Recently in the Telegram channel BeInCrypto held an AMA session with Binance. Answered questions from the editors and readers Alex ShostakBinance P2P Growth Manager in the CIS and EAEU, and the BeInCrypto editors have collected all the useful information in one article
About p2p trading and the benefits of Binance
BIC: Tell us about P2P trading. What is it, and how does it work?
P2P trading is cryptocurrency trading between users directly, without the participation of intermediaries. P2P platforms match buyers and sellers, provide a cryptocurrency escrow service, as well as a dispute resolution service. In very simple terms: a P2P platform is something like an online service for posting ads (like Avito), only focused on buying crypto.
There are makers on the P2P platform – they publish ads, in fact, add liquidity to the platform. And there are also takers — they follow existing ads and take liquidity from the sites.
BIC: How is Binance different from other P2P platforms?
Our specialty is our mission. Create a platform where users can buy and sell cryptocurrency at minimal cost, faster and more securely. Our advantage is liquidity and the best prices on the market. We are committed to creating a secure trading environment. To do this, we carry out checks, track transactions, and apply security measures.
In addition, we are constantly creating new solutions for users. For example, we have an “express mode” product. It allows clients to place orders directly by simply entering a fiat amount. Users don’t even have to select a specific ad, which is great for beginners. There is also an automated payment method that allows almost automatic completion of orders. It also excludes the use of payment from third party cards.
In addition, we are adding new trading sections: large trading, which allows you to trade with higher limits, cash trading (in test mode), Binance gift cards.
BIC: How do merchants differ from ordinary users? What are the benefits of being a verified trader?
Merchants play a key role in providing liquidity on our platform. They are easy to recognize by the yellow icon next to the nickname. To become a merchant, you must pass additional verification according to internal criteria and make a security deposit.
Our merchant program is one of the main advantages of Binance P2P. Merchants have access to the admin panel, they have a portal for posting ads. Merchants also have VIP levels, each of which has its own fixed discount on commissions for makers (from 20% to 50%). In addition, merchants do not have the restrictions that apply to ordinary users. They have access to various programs, such as cash merchant, P2PRO (where they can trade from fiat accounts of legal entities), increased limits and automated payment methods.
In general, merchants on our p2p platform receive more traffic (ads are automatically selected from merchants), and a separate support line is also open for them.
The Dark Side of Trading: Fraud and Security
BIC: How are Binance users protected from fraud?
We do not provide insurance products, but we guarantee the reliability of the escrow service.
If we talk about users, then if you follow the security rules that are on our website in the FAQ section, even when faced with a scammer, he will not become a victim. Also, users themselves can report suspicious activity in the order. And on our p2p platform, we educate users – the site has a large number of materials that will help you avoid becoming a victim of a scammer.
The site itself adheres to the basic rules for the implementation of P2P transactions. We have certain requirements for posting ads (account registration period, number of completed transactions, number of counterparties with which transactions were made), which are designed to protect users. In addition, we are developing an automatic risk model with its own set of rules for each fiat market. This is how we calculate typical risks and eliminate them.
BIC: How to prevent P2P platforms from being used to finance terrorism or other illegal activities?
We have a dedicated compliance team of 750 people worldwide. They are involved in the fight against money laundering, KYC verification and monitoring of on-chain transactions.
The Binance P2P platform cannot be used by users who have not passed basic KYC verification and have not added a payment method. There are basically no anonymous users on the platform.
BIC: Which is safer – withdrawing or depositing via P2P?
Fraudsters prey more on sellers. Therefore, you need to be most careful when you sell cryptocurrency. There are, for example, fake payment notifications sent by scammers. If you do not check the actual receipt of funds and immediately make a release, you can lose your crypto.
Sellers need to make sure every time that you received a specific amount from a specific person for a specific order. Otherwise, do not release. Buyers – make sure that you make the payment in the amount and by the payment method that is indicated by the maker in the ad.
Previously, the editors of BeInCrypto told how to withdraw tokens in rubles via p2p
On regulation and the future in the banking system
BIC: How is the P2P market regulated in the CIS?
We are at an early stage of understanding by regulators of the nature of crypto assets and related products, including P2P products. We are now actively explaining how our products work, what security measures we use, how we follow general legal requirements. This made it easier for regulators from different jurisdictions to understand the essence of crypto and create reasonable and productive regulation.
BIC: What are the opportunities and challenges of P2P products for the banking system?
For banks, P2P is an opportunity. But now, in the absence of clear and reasonable regulation, this is a problem.
Now, if users have problems with banks, we provide clients with assistance: we send additional information about the nature of the origin of funds or conduct workshops with banks, where we explain the basic principles of P2P trading.
BIC: What do you think about P2P arbitrage?
It requires some training and knowledge. I would not call arbitrage easy money, but for those who are learning and looking for new opportunities, this is an excellent result for making money – it is not as subject to volatility as, for example, a classic spot.
Beginner Tips
BIC: Which mistakes are more common What beginners do and how can you avoid them?
Mistakes are either due to inattention or due to human greed. Standard – the beginner did not understand what stages the transaction consists of. The basic specific recommendations are not followed: they do not follow the progress of the transaction and are conducted at suspiciously profitable, low prices. There are many such options, but in general – basic inattention and unwillingness to understand P2P trading.
I would advise beginners to follow the guidelines and rules on our platform. You can read the safe trading guide on Binance P2P, spend ten minutes and read the rest of the guides. In short: Do not make or accept payments from third parties and always make sure you actually receive the fiat payment into your bank account. And most importantly, be careful.
Disclaimer
All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.
2023-05-07 09:47:00
#P2P #trading #Binance