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How Binance Protects You from P2P Scams
44sHigh educational value with security appeal: explains the escrow system, a common concern for crypto beginners.
▶ Play ClipAI Summary
This video provides a step-by-step guide on how to buy USDT on Binance P2P, emphasizing the ease, speed, and security of the process. It explains the difference between traditional and fast P2P, demonstrates the transaction flow, and highlights Binance's escrow protection and dispute resolution mechanisms.
Chapters
[00:01]
Introduction to Buying USDT on Binance P2P
The video introduces the easiest, fastest, and safest way to buy USDT on Binance P2P, noting that USDT is the most used cryptocurrency and can be exchanged for any other crypto.
[00:16]
Security Against Scams
Binance protects users from scams by blocking the seller's USDT when an order is created, ensuring that funds are released only after payment is verified.
[00:30]
Applicability to Latin America
The method works for all Latin American countries, from Mexico to Chile, and the video shows how to select local currency and payment methods.
[00:43]
Account Setup and Benefits
The creator mentions an official link in the description offering up to $600 in welcome rewards and a 20% discount on fees for life, emphasizing potential savings.
[01:13]
Accessing P2P Trading
Users can access P2P trading via the 'P2P' section under 'Home' or under 'Add Funds' and 'More'. P2P stands for peer-to-peer, meaning direct trading between users.
[01:42]
Traditional vs Fast P2P
Traditional P2P requires manual filtering of sellers, while Fast P2P automatically matches the best trader. The video uses Fast P2P for convenience.
[02:08]
Why Buy USDT
USDT maintains its value equal to the US dollar, is the most traded cryptocurrency, and offers the best exchange rates. It's recommended to buy USDT and then exchange it for other cryptos.
[02:50]
Selecting Payment Method
The video demonstrates selecting a payment method (e.g., bank transfer) and previewing the order, which automatically matches with a verified trader with a 100% completion rate.
[03:32]
Security and Dispute Resolution
When an order is created, Binance blocks the seller's USDT. If the seller doesn't release after payment, users can open a dispute and provide evidence; Binance will release the USDT if payment is verified.
[04:11]
Executing the Order
The user presses 'Enter Order', sees the transfer details (amount, name, bank account), and makes the transfer. It's advised not to write 'payment' in the transfer description.
[04:52]
Uploading Proof of Payment
After transferring, the user uploads a screenshot of the payment and confirms, which sends the proof to the seller. The seller then verifies and releases the USDT.
[05:45]
Receiving USDT and Next Steps
Once the seller releases, USDT appears in the funds account. The user can transfer it to the Spot account to exchange for other cryptocurrencies like Bitcoin.
Buying USDT on Binance P2P is a secure and straightforward process, especially with Fast P2P. Binance's escrow system and dispute resolution provide peace of mind, making it a reliable method for acquiring cryptocurrency in Latin America.
Mentioned in this Video
Tutorial Checklist
1
00:43
Create a Binance account using the official link for benefits, or log in if you already have one.
6
02:50
Select your preferred payment method (e.g., bank transfer) and press 'Update' and then 'Preview'.
8
04:11
Make the transfer to the provided bank account, ensuring not to write 'payment' in the description.
10
05:45
Wait for the seller to release the USDT, then transfer it to your Spot account to exchange for other cryptocurrencies.
Study Flashcards (5)
What does P2P stand for in Binance P2P trading?
easy
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What does P2P stand for in Binance P2P trading?
easy
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Peer to peer, meaning person to person.
01:27
What is the main difference between traditional P2P and Fast P2P on Binance?
medium
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What is the main difference between traditional P2P and Fast P2P on Binance?
medium
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In traditional P2P, you filter sellers manually; in Fast P2P, Binance automatically matches you with the best trader.
01:42
Why is USDT recommended for buying on Binance P2P?
medium
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Why is USDT recommended for buying on Binance P2P?
medium
Click to reveal answer
USDT maintains its value equal to the US dollar, is the most traded cryptocurrency, and offers the best exchange rates.
02:21
How does Binance protect buyers from scams in P2P trading?
hard
Click to reveal answer
How does Binance protect buyers from scams in P2P trading?
hard
Click to reveal answer
When an order is created, Binance blocks the seller's USDT. If the seller doesn't release after payment, you can open a dispute and provide evidence; Binance will release the USDT if payment is verified.
03:32
What should you avoid writing in the transfer description when making a P2P payment?
easy
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What should you avoid writing in the transfer description when making a P2P payment?
easy
Click to reveal answer
Avoid writing anything related to the word 'payment'.
04:37
💡 Key Takeaways
📊
Binance Escrow Protection
Explains the core security feature that blocks the seller's USDT, ensuring buyer safety.
03:32
💡
Why USDT is the Best Choice
Provides a clear rationale for buying USDT over other cryptocurrencies due to stability and liquidity.
02:21
🔧
Fast P2P vs Traditional P2P
Highlights the convenience of Fast P2P for beginners, saving time and effort.
01:42
🔧
Avoid Writing 'Payment' in Transfer
A practical tip to avoid potential issues with payment verification.
