In order to understand the Binance P2P works, then, we’ll take your attention to P2P transactions, executions, and also let you know that, where you can get from trading on Binance P2P.
What do you understand by peer – to peer Trading?
There are numerous ways to trade cryptocurrencies where the most general practice is to utilized centralized exchanges. The various exchanges such as Binance.com purchase or sell crypto at specific price points rather than other cryptocurrencies or either a local currency backed on the platform. Otherwise, you can also carry with your fellow crypto-holder and exchange your assets without requiring to track orders and charts.
The second scenario is called P2P trading. During the initial days of crypto, there were fewer options to purchase and sell crypto. This pushed the people’s interest in selling and buying crypto to interact with another individual in person or via online communities to trade their virtual assets in interchange for other assets, such as cash goods, vouchers, or other cryptos. Time passes and so do the cryptocurrency exchanges too enhanced, there are few traders who still use P2P in spite of the risks indulged with in-person deals, like thefts, the threat of violence, or scams.
To make P2P trading the safest, there are many online platforms that are built in a secure way to make P2P transactions easy. Binance P2P is among one of these solutions.
What is Binance P2P?
Binance P2P is known as the platform that we construct in the year 2018 to allow P2P Bitcoin exchange transactions by utilizing local currencies. Later after 3 years, the platforms are capable of selling and buying for 6 cryptocurrencies – BNB, BTC, BUSD, ETH, DAL, and USDT – utilizing 55 local currencies through 150+ modes of payment across the globe.
Last year Binance P2P processed 3.8 million orders totalling $7 billion in transactions. However, its regular volumes climbed over $ 54 million. Comparatively to 2019 P2P users on Binance emerged sevenfold, where they have enough options of over 2,000 P2P merchants serving their requirement globally.
Apart from upgrading its choice of payment modes, local currencies, and global merchants, recently Binance P2P introduced a few characteristics like :
- Cash in person Transactions – This directly enables users to purchase and sell cryptocurrencies via their chosen ads and later receive or give cash for those transactions offline in person.
- Ad Posts – In the case of P2P users can post business campaigns to sell and buy crypto assets utilizing edict currencies with zero advertisement fees. Firstly provided on the Binance App in May 2020, this characteristic was expanded to the Binance.com website in September 2020. Whereas, campaigns can also share their deals on digital platforms, and hence, on the Internet starting December 2020.
- Comment Feature – This new feature has been introduced in January 2021. Here, it allows users to point out their trading experience and revert feedback to their trade partners once they accomplish a P2P order.
What are the Advantages of Binance P2P?
There are several P2P solutions proffered in the crypto market, the Binance P2P Bitcoin exchange provides numerous competitive characteristics and advantages :
Several payments Modes –
On Binance P2P, there are over 150 payment procedures available. There you can select your choice for sending or receiving money for your trades.
High Liquidity –
As the official P2P platform of the world’s highest exchange by trading volume, Binance P2P was capable to save large volumes fr sell and buy transactions. This platform has been exercised already over $7 billion worth of transactions, which represents a high level of volatility.
High Completion Rates –
Merchants are set for high standards. They have to instantly accomplish the transactions with a high satisfaction rate to keep their access to the platform.
Global and Niche Promotions –
The Binance P2P group continuously introduces promotions and incentives for both the customers, either new or existing. Here you can enhance P2P earning or win free crypto. Merging that with Zero fees, there’s a huge opportunity that Binance P2P offers you with the best P2P deals anywhere.
Growth Prospects –
Being a global platform, Binance is always on the search for offering to upgrade Binace P2P and make it available for the many areas across the globe possibly. This will enhance the trading volume and include more trading chances for P2P traders.
Zero Fees –
One of the best and biggest advantages of Bitcoin P2P is it takes zero fees. Although many P2P platforms get a cut out of your transactions, so there you don’t require to get worried when it comes to Binance P2P. You will get what you pay for, under Zero fees.
Escrow Service –
There are various safeguards on the platforms where Binance P2P has a carrying mechanism for crypto funds that are included in any left transaction. This mechanism protects incidents of scam or theft by involving other layers of trust, therefore protecting hostile actors from swiping your assets or crypto without accomplishing their part of the business.
Integration with the Binance Ecosystem –
When it comes to the advantages, Binance P2P’s expands to the beyond. As per the vast characteristic of the Binance ecosystem of services, You will get straight access to Binance’s products and services as quickly as you buy crypto through P2P. There have been other P2P platforms that work individually from major exchanges and crypto services.
Fast Transaction –
The merchants of P2P can set their transaction timers as the maximum faster of 15 minutes. It means that you can accomplish a secure and fast P2P trade with opted merchants in under 15 minutes or even less.
Community and Customer Support –
Binance has one of the massive and most validating crypto communities across the world. It does also have customers global support network that manages customers’ appeal in various languages. Hence, the level of collective effort bodies well for the stage of service you can get from Binance P2P.
How to begin using Binance P2P?
Prior to making your first transactions on Binance P2P, You should register on Binance and fulfil your Identity Verification procedure. Also, P2P merchants go through a screening procedure where we also cross-check their identity and business. By checking all Binance P2P users, a layer of security for your transactions.
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Also Read: How to Launch a Blockchain Career: 4 Skills You Need
