What is the difference between p2p and express in binance

Main Takeaways

  • P2P Express is a relatively new trading feature on Binance P2P.

  • Users can directly place an order by entering the fiat amount you want to buy or sell.

  • Binance P2P is a secure platform that lets you quickly buy or sell large amounts of Bitcoin and other cryptocurrencies with verified block merchants.

  • Find out the pros and cons of this alternative trading method and how you can start buying and selling via P2P Express.

Introducing the feature brought to you by Binance P2P: P2P Express. Learn about the pros and cons, how you can sell and how to directly place an order with P2P Express.

Binance P2P is a platform built to enable Peer-To-Peer trading using local currencies. P2P trading gives users more control over who they buy from and sell to and offers flexible payment options. If you’re a fan of the Binance P2P, you might want to check out the P2P Express feature, which has these benefits and more. Check out the pros and cons of using P2P Express mode below.

Alternatively, if you are looking at making large crypto transactions, you may want to explore Binance P2P, a secure platform that lets you quickly buy or sell large amounts with verified block merchants in more than 300 payment methods and 70 local currencies. Get started by creating a Binance account. 

What Is P2P Express Mode?

Binance P2P Express mode is a feature that lets you place an order directly just by entering the fiat amount you want to buy or sell.

P2P Express Mode Pros and Cons

Pros

  • Faster: Thanks to P2P Express mode, you can make trades faster with the convenience of your mobile device.

  • Best price: With P2P Express mode, you can look out for the best price for the amount that you want to buy, giving you a chance to increase your profit margin.

  • Experienced parties: The counterpart that you’re dealing with will be an experienced merchant, lowering the chances of a poor transaction experience.

Cons

  • No access to the full range of ads: You will not be able to compare prices across all offers. This is because P2P Express matches you to experienced traders only, leaving out other ads that may offer lower prices. 

  • Potentially limited modes of payment: As you are dealing with different merchants, they may not offer you a payment method that you prefer for the transaction.

How To Sell Crypto Via P2P Express Mode

If you’re looking to sell your crypto, you may wonder how to publish your ad so that people browsing via P2P Express mode can see it. Unfortunately, there is no specific way to publish your ad in P2P Express mode. Instead, your ads will be published via Binance P2P, and our system will select the best ads for the price indicated. 

If you want your ad to appear on P2P Express, you need to first be a verified merchant. Additionally, to increase the chances of your ad being selected, you should try to offer the best price. Having a competitive price should help attract more buyers, increasing sales and reputation on the platform. Generate more trades by offering a good price instead of increasing the profit margin of a single sale so that chances of your ad being selected to be shown in P2P Express mode can increase as well.

How To Buy Bitcoin Locally Via P2P Express In 3 Steps

If you wish to enjoy the convenience of trading via P2P Express, you can find out how to buy bitcoin and another popular crypto here.

Step 1: Place order

Enter the P2P page from your Binance app and select ‘Express’ at the top left corner of the app page. Click ‘Buy’ and select your crypto and preferred fiat currency. Enter the quantity and click ‘Buy with 0 Fee’. Once you click ‘Confirm Purchase’, your order will then be created.

Step 2: Pay seller

Click ‘Transfer the fund’ to continue. Copy the payee information, complete the payment and click ‘Transferred, next’.

Note: Ensure that funds are transferred from an account you own that matches your verified name. Your funds will NOT be automatically transferred by Binance P2P. 

Step 3: Get crypto

The seller will release your crypto after confirming payment and you will be able to receive your crypto.

Start Trading With Binance P2P Express

Binance P2P offers more than 70 fiat currencies and over 300 payment methods, making it extremely convenient for both sellers and buyers to trade. In addition, buyers and sellers enjoy zero additional fees, and advertisers can benefit from the lowest fees from 0% to 0.35% in the market when they post ads on Binance P2P.

Create your Binance account, download the mobile app and complete identity verification. Once your account is verified, you can start using Binance P2P Express mode to trade popular crypto directly. 

