What is Binance Peer-to-Peer (P2P) trading?
When Binance P2P trading opened its service for the Chinese market last October, many people used OTC (over-the-counter) trading to describe the service. But in fact, peer-to-peer (P2P) trading is a more accurate term as trades are taking place between users and other users or merchants.
In a P2P trade, the user can set up a trade with a preferred price, amount, and payment method to directly deal with the counterparty, exchanging the fiat asset offline and confirming the transaction online. The crypto asset remains in the Binance.com escrow wallet until the seller confirms the receipt of money.
Why trade with Binance P2P?
As a P2P trading platform, Binance provides an ad service for buyers and sellers to broadcast their offers. Meanwhile, our crypto escrow service ensures the safety and timely delivery of digital assets during the trade. Within five months since its launch, Binance P2P has processed over $300 million in trades and integrated three currencies (Chinese yuan, Vietnamese dong and Russian ruble) for users to trade multiple cryptocurrencies.
At Binance P2P, we strive to provide easy access to crypto and smooth fiat-to-crypto trading experience while assuring secure transactions. Users can enjoy ZERO transaction fees from P2P trading and further fee discounts with their fiat trading based on their VIP level.
To provide better liquidity and competitive prices for users, we have launched a Global P2P Merchants Program to enroll individuals and teams with fiat and crypto access as merchants. To date, we have over 100 verified merchants from three countries facilitating trades on the Binance P2P platform. TT Exchange, one of our Russian merchants, told us that the trust in Binance is the reason why they joined the Binance P2P platform. “We always use Binance for spot trading and we know very well it’s one of the best exchanges in the market, so naturally we joined as a merchant. When we told P2P traders about it, they were incredibly happy that Binance launched its P2P trading services,” TT Exchange said.
Given the high volatility of crypto assets, P2P trading can be a decent business opportunity for traders, especially in emerging markets. A top P2P trader on the Binance P2P platform can easily earn $3,000-$4,000 a day. “The number of orders (on Binance P2P platform) are significantly higher than other exchanges,” a merchant who trades at Vietnamese markets said. “Binance attracts massive retail users and has a great reputation in Vietnam. I am expecting further growth in Binance P2P trading volumes.”
How do I join the Binance P2P platform?
We are looking for merchants globally as we plan to introduce P2P trading to more markets.
Apart from zero transaction fees and VIP discounts, merchants at Binance P2P can enjoy multiple benefits including zero fees for posting offers, security deposit requirements, and exclusive customer support.
Do you have a constant source of fiat and crypto that you can trade within your local communities? Do you have the passion to be a local player in helping us spread the freedom of money? If your answer to both questions is yes, we want you. Apply now, and we’ll process your application within 48 hours.
