One of the leading crypto exchanges in the world, Binance offers many different features for trading or investing. Now, many people on the market are interested in P2P features in particular. P2P stands for peer-to-peer trading, and it basically means that transactions are carried out between ordinary traders without involving the exchange: the platform acts only as a guarantor. In this article, we tell you which P2P options Binance has and how to use them.
Binance overview
Binance is one of the largest and most popular crypto exchanges in the world. It allows you to trade all kinds of tokens from major ones to the most obscure altcoins. It has pretty low commissions and high speed of transactions. There is no limit on deposits here: you can start trading with just $1, but there’s a complex verification procedure: you can’t access all the features Binance has unless you verify your identity by providing your ID to the exchange.
P2P features
But is Binance a P2P? Actually, yes: the exchange allows you to carry out direct trades between users in local currencies. The process is pretty simple: if you want to buy some crypto for fiat, you send your money directly to the crypto seller and receive your tokens on the exchange. If you’re selling crypto, it works the other way around: the crypto buyer sends you money, and you tell Binance to unlock tokens and send them to the other party.
Binance has a pretty advanced P2P platform with more than 700 payment options for various banks and countries, and you can trade more than 100 local currencies for crypto this way. The exchange is always there to protect you from scam: it locks your tokens until you explicitly confirm that you have received the money from the crypto buyer. However, Binance doesn’t charge high fees for its service and allows you to use your money right away.
You should be aware that you have to verify your identity before you can use P2P transfers, and there are inevitable delays in transactions since they are processed manually by real people. That means it takes at least several minutes to exchange fiat for crypto, but most transactions take less than fifteen minutes, and that’s pretty fast if you don’t need to make hundreds of trades every day. Moreover, the liquidity of this trading method seems to be pretty low, especially when you’re trading unpopular coins or currencies.
