How to trade P2P on Binance

Currently, the trading market of electronic money are the areas receiving large attention of the investment community from the small traders to the "bosses" in the investment community. In today's article, TinoHost will guide you through P2P trading methods on Binance.

Introduction to P2P Trading on Binance
What is Binance P2P?
Binance P2P is a peer-to-peer (also known as peer-to-peer or P2P ) virtual currency and cryptocurrency trading method of the Binance exchange - one of the largest exchanges in the world , allowing users to trade. directly with users or merchants. Once the delivery is successfully confirmed by both parties, the digital asset will be transferred to the buyer.

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Binance is just an intermediary, providing a platform, ensuring that the transaction process takes place safely and in a timely manner.

The P2P trading platform was first launched by Binance in the Chinese market in October 2019, then expanded to different countries.

By early January 2020, Binance P2P is officially available in Vietnam to help investors easily buy and sell coins directly with VND.

Advantages of making P2P transactions on Binance
Here are some advantages that when you do P2P trading on Binance
A prestigious, long-standing, leading platform in the world
High security with security features like 2FA , SMS verification, anti-phishing password
Users do not pay transaction fees
Vietnamese programming available on both web and mobile app
Support to buy and sell coins in VND
Low bid/ask spread
Support multiple payment methods
Simple interface, easy to use
Fast transaction completion speed
Support trading app on mobile platform
Instructions on how to trade P2P on Binance
The following are the steps to conduct virtual currency trading on Binance through P2P.

Step 1: Register an account on Binance exchange

You access the website of the Binance exchange using this link . Then you get to select the “Sign Up” button on the right side, at the top of the screen.

Note: If you already have an account then you can log in directly to your account and skip this step.

Step 2: Next, enter your email and password in the information field that appears in the middle of the screen -> click on the "rectangular symbol" before the words "I have read and agree to the terms of service" . Finally, you click "create account"

Step 3: Verify your identity

You go to the "Security" section on the left toolbar of the screen -> proceed to level 2 identity verification -> you turn on the "SMS authentication" mode and you add the payment method you want.

Step 4: After creating an account successfully, next you log in to your account. You select "transactions" on the toolbar -> select "P2P accounts" on the navigation bar.

Step 5: You click “Buy” and select the virtual currency you want to invest (in this example, Bitcoin) that appears on the screen.

You can filter many different prices on the Binance exchange to choose the price that is favorable to you, select the advertising item. Finally, you click on the box "Buy BTC"

Step 6: You need to enter the amount (in fiat) or the amount of virtual currency you want to buy -> click the "Buy BTC" button .

Step 7: You check again the payment method as well as the transaction amount.

After you complete the transaction procedures, you need to wait for the seller to confirm (the maximum confirmation time is 15 minutes). Then, you click on the button "Transferred, next" -> click "confirm"

Note: please send the completed transaction image to the seller for the chat window to speed up the transaction.

If you have already transferred the payment to the seller, you must not click “Cancel” unless the seller has refunded the money back to your account.
If you have not paid, please do not press “Confirm” to confirm payment. This is not in accordance with the regulations of trading activities. If there is a problem during the transaction, you can contact the seller through the chat box.
Step 8: Once the merchant has unlocked the cryptocurrency, the transaction is complete. You go to “Go to Exchange Wallet ” to transfer crypto to your Spot Wallet.

You can also tap “Check my account ” right above to see how much digital asset you just bought.

Note: If you paid but didn't receive the crypto within 15 minutes after tapping “ Paid, next ”, you can tap “ Complaint ” and fill in the description needing assistance, support Binance customer support will assist you with order processing.

In short, the form of P2P trading on Binance is being interested by virtual currency investors because of its outstanding features. In this article, TinoHost showed how to trade P2P on Binance in detail. Hopefully, through this article you can trade easily on this strategy.

WARNING: This is an information sharing article, not a call to invest, you must be responsible for your own decisions. Investing in financial products always involves a lot of risks, so you need to consider carefully before making a final decision. Wish you wise and sober to make the right investment decisions!

FAQs on how to trade P2P on Binance
Which coins are supported for P2P trading on Binance?
Currently, Binance P2P only supports a total of 6 major virtual currencies including USDT, BTC, BUSD, BNB, ETH AND EOS. But in the future, they will definitely add other coins that the community is interested in. So please wait a little longer.

In Vietnam, which banks do P2P transactions on Binance support?
Currently, you can use any bank that can do P2P transactions on Binance. However, you should remember that the transaction time on this platform is only 15 minutes for you to complete the payment for the seller, so your bank account is required to register for the bank's internet banking or mobile banking service. that item.

Some of the most used banks by users on Binance P2P such as: Vietcombank, ACB, Techcombank, TPBank, BIDV, VietinBank, etc.

What is the P2P transaction fee on Binance?
Currently, P2P transactions on Binance exchange are completely free, for Vietnamese users. Whether you buy or sell BTC, ETH, USDT or any other coin, there are no fees. Of course, in the future Binance P2P will charge a fee, this TinoHost will update when there is an official announcement.

Is it possible to buy and sell coins on Binance P2P over the phone?
Yes of course"! Currently, Binance P2P is available not only on the online web platform but also on mobile phones, including Android and iOS operating systems.