How does P2P Works

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Binance is the world’s largest online crypto exchange platform that allows users from different countries worldwide to trade with various cryptocurrencies.

A cryptocurrency is a currency designed and developed on the internet to work as a medium of exchange. It is another form of payment. 90% of people in the world are using cryptocurrency for payment of services and products. It is a fast network that does not depend on government banks and other government sectors.

How does P2P works

 P2P is a leading peer-to-peer (P2P) trading exchange that lets you buy and sell crypto using your preferred payment methods.

that its;

  • Place an Order
  • Once you place a P2P order, the crypto asset will be escrowed by Binance P2P.
  • Pay the Seller

Send money to the seller via the suggested payment methods. Complete the fiat transaction and click “Transferred, notify seller” on Binance P2P.

  • Get your Crypto

Once the seller confirms receipt of the money, the escrowed crypto will be released to you.

Binance P2P is the largest peer-to-peer exchange with more than 700+ payment methods and 100+ fiat currencies.

The benefit of P2P Exchange

Different people have been asked how they get profit from P2P exchange. Here’s how they get profit from Binance P2P exchange.

  • Binance allows its users to buy at a lower price and sell at a higher price with Zero transaction fees.
  • It gives room to users to Buy and sell crypto with over 700 payment methods, including bank transfer, cash, M-Pesa, and multiple e-wallets, and also allows sellers the freedom to define how they want to be paid.
  • Trade crypto with the freedom to buy and sell at your preferred prices. Buy or sell from the existing offers, or create trade advertisements to set your prices.

Which currency can I trade on Binance P2P?

Binance allows its users to trade any currency on the platform. Still, Binance restricts some fiat currencies from trading some currencies on the platform some hours ago.

Different Binance P2P users have asked many questions about the circulating issues on fiat currency.

About the message showing when placing an order that;

How does P2P Works

“Based on Binance Verification operation standards for your ID verification country, please select your local currencies for P2P trading.”

Users complained about it to Binance customers support, but THEY REPLY THAT USERS CAN ONLY TRADE WITH THEIR LOCAL CURRENCIES.How does P2P Works

For those, Nigeria can only trade with these fiat currencies; USD, NGN, ZAR. KES, GHS, UGX, XOF, RWF, TZS, and so on. Some fiat currencies, such as GBP and more, cannot be traded in Nigeria. 

Also, Read the following:

Frequently asked questions

When can Binance remove the restrictions?

According to Binance customers, the restrictions are permanent and cannot change because the restrictions were applied to all countries. 

Conclusion

This article explains how p2p works and the causes of restrictions on some fiat currencies in Binance.

Thanks for reading till the end. Please don’t hesitate to share it with friends if it’s helpful.

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