Binance P2P Supports New Payment Methods for MENA | Binance Support (2024)

FAQs

What payment method does Binance P2P select? ›

Step 1: Log in to the Binance app and tap [P2P Trading] on the homepage. Step 2: Under the [Buy] tab, select your desired cryptocurrency in the top menu bar. Choose your preferred fiat currency. Next, select Binance Pay as your payment method in the drop-down.

Binance is the largest cryptocurrency exchange in the world per market capitalization. It offers users different options for buying cryptocurrencies. You can either pay with a credit card, bank transfer, or exchange Bitcoins for altcoins.

Binance now supports peer-to-peer (P2P) trading on its website. Starting today, users can buy and sell cryptocurrencies with zero transaction fees directly from other users through the Binance P2P platform, and join the Binance P2P Global Merchants Program to earn money from P2P trades.

Remind them of the correct payment method and amount as well as Binance P2P's policy of not allowing third party payments. If they are unresponsive or choose to escalate the situation, raise an appeal and our customer service team will step in.

Peer to Peer (P2P) payments is a mechanism through which the user can transfer funds from his bank account to another individual's account via the digital medium i.e. Internet or a mobile device. Payments are categorized on the basis of transfer i.e. to an account within the bank or outside the bank.

The world's largest cryptocurrency exchange, Binance.com, isn't available in the US. It stopped accepting US users in 2019 after facing regulatory issues in the country. That's why Binance partnered with US-based BAM Trading Services to create Binance.us, a new cryptocurrency exchange for US citizens.

Can You Fund Binance Through PayPal? Yes, you can.

Credit Card and Debit Card. If you are a new user, this is the easiest option to purchase Bitcoin (BTC). Binance supports both Visa and MasterCard.

Peer-to-peer trading: Binance. US's OTC portal allows trading directly between buyers and sellers. There are no transaction fees, but users are charged the spread between the buy and sell price.

Why is P2P not working? ›

Check the device P2P function is enabled or not. (Main menu*>Setting*>Network*>P2P) Check cell phone P2P login information is correct. You will need to ensure the user name and password are correct.

Despite these benefits, there are also risks involved in P2P trading every user should be keenly aware of before they decide to try their hand at it. Among the common risks traders face are fake proof of payment, chargeback fraud, wrong transfer, man-in-the-middle attacks, triangulation scams, and phishing.

To pay instantly, simply type or paste your recipient's Pay ID. With Binance Pay, to pay someone via QR code, simply scan their Binance Pay QR code with your Binance app. Celebrate special moments with Crypto Box. Select the token you want to send, the amount you want to send and the number of recipients.

1. The bank account provided is under another person's name. Each individual who uses Binance P2P has the responsibility to provide an account that matches the identity they provide on the platform. Seeing a name that does not match the actual name of your counterparty should be seen as an immediate red flag.

Yes, Zelle account holders can buy Bitcoin and cryptocurrencies by sending USD to a licensed crypto exchange that accepts ACH Transfers. With this method, users can instantly transfer funds to a trading platform with zero fees to buy, sell and even stake different crypto assets.

To start using a P2P money transfer app, you only need to download the app of your choice, set it up, and link it to your bank account, credit card, or debit card.

Within a 24-hour period, you can withdraw the 2,000 USDT (1 BTC will remain in their account) or the 0.2 BTC (0.8 BTC and 2,000 USDT will remain in their account, which is equivalent to 1 BTC in the example). Either way, the amount of assets remaining in your account must be equivalent to 1 BTC.

(Peer-to-Peer payments) A non-credit card system for transferring cash from one party to another. Funds are debited from the user's bank account and credited to the recipient's account. Examples are Google Wallet, PayPal, Snapcash, Venmo and Bitcoin.

Most people use peer-to-peer payment apps like Venmo, Cash App and Paypal, or Zelle, a bank account-to-bank-account system, but consumer experts warn these tools do come with risks.

Is PayPal a P2P service? ›

Paypal is a global P2P service, meaning that users can send and receive money internationally.

Ease of Use. Binance.US attempts to serve a wide range of customers by offering different user experiences. Coinbase, on the other hand, is well known for its user-friendly dashboard that makes it easy to trade currencies—even without experience.

Is it legal to use a VPN with Binance? Yes, it's perfectly legal to use a VPN with Binance. However, you should bear in mind that Binance is banned in the US. Therefore, using a VPN to access it while you're in the US goes against Binance's Terms of Service.

