Binance today offers us some tips on how to select the best Bitcoin offer when participating in its P2P market.
The crypto market is not easy, Binance helps
We have to recognize the difficulties of participating in the crypto market. In general, you could say that the learning curve is slightly flat for some when they start out in this world.
Getting started is generally difficult, and therefore any advice you can offer is helpful.
This time, Binance offers us some advice on how to choose the best offer in its P2P market.
If you have used Binance P2P, you have most likely asked yourself: “What offer do I select?”, Binance explains it here. Remember that first of all you must create an account and verify your identity to protect your account.
Who are we going to negotiate with?
Just as you must verify your identity before participating in Binance P2P, the rest of the merchants will have done it too. Consequently, you can see a series of details regarding each merchant or advertiser by clicking on their nickname.
In the user’s profile you can obtain information regarding:
- The security deposit (a fund that ensures no cheating).
- Total user transactions.
- The number of transactions completed in the last 30 days.
- Completion rate (shows the percentage of transactions that you have started and completed successfully in the last 30 days).
- Average release time.
- Finally, the buy and sell offers that the user has open at that time.
If you’ve noticed, you’re probably wondering what the yellow check next to the user’s nickname means. Well, Binance explains to us that these are merchants who have confirmed their advanced trading experience on other platforms.
All this information allows us to select the trader that most makes us feel safe based on the information that Binance provides us.
Let’s look at the price on Binance P2P!
As some may know, each merchant is free to choose the price, and indeed that is one of the advantages of the P2P market.
Therefore, we must observe the prices in Binance P2P that each merchant offers and know the maximum or minimum that you are willing to charge or pay for Bitcoin.
Watch out! There are minimum and maximum quantities
Each merchant on Binance P2P chooses the maximum and minimum amount they are willing to buy or sell of Bitcoin in this case. Therefore, before starting an exchange, you should look at the range and decide if the amount of Bitcoin you want to buy or sell is within it.
Binance offers a wide variety of payment methods, however, you will need to find the merchant who has the payment method you want to use selected.
“Please note that when choosing an offer with payment through a specific bank, you must also add this payment method to the” P2P payment method “section. Don’t miss this video tutorial on how to add a new payment method », Binance emphasizes.
Important! You should never release your Bitcoins without first confirming that you have received the payment through the method you selected. Also, if you are buying Bitcoin you cannot ask the merchant to release the crypto without having made the payment.
“If you are a newbie, use secure payment methods like bank transfer and avoid payment methods that can be reversible”, Binance warned.
Terms and conditions at Binance P2P
We must always bear in mind that, at the end of the day, both parties are signing a contract and, as always, there are terms and conditions that must be read before opening the exchange.
This section is vital for both the advertiser and you who want to buy or sell their cryptos.
Therefore, you should carefully read the advertiser’s business requirements.
“Each user has the right to specify the preferred business requirements for the transaction, and the counterparty, by default, accepts the terms when placing an order. If the conditions do not suit you, choose another offer », explains Binance.
- Keep in mind the “Payment Window”, it will indicate the time the seller has to make the payment or, conversely, the time you have to make the payment.
- If you are selling cryptocurrencies on Binance, you will not be able to cancel the order before the expiration of the time specified by the payment window.
- If you are buying Bitcoin and for some reason you will no longer buy, cancel the order! It is a sign of respect regarding merchants.
- Binance has a chat available where you can get in direct contact with the merchant.