Binance P2P has brought the model of zero maker fees for advertisements that will be traded in the fiat currency of the Sri Lankan Rupee. The zero maker fee will apply upon successful trade on the pairs. Makers who post new advertisements traded with Sri Lankan Rupee will enjoy the benefit of zero maker fees.
P2P stands for peer-to-peer. The definition in the context of a crypto trading platform comes out as a peer-to-peer platform where users can directly sell and/or purchase digital currency for fiat currency from each other. Interference of a third party is not necessary.
The steps to buying cryptocurrency on Binance P2P are simple; they can be explained as follows:-
- The transaction begins with a user placing an order that Binance P2P then escrows.
- The buyer pays the seller through the suggested payment method and completes the transaction by clicking Transferred, Notify Seller.
- Binance P2P releases escrowed cryptos after the seller confirms the receipt of the fund to their account.
The process to sell cryptos on Binance P2P is similar to these steps, except that the transaction must be confirmed instead of initiating and completing it. Here are the steps:-
- Buyers place an order on the platform, and Binance P2P escrows the funds.
- As a seller, the user reviews the transaction statement to confirm the receipt of the fund.
- Once confirmed, Binance P2P releases the escrowed crypto to the buyer on the platform.
Binance P2P serves some great advantages to the users, giving them four reasons to stay on the platform. These include low-cost transaction fees, flexible payment methods, trade at a preferred price, and protection through privacy. These features can be read in detail in the Binance exchange review, which also sheds light on the more amazing features of the platform.
Lower overhead costs are enjoyed by sellers and buyers alike. Zero trading fee is nil for takers; however, makers must pay a nominal trading fee every time the order is processed. Over 150 payment methods are available for buyers and sellers to settle the account, giving them the flexibility to choose a payment method.
Users enjoy another freedom when it comes to setting the price of a trade. Users can choose to trade at their price through an advertisement trade. Privacy is guaranteed as the platform does not seek to collect financial information from sellers and buyers.
Binance is a globally known crypto platform established in 2017 with headquarters in Malta. BNB, the native token, governs its economy. Over 100 cryptocurrencies are listed on the platform, and users have an option to choose more than 100 trading pairs.
Features like eWallets, mobile trading, trading account, analytical charts, and customer support make Binance one of the most desirable crypto platforms in the world. Binance looks to improve the P2P experience through feedback. Register today to get started and share your journey with Binance P2P to make it a better platform with more benefits.