenshot is needed.

pawel7777

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Big thanks to everyone who replied for your feedback. Didn't realise that P2P trading was so popular on this forum and that so many people here use it.

Quote from: PX-Z on January 23, 2023, 06:32:59 PM

...
It's the other way around, p2p in binance is way cheaper they don't have fees ^{(as of the moment),} and there are lots of options you can choose from payment methods ^{(e.g. banks, wallets)} to buy/sell order rates.
...

Well, it may be cheaper for some, but, in general, sellers must be charging more than what they're buying for, otherwise, their business is not sustainable.

Quote from: khaled0111 on January 24, 2023, 05:25:27 PM

...
Just make sure to deal only with highly rated buyers/sellers to avoid any kind of troubles.
...

From the seller's perspective, does it actually matter if a buyer is highly rated or not? Are buyers actually rated as well?

What concerns me is:
To my understanding, Binance is locking the crypto to make sure the buyer receives it. But is there any similar security feature for sellers? If buyers are sending fiat directly to sellers, what happens when the buyer says he has sent the payment but the seller didn't receive anything? I'm guessing Binance would require some sort of proof from the buyer that he indeed sent the money - but what would that proof be? A screenshot? That can be easily faked. Or are fiat transactions also going via Binance? What am I missing here?

khaled0111

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If you don't mind passing kyc verification then binance p2p platform is one of the best centralized p2p exchanges, according to my own experience. I've been using it for more than a year with no problems.
Just make sure to deal only with highly rated buyers/sellers to avoid any kind of troubles.
Also, make sure to read carefully their ToS as they are very firm about it.

Note: I don't think this is the appropriate board for this thread. Maybe you need to move it to Service Discussion > Exchanges

Adbitco

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Yeah, Binance p2p is perfectly working fine as far as I know and I have been using it for long time now since my country restricted us from associating our bank details with cryptocurrency transaction. So is another alternative for we that are from Nigeria to trade directly from Binance p2p or we use forum p2p service provider.
For you I don't know of your country if Binance p2p will be that effective since you people can easily associates your cards directly so it would make no sense engaging yourself with that service. It can only work perfectly fine with those people who their banks don't allow them to associate their details with crypto transactions.
The thing there is that, is just a normal trade with your fiat (local currency).

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

~snip~

Usually, I do P2P trading on Binance to exchange my earned cryptocurrency to fiat currency. In this case, most of the time I have to sell cryptocurrency, from my experience, I would say that Binance's p2p option is a good way to exchange cryptocurrency to fiat currency. And p2p trading is basically mostly by stable coin, in this case you have to take a strategy and accordingly calculate the profit and set the price and create an ads for selling that's how it's work.
In my country crypto currency is illegal But if you exchange the currency in this way and following the right rules, then it can be protected from that jurisdiction banning.

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I used Binance P2P and it was very easy to use.

Before you use it, try to find the seller with a lot of feedback from the buyer and look at the last date of each transaction so you can know whether the seller is a very active seller serving his customers or is he less well-known among other sellers.

You can choose a seller with an average Payment Time Limit of 15 minutes because there may be sellers who take longer and it is not recommended to choose that seller.

The final suggestion is that you can try to transact with small amounts to see how the seller reacts in serving customers and if you are comfortable with the seller, make him your favorite so you don't have to look for other sellers.

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

Is it targeted at people from jurisdictions where banks are banning transfers to crypto exchanges?

There might have many more reasons but those who are banned to buy through their debit or credit card or mobile wallet still be able to trade via P2P. And another reason might be to deposit funds Binance or any other site will ask for a deposit fee but those who will trade a small amount of funds may prefer to trade P2P.
Edit:
To buy directly from Binance/other sites may need extra verification for P2P that type of verification may not need.

Edwardard

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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

Using binance p2p here as well since many months and never got any problems with it.
However, you need to select valid ppl to be able to execute your trade properly and faster. There are some trolls too who keep their time limits to 120mins rather than the default 15min. And if you start a trade with them you gotta wait for 2hrs and they never pay you (their motive is to waste your time). So always select users with 15min max. delay set.

dansus021

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It has already been almost a year + I always using Binance P2P it was super great for me. I usually withdraw my crypto to fiat via a local exchange called tokocrypto that right know has been acquired by binance too.

