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P2P Binance Wallet: reviews and how to use it?

P2P Binance is an internal cryptocurrency exchange Binance (go online), which allows users who have an account on this exchange to sell and buy cryptocurrencies and fiat on the exchange directly.

How do I get a wallet?

P2P Wallet – part of the Marketplace, a P2P ecosystem of the cryptocurrency exchange Binance.

Marketplace provides the ability to directly exchange digital assets with users, currently these are tokens USDT and BUSD, and cryptocurrencies BNB, EOS, ETH, which can be exchanged for all fiat currencies that are supported on the cryptocurrency exchange. Transactions are possible through four payment methods. To use the opportunities of P2P wallet you need to register and confirm an account on the crypto exchange, the wallet user receives together with the account. Registering an account is easy, just have an email, click “Register” on the exchange and follow the instructions. The registration is enough to deposit money on the exchange, conduct some transactions, but you need to confirm the account to use P2P services. To do this, go to the profile settings and click “Verify”.

Verification will require you to enter your first name, last name, date of birth, home address, corresponding data from any identity card, which must be scanned or photographed with your selfies and uploaded to the site. After that, you should wait for a response from the administration. Perhaps the verification will not succeed at the first attempt, you should correct the mistakes and try again. You can try 10 times a day. In addition to verification, to have access to the marketplace, you should enable two-factor authentication for maximum account security.

Principles of P2P trading on Binance

Keep in mind that P2P trading is trading directly, the user trades with the user, and crypto exchange is a technical platform for interaction, which provides an opportunity to place ads to buy/sell, conduct the process of exchanging currency for currency and ensures the security of transactions. That is, the crypto exchange itself does not set any conditions to the transactions, all this is done by users. Transactions are protected by escrow – reserving funds in the account until the seller confirms that he received fiat currency from the buyer. It should be noted that seller should not transfer cryptocurrency until he is sure that he has received fiat.

Selling cryptocurrency

In P2P marketplace you can sell cryptocurrency, the equivalent of up to 5 bitcoins. First, you need to deposit funds from the spot wallet to P2P. This function is located in the “p2p wallet” section. On the left side of the service, from top to bottom are cryptocurrencies, on the right side of them are buttons “Buy”, “Sell”, “Transfer”, “Send”. You need to click on the “Transfer” button in front of the desired currency, enter the required amount. Then you need to enter sales and specify at the top of the service, for which fiat currency sales are carried out, indicate the method of payment and the amount of currency sold. Accordingly, in the list of buyers will be those who are ready to buy currency on the seller’s terms. Having selected the ad with the right parameters, you need to check all the data once again, and if everything is OK, click “Sell”. Then you enter the number of coins, specify the payment method, and click “Sell” again. All this time you can correct some data, communicating in the chat with the buyer.

There is no need to rush to leave the account, you should wait until the buyer transfers the money to the specified details in exact accordance with the agreed parameters. Only when the money arrives on the wallet and all the conditions are met, you can click on the “Transfer cryptocurrency” button. On the seller’s side, the transaction is complete. Before carrying out the transaction, it is necessary to clarify the information in the “Terms of the transaction” from the buyer, as they may be inappropriate, but consistent with the rules of the exchange, so if the seller started the transaction, by default he is obliged to fulfill the conditions. Seller should not charge any additional commissions and should only use the payment method specified in the ad. The price indicated in the ad is final and must include everything, including payment system fees. The “Sell” button may not be active, this means that the specified payment method is unsuitable, so you must either choose another ad or change the details. Never transfer means of receipt of money to the account, as well as the reports on money sending are not confirmation of money sending. Confirm a transaction only when the money is in the buyer’s account. You can only cancel the transaction by opening a dispute, filing an appeal and providing support with all the required information, a response must be received within 12 hours.

Buying cryptocurrency

Buying Cryptocurrencies is carried out after verification, when there is access to the activation of payment methods in the account.

You can link up to twenty payment methods in your account, and they are fixed so that you can quickly make transactions later. Buying is done in the corresponding section. In the same way as in the sales service, in the section there is an opportunity to choose offers on the desired conditions. After that you need to click on the “Buy” button. Then click “Buy” again to enter the amount of assets to be purchased and the payment method. Then you need to follow the instructions carefully, so as not to make a mistake when transferring the money to the correct account. After making sure that the data is correct, you can click on the confirmation of the transaction by clicking on “Transferred, next”. You should wait for the seller to confirm the receipt of money and receive the cryptocurrency from the seller. The transaction is completed.

