7 Reasons Why Binance P2P Is The Best Platform To Trade Bitcoin
Traditionally, Cryptocurrencies are exchanged on the conventional crypto market exchanges but recently, a more convenient method of exchange was introduced to the crypto world, and this is popularly known as the Peer-2-Peer(p2p) platform.
Both Peer-to-peer(P2P) platforms and traditional cryptocurrency exchanges allow users to exchange Bitcoin and other cryptocurrencies for a preferred currency. Significantly, the two platforms provide similar services, but the trading experiences they give are largely different. Traditional cryptocurrency exchanges use an automated engine to complete buy and sell transactions; however, P2P platforms such as Binance P2P allow users to directly trade cryptocurrency with one another, under a mutually fixed price, using their preferred payment method and currency.
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What Is Peer to Peer Trading?
Peer to peer trading is simply the purchase and sale of cryptocurrencies between users without the involvement of a third party or intermediary.
Peer-to-peer trading allows you to choose who buys the cryptocurrencies and who you buy from, as well as the price you will charge and the time it will take to execute the transaction. To increase the security of their platform, peer-to-peer platforms use a freeze deposit function known as “escrow.” What is the procedure for this?
When one party sends the agreed-upon amount of crypto or money for the transaction, it is held in escrow and released only after both parties have confirmed the trade. If any party is dissatisfied with the transaction, they can contact the platform’s customer support department, and a mediator will resolve their disagreement.
7 Reasons Why Binance P2P Is The Best Platform To Buy And Sell Bitcoin
1. Live Trade Chat
Before you complete any transaction, you will be able to communicate with your trading counterparty. Clarify payment requirements, follow up on delayed transactions, or learn more about the people you’re trading with.
2. Escrow Service Provides Security
Binance P2P trading is more convenient than traditional crypto exchanges, but it also comes with its own set of risks. Binance P2P offers an escrow service to ensure safe and fair trading. When a buyer completes their order, the seller’s cryptocurrency is held in escrow until both parties confirm the transaction is complete.
3. Transactions Are Processed Quickly
Depending on the payment method, Binance P2P transactions can last anywhere from 20 minutes to one to three working days. Online wallet transactions are typically quick and easy; however, some local banks may take up to one day to process the transfer, and International Swift transfers may take up to three days.
4. Numerous Additional Payment Options
Binance P2P accepts over 300 payment methods, including local bank transfers, SEPA transfers, international transfers, online wallets, cash, and others.
5. No External Barriers
Historically, regulatory restrictions have intervened with traditional crypto exchanges but with the Binance P2P platform, transactions are stimulated interpersonally, so users are unaffected by these restrictions.
6. Responsive Customer Service
If you have a problem with your P2P trading counterparty, you can contact Binance’s customer support team, who will contact you via email. The customer service team will intervene to mediate between the two parties and resolve the problem.
7. There Are No Fees
Formal cryptocurrency exchanges will act as intermediaries and will charge a small fee on all crypto transactions. You can buy or sell Bitcoin and other popular cryptocurrencies from other users with no fees on a P2P marketplace like Binance P2P.
Related: How To Spot A Scam P2P Platform