Summary: Binance does not support PayPal deposits through their P2P Trading platform. This means investors cannot currently transfer any fiat currencies via PayPal into their Binance account.

The bank may have placed a temporary hold on the customer's card. The purchase session may have been locked due to multiple declined payments. The seller is located in a country different from that of the card-issuing bank.

*Please note: Binance.US does not support Credit Cards. This article will deal exclusively with Debit Cards, which we support, in addition to ACH Bank Deposits, Wire Transfers, and Apple Pay (funded by a debit card).

At Binance, you can buy crypto with everyday fees using a VISA or Mastercard credit card. Alternatively, Binance also provides crypto purchases via bank transfer, fiat deposit, and e-wallet.

How to buy USDT P2P in usa? ›

Main Takeaways

Binance P2P is an easy-to-use peer-to-peer (P2P) platform that lets traders buy and sell cryptocurrencies directly with other individuals. Merchants on Binance P2P can make money by posting trading ads and completing trades on the platform.

There will no longer be a P2P Wallet entry, including the navigation and wallet list on the left side of the wallet overview page. The crypto purchased via Binance P2P will directly be transferred to the Funding Wallet.

In a P2P network, the messages go straight from individual users to other individual users. A VPN creates a secure tunnel through the internet and encrypts the data flowing through it. Therefore, a P2P VPN connects users directly while also encrypting the data they send to each other.

Binance reserves the right to suspend or terminate your access to Binance P2P if it is identified that you used a payment method with an account owner name that is not identical to the name appearing on your Binance Account.

Publicly-traded Coinbase Global (COIN) ranks second by volume, followed by Kraken, which recently paid a $30 million settlement to the SEC. The Senate letter alleged that Binance facilitated at least $10 billion in money laundering and sanctions evasions for criminals and rogue states.

As mentioned above, users and merchants must complete the identity verification process to trade on Binance P2P.

It's likely due to criminal charges potentially being brought against top executives of the exchange in relation to potential money laundering that occurred on the exchange. The good news is that suspension of USD bank transfers does not impact that many Binance customers.

You can withdraw fiat currencies from Binance via bank transfer (Stitch).

Can I pay to someone from Binance to Coinbase? ›

Any deposits sent via the Binance Chain into a Coinbase account will not be credited and your funds will be lost. For example, we support ERC20 tokens like USD Coin (USDC) on the Ethereum network. If you send USDC on the BEP-2 chain to Coinbase, you will lose your funds because it's on a separate network.

To sell crypto via P2P trading you need to transfer your funds to Funding Wallet first. The balance shown on your Funding Wallet includes the total crypto balance from your P2P buy/sell orders, Binance Pay, Binance Card, Binance Gift Card and Binance Pool. What is an ad?

Binance P2P offers users a flexible way to trade bitcoin and other digital assets with one another. With over 700+ payment methods and 100+ fiat currencies to choose from, our P2P platform is one of the most accessible gateways for users to access crypto.

Remind them of the correct payment method and amount as well as Binance P2P's policy of not allowing third party payments. If they are unresponsive or choose to escalate the situation, raise an appeal and our customer service team will step in.

Our payments partner in South Africa securely encrypts all banking details and will never share them with us or with any third parties.

How to withdraw funds from Binance P2P? The crypto that you have received via trading on Binance P2P is under “Funding wallet”. You can directly withdraw funds from funding wallet to self custody wallet or transfer it to “Fiat and spot wallet” or “Margin wallet” to trade with your purchased cryptocurrencies.

Log into your Binance account. Select on Withdraw tab. Click on the Fiat tab, and choose the currency you want to transfer to PayPal. Enter the withdrawal information, click on continue to proceed further, including details of the recipient wallet.

Recent Account Changes (Including Password Changes)

Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.

How do I transfer money from Binance to bank account P2P? ›

Is Binance legal in the USA? Binance is legal in the U.S. However, the U.S. version has fewer features than the full website includes.

To withdraw money from Binance to a bank account, you must first log in to your account. After you have done that, go to Wallet and click on Fiat and Spot. Doing that will take you to the page where you see the deposit, withdraw, and send options; then, select Withdraw.

Buy Bitcoin on Binance P2P

You can choose PayPal as the method and also filter by amount and region. Click “Buy BTC” next to your chosen ad, enter how much you want, and follow the onscreen instructions to complete your payment through PayPal.