When buying, it is necessary to carefully study the “Terms of the transaction,” which provide additional information from the seller. The terms may be different, not always appropriate, but if they comply with the rules of the exchange, then, starting the transaction, the buyer agrees to them by default. The order can be revoked, for example, if the “Paid” button is accidentally pressed – there is a “Cancel Order” button for that. And if after the specified time the seller has not transferred the cryptocurrency, there is an “Appeal” button – you need to click it, wait for the response of support by email and explain the situation. Since there is an escrow on the exchange, the support service will be able to bring the transaction in manual mode to the end – if the buyer has a confirmation of the fact of payment. The payment period is up to 6 hours, the buyer himself sets the time frame in which he expects to receive the payment when he creates the ad. The buyer should only use the payment method that is specified in the ad.

Placing the ad

Any verified user can submit an ad on his/her account page by clicking on “P2P Trading” button. On the page “BINANCE P2P: BUY/SELL CRYPTOALUTS ON LOCAL MARKET” that opens, in the upper right corner there is a “Details” subsection with a drop-down menu in which there is an option “Publish my ad”. When you try to post an ad, you will need to confirm verification and SMS authentication.

You can set various conditions in the ad – given and received currencies, price, transaction limit, payment methods and terms and publish it. You may edit or close the ad. Publish the ad. Later you may edit, suspend or close it. The announcement can be for sale – “I want to sell” or for purchase – “I want to buy”, the corresponding data are entered in the form. By the way, the price of the asset can be fixed, from the counterparty or floating – linked to the exchange rate of the exchanged asset, respectively, you must take into account that the price in the ad will vary depending on the price dynamics on the exchange. You can also specify the limit of one transaction in the announcement – the minimum amount of transaction and the maximum amount of funds transferred per one transaction.

Regarding the payment time frame, that is, the “Payment Window,” the difference must be understood, which is that for the seller, the payment window is the time within which the buyer completes the payment, but for the buyer, the payment window is the time within which the buyer himself must complete the payment. The listings also have a “Counterparty Requirements” section, but few people fill it out because it complicates the transaction and is better left untouched. For the transaction to go smoothly, you need to remember that the terms of the transaction must fully comply with the policy of transactions between users.

Instructions for selling cryptocurrency

The video below details the process of selling cryptocurrency on the Binance exchange.

Possible difficulties

A standard problem when using the P2P service is the transfer of the wrong amount of money. This issue is resolved simply in a chat between the parties to the transaction – the counterparty sends a shortfall or returns the excess. It happens that the transaction is cancelled through an appeal, the funds are returned to the owner, and at this time the funds are received on the transaction. In this case, the appeal is canceled by agreement with the user, although it can be done without unnecessary negotiations. Often users forget to confirm the transaction after its expiration date. Then you need to contact technical support, provide the requested data and the issue is usually resolved within 12 hours.

Appeals

Since P2P involves transactions made directly between bidders, sooner or later every user may find themselves needing to file an appeal (Cryptocurrency Trading on the Exchange). And while the Binance P2P platform itself is not a party to the transactions, it accepts all appeals and resolves issues as an arbitrator, helping the parties resolve a difficult situation. The adjudication process begins with the party to the transaction clicking on the “Appeal” button. And you need to know that from this point until the dispute is over, the cryptocurrency will remain blocked. After opening an appeal, the support service should contact the initiator of the proceedings within 12 hours. You need to be ready to provide all the documents that accompanied the failed or disputed transaction. Therefore, they need to be prepared in advance. What can be the subject of an appeal dispute on a P2P service? If the user has mistakenly cancelled the sale and the buyer has already made the payment, or if the order has been cancelled by the system, but the buyer has already paid for it. It is also a matter of dispute if the buyer has paid more than the transaction amount.

If seller doesn’t transfer cryptocurrency in time after proven payment by buyer, crypto-exchange can complete transfer forcibly. Also crypto-exchange can remind seller to transfer cryptocurrency if he delays funds with deferred payment. The crypto-exchange can cancel the order if the buyer takes no action on the transaction, which is already in progress. The account of a user whose order had to be canceled three times may be disabled. Sometimes the transaction on the part of the buyer does not go through even after a bona fide payment of funds, in which case the exchange brings the transaction to an end forcibly. And there are a number of other situations in which crypto-exchange can help. But it must be remembered that crypto exchange is not a party to the transaction and does not bear any responsibility for the loss of funds by participants of the transaction. Formally, it can’t force a transaction participant to comply with rules in any way, but in fact and by the rules it can block a user if he doesn’t want to cooperate in a disputable situation and, as you can see, in some situations it can act on the side of seller or buyer, completing the transaction.

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