Binance world’s popular cryptocurrency exchange launched P2P trading in late 2019. Already different peer-to-peer trading such as Local Bitcoins, Remitano, etc. Currently, Binance is offering a unique form of P2P trading such as Zero fees till June 2021 and competitive rates which are very lucrative for the crypto community who are regularly involved in crypto to fiat and fiat to crypto conversions. Binance helps them very amazingly through their P2P trading service by avoiding higher fees and unfair slippage.
Binance not just gives p2p platform for fiat to crypto and crypto to fiat conversions along with amazing home or remote job as becoming a p2p merchant at the platform eco-system. The more fund you have to provide liquidity at your advertisement of the p2p pair, the more scope of earnings you have to get returns on your capital.
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Binance P2P Platform Updates
During the last 12 months, the developers of binance p2p platform did a great 👍 job in introducing new features and improving the overall experience quality at the platform functionality. Meanwhile, various features were introduced and many policy changes also occur on which we will discuss here to make you aware so that you can work and do the actions accordingly.
Trading Volume Requirement
Binance p2p added a new trading volume filter requirement for the new merchant application to combat the high volume of the new merchant applications. Now the New merchants have to complete $50K volume traded on the Binance p2p platform or traded 5 BTC on other renowned p2p platforms prior to applying at Binance p2p.
Buy Ads Posting Policy Changes
In order to become able to post Buy BTC, ETH, and USDT, etc. Ads, Non-merchant users should complete Sell USDT, BTC, ETH, and USDT, etc. pair trades at Binance p2p platform should be above or equals to 20 trades, and their last 30 days completion rate should be above 80%. The trades 10 should be unique out of 20 trades which means traded with 10 different users.
Introduces 150+ Fiat Payment Methods
Ads Sharing Feature For Advertisements
Currently only verified merchants avail this feature by generating the short ad sharing code through their advertisement section of the Binance merchant dashboard of their particular ad. This will help the merchants to accelerate the order volume and also eventually earning higher returns.
How to share binance p2p ads with counterparties directly?
You just have to open your Binance merchant dashboard and then go to the advertisement section and click on the particular ad you wish to share then you have two options share via QR code scanning or through sharing code.
Binance p2p Fee Policy changes Announcement
Till June 2021, binance made possible zero trading fees on the p2p trades of buy & sell to give free exposure to the new users to test the platform functionality and reliability to establish the user-base and the trust level. On June 21, 2021, Binance P2P MENA – Merchants Channel Telegram announces to implementation of fees on p2p trades ranging from 0% to 0.35% variation based on different regional fiat currency channels. check Complete breakdown of fee schema binance main announcement portal.
Binance P2P Merchant Privileges
Binance launched in early 2020, global peer-to-peer trading merchant program for their P2P or c2c (Customer to Customer) trading platform to make avail variety of fiat to crypto or crypto to fiat payment channels and along with that, the merchants have to opportunity to make money from it.
Becoming a verified merchant on binance p2p platform is a greater responsibility where you can enjoy a great amount of order volume which gives you an opportunity to earn a higher return on your capital. There are specific privileges to binance p2p merchants to avail as a verified merchant at binance p2p platform. Along with privileges, there are certain requirements to meet to protect your verified badge of a merchant otherwise the membership can be disqualified.
Binance provides a specific merchant dashboard to their verified members to help them utilize and serve the p2p platform users at their maximum performance.
Merchant dashboard Functionality
Currently, the dashboard is only suitable to use on web-based desktop browsers to avail the maximum benefit of dashboard functionality.
- You can post 2 ads on every pair available in the advertisement section.
- You will receive ring tone type notification when new order receives or an appeal summited plus get instant notification on new incoming messages on any order chatbox with a red mark on the number of texts.
- You can share your ads directly with your KYC verified counterparties.
- You have an option to quick release before the user clicked as “transferred next” in case the user has paid and gets late or forgets to click the “Transferred Next” Button.
- Merchants can avail of special live chat with binance p2p administration to resolve disputed orders.
- You can change your nickname as well but should seem professional(links, inappropriate words prohibited).
- You can blacklist annoying users.
- You can include funds password security instead of 2FA or phone authentication(not recommended).
- You can click the “Take a break option” on the dashboard to avoid further orders.
- Merchants can apply for SAPI API for automating the p2p trade executions.
Binance P2P Merchant Principles, Violation cause Disqualification
To maintain the fair and trustworthy environment of the p2p platform binance implemented certain principles to avoid the violation of merchant rights on the platform. Being a merchant you should be careful about your consistent performance to remain a verified merchant and can avail the long-lasting benefits of permitted privileges.
- Avoid third-party payments, in case of regarding twice appeals in a single month, may cause termination.
- Stay active, inactivity of two weeks in 2 consistent months may cause termination.
- Consistency matters, You should not be very inactive in trading because inactivity also causes termination.
- In case of any suspicious activity noticed by p2p admins or reported such as price manipulation or unfair competition cause termination.
In the context of payments, KYC has already occurred on the platform so no third party is allowed which causes suspicious payments such as severely occurs money laundering and terrorist financing. On the p2p platform make sure you actively executing ad orders which should be in a fast and consistent pattern leads to impressive response stats and racking improvement. It is suggested that you should be consistent with the platform rules to avoid the termination of facilities and eventually cause disappointment. you can ask anything about the regarding queries in the comments below we happy to assist you.