In the world of cryptocurrencies, there is probably nothing more important than the concept of security - this is true when it comes to your crypto assets, as well as your private information, as well. One of the ways of how you can preserve security, while still being able to receive different benefits of trading crypto assets, is by using a P2P service, such as Binance P2P.
Evidently, there are a lot of differing opinions online, in regards to just how secure P2P marketplaces truly are. Many of them have merit, too - oftentimes, P2P markets offer mediocre security measures to their users, and thus, open a window for potential scams and theft attempts.
In this article, however, we’ll focus on Binance P2P trading, and discuss some of the core features that make Binance’s trading platform one of the most-secure options on the current market. On top of that, we’ll also explore some active methods of how you can use Binance P2P to protect your cryptocurrencies, as well!
Table of Contents
- 1. What is Binance P2P, Exactly?
- 1.1. The Benefits of Using Binance P2P
- 2. How to Protect Your Crypto Assets With Binance P2P?
- 2.1. The Security Features of Binance P2P
- 2.2. How Can I Improve My Binance P2P Crypto Asset Protection?
- 3. How to Use the Binance P2P Marketplace?
- 3.1. How to Register on Binance P2P?
- 3.2. How to Start Buying / Selling Crypto on Binance P2P?
- 4. Conclusions
What is Binance P2P, Exactly?
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The differences might not be immediately evident for individuals who’ve never used a cryptocurrency exchange before, but they are still major. On the Binance exchange itself, you trade cryptocurrencies with Binance - in other words, the exchange is the party that you either sell your cryptos to, buy them from, or trade one coin or token for another.
As opposed to that, Binance P2P trading involves you connecting with another person, just like you, in order to trade one asset for another. Both of you agree on the terms of the trade (they can be completely custom), and are able to perform it at your leisure, with Binance acting as the escrow service.
This is where the term “P2P” comes into play, as well. It abbreviates as “peer-to-peer”, and showcases the direct-contact nature of the processes that you might perform. In other words, in regards to Binance P2P trading, you would connect with another person through Binance, and perform direct, agreed-upon trades with them.
Evidently, there are pros and cons for using Binance P2P over the traditional exchange. It does depend on the type of trader you are, as well - while most people would likely prefer going the traditional exchange route, trading cryptos in a peer-to-peer manner can truly yield some significant benefits, as well!
While discussing the differences between the Binance exchange and the P2P side of the platform is interesting, it’s not necessarily relevant to our article. Instead, what *is* truly relevant are the core differences between Binance P2P, and some other peer-to-peer trading platforms.
The Benefits of Using Binance P2P
If you’ve spent some time in the world of crypto already, you’re probably well-aware of the fact that Binance is among the most-recognizable names in the industry. While most people associate the name with the cryptocurrency exchange, Binance does have other services that it offers to its users - an NFT marketplace, a wallet, a P2P trading hub, and many more.
In regards to the Binance P2P market, admittedly, it has a lot of competition - there are plenty of different P2P-specific trading platforms out there! Still, however, Binance appears to remain the clear leader in the space - why is that?
Truth be told, there are many reasons for why that’s the case! Some of them are, naturally, related to the security side of things - there are, however, additional perks that Binance offers to the user. Some of the most-notable ones are:
- Huge Payment Variety. Binance P2P offers its users over 300 different payment methods, and supports more than 70 fiat currencies. This is, undoubtedly, a huge factor when it comes to the convenience side of things! You will likely be able to send or receive payments in your currency, via a method that’s most suitable for you! With more than 300 different payment methods available, everyone’s bound to find one that’ll suit their preferences.
- An Established & Reliable Platform. As noted a bit earlier in the article, Binance is a name that has become synonymous with many-things-crypto. Whenever there’s a product or service that has the Binance logo attached to it, the general public tends to automatically associate it with reliability - just take a look at the aforementioned NFT marketplace! This is completely warranted, too - Binance has managed to earn such a reputation by providing users from all over the world with top-level crypto-related services, for many years now.
- No Fees. Yup, you’ve read that right - there are no fees associated with trading on the Binance P2P market! This is truly a rarity, at least as far as P2P-specific platforms are concerned - at the same time, it’s a huge benefit that should be taken into consideration!
- High Liquidity / Fast Transaction Speeds. While this does kick off of the popularity aspect of the platform, the Binance P2P market has some of the highest liquidity stats in the industry. Following that, you can expect to find what you’re looking for in a quick and efficient manner, and be able to perform your transactions without wasting much time. This is even more-so true when you consider the fact that the merchant can set their own transaction timers - you may complete a trade in under 20 minutes!
