What is #P2P ?
In Binance, P2P stands for Peer-to-Peer trading. It is a service that allows users to buy and sell cryptocurrencies directly with each other, using their local currency and preferred payment methods, without involving an intermediary or exchange directly handling the fiat transaction.
Key Features of Binance P2P:
1. Direct User-to-User Transactions
You buy or sell crypto directly from/to another Binance user.
2. Multiple Payment Methods
You can choose from many local payment methods like bank transfer, PayPal, Revolut, mobile wallets, etc., depending on your country.
3. Zero Fees
Binance does not charge trading fees for P2P transactions, though your payment provider might.
4. Escrow Service for Safety
Binance acts as a secure escrow:
When a seller posts a trade, Binance locks the crypto until the buyer confirms the payment.
This protects both parties and ensures that funds are only released when both sides fulfill their part.
5. Variety of Supported Coins
You can trade major coins like USDT, BTC, ETH, BNB, BUSD, and others.
6. Local Currencies
Supports many fiat currencies (e.g., USD, EUR, NGN, INR, etc.)
Example Flow (Buying USDT):
1. You browse available offers and select a seller.
2. You initiate the trade and send payment using the seller's preferred method.
3. Once you mark the payment as completed, the crypto is released to your wallet after the seller confirms receipt.
Common Use Cases:
Getting crypto into Binance using local currency (on-ramp).
Withdrawing crypto from Binance into fiat (off-ramp).
Arbitrage trading.
