Binance P2P is a platform inside a cryptocurrency exchange where participants can exchange cryptocurrency for fiat without intermediaries. There are no charts of coin rates, and prices are directly set by traders. There are a number of advantages for merchants on p2p Binance that make trading on the site much easier. That’s why most traders are trying to get that status for more profitable trading.
What a merchant on Binance means
Merchants are traders on Binance p2p who have obtained a special market maker status. Such traders are favorably distinguished among the others by a verification badge. Merchant status on Binance can be obtained by any trader, subject to certain conditions, among which the percentage of transactions, long hours, the presence of volumes and others.
What do ordinary traders on the p2p platform of the exchange actually fight for:
- Industry-leading security. Any peer-to-peer exchange goes through an escrow service. It is responsible for the fairness of the trade and its security. After the transaction is confirmed, the cryptocurrency is transferred to a third-party service and remains there for some time. In case of any disputes between exchange participants, a merchant can file an appeal, and Binance’s support team will quickly respond to it. Regular traders don’t have this option.
- Exclusive customer support. Binance merchants have a higher priority level of customer support from the exchange.
- Special promotions and bonuses. Binance regularly gives merchants additional discounts on commissions for trading certain pairs. And also there are meetings, conferences and online webinars.
- Advanced ad management. Merchants on Binance are allowed to post more ads for trading different pairs and the commissions for posting them range from 0 to 0.35%.
- Verification badge. Distinctive parameter when trading. It’s worth noting that when exchanging cryptocurrency for fiat, many newbies have a restriction – to show only merchant ads. To disable it you need to go to settings – many don’t do that. As a result, ordinary p2p traders’ offers aren’t visible to the general public.
- No assets freezing. For regular makers, after a transaction, funds are frozen in the wallet for 24 hours and are not available for withdrawal. Merchants have them available immediately, without Т+1 blocking .
Conditions for becoming a merchant on Binance
It makes sense to apply for a merchant only if you meet certain conditions. Exact parameters aren’t set by Binance, so there is different information on the web. Those conditions, after fulfillment of which the status of merchant on Binance will be successfully obtained, are described below.
- Account was created more than 6 months ago
- More than 200 trades in last 200 days
- Trading volume for the last 30 days is more than 4 BTC
- High rating, better if it is 100%
- Availability of BUSD on the spot wallet (not certain, but increases the probability of an affirmative decision)
Where do I apply to become a merchant?
- Go to the personal Binance account. If you don’t have an account, register
- Select Trade – p2p
- Go to P2P User Center
- Click on the yellow button “Become a Merchant”. It is active only for users, who passed the verification plus on Binance
- Read the information on the page and apply.
- Fill in the form
The application review period is 10 days. The answer will be sent to your mail. If rejected, you can reapply after 2 months.
Trading rules for merchants
Once you become a merchant in p2p Binance, it’s important to follow the rules. Otherwise, you can be disqualified, the account is permanently removed from the platform.
- Accept payments only to personal cards or e-wallet.
- In case the counterparty provides details for transfer to a third party, cancel the transaction and inform the Support about it.
- Request submission of additional documents to verify the counterparty. In case of refusal, cancel the transfer.
- Do not engage in money laundering, cashing or other illicit trafficking.
A merchant can be disqualified because of:
- Counterparty data leaks
- Motivation of transactions outside of the platform
- Distribution of information offensive to Binance
- A large number of negative feedbacks
Read more rules of merchant on Binance here: https://www.binance.com/ru/support/faq/360043895111
Becoming a merchant on Binance isn’t easy. But the cherished tick gives a lot of advantages among other makers and earning opportunities. Therefore, to succeed in peer-to-peer trading on Binance, you should definitely try to get it.