- Integration With the Rest of the Binance Ecosystem. Among the biggest benefits of Binance is the fact that, once you create an account on the exchange, and confirm your identity, you will be able to use that same account with the rest of the services offered by the company. This does, naturally, include the Binance P2P marketplace, as well!
There are multiple additional benefits of using Binance as your go-to P2P marketplace, such as the Binance P2P wallet, or the fact that you can expect exceptionally high transaction completion rates. However, with the core features mentioned above, you should now have a pretty good idea why Binance is considered to be the undisputed leader in the space.
With all of that being said, I’ve left some features out of the above-presented list intentionally - features that relate to the security side of the Binance P2P marketplace. Granted that our main goal of this article is to discuss the methods of how you can use Binance P2P to protect your crypto assets, these features require a separate chapter, in of themselves.
How to Protect Your Crypto Assets With Binance P2P?
As I’ve iterated multiple times in this article already, security should be the core feature that you look into, when it comes to anything related to crypto - P2P trading is no exception!
That being said, while exploring Binance P2P, you might come to the realization that, in addition to security measures that a P2P marketplace might employ, there are quite a few things that you yourself could do, in order to protect your assets in an effective manner.
First things first - let’s take a closer look at the security features of Binance P2P itself, and check to see why it’s often referred to as being one of the most secure P2P marketplaces in the industry.
The Security Features of Binance P2P
Binance takes the topic of user fund and personal information security very seriously. You don’t even need to do too much research to see that, either - all it takes is a single look at the security features in question!
More specifically, Binance seems to have come up with a certain security framework - a set of features that cover all of the essential security-related aspects that you might need, and thus, provide you - the user - with a safe and worry-free crypto experience.
Some of these features are P2P-specific, while others are employed across all products owned and operated by Binance. At any rate, the core security-related benefits that you can expect to receive from the company in question are:
- Managed Escrow Service. An escrow service acts as a middleman between two parties - an overseer, if you will. The Binance P2P escrow service aims to ensure that all of the trades happening between you and the other party are completely legitimate and scam-free. Specifically, once a seller lists their coins for sale, these coins are then reserved from their Binance P2P wallet. If they wouldn’t release it after the trade is made, you could contact customer service, and they would then solve this issue for you.
- Helpful and Responsive Customer Support. Customer support services are a crucial part of a reliable cryptocurrency exchange platform. Binance prides itself on offering its customers swift, effective, and understanding customer support! If you were to encounter any issues during your peer-to-peer trading experiences, you’ll always have a place to turn to, and a support agent to consult and ask for help.
- Strict KYC Verification Checks. Evidently, this is probably among the biggest benefits associated with Binance P2P, at least as far as security is concerned. All users on Binance need to pass rigorous KYC checks - they have to submit their personal information, verify their identities, and residential addresses, too. Since you’re going to be using the same account for all of the services offered by Binance - P2P trading included -, you’ll be able to rest assured that the party you are buying coins from (or selling to) is also verified, and legit.
- High Standards for Sellers. Something that’s quite unique to Binance P2P are the standards that it applies to all of its sellers. There are ample amounts of rules and Binance-exclusive regulations that a seller must follow, and these rules are constantly being updated to reflect the ever-changing nature of the crypto security landscape. All verified merchants are going to have yellow check-marks near their name, on the Binance P2P marketplace itself - this way, you’ll be able to remain sure that you’re trading with a legitimate seller.
To add to that, if you wish to become a legitimate and established crypto seller on Binance P2P, you would have to pass extra KYC measures, simply to establish complete legitimacy and reliability. Binance also applies rather strict rules when it comes to order completion rates and customer satisfaction, as well - if you’re not active and responsive, you might lose your seller privileges.
All things considered, Binance does truly possess a huge assortment of different security features that are there to help crypto enthusiasts avoid and and all potential security risks, whether it be towards their assets, personal information, or else.
Even with all of the top-level security features offered by Binance P2P, however, you should still employ caution, and follow some 'best practices', as far as your crypto coin and token security is concerned.
How Can I Improve My Binance P2P Crypto Asset Protection?
As mentioned in the previous chapter, there are quite a few different things that you could do in order to improve your asset security while using Binance P2P. As good as the security measures of the marketplace are, there are no guarantees in life - scammers and potential thieves are constantly looking for ways of how to access your funds!
Below, you’ll find a few major tips that you could follow, and thus, increase the safety of your crypto assets by doing so. They aren’t presented in any specific order, unless stated otherwise.
Only Trade With Verified Merchants (Check Feedback!)
