How to use the P2P feature on Binance to exchange fiat currencies?

You should have a Binance account, complete the identity verification process, and set up payment methods and trading limits before trading P2P.

Feb 21, 2025 at 12:57 pm

• Never share your Binance account password, two - factor authentication codes, or other sensitive information with anyone. Binance will never ask you for these details via email or chat.

• Be cautious of phishing attempts. Always make sure you are on the official Binance website. Check the URL of the website carefully. Phishing websites may look similar to the official Binance site but have different URLs.

• Only trade with partners who have a good reputation and trading history. Avoid trading with partners who have a high number of negative feedback or unresolved disputes.

• Keep records of all your P2P transactions, including payment receipts, transaction details, and communication with the trading partner. These records can be useful in case of any disputes.

• If a dispute occurs, do not panic. First, try to communicate with the trading partner through the Binance messaging system. Clearly explain the situation and provide any relevant evidence, such as the proof of payment.

• If the communication with the trading partner does not resolve the dispute, you can open a dispute case on Binance. In the P2P trading interface, there is usually a "Dispute" button for each transaction. Click on this button and follow the instructions to submit your dispute.

• Binance will then review the dispute. They will consider the evidence provided by both parties, such as payment receipts, chat records, and transaction details. Binance will make a fair decision based on the facts of the case.

• Binance itself may charge a certain service fee for P2P transactions. The fee rate may vary depending on the trading volume and the trading pair. Usually, the fee is a small percentage of the transaction amount.

• In addition to Binance's service fee, some trading partners may also charge a markup or a handling fee. When looking at the offers from different trading partners, pay attention to the total cost, including any fees charged by the trading partner.

• Calculate the total cost of the P2P transaction before making a deal. This helps you compare different offers and make an informed decision.

• Download the Binance app from the official app store (Google Play Store for Android devices or Apple App Store for iOS devices). Install the app on your mobile device.

• Log in to the app using your Binance account credentials. The login process is similar to the web - based version.

• In the app, find the "Buy Crypto" section. Usually, it is represented by an icon. Tap on it, and then select "P2P" to enter the P2P trading interface.

• The mobile app interface is optimized for mobile use. It provides a convenient way to find trading partners, initiate transactions, and manage your P2P trading activities on the go. The steps for setting up your profile, selecting trading pairs, and making transactions are similar to those on the web - based version.

• Arbitrage: You can take advantage of price differences between different trading pairs or different platforms. For example, if the price of a cryptocurrency in a P2P trading pair on Binance is lower than on another platform, you can buy it on Binance and sell it on the other platform to make a profit. However, this requires careful market monitoring and quick execution.

• Hedging: If you already hold a certain amount of cryptocurrency and are worried about price fluctuations, you can use P2P trading to hedge your position. For example, if you hold Bitcoin and expect the price to drop, you can sell some Bitcoin through P2P trading to offset potential losses.

• Building Relationships with Reliable Partners: By building long - term relationships with reliable trading partners, you can get better prices, more flexible trading terms, and a smoother trading experience. This can be achieved through good communication and fair dealing in each transaction.

• Different countries and regions have different regulations regarding cryptocurrency trading. Make sure you understand and comply with the regulations in your area. For example, some countries may require you to report large - value cryptocurrency transactions to the tax authorities.

• Binance also has its own set of rules and regulations for P2P trading. Familiarize yourself with these rules to avoid any violations. These rules are in place to ensure the security and fairness of the trading platform.

• Keep up - to - date with any changes in regulations. The cryptocurrency regulatory environment is constantly evolving, and staying informed can help you avoid legal risks. You can follow relevant news sources, government announcements, and Binance's official notifications to stay informed.