04:37Full Transcript
[00:01] easiest, fastest, and safest way to buy USDT on Binance P2P. USDT is the most used cryptocurrency in the crypto world and with it you can get any other cryptocurrency. During the video I will show you how Binance
[00:16] protects you from scams, because we are all afraid of transferring money to a stranger and that stranger not releasing the funds to you. This method of obtaining UST works absolutely for all Latin American countries. From Mexico
[00:30] to Chile. Let's begin. To use this method, the first thing you need is a n't have an account yet, I'll leave the official link with some benefits in the description. With that link you can get up to $600 in
[00:43] welcome rewards and also a 20% discount on fees for life. That 20% can save you even thousands of dollars if you plan to use Binance leave a video in the description about how to create and verify an account.
[00:58] open the app and tap the icon in the top left corner, then tap Binance Pro. This need for this process. Here under "Home", you simply
[01:13] press this section that says P2P or if not, under "Add Funds" the yellow button under "More". You also have P2P trading. They are two ways to get to the same place. This is P2P commerce, or P2P stands for peer to peer or person
[01:27] to person. P2P trading is the buying and selling of cryptocurrencies directly between Binance users. We have traditional P2P and we also have fast P2P. The difference is that in traditional P2P you have to filter the
[01:42] sellers and choose the best option based on price and other features. Whereas in the fast P2P Binance, that filtering is done automatically for you. Therefore, in this video I will use fast P2P. On
[01:55] this side you will also find your national currency automatically. Let me clarify that basically all the currencies of all and as you can see, it says "buy USDT," but you
[02:08] can buy other cryptocurrencies, but I recommend that you buy UST. USDT is a cryptocurrency that maintains its value equal to the US dollar. And I recommend that you buy this cryptocurrency for two
[02:21] reasons. One is the most traded within the crypto world and the other offers the best exchange rates. You can also get other cryptocurrencies here, but they'll be very expensive. Therefore, the best option is to buy USDT and
[02:34] then exchange that USDT for another cryptocurrency. wish to purchase. I'm going to buy 1,000 Mexican pesos. I will receive approximately $ 57 USD. Then press this section to select payment method. Here you
[02:50] will see the value of the dollar in your country, that is, the USD, which is the same thing. And here you will see all the payment methods that are available in your country. case, it works for me to do it by bank transfer. So, I'm going to
[03:04] select that one. We press update and then we press preview. What this will do is automatically match me with the best trader . This is a very good option because it is verified, has completed
[03:17] 817 orders, and here you will see the percentage of these orders that have been completed, and in this case it is 100%, so it is quite reliable. On this side appears the amount of UST that I will receive for the 1,000 Mexicans.
[03:32] In terms of security, P2P trading on Vinance is a fairly safe process because when I press the create order button, Vinance will block the seller's 57 UST. If for some
[03:45] strange reason, which is very unlikely to happen to you, but it can happen, you make the deposit and the seller does not release the UST, you can open a dispute and send evidence of the transfer. If the payment is verified, Vinance releases the UST
[03:59] to your account, even if the seller does not cooperate. I repeat, this is something very unlikely to happen to you. In the 5 years that I have been using P2P, it has only happened to me once. And in this video I'll show you how to solve it. And well, I'm going to
[04:11] agree with what I'm going to receive and the amount I'm going to transfer, I simply press the enter order button and at this moment an order has already been created. the time I have to execute this operation and here it shows me all
[04:25] the data I need to make the transfer. It shows me the amount, the person's name, and also the bank account. So, what I'll do right now is pause the video, make this transfer, and I'll be back in a moment
[04:37] mention is that when you make the transfer, take a description section when transferring, don't put anything related to word "payment" and that's it. And well, once you've made the transfer, you're going to
[04:52] proof of payment and this is where you're going told you to take. Once you upload the screenshot, you press the button indicating that account. This account must be in your
[05:05] transfers from third parties. Then, you press the box and select "I already screenshot will automatically be sent to the seller. And here we simply have to wait for the seller to log into their bank account and verify that they
[05:19] actually have those 1,000 pesos there. I'm also going to send him a message telling him that I've already transferred the money. So, I can come back here. Here it's just a this seller to verify that the payment is in their account and then they will release the
[05:32] UST to us. And well, basically immediately after we transferred, UST released us. Here you can simply leave a positive review if you like, or if not, just go to the assets section and the UST is already
[05:45] available here under the funds account. And that's basically it. This is how you buy UST safely in the P2P marketplace. Once you have it here, you simply by pressing the transfer button. From spot to funds, you enter the
[06:00] amount of UST and press transfer. And you'll have it here in your Spot account. This is the account where you can exchange UST for another cryptocurrency, such as Bitcoin. You can make payments with UST or
[06:13] platform. In short, you set the limits. If you'd like to learn also leave a video above. And that's all. If in the comments. I always do my best to answer. I'll also leave
[06:28] description, along with some benefits. And finally, I invite you to become part of you can follow us on Instagram for short educational content, join our new WhatsApp group where you can interact with other people. And I'll
[06:43] of videos up here. Here I'll teach you how to use the Vainas app from start to finish so you can learn to exchange cryptocurrencies, and here I'll show you a from the computer. I'm signing off for today.
