What is it and how does it move?
The #BinanceP2P (Peer-to-Peer) is a market where you buy and sell cryptocurrencies directly with other people.
Binance does not sell you the coins; it acts as an arbitrator or escrow.
When you start a transaction, #Binance holds the seller's cryptos until they confirm that they received the money in their bank.
Do you want to buy crypto with your local currency (Fiat) but feel a bit scared about the process?
The Binance P2P is the most powerful tool to move your money, but you need to know how to play safely! 💡
🔸Can you get scammed?
Yes, but only if you break the security rules. Most scams happen because the user gets overconfident and releases the cryptos too soon or agrees to negotiate outside the app.
🔸Common types of scams:
Fake proof: They send you an SMS or an edited screenshot that looks like a real deposit.
Triangulation (Third-party payment): Someone pays you from a bank account that is not in their name. This can get you into legal trouble or cause the bank to reverse the payment.
The "fake support": Someone messages you in the order chat pretending to be a Binance agent asking you to release the coins "due to a system error."
🔸How to avoid scams and what to do if they try to deceive you?
Golden rule: Never release the cryptocurrencies until you open your bank app and see the available balance. Don't trust notifications.
No third parties: Only accept payments from accounts that match the name verified on Binance.
Stay in the App: Never accept to move the conversation to WhatsApp or Telegram.
If something smells fishy: Do not cancel the order and do not release. Click the "Appeal" button and wait for a Binance agent to intervene.
Trade with verified individuals: Verified merchants are people who have passed verification tests from the Binance P2P team, thus eliminating some types of risk of being scammed.
Note: I would like to add that there are different merchant verifications: Gold, Silver, and Bronze. There are also pro traders and those who request extra verifications, as well as merchants or individuals who do not have the verification badge and ask you to pass an extra verification. In this case, you are not obligated to provide your information, and I recommend reporting to online support. Since only those with verification badges can demand extra verifications, for example 👇🏻
In the previous image, we can see that there are other extra data points we can look at and consider to carry out a trade without issues:
The number of completed orders by the merchant over 30 days (buy and sell).
Percentage of completed or finalized orders over 30 days, 97.00%.
The percentage of feedback received (reputation) also appears
And the time limit to complete the operation is 15 min ⌛
We can also see the availability or total amount available that the merchant has to carry out trades, the minimum and maximum amounts the merchant has, and the bank accounts used by the merchant.
I would like to conclude that you can buy different cryptocurrencies in the P2P market, not just USDT. You can also acquire or sell: Bitcoin, BNB, USDC, SOLANA, ETH, ADA, XRP, among others.
In this image, you can see the different cryptocurrencies that you can buy and sell in the Binance P2P market
If there's nothing else to add, I hope this content has been helpful. If so, give it a Like and share. I also hope to hear your opinion in the comments regarding this article, and if you have any questions, let me know 🫵🏻👇🏻
#P2P #bitcoin #xrp $XRP $ADA $BNB
Disclaimer ⚠️
The information provided in the previous post is for informational and educational purposes only. It should not be interpreted as financial, investment, legal, or tax advice.🚫
Investing in cryptocurrencies and decentralized finance (DeFi) carries significant risks, including the potential total loss of the invested capital.⚠️
Always do your own research (DYOR - Do Your Own Research) 🫵🏻
