P2P trading on Binance is like dating online—most people are fine, but one wrong swipe and you're ghosted with your money in limbo.
Don’t worry, we’ve all been there. Let’s break down the rookie mistakes so your first trade doesn’t end in heartbreak (or a frozen bank transfer).
Step 1: Pick the Coin You Want to Buy or Sell
Once you're logged into your Binance account and have passed KYC (identity verification), head to the P2P section. You'll usually find it under “Trade” → “P2P”.
Here’s what you’ll see: a list of offers from real users buying and selling crypto like USDT, BTC, ETH, BNB, etc.
Choose the coin you’re interested in.
If you're just getting started, most people use USDT because it's stable (pegged to the dollar) and widely accepted.
Step 2: Filter by Payment Method
You can’t buy crypto if you and the seller can't connect through a financial service. So next:
Tap "Filter".
Choose your local currency (e.g., USD, EUR, COP).
Pick a payment method that works for you—like bank transfer, PayPal, mobile wallet, or even money transfer services. This helps you see only the sellers who accept your preferred payment method, so you're not scrolling through offers you can’t actually use.
Step 3: Choosing the Right Seller (and Avoiding the Wrong One)
Not all offers are created equal. Here’s how to spot the good ones:
Completion rate: Go for users with a 90%+ completion rate. That means they don’t ghost people mid-trade.
Number of trades: A seller with hundreds (or thousands) of trades under their belt is probably reliable. A seller with 1 trade? Maybe don’t start there.
Verified badge: Look for the yellow badge—these users have completed extra verification.
Price: Lower prices are tempting, but don’t chase the cheapest offer. It's not worth saving a few cents if you risk a headache.
Limits: Check the minimum and maximum amount the seller is willing to trade. Make sure your amount fits within that window.
Step 4: Make the Trade (and Don’t Skip This Bit)
Once you’ve found someone who looks solid:
Tap Buy (or Sell).
Enter how much you want.
Double-check the payment window—some sellers want payment within 15 minutes.
Hit Confirm and follow the instructions.
Important: Binance holds the crypto in escrow while the trade is happening. That means it’s locked up safely, so the seller can’t disappear once you’ve sent the money. The crypto only gets released when both sides confirm everything's done.
Step 5: Pay (or Get Paid), Then Confirm
If you're buying:
Send the money using the payment method listed.
Once you’ve sent it, tap “Transferred, notify seller”.
Wait for the seller to confirm and release the crypto.
Never hit that button before you’ve actually made the payment—seriously.
If you’re selling:
Wait for the buyer to pay.
Check your bank or wallet app, not just Binance.
Once you see the money, release the crypto.
Step 6: What to Do if Something Feels Off
If the buyer claims they paid but you don’t see it?
If the seller suddenly disappears mid-trade?
If you get a message asking you to switch to Telegram?
Don’t panic—hit “Appeal”. Binance will pause the trade, check the facts, and make sure no one gets screwed over.
General Safety Tips (a.k.a. How to Avoid Regret)
Binance escrow = your safety net. No one gets your crypto until you say so—and they’ve paid. Don’t confirm payment unless you actually got the money.
Screenshots lie. Apps glitch. Double-check your own bank.
Never go off-platform. If someone says “Message me on WhatsApp,” just don’t. That’s scammer behaviour.
Watch for mismatched names or third-party payments. Payment should come from the same person you're trading with.
Don’t feel rushed. Scammers love pressure. Take your time to verify everything.
If in doubt, Appeal fast—don’t wait.
Got questions, horror stories, or tips of your own? Drop them in the comments—I read them all. And if this helped you dodge a scam or two, hit follow for more no-nonsense crypto guides.