Binance P2P is a cryptocurrency exchange that has won the trust of millions of users. P2P, or peer-to-peer trading takes place directly between the buying and selling parties.
Our escrow service gives traders peace of mind, as the platform will not execute any transaction until both parties confirm that the terms of the deal have been met on both sides.
On the surface, the process is similar to that taking place on a regular, centralized exchange, where a user can give away a certain currency and receive another in return. But what is the key difference, and how does this work in practice?
The P2P trading mechanism is simple and reminiscent of any real-world, over-the-counter transaction — you post your offer and set the main parameters, such as the asset that you wish to buy or sell, its amount, price, and method of payment. Once the counterparty accepts your offer, the funds in the seller’s wallet are temporarily frozen.
The transaction is registered by the platform and the buyer must complete the payment within a certain period of time, in the case of Binance P2P – in under 15 minutes. Once the seller confirms the receipt of the payment, our escrow service releases the frozen funds and deposits them into the buyer’s account.
During this process, Binance P2P takes on a minimal role as the platform is not party to the transaction, which results in a significant reduction in commission fees. At the same time, however, it provides users with a high degree of protection from dishonest buyers and sellers.
Binance P2P is available in more than 250 countries, allowing users from all over the world to trade cryptocurrencies safely and quickly, with minimal fees involved. In addition, Binance P2P supports over 100 fiat currencies, 10 digital assets, and 700 payment methods to meet users’ needs.
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