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.
So In this article, we will learn and see the whole process fo how anyone can join and become Binance P2P merchant and not just make money by posting ads also contributing to the idea of minimizing the entry barries of the crypto market.
Binance P2P Merchant Program Overview
The Binance P2P platform is launch with the vision of minimizing crypto entry barriers and making it simple for common people to buy and sell cryptocurrencies.
The centralized and decentralized exchanges made the crypto trading simple but entering to crypto having no past enough contacts to suitable or appropriate exchangers to buy crypto or sell crypto for having your fund’s cashout and can spend your money directly.
This was the biggest problem no one was talking about that therefore Binance thinks about it and launches a P2P platform with currently Zero Trading fees, free of cost posting trade ads. Now to make it possible for the entire global, The platform needs global merchants to verify them selfs and become merchants along with the earning opportunity.
Binance P2P Merchant Program Requirements.
In short, following are the important requirements of becoming successful Binance P2P merchant.
- You much have a KYC verified Account at Binance Exchange, If you not yet have, Have to Create one and verify your identity which means you must be 18 years old or older.
- To becoming a Binance P2P merchant you have funds to hold on your P2P wallet for successful ads posting and made it possible to serve the users who want to swap their fiat or crypto.
- Currently, there is not specified from Binance that how many minimum funds you must have to become eligible for Binance merchant but recommended is that you have a minimum of $100 worth of crypto or fiat for expectedly higher chances of approval for becoming merchant request.
- You must have living address residence proof through such as a utility bill or related document to provide residence proof on the application.
- This is the core important requirement of becoming a P2P merchant that you must have a fiat local or international bank account or money wallet in selected country currency to add fiat channel payment method at least one account on your name through you will receive or pay fiat currency on P2P trade completion. Note. other account titles or third party members are not allowed. (Binance P2P FAQ)
- After completing the prerequisites you now have to shot a simple video by holding your ID card in your hand in front of the camera and say the following phrases: I am (Your Name), I trade Bitcoin / Ethereum and other cryptocurrencies. I promise that the source of funds is legal, and I guarantee that any information or materials submitted are true, legal, and complete. Cryptocurrency or fiat money is not used for any illegal purpose. I bear legal responsibility for my actions.
- Saying above prase through a video that means you are admitting the terms and conditions of the Binance P2P platform and admitting that the funds you are going to trade are from a legal source and you are solely responsible for any legal action taken against you or cause you for any kind of proof to provide.
- If you are from Africa than you don’t need to shot video or saying something stuff you will be approved by submitting written documents.
- Now for becoming a successful Binance merchant, carefully and properly fill the form This form is for global applicants if you are belonging or applying from Africa then Submit this Form For African Applicants.
Binance P2P Merchants Features
After successful approval from Binance P2P merchant application you have following opportunities to grab.
- You can post ad free of cost and earn money on completion of every trade you complete successfully.
- The merchant can set the limit of minimum and maximum order amount the user can request.
- The merchant has full security of funds through the Binance P2P program through hold payment release and first send payment system formula.
- The merchants can turn ads inactive or active for their working hour’s convenience.
- Binance is providing exclusive support chat in email through the appeal button. The funds remain on hold until the appeal dispute not resolved.
- The Binance P2P platform can be used on Mobile and Desktop as well. Upon any new order, the merchant will be notified through SMS so that you have convenient not to attend on the app or desktop all the time for waiting or hurry of missing the order request.
- Merchants can set the exchange rate according to their suitable rates for earnings although no trading fees and ad posting charges.
- The merchants can have options of 20 payment methods even of the same channel on the different fiat currencies.
How Merchants Make Money By P2P Trading on Binance Ads Posting?
Merchants directly make money through the swap charges of exchanging. Whenever the order completed some amount of percentage the merchants earn in positive through the exchange rate gap just like conventional P2P trading work on different p2p platform, for example, you posted an ad on Binance p2p of available selling for USDT at the price of 77.19 INR and the actual current price is 73.45 INR so the 3.74 rupees probably your profit and this will be your earnings.
This is the simple and automatic way you make money by just holding your money in spot wallet and post ads for free and you made money semi-passively without any risk of losing money, so if you have any question or want to ask any things to us, don’t forget to comment below we like to answer you and encourage to become successful Binance P2P merchant and contribute to the vision of minimizing entry barriers in crypto which is highly regulated, tightened by central banks & Governments.