P2P is a peer-to-peer (P2P) trading platform within the Binance ecosystem. In simple terms, it is a marketplace for posting advertisements (similar to list.am), where the traded assets are drams and cryptocurrency. The platform operates within the exchange itself, and therefore, in order to access it, you need to register on Binance, complete verification, and then you will be granted access to this section of the exchange. On P2P, any individual who has passed verification with Armenian documents can buy cryptocurrency for drams and withdraw crypto to their Armenian bank account or card. The platform allows users both to create their own advertisements, where they can set their preferred payment methods and exchange rates, and to interact with other users who have posted listings. In other words, the platform enables direct trading between users, while Binance acts as a guarantor and intermediary.
What is the guarantee provided by the exchange? In every transaction, the exchange offers escrow protection to ensure the safety of the deal. This means that during the exchange process, Binance freezes and holds the cryptocurrency in one party’s account until both parties confirm that the transaction has been successfully completed.
How does the process work? The entire process consists of two stages. Let us examine the details and nuances of each stage.
1️⃣ Selecting a Seller
You find an advertisement from a person who is willing to sell their cryptocurrency and receive drams from you to their bank card or account. The listings immediately show which banks the sellers accept payments from. Choose a seller who works with your bank. Then press 👉 Buy.
You enter the amount in drams, and the system automatically displays how much cryptocurrency you will receive.
Pay attention to the seller’s terms and conditions. Each seller sets their own rules. These are the conditions under which they agree to accept your payment.If you do not follow these terms, the seller may mark the transaction as invalid and refuse to release the cryptocurrency to you. In such cases, the exchange may side with the seller rather than with you.Therefore, be very careful at this stage.
Also pay attention to the number of completed transactions. Read reviews about the seller, both positive and negative.
2️⃣ Placing the order and payment
If everything suits you, click 👉 Buy USDT. At this stage, the exchange freezes the seller’s USDT, meaning they cannot use it anymore — the funds are reserved for your transaction.
Next, you need to request the seller’s payment details. To do this, send a private message and indicate which bank you will be using to transfer the funds.
After receiving the payment details, go to your online banking and complete the transfer. Then return to Binance and click 👉 Pay.
You have 15 minutes to complete the payment. In other words, within this time you must send the drams and click Pay.After the time expires, the order will be automatically canceled, the seller’s USDT will be released (unfrozen), and the exchange will no longer be able to guarantee that you will receive the cryptocurrency. At that point, you will have to rely on the seller’s goodwill.
If the time has expired, under no circumstances should you send money to the old payment details. Instead, create a new order and request the payment information again in a new message. If you do not do this, the seller may dispute the transaction. They can easily prove to the exchange that they did not provide you with payment details for that order and will win the dispute. As a result, you may lose your drams and receive nothing in return.
⚠️ We would like to warn you that some sellers deliberately delay providing payment details and send them at the last minute, hoping that you will make a mistake — which they may then take advantage of.
If you have done everything correctly, then as soon as the seller checks the incoming payment and confirms receipt of your funds, their USDT will be automatically transferred to your balance.
✔️ Congratulations, you have successfully purchased USDT!
Summary:
- Open trades only with sellers who have a good reputation.
- Carefully read the seller’s Terms & Conditions. Failure to follow them may be grounds for disputing the transaction, and you may lose the dispute even if you have made the payment.
- Do not send money after the 15-minute time limit has expired. Instead, create a new order.
4. When placing a new order, request the payment details again.
Follow these rules, and purchasing USDT will go smoothly.
And if you need to buy cryptocurrency with cash, you can always contact us — we will be happy to help.