What is Binance P2P?
Binance P2P is a peer-to-peer trading platform. It allows users of Binance to make transactions with each other using fiat.
It is also possible to understand this kind of C2C transaction (Consumer to consumer). In C2C transactions one user will buy and sell directly with other users.
Binance’s role in the P2P platform
Binance exchange will provide users with the platform. At wire, users can make purchases with their fiat.
In addition, Binance will be the place to ensure your transactions take place in the smoothest possible way. Thanks to online property custodian services your property will be secured.
How will P2P transactions on Binance be done?
Buyer in VND
When a buy order is created, the coin from the seller will be held by the exchange. You will directly transfer VND to the seller.
The seller has received the money. Then, they will confirm the coin is unlocked and you will receive the coin.
When a sell order is created, the coin you sell will be held by the exchange. You wait to receive VND transferred to your account and then unlock the coin is finished.
It is possible to trade Peer-to-Peer on any device
Currently, you can only trade Biannce App Android and latest IOS version. Transaction on Website will be launched soon.
The web interface was launched on February 28, 2020.
Who can trade on the P2P platform?
First you must have a Binance account. If anyone has not registered, please register under the following link: https://CHK.com/go/binance.
If you already have an account, you must satisfy the following requirements:
- SMS verified account
- The account has performed KYC successfully
- Account signed agreement
Instructions for registering KYC and verifying SMS, please see the link below. Signing the BTA agreement will guide the following.
Watch now: How to register and verify SMS and KYC on Binance
Instructions for using Binance P2P on mobile applications
How to sign the agreement
To be able to make purchases, you are required to sign an agreement with the terms of Binance.
Step 1: Open the Binance app. At the Home page you choose Buy and sell with one click ..
Or you can also choose Transactions -> 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 agreement.. So that’s it then.
How to buy cryptocurrencies using the P2P method
Steps to Buy P2P on Binance
- Step 1: Add a 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“.
Detailed implementation steps
– Everyone’s in Account then choose Install fiat.
– Press the button Payment methods.
– Everyone choose a bank payment method. Because at present, VND only supports banks.
– Enter your bank information such as:
- Bank card number (bank account number)
- Bank name
- Bank branch information
Once you have finished filling it out, press the button Confirm.
– Enter the 2FA code is done.
After adding the payment method successfully, you will be as shown below.
– Everyone’s in Deal and choose Fiat Please
– At the tab “Buy” you choose the coin you want to buy. Next, select the ad with your desired price and press the button Buy .
– There will be 2 cards “Buy fiat“And”Buy crypto“. With fiat card, you enter the amount of VND you want to buy. A crypto token is that you enter the amount of coin you want to buy.
Depends on which style you want to buy. You enter the quantity then press the button Buy USDT.
– Within 15 minutes you make a payment according to the information provided. Next, you click the button Mark as paid.
- You can cancel the order by pressing the button Cancel order
- You can chat with the seller by clicking the message icon with the text Contact below
- You can call the seller if needed
How to sell cryptocurrencies using the P2P method
Steps for selling P2P on Binance
- Step 1: Transfer money from Floor wallet to Fiat wallet
- Step 2: Select coin and enter the amount you want to sell.
- Step 3: Wait for money to go to the bank and confirm the transaction
Detailed implementation of steps
– Everyone goes to the “Funds“And select the button Moved on to switch from Floor wallet to Fiat wallet.
– At the section Moved on, you choose From Floor wallet – Big Fiat Wallet. Next, select the Coin you want to transfer to your Fiat wallet for sale and enter the amount. Finally, you press the button Confirm is done.
Note: There are some of you who have not entered a Chinese phone number, you can delete and then download the app again.
– Enter the 2FA code
– Press the button Go to deals. You can also choose Transactions -> Fiat to conduct P2P transactions on Binance.
– Choose card “Sell” and choose the coin you want to sell. You select the appropriate purchase ads and then select the sell button.
In the example I choose 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 coin you want to sell.
Note: Only unlock when you have received the money. Also read some tips below for better trading.
How to create ads on Binance P2P
People click on the “+” above to create ads for purchases on Binance P2P
Choose the ad type to buy or sell. If you want to sell USDT to VND, 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 * currency * floating price adjustment). If you choose a floating price, the price you buy or sell will fluctuate with the market price.
