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Binance P2P Advance Trading Strategy

Binance is an online centralised exchange that offers users a range of financial products and services, including purchasing and trading a wide range of digital currencies.

Binance’s peer-to-peer platform allows you to buy Bitcoins and other cryptocurrencies with your local currencies. On Binance P2P, you have the freedom to choose your preferred counterparties and payment methods for your trades, with the crypto assets escrowed by Binance.

How to sell coins on binance P2P

  1. Select “Transfer” from the options.
  2. Make sure (1) you’re transferring from “Spot” to “P2P Wallet”
  3. Go to the home page, click “P2P Trading”
  4. After the buyer completes the payment and marks the order as paid, the “Confirm transfer” button will become active.

READ: Difference between binance spot & futures trading

How safe is binance P2P

Binance P2P is safe and can protect both buyers and sellers to safeguard transactions and reduce the risk of fraud. In addition to a public rating system, Binance P2P uses escrow to secure the cryptocurrencies until both parties have confirmed the transaction.

Common things to watch out for on binance P2P trading

  • Identity: This part you are to check the Ratings of your counterparty, how many successful trades and comments before carrying on the transaction.
  • Reverseable payments: An easy way to protect yourself against reversible payment is to ask the buyer to send you a photo of the transfer record as proof of his or her purchase and make sure you receive the cash fully on your wallet before releasing the coins. The user cannot claim that he or she did not make the payment for you to release.

Do binance protect your assets on P2P

Yes, binance do secure your funds on P2P.. here some reasons below;

  • Identity verification: Before you can start trading on Binance P2P, you need to complete identity verification, also known as KYC (Know Your Customer). KYC assures that users trade with their authentic identities, and Binance reserves the right to investigate.
  • Escrow service: In all P2P trades, Binance provides crypto escrow service to secure users’ crypto assets. When an ad is posted the amount of crypto for the ad is automatically reserved from the seller’s fiat wallet. This means that if the seller runs away with your money and does not release your crypto, or forget to release your crypto on time, our customer support can release the crypto from the reserved funds in the seller’s wallet to your wallet.
  • Customer support: When you have an issue during a P2P trade and cannot reach an agreement with your counterparty, you can ask our customer support team for help by using the appeal button.

READ: 6 things to look out for when investing in Cryptocurrency

Advantages of binance P2P

  1. Zero trading fees
  2. Multiple payment methods and fiat currencies
  3. Global marketplace
  4. Escrow safety

Disadvantages of binance P2P

  1. Social engineering attacks
  2. Hacks
  3. Money laundering
  4. Threats and criminal activities

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