Binance P2P is one of the peer-to-peer trading platforms created by Binance itself with the desire to bring users the best experience. Binance’s way of operating is similar to current virtual currency exchanges such as Remitano or Paxful, but due to Binance’s support, Binance’s P2P exchange features have been greatly improved. To know more about the information related to this platform, you can check out the detailed article below.
Learn more about Binance P2P
One of the platforms mentioned by traders in the Binance exchange review is Binance P2P. This is a peer-to-peer trading platform created by this virtual currency exchange. That is, all transactions will be made directly between the seller and the buyer, Binance P2P is only in the middle, providing the platform, ensuring security and timely transfer of assets during the transaction execution process. This model is roughly understood as the Remitano engine, except that Remitano supports VND wallets, and Binance does not.
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Binance exchange officially launched the P2P platform for the first time in China in October 2022, then expanded to many countries around the world, in January 2022, Binance P2P officially supports the Vietnamese market to help investors buy and sell coins directly with VND. The most significant advantage when you use Binance P2P is that you can buy BTC, Tether (USDT) or Ethereum (ETH) on Binance and then transfer it directly to a spot wallet to trade without having to spend time buying coins. . The base currency is on Vietnamese exchanges and then transferred to Binance.com for trading.
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Which banks does Binance P2P support in Brazil?
With Binance P2P, you can use any bank in Brazil to deposit and withdraw on Binance exchange when trading. What you need to note is that buy and sell transactions on Binance P2P only take about 15 minutes to complete the payment to the seller, so your bank account is required to register with that bank's internet banking or mobile banking service. , to be able to make transactions online through the web or mobile application (app). Some popular banks are often used by many people on Binance P2P such as: Vietcombank, ACB, Techcombank, TPBank, BIDV, VietinBank, etc.
Review of Binance P2P Pros and Cons
Benefits
- As a reputable trading platform because it has Binance exchange “back”, the level is also highly appreciated.
- No transaction fees
- Vietnamese support on web platforms and mobile apps
- Support to buy and sell coins in VND through all banks in Brazil
- The spread is good, the bid and ask prices have a low spread, with BTC just over 1 million VND, this spread is better than all exchanges in Brazil.
- Transaction speed is quite fast, transaction is completed quickly or slowly depending on buyer transferring money and seller confirming, not entirely dependent on Binance P2P exchange. However, the average time for each transaction to occur successfully is 10 minutes.
- Having a trading app on your phone allows you to trade anytime, anywhere.
- It supports many payment methods in addition to bank transfer like PayPal or Payeer. Here's the fastest way to top up Binance to join the experience right away.
- 24/7 Support Team: Binance has a Vietnamese support team, so you can contact us for help anytime if something goes wrong during your transaction.
Defect
- No VND Wallet: This can be considered a disadvantage, but it does not affect the transaction process much. Because, in fact, while the VND wallet is convenient, it also contains unexpected risks. While it can save time moving between wallets, it's easy to get into trouble if the bank account the exchange registered to create the wallet has money laundering-related issues.
- Supports some coins: As mentioned, Binance P2P currently only has 6 large coins, if you want to buy smaller coins, you will have to buy BTC, USDT, ETH or BNB and then transfer to spot wallet to buy, it cannot be purchased immediately in VND However, exchange Binance is likely to overcome this downside in the future.
- Binance P2P has not received the attention of many investors because it is relatively new and Binance's promotion for this platform is quite limited.
Instructions for trading on Binance P2P
Before joining Binance P2P exchange, you must create a Nickname and Add a payment method. First, everyone accesses Binance exchange account, then select Buy Crypto and click P2P Transaction.
set a nickname
Click on any buy or sell order. If you have not verified the SMS, click activate to proceed with the verification. Then you click the Activate button to set a nickname. Finally, you press the Meet all requirements button, trade now.
Add a payment method
Go to Accounts and choose Payment. People select the P2P tab and press the “Add payment method” button. Enter your payment method information and press the Confirm button.
After the above two steps, you will officially make your buy and sell transactions.
Step 1: Select “Transactions” and click “P2P Accounts” in the navigation bar.
step 2: Click “Buy” and select the currency you want to buy (eg BTC). Filter fees and payment methods, choose an ad that you consider relevant and press “Buy BTC”.
step 3: Enter the amount (in fiat currency) or amount (in Cryptocurrency) you want to buy and press “Buy BTC”.
step 4: Please check the payment method and amount on the Order Details page before trading.
Complete the transfer of the fiat currency transaction within the specified payment term. Then tap “Downloaded, Next” and “Confirm”. You can send a photo of proof of payment via chat to the seller to expedite the process.
Note: You need to transfer funds directly to the trader via bank transfer, Alipay, Wechat or a third-party payment platform based on the payment information provided by the trader. During the process of transferring the payment to the seller, you should not press “Cancel” unless the seller has returned the money back to your account. If you have not paid, please do not press “Confirm”. This is not allowed by the rules of trading operations. If you experience problems during the transaction, you can directly contact the seller using the chat window.
Step 5: Once the trader unlocks the cryptocurrency, the transaction is considered complete. You can click “Go to Exchange Wallet” to transfer purchased coins to your Spot Wallet. You can also tap “Verify My Account” above to see how much digital asset you just purchased.
Note: It is recommended that you contact the seller directly to shorten the process of unlocking the property. If you paid but did not receive the cryptocurrency within 15 minutes after tapping “Paid, next”, you can tap “Claimhi” and fill in a description of the need for assistance, Customer Support will assist you in processing the order.
Conclusion
Binance P2P is one of the experiences worth trying if you are looking for a peer-to-peer virtual currency exchange. Binance P2P provides all necessary features and will be a reputable intermediary to secure transactions between sellers and buyers. I hope the above article will give you more knowledge in the process of participating in this virtual currency exchange, I wish you the most pleasant experience.