Using Binance P2P

This post will guide you on using the Binance P2P platform for onboarding

1. Introduction

The p2p platform provides several advantages such as being faster than doing a transfer.

However, p2p platforms usually falter size and rates as exchange rates are usually supply and demand based and sizes are relatively smaller and limited by p2p transfer limits (i.e limit on paynow transfers)

The p2p platform works by Binance acting as an escrow (facilitator) for the exchange of SGD to crypto or stablecoin only when both parties agree on the transaction.

2. Preparation

  • An email address
  • ID documents if you do not already have a Binance account
  • Your handphone handy

3. Setting up your Binance account

Head over to Binance

Click Sign Up if you don’t already have an account, else login with your credentials.

Note: You would have to go through identity verification before you will be able to use the platform.
Do follow the steps and provide the requested documents

Binance p2p also requires input of your phone number. Please try and use the same number which you make p2p payments with (i.e Paynow/Google Pay)

After verification, login and head to https://p2p.binance.com/en/trade/buy/USDT

You should arrive at the above screen

Select SGD as your currency and you will be able to view the rates as well as available amount for purchase.

Important
Read the seller’s Terms and Conditions before proceeding.
Some sellers require you to contract them before proceeding

Once you’ve decided on a seller, click Buy USDT. You will be able to input the transfer amount and complete your purchase.

The deal will fall through if ANY of these conditions aren’t met.

  1. You do not make the transfer within the stipulated payment time limit.

  2. The seller does not make the asset transfer within the stipulated payment time limit.

  3. Either party decides not to proceed further.

You may also use the express tab for a more seamless experience where the sellers are aggregated and obfuscated from you.

However, do note that the express tab usually offers a worse rate vs the p2p tab, likely due to aggregation.

4. Additional Information

The Binance p2p platform allows users to purchase stablecoins like USDT, BUSD and DAI (not really recommended) as well as large cap cryptocurrencies such as BTC, ETH & BNB.

These currencies can be further traded in exchange for other cryptocurrencies in the main exchange.

5. Conclusion and FAQ

Once the transfer from both parties are made, Binance will perform the swap and release the respective funds to both parties. You may then check your balance in your Binance wallet.

Frequently Asked Questions:
How long does a typical deal take?
Getting funds in via p2p usually takes about 10 to 15 minutes depending on how responsive the seller is.

Is it safe to perform a p2p deal?
Sellers funds are locked in their Binance p2p wallet, you may contact customer service to release the funds in a situation where the seller decides to run away with your funds.

You can find more information and tutorials on the binance site Link

You may also contract Binance support directly by clicking on the yellow bubble present on the bottom right of your screen


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