I'm using binance because binance is widely used by traders and dozen of features. that is why Im also use their p2p product it fast, secure and 0 fee(which is best) the rate is good toom Im usually withdraw from stablecoin to my fiat so the spread is not that bad

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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

It is convenient to say the least. Buying crypto with your bank card can sometimes take a day not to mention there are only a handful of banks in our country that fully support cryptocurrencies, so people turn to P2P.
Trades are usually completed within minutes and you'll be able to 1on1 chat with the seller/buyer as well. Binance also shows ratings, number of trades made and trade completion rate for all sellers and buyers which gives you basis as to whom to trade with.
I've only ever encountered a single cancellation of trade and that's because the seller ran out of crypto to sell.

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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.

I think it depends on someone's jurisdiction. In my Jurisdiction, buying crypto using the platform is far much cheaper that using bank card or fiat deposits. That's how I have always seen it

Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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

Trades are smooth most of the time, but once in a while you will meet scammers who try to trick you. Their appealing and arbitration process is also very slow, and It can go on for over 24 hours

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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 the Binance P2P platform for several years, and I see that this is the safest way for anyone who wants to buy and sell cryptocurrencies against local currencies and with more than 700 flexible payment methods, as it allows you to withdraw on any international or national bank in any country in the world, even in banned countries It allows you to sell crypto at the price you want and buy at the price offered by merchants and without any fees, as Binance does not profit or take a percentage of fees from these transactions, in addition to the presence of support around the clock to help when any problem occurs or to resolve any dispute between you and anyone, And my important advice that must be taken into account before choosing who you want to buy from or sell to is that he be a Merchant who has hundreds of deals and a success rate above 90%.

If you would like to become a Non-Merchant on Binance, it is easy to create a Sell ad, but to create a buy ad there are requirements, check the links below.

[1] https://www.binance.com/en/blog/p2p/how-do-i-become-a-binance-p2p-merchant-421499824684903764
[2] https://www.binance.com/en/support/faq/binance-p2p-advertisements-posting-requirements-6d1c39e0afdd48f99b2d9ab0d8e1cda0

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Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

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.

It's the other way around, p2p in binance is way cheaper they don't have fees ^{(as of the moment),} and there are lots of options you can choose from payment methods ^{(e.g. banks, wallets)} to buy/sell order rates.

Quote from: pawel7777 on January 23, 2023, 05:20:41 PM

Is it targeted at people from jurisdictions where banks are banning transfers to crypto exchanges?

You can't use binance if you were from a country who banned crypto as you will need to pass KYC and they will probably you to leave. Unlike decentralized p2p sites like bisq and hodl hodl who are all welcome to trade there.

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Quote from: pawel7777 on January 23, 2023, 06:15:12 PM

Not sure what you mean. Cryptos do not have to be "legalized" at all, they are legal if they're not banned. And I don't think any central bank in the world supports (meaning uses) crypto transactions, nor do they generally have the mandate to regulate cryptos (they usually can issue recommendations).

The government do not ban crypto and have law that legalize it, it means it is legal. All crypto transactions are legal.

Central bank ban crypto but the government do not have any law about it, it means it is not illegal. People will move to p2p.

If the government have laws and the law illegalize crypto, it is illegal but decentralized p2p can be the only option as centralized exchanges can be banned from the country, or the centralized exchanges restrict users from the restricted countries

Quote from: pawel7777 on January 23, 2023, 06:15:12 PM

How was your experience on Binance specifically? Were you buying or selling? How long did it take for the transaction to get fully completed and was it easy to use?

It is not hard to use. Transaction can be very fast like taking just 2 to 5 minutes, transaction can also take more minutes if the buyer or seller do not respond in time.

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Quote from: Oshosondy on January 23, 2023, 05:38:08 PM

...
P2p is still available in countries that completely legalize cryptocurrencies, but if the central bank in your country do not support crypto transactions, you can move to p2p.

Not sure what you mean. Cryptos do not have to be "legalized" at all, they are legal if they're not banned. And I don't think any central bank in the world supports (meaning uses) crypto transactions, nor do they generally have the mandate to regulate cryptos (they usually can issue recommendations).

Quote from: Oshosondy on January 23, 2023, 05:38:08 PM

...
I have used it, also on some other exchanges, it is good to use if you do not bother about privacy, but bad for privacy people because KYC is needed.

How was your experience on Binance specifically? Were you buying or selling? How long did it take for the transaction to get fully completed and was it easy to use?

Topic: Binance P2P - any experience/opinions? - page 2. (Read 382 times)