This blog is part of a wider series of articles called P2P Stories, which will highlight the impact of Binance P2P on the regions that we serve. Today, we focus on Russia and Ukraine, where we interview five merchants about their P2P experiences.
Since Binance P2P’s launch in October 2019, we have added over 40 fiat currencies to the platform, connected over 2,000 merchants, and surpassed total trading volume of $2.5 billion.
In February 2020, Binance announced the addition of the Russian ruble and Ukrainian hryvnia to the Binance P2P platform. Since then, we began to actively receive applications from users in Russia and Ukraine who wanted to join our P2P merchant program and place their trade ads.
Professional traders became our first market makers on the platform. As a result, we were able to receive positive feedback from users who made transactions exclusively with P2P merchants, who passed additional verification on Binance.
According to feedback from our users, we have created one of the most convenient mobile applications for P2P trading, with which it is possible to buy and sell cryptocurrency around the clock wherever the user is at that moment. Recently, we have supported more local payment methods including Yandex.Money and multiple local bank transfer options, making fiat transactions even easier for users.
How Russians Use Binance P2P?
- Buying cryptocurrency with a convenient payment method almost instantly and without transaction fees (users set prices in ads themselves). 99% of the time, the price of cryptocurrency on Binance P2P paired with the ruble is lower than on other platforms or exchange services.
- Cryptocurrency sales: crypto miners and institutional traders exchange cryptocurrencies for fiat within Binance without additional transaction fees.
- Arbitrage trading: for some experienced traders, they may profit from the spread on various exchanges due to the differences in cryptocurrency prices across markets.
- With 40 fiat currencies supported, Binance P2P allows you to exchange one currency for another at competitive rates.
Reviews from Binance P2P traders
We decided to talk to our traders and asked them a few questions to find out how they trade, how they make money on a daily basis, and how Binance P2P helps them in this.
Some of our traders asked us not to advertise their trading nicknames on the platform.
Binance: Is P2P trading your main source of income, or is it something you combine with your main job?
I still have a day job, but P2P trading and cryptocurrency trading allows me to have an additional permanent source of income.
I got acquainted with cryptocurrencies in 2019. For me, P2P trading has become my main source of income, which at a certain point allowed me to quit my five-day workweek where I was busy 12 hours a day. Now I have full control over my employment, and most importantly, work for myself.
We started P2P trading in 2018. At the moment, this is not the main source of income, but sometimes P2P trading pleases with a solid profit.
I am convinced that dealing with fiat transactions requires concentration and an enormous responsibility. Errors can do with the loss of a deposit, problems with banks, and difficulties with tax reporting. This is a job that requires a professional approach from a whole team of specialists.
Alone, after working in your free time, of course, you will not be able to effectively manage such a system.
Today, yes. Cryptocurrency exchange has become the main business for me and my team, which we are constantly developing, connecting new tools and opportunities. Each of us has a good professional background in the past (finance, marketing), which has allowed us to create effective processes and a successful business model.
Binance: What is an important criterion for you when choosing a P2P platform?
Of course, platform usability and security are of the utmost importance. I would also like to highlight the quality of the support service and timely feedback.
The safety and quality of verification of users are important to me. In view of a large amount of “dirty” money, I pay special attention to checking counterparties – I need to know with whom I am making a trade.
When choosing a P2P platform, we look primarily at the size of the platform’s commission and the spread (the difference between buying and selling). If these criteria meet our requirements, we post ads. If the liquidity is good, we start to actively work on the platform.
Liquidity is important for us. Reliability of verification of counterparties. Personal data security.
Security and of course liquidity. When you trade every day, and your earnings depend on how many transactions you have, it is important that the assets are constantly working.
Binance: How do you use Binance P2P and what do you like about the platform?
Kovarsky: I have been a Binance P2P merchant almost from the very launch of the platform in Russia. Now the clear advantage of Binance P2P is the absence of transaction fees on the platform, plus the ability to combine P2P trading with spot and futures trading on Binance. This is convenient as there is no need to move cryptocurrency from different services. Everything is done on Binance.
ProtonExchange: As a Binance P2P merchant, I can tell you about the quality and responsive work of the management. Feedback and responsiveness of platform representatives create a positive experience of using the service. I trust the Binance brand. And as I mentioned above, having mandatory verification of Binance users makes me feel safer.
Since we primarily use the Binance crypto exchange as a wallet for trading and storing cryptocurrency, Binance P2P fits very well into our work. Thus, we fix profits by selling cryptocurrency through Binance P2P. I am very pleased with the absence of commissions at the moment.
The mobile app is the best solution in the P2P market. It is surprising that such an interface has appeared only now. I have long needed a convenient mobile terminal for P2P.
Also, all participants undergo verification. There’s a high level of user reliability on Binance P2P, which makes it an additional efficient gateway for depositing or withdrawing assets on the exchange.
I was actually waiting for Binance to have something similar. I can say that my main trading takes place on the Binance P2P platform since now there are no commissions, and also mandatory user verification gives me an additional guarantee of protection from fraudsters.
An additional advantage is the ability to trade other cryptocurrencies besides bitcoin, and a convenient mobile application. This is by far the best trading app I have ever tried. I’ve been trading on Binance P2P almost since launching in Russia, and I’m pleasantly surprised at how quickly the service is developing.
Binance: What useful information could you share with newcomers to peer-to-peer trading, what to look for, and what top tips could you give to those who are just starting their trading steps?
The main advice is to be careful with your clients, remember about scammers, and not neglect security for the sake of extra profit. Think with your head, not your wallet, respect your customers, and especially your colleagues – other traders.
Before you start trading cryptocurrencies, study the existing fraudulent schemes and how not to fall for them. You must know how to avoid trouble. Take whatever steps are necessary to avoid falling into their trap.
Calculate all the options, and study all possible ways to deposit and withdraw cryptocurrencies, compare different channels and payment systems, think about how to earn at least 2% so that trading really brings money. And be mentally prepared for huge competition.
Choose one or at most two P2P platforms for trading. It is important to trade stably on the platform, so you will have regular customers who can sometimes buy crypto from you for a little more than a newbie who has set a lower price. When creating an ad for purchase, consider possible additional bank fees for transfers between cards of different regions or different banks. Always try to release crypto-assets instantly after receiving money, as well as quickly transfer money to the card indicated by the seller. Always be polite to your clients. Good luck and may everyone profit!
Arbitrage trading in cryptocurrencies is a great opportunity to make money if you approach it wisely. Study the question, since there is plenty of information on the Internet now. Over time, you will build up your customer base. And if you work honestly, clients will return to you, and this is your permanent income. Of course, there are many schemes for making money, but as a rule, traders do not share such information, as the market is very competitive.