What happens when the buyer gets the Bitcoin but doesn't send the payment? What happens when the buyer sends a lower payment amount than expected? Fraud is the biggest risk of conducting P2P trades without an exchange.īinance P2P can protect both buyers and sellers to safeguard transactions and reduce the risk of fraud. Twitter is not a P2P platform, so it is difficult to establish trust. Picture this: You meet someone on Twitter who is interested in buying Bitcoin-and you happen to have some Bitcoin to sell. P2P exchanges can also provide a layer of protection for everyone involved in the transaction, by implementing a feedback or rating system. Buyers and sellers can browse crypto ads or post ads of their own. Some people compare a P2P exchange to marketplaces like Craigslist or Facebook Marketplace, because P2P exchanges connect crypto buyers and sellers. This is where an exchange like Binance P2P becomes essential for risk-conscious users. While P2P trading gives users finer control over the process, it is vital to note that peer-to-peer transactions carry some risks when there is no third party to broker the deal. P2P trading gives you more control over who buys your cryptocurrencies and who you buy from, the pricing and settlement time. The exchange organizes the transaction on your behalf, and the market price determines your final price at the time of transaction. Instead, you use charts and other market aggregators to determine the optimal time to buy, sell, or hold cryptocurrencies. When you buy or sell cryptocurrencies using a traditional exchange, you don't get to transact directly with the counterparty. P2P trading is the act of buying and selling cryptocurrencies directly between users, without a third party or intermediary.

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