P2P trading (short for peer-to-peer trading) is a type of cryptocurrency exchange where users buy and sell crypto directly with each other, without the need for a third-party intermediary like a traditional exchange or broker. Instead of the platform matching buyers and sellers automatically, P2P platforms like Binance P2P allow users to:
Choose whom they want to trade with, set their prices, and pay each other using preferred payment methods (like UPI, bank transfer, Paytm, etc.)
The platform acts as a middleman, holding the crypto until both parties confirm the payment, helping to prevent fraud.
Is P2P Safe in Binance
Yes, P2P trading on Binance is safe — but only if you follow Binance’s official rules and use the platform the right way.
Binance has its step-by-step process for P2P trading, including an escrow system that holds the crypto safely until both the buyer and seller confirm the deal. If you stick to this system and don’t go outside the platform (like chatting on WhatsApp or paying through unofficial links), your trades are generally secure.
How to Initiate a P2P Crypto Exchange Safely?
Here’s What You Should Also Keep in Mind:
Trade only on the Express Section
Binance has launched a new feature called Express, which is much safer to trade because of its verified buyers and sellers. Even though the users are verified, there is no guarantee that you will be safe 100%.
Check the person’s profile
Look at the seller or buyer’s past trades, their completion rate, and reviews. Avoid people with low ratings, check if the usernames and the bank account names are similar, a low number of completed trades, a minimum trades must be above 1000 successful trades, at least for safety purposes, and avoid new accounts.
Always trade inside Binance
Don’t move to Telegram, WhatsApp, or private chats. Scammers often try to get you outside Binance so they can trick you without being caught.
Never release crypto before getting paid
Only click “Release” when you’ve received the money in your bank account, not just a screenshot.
Watch out for fake payment proofs
Scammers may send edited screenshots. Always double-check with your bank or UPI app.
Use strong security
Turn on 2FA (Two-Factor Authentication) and never share your passwords or OTPs with anyone.
If something feels wrong, appeal immediately
Use the “Appeal” button in the Binance P2P chat. Binance will help resolve the issue.
Conclusion
Binance P2P is a powerful and convenient way to buy or sell crypto directly with others, but your safety depends on how wisely you use it. By sticking to Binance’s official process, avoiding off-platform communication, verifying payments carefully, and checking user profiles, you can trade with confidence and avoid falling into scams.
Remember: One careless click can lead to a big loss. In India, thousands of accounts are frozen yearly due to P2P scams, which is a big issue for all the traders in India, but the new updates on regulating proper rules on months of June might bring changes in the Indian crypto community. A few simple precautions can keep your crypto secure. Always stay alert, follow the rules, and don’t rush into any deal that feels off.
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