For more information on Binance P2P, you can read our helpful resources below: 

Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.

I opened the app, went to the express P2P section and placed a sell order for some fractional BTC. It automatched me to someone, and I trusted Binance and went and placed the order. The buyer asked me to release my crypto and stay online for 5 mins by which time he would send my Fiat. But once I released my crypto, nothing happened. He stopped responding to my messages and my crypto had already been taken away from my P2P wallet. Only after this entire fiasco was I able to open that individual’s profile and see that his entire history is )% order filled and reviews of him doing the same scam to multiple people.

This was my first time using Binance P2P. I am financially ruined by this. Is there no way to help me out? Binance support is useless with hundreds of people waiting in the support queue, and it always times out even if I try to keep it active by sending a note every minute.

Scammers Profile

Scammers profile Ratings

Scammer complaints

What’s worse, these scammers continue to operate blatantly within binance. The latest sell advertisement page clearly has individuals who are similar scammers.

First person is clearly a scammer with 0 trades

DOES BINANCE EVEN PROTECT US LOYAL CONSUMERS? I HAVE BEEN ON THE PLATFORM SINCE ITS INCEPTION. IS THERE NO PROTECTION FOR ME AT ALL? That money was for my child’s school fee. Where do I get more funds now ?

With the Binance P2P Express mode, you can directly place an order by entering the fiat or crypto amount to spend and selecting the preferred payment method. Your order will be matched with the best available order on the P2P market.

1. Log in to your Binance App and tap [Trade] [P2P]. Tap [P2P] at the top of the screen and choose [Express].

2. Select either [Buy] or [Sell] and choose the crypto you want to trade. Tap [By Crypto] or [By Cash] and enter the amount of fiat or crypto to trade.

3. Tap [Buy with 0 Fee] or [Sell with 0 Fee] to confirm your order. The system will automatically create a P2P order that matches your requirements and match it with the best available order on the P2P market.

Please note that you are not allowed to place more than two ongoing orders at the same time. You must complete the existing order before you can place a new order.

Binance has introduced extra features for Nigerian cryptocurrency traders in the wake of a ban imposed by its Central Bank.

Nigeria is the second-largest peer-to-peer (P2P) cryptocurrency market in the world. The country suffered a huge blow on Feb. 5 when its apex bank released a circular issuing a ban on cryptocurrency trading.

The Central Bank of Nigeria (CBN) warned Direct Money Banks, Non-Bank Financial Institutions, and Other Financial Institutions against facilitating bitcoin (BTC) transactions. It also warned that defaulters would be sanctioned.

Binance CEO Changpeng Zhao (CZ) took to Twitter to announce the halt of Nigerian naira (NGN) deposits and advised users to withdraw their money. 

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The ban sparked an outrage amongst the Nigerian cryptocurrency community as many Fintech companies immediately halted trading in compliance with the new policy. 

Binance Rolls Out New P2P Trading Feature for the Nigerian Market

Despite the initial retraction, Binance is not giving up on the industry’s lucrative peer-to-peer market. On Feb 11, it announced a new feature called “Express Mode” for Nigerian traders who want to exchange in a fully compliant manner. 

The exchange has added the NGN FIAT/NGN pair to its P2P trading platform. Users can now deposit NGN to their Binance account via bank transfers or other available methods at no transaction cost. 

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Traders can buy and sell cryptocurrencies using NGN with the best rates available on Express Mode. Their orders will be matched with other P2P traders using the available market liquidity. However, users must still pass the compulsory know your customer (KYC) checks. 

The Likely Aftermath

Nigeria’s Central Bank is unrelenting in its bid to fight off crypto-related services. Critics have scolded the CBN for attempting to prevent the growth of a promising industry in its nascent stage. It nevertheless issued a further statement justifying its decision. 

The standoff continues, and it’s unclear when or even if cryptocurrency enthusiasts will get another chance to legally embrace this new digital revolution.

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Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Written by Jane