If you choose a fixed price, the price you will not change. For example, if you want to buy USDT at the price of 1 USDT = 22,000 VND but you do not want to buy at any other price, you choose the fixed price of 22,000.
Once done, you press the button Next to go to the next step
Enter the amount, payment method and time you want to trade. For example, if you want to buy 1 BTC, you enter the total number of transactions is 1 BTC.
You choose to pay as a bank when transacting in VND. Time limit to pay (the time the buyer pays you) you can choose from 15 minutes to 6 hours.
Done, you press the button Next Please.
You can add sections Comment to warn users before trading. The auto-reply is a message that will be sent to the buyer or seller when the order has been created.
You can set the conditions that the partner can trade with you. How many days does the account register and how many BTC owns. Ineligible buyers or sellers will not be able to trade with you.
Part Online now is an advertisement you can buy and sell right away. And you choose Offline, do it manually later then you must re-enable Online to trade.
The rest is you press the button To post.
This step you just need to confirm 2FA is done. Once confirmed, you get the advertisement as shown below. You can Edit the ad such as: price, payment method, …
When you don’t want to buy or sell anymore, you can click the Online button to change it to Offline. You can close your ad if you want. After closing, the ad will lose if you want to buy or sell coins on Binance P2P, you must create another ad.
Instructions for use on the Website
If you are already using Binance P2P on the mobile app there are a few steps you can skip.
Give a nickname and add a payment method
First, people access the P2P exchange interface on the Binance website. How to access as shown below or you can access the link: https://p2p.binance.com/vn/trade/buy/USDT
Click on any order to buy or sell. If you have not verified SMS, pull it up to see if you mentioned in the section Who can trade on the P2P platform ?.
Next, you click the button Enable to nickname. Finally, you press the button Meet all the requirements, transact immediately.
Add a payment method
Everyone’s in Account choose Pay. Everyone select the P2P tab and press the button “Add a payment method” to G
Enter your payment method information then press the button Confirm.
Return 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 do the coin you want to buy and press the blue Buy button. For example, buy USDT then click on crack Buy USDT
Next you enter the quantity you want to buy at “I want to buy”. Payment method you select Bank card next to the button Buy now.
Finally you press the button Buy USDT
Make a money transfer to the information provided. After the transfer is finished you press the button Money transferred, continued.
If you are unable to make a transfer, you can Cancel the order by clicking the button Cancel order.
Alternatively, you can chat with the seller at the root right screen.
After buying, you can go to P2P Wallet and choose to switch to Spot Wallet to be able to perform transactions on Binance. How to move, you continue to watch the sale
To sell, you must have coins in your P2P wallet. You can switch from Spot Wallet to or get coins purchased on Binance P2P for sale.
People go to P2P Wallet select Transfer and then select the mosquito button between From and To. Here, I will sell coins, so I will switch from Spot Wallet to P2P Wallet.
If you buy and want to transfer coins to trade, choose another person.
Finally press the button Transfer confirmation.
Now you can make a sale by pressing 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 that the account has received the money and unlock the coin is finished. If there’s a problem with the transaction, you can make a complaint.
Tips for trading on Binance P2P
Here are some tips for you to trade to avoid scams.
- When making a transfer, do not write in the notes on the names of the coins. Examples include Bitcoin, BTC, Tether, USDT, Ethereum, ETH, Binance Coin, BNB. If you credit it there is a possibility that your account will be blocked or frozen.
- Your money will be sent directly to the seller. Coin will be kept by the exchange so don’t be afraid to lose it.
- Do not cancel the transaction more than 3 times a day. If you do, you will be banned from trading for the entire day.
- When selling you should login to your Bank Account to check. Because there are some fake messages. So, in case you see the message, confirm unlocking.
- You can make a Complaint if you have not received the money and the buyer has confirmed the payment for you.
- You only agree to unlock it when it is confirmed that the money has been deposited into the account so that the competition is lost.
Hopefully, through this article, everyone knows what Binance P2P is and how to trade on P2P.
If you have any questions, please comment below. CHK.com will answer your questions as quickly as possible.
Wished everyone success!
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