Probably one of the most obvious tips that a beginner crypto enthusiast who’s looking at Binance P2P trading should employ! While it may seem self-evident to some, the temptation to trade with some less-known or shady traders can always overcome rational thinking.
Why would you trade with a shady merchant, in the first place? Well, think about it this way - say, you want to purchase 1 BTC. Let’s just say that the market price of that 1 BTC is $50,000. With verified sellers, the prices can range, and you could still find great deals!
However, you then notice that some random trader with zero feedback to their name is selling 1 BTC for $20,000. An obvious scam? Well, whatever the case might be, it’s best to avoid such “deals” - however, the prospect of saving a large amount of money can often cloud people’s judgement!
As mentioned earlier in the article, all verified Binance P2P sellers are going to have a yellow check-mark near their name. This indicates that they are legit, and are considered to be trustworthy. If you’re new to P2P trading, it’s best to stick to these traders.
Don’t forget to always check user feedback, though! It can often provide you with some more information - data that wouldn’t necessarily be available from only looking at numbers.
Make Sure You are Using the Real Binance P2P Marketplace
Sounds silly enough, right - what else could you be using?
Well, believe it or not, but there are websites out there that are dedicated to being copies of the Binance P2P marketplace. The only difference is that they are created by scammers, and are called “phishing sites”.
A phishing website is one that looks almost completely like the original, but will steal any and all information that you input into it. I probably don’t need to elaborate on why this is a bad thing, crypto asset security-wise.
The simplest way of how you can avoid falling for a phishing website is bookmarking the real Binance P2P website on your browser, and not accessing it via your google search or manual typing. Additionally, always check the URL of the website, to see if it matches that of the marketplace exactly.
Lastly, make sure to never press any suspicious links, or go to less-than-reputable websites. These may contain or lead you to a keylogger or said phishing website, and before you even know it, your personal information will be compromised!
Be Careful When Checking Out Ad Posts
Merchants on Binance P2P have the opportunity to market their crypto assets via advertisements. This is common practice, and isn’t anything suspicious, in of itself. To add to that, Binance has added some additional requirements when it comes to buying paid advertising on the P2P marketplace - the company notes that these requirements and new rules have weeded out 99% of unreliable and suspicious merchants.
However, the Binance P2P marketplace isn’t the only place on the internet where you might see some paid advertisements regarding P2P trading! Malicious traders and merchants might try to avoid Binance’s detection systems, and advertise their services outside of the platform, altogether.
Following that, you should always be extra careful when coming across various different ads, whether it be on the Binance P2P platform, or else. While they might definitely not be malicious (especially if they’re based on the marketplace in question), some caution can still go a long way!
Check the Latest Security Updates
One of the bigger things that Binance prides itself on is the fact that they issue frequent security updates. This can either be due to some sort of new regulations, an issue that has been brought to their attention, or simply as a means to keep their security up to date.
It’s a good idea to keep yourself informed and educated on the various security updates that Binance performs! This is true for their P2P marketplace, and also in a more-general sense, as well.
If you follow the latest security updates, you will have a pretty good understanding of what the current situation is within the industry, and will also be able to react to certain security issues yourself, too.
Use a Unique Email and Password
One of the simplest, yet most-effective methods of how you can secure your Binance P2P trading experience is by using unique login information with your account.
Specifically, it would be a good idea to create a separate email account for all of your Binance trading wants and needs, as well as use a unique, randomized password. This will minimize any surface-level security threats that your account (and, by extension, your crypto assets) might face.
This does also extend to simple, common sense, as well. While the Binance P2P marketplace is definitely a security-first type of a platform, and has some of the strongest security features out there (everything from KYC checks, all the way to merchant verifications and constant security updates), you should still practice common internet safety precautions, nonetheless!
How to Use the Binance P2P Marketplace?
By this point, you’re probably quite well-aware of all of the extensive security measures present on the Binance P2P marketplace, as well as some essential tips that you yourself can employ to increase the security of your account.
With that being said, though, let’s now take a look at the actual marketplace itself, and have a quick rundown of how you can get started with trading crypto assets on Binance P2P.
How to Register on Binance P2P?
Before you can do any sort of trading, you will need to register on the platform. Since your account is shared in the entire Binance ecosystem, if you already have an exchange profile set up (with all of the KYC verifications passed, that is), you can simply log into the website - for the sake of this guide, though, let’s assume that you don’t.
Step 1: Go to the Binance P2P official website - you can find it here.
Step 2: At the top-right corner of the page, you’ll see the yellow “Register” button. Press it.
