The Binance Peer-to-Peer (P2P) trading platform supports two kinds of cash transactions, namely Cash Deposit to Bank and Cash in Person payment. These two payment methods adapt to different use scenarios. In this article, we walk you through both cash payment and share some security tips on P2P cash trades.
Cash Deposit to Bank
Cash Deposit to Bank is a payment option where a buyer can directly deposit cash to the seller’s bank account. The transaction can be conducted in a bank or via ATM. Cash Deposit to Bank is a proper option when a buyer would like to pay in cash yet not able to transact in person with the seller.
The benefits of Cash Deposit to Bank include instant transactions and zero costs. In other words, when you deposit cash to your trading counterparty’s bank account, the money transfer is instantly completed, and you are not charged with any additional transaction fees by banks.
To buy or sell cryptocurrency on Binance P2P using cash deposit, you can select “Cash Deposit to Bank” in the filter and find a suitable offer by price and volume. Then follow the standard processes - contact your counterparty using the built-in chat to clarify the details. You should always keep your receipt when depositing cash via ATM as proof of payment, just in case of a delay in the receipt of funds or malfunctions of ATMs.
Cash-in-Person Transaction
Cash-in-person transactions is a newly supported payment method on the Binance P2P platform. It allows users to buy and sell cryptocurrency through their selected offers, and give or receive cash for those transactions offline in person.
Among the 100+ payment methods supported on the Binance P2P platform, cash-in-person is the only payment method that involves face-to-face (F2F) meetings to complete a transaction. Cash-in-person transactions allow you to exchange cryptocurrencies without an amount limit, but beware of the risks and responsibilities before you choose to trade cryptocurrency in cash.
Guidelines in Buying and Selling Crypto with Cash on Binance P2P
Similar to other payment methods, it takes three steps to complete a cash-in-person transaction on the Binance P2P platform.
Before you conduct a P2P cash trade, make sure you have passed identity verification and add your available payment methods. If you don’t have a Binance account yet, register here now for a 10% spot trading fee discount.
Step 1: Find a proper merchant
On the Binance P2P page, you can use filters to easily search and sort active offers. Select cryptocurrency, fiat currency, and choose Cash-In-Person payment.
Only top-performing merchants are qualified to post-trade ads with cash-in-person transactions. When choosing the merchants, pay attention to the merchants’ number and completed transactions and overall completion rates.
In the description of an ad, take a look at which city the transaction is available. If everything suits you, place an order and contact the merchant using the built-in chat for further details.
Step 2: Negotiate the cash transaction details
Once you place an order, you can send the merchant a message to discuss how and where you will meet, and agree on a meeting time.
Always check all the details in advance. For security reasons and to avoid further controversy, please only use the built-in chat message to negotiate and discuss the nuances of the transaction. In case of any disputes, our customer support service can only take the chat messages into account.
Step 3: Complete the transaction offline
Here we come to the final step - meet with the seller/ buyer, pay in cash, and complete the crypto transaction on the Binance P2P platform. Please be aware that cash settlement happens offline, the cryptocurrency will be reserved on the Binance P2P platform during the transaction until the merchant confirms receipt of the cash and releases crypto.
Cash transactions can always carry certain risks, therefore we highly recommend you observe certain security measures and reject the transaction if there’s any doubt or suspicion.
Here are some security tips for cash-in-person transactions:
The place of the transaction must be in public and safe, for example, an office in a downtown business center. Do not agree to meet at the city outskirts or at private areas like someone’s home, etc.
Check the cash in the presence of both parties, and do not allow anyone to carry away the money until the transaction is completed.
Better bring a friend with you as a witness of the cash trades.
Be careful and more careful with cash trades in person. If you find any errors after the transaction is completed, it will be hardly possible to appeal. Click here for the detailed security rules and guides on P2P cash trades.
Happy trading!
