š Binance P2P : What every beginner must absolutely understand before trading!
Binance P2P is one of the most used ways to buy and sell cryptocurrencies in Africa. However, many beginners still make mistakes that can cost them dearly. Here are the essentials to know š
š 1. WHAT IS P2P?
P2P (peer-to-peer) allows buying or selling cryptos directly between users. Binance merely serves as security by holding the funds until the transaction is complete.
š³ 2. HOW DOES IT WORK?
1ļøā£ Choose an offer 2ļøā£ Read the terms 3ļøā£ Open the order 4ļøā£ Make / receive the payment 5ļøā£ Binance releases the crypto after confirmation.
ā ļø 3. ERRORS TO AVOID
š« Sending money before opening the order š« Releasing without verifying the actual payment š« Discussing only in private š« Choosing a seller randomly without checking their profile (history, completion rate, reviews)
š”ļø 4. IMPORTANT SECURITY RULES
āļø Always communicate in the Binance chat āļø Verify that the bank account name matches āļø Never click on "Payment received" if itās not true āļø In case of doubt: open a dispute
š” TIP TO BUY CHEAPER
Choose sellers who are: āļø active āļø fast āļø with a high completion rate āļø using reliable mobile payment methods.
šÆ In summary
P2P is fast, secure, and simple if you follow the rules. Your security should always come before speed.
Are you starting on Binance P2P? Hereās how it works in 3 steps:
1ļøā£ Choose your preferred payment method (MoMo, bank, Wave, etc.) 2ļøā£ Select a seller with a good rating ā 3ļøā£ Never release the funds before confirmation of receipt
š Always enable two-factor authentication for more security.
A Limit order is an order that you place in the order book with a specific price limit. You determine the limit. The order will be executed only if the market price reaches (or exceeds) the limit. Therefore, you can use Limit orders to buy at a lower price or sell at a higher price than the current market price.
Unlike Market orders, where trades are executed instantly at the current market price, Limit orders are placed in the order book and are not executed immediately. In most cases, Limit orders incur lower fees because you are trading as a maker rather than a taker.
#BTRPreTGE moi particularly I do not know a great deal about binance. I only know how to make P2P transactions. I would like to explore and have a general knowledge about binance
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