Step 3: You’ll be prompted to confirm your country of residence, enter your email address, and create a password.
Step 4: Next, you will need to immediately confirm your email address. Go to your inbox - there, you should find an email from Binance, waiting for you. Simply press the confirmation button, and you’ll be redirected back to Binance.
Step 5: Now, you need to confirm your identity, and pass the required KYC verification checks. This process involves confirming your ID, submitting a photo, and, if you wish to complete the verification in full, verifying your residential address.
Registering on Binance is a hassle-free process. Unlike many other exchange platforms, however, Binance requires its users to complete KYC verification straight off the bat, if they wish to participate in any and all services that the exchange has to offer.
You can actually check your verification status on your personal dashboard. In most cases, your information and submitted documents will be verified in a matter of hours, if not minutes - this does, however, depend on a few different factors.
Once you have everything set up, you now need to go back to the Binance P2P marketplace in order to get started.
How to Start Buying / Selling Crypto on Binance P2P?
Upon entering the Binance P2P section of the website, you’ll be greeted with a notice, much like one seen below:
This is one of the first signs that Binance cares about the security of your crypto assets that you’ll come across, but it’s far from being the last. The notice is very attention-worthy, as well - you should NEVER transfer any of your crypto funds to the buyer before you do receive the payment that has been agreed upon!
Now, to start things off, let’s assume that you’ll want to purchase some cryptocurrency, namely - Bitcoin.
First of all, you’ll need to pick a merchant with whom you wish to transact. Remember - always double-check whether or not the seller of your choice is verified, read through the feedback that they’ve received, and pay close attention to the number of orders that they’ve made, and also the order completion rate, as well.
Upon selecting your seller of choice, press “Buy BTC” near their offer.
A new window will open, and you’ll be prompted to enter the amount that you’d like to pay to the seller. This will be converted into the BTC that you’ll receive, once the transaction is settled. The prices are shown near each seller’s name tag, so you’ll know exactly how much BTC you’ll be receiving for what you pay, in advance.
Once you’ve entered the amount you’d like to pay, and press “Buy BTC” one more time, you’ll be redirected to a new page - this is where you’ll need to make the actual payment, and finalize your order.
Unlike with buying or trading cryptocurrencies on the Binance exchange, with the Binance P2P marketplace, you will need to make the payment manually - simply choose from the payment method options supported by the seller, and make your payment from an account that matches your personal, verified information.
After all is said and done, all that’s left to do is wait until the seller releases the cryptocurrency that you’ve bought, and it is transferred to your Binance P2P wallet. That’s it!
The entire procedure is rather simple and very quick to execute, but it involves all of the earlier-discussed security features and measures, in the background. As long as you follow through with the recommendations of Binance itself, everything should be golden!
Now, the process of selling your crypto assets on the marketplace is, admittedly, a bit different, although not as much as you’d probably think.
The beginning is the exact same - you navigate to the “Sell” tab instead of the default “Buy” one, choose the currency that you’d want to sell, and select your buyer. Then, you simply need to enter the required data (how much you want to sell), and press “Sell ”.
Now, if you have the required funds in your Binance P2P wallet, towards the end of the proces (when everything’s confirmed - your supported payment methods, additional information, etc.), the set sum will be reserved - this is where Binance acts as an escrow service.
Once the payment is made from the buyer’s side, you will then need to release the crypto assets. That’s it!
Binance has managed to streamline both processes in question - no matter if you want to buy or sell crypto, you can be sure that it won’t be a hassle, and that the platform is made to help you out with it, as much as possible.
No matter how you look at it, the Binance P2P marketplace is one of the best (and most secure) peer-to-peer marketplaces for you to trade cryptocurrencies on. The platform employs a wide range of security features to help its users protect their funds, as well as have a streamlined trading experience.
While merchant verifications and KYC are great, there are plenty of things that you yourself should do, in order to protect your assets, and trade safely. Tips can range anywhere from your common internet etiquette (unique passwords, not pressing on suspicious links), all the way to checking seller / buyer feedback, and using cold storage devices to keep your cryptocurrencies in.
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Table: General information about the Binance cryptocurrency exchange
All of that being said, though, the point of the matter still stands - if you want the best possible experience when trading cryptocurrencies in a peer-to-peer manner, your best bet is the Binance P2P marketplace. Thousands of users use the platform in order to keep their trading experiences smooth, and their assets safe!
Alternatively, remember - you can always check the Binance exchange out, too! Since you now have a Binance account, you won’t need to pass registration or KYC checks again - simply log in, and start buying, selling, and trading cryptos instantly!