Binance is one of the popular and most used exchange for crypto consumers in asia, africa and europe. Though binance is struggling in US, canada and some other 1st world countries. Rest of the 2nd and 3rd world nations have a good binance experience so far.
Each year they are improving slowly. P2P is one of the biggest component they have on the exchange. And they have managed to improve it a lot over the years including security, pairs and the type of the crypto accepted in those trading places.
So they recently made one more progress, where they can automate the payments the trade operations of the P2P. Which makes it easier to sell your crypto once you initial the trade.
So what are some of the new changes on the P2P market?
Image Credit: Binance
P2P Market in Binance
People who have done KYC and also have the pairs and the funds in the specific crypto are going to make use of the P2P market easily. They just have to tap on the p2p market icon and that would get them to buy and sell of the assets.
Here you have to fill in both incoming and outgoing wallets in FIAT and your binance wallet for funds.And you use them for each of the trade. And when you initiate the threads the wallets for respective coin pair would be in the use. And trades proceed through careful verification.
Automation in P2P Withdrawals
This was bound to happen. Binance is just taking the lead in this part. The FIAT and the crypto coin was meant for the binance to be in the equation. Here they are going to be giving specific set of the sellers and the buyers for the feature of the withdrawals.
Like say I am a buyer and seller on binance with high margin. Binance would offer me the pink badge or something. And if you trade with those players, you would be able to quickly swap your crypto for the FIAT and vice versa. And that is the quickest movement of the funds.
Who is available for this? I think this would be able to be implemented for the highly reliable sellers and the buyers. In ideal scenario this would be able to process 24/7 and things would slowly deployed too. I know for sure that such type of the automation would be good for consumers.
Less drama, quick money processing and there is more transparency. And people who are getting good reviews would be able to push the funds lot quicker. No need to worry about the scams and so. And as the automation takes over things would be much quicker to proceed.
I think this is a step in a right direction. This would be for each local binance version which means the CBDC and the FIAT would be quickly proceeded and later we are going to be seeing some really quicker payouts in the P2P.