As Bitcoin prices continue to surge, more investors are entering the cryptocurrency market! This guide addresses frequently asked questions when buying crypto on Binance through fiat channels.
Understanding Fiat Transactions
1. What Is Fiat Trading?
Fiat trading refers to exchanging government-issued currencies (e.g., CNY, USD) for cryptocurrencies like Bitcoin or USDT.
2. What Are "Ads" in Binance P2P?
Ads are user-posted listings to buy/sell digital assets at specified prices and payment methods.
3. Who Is an "Advertiser"?
An advertiser is any user who creates these buy/sell listings.
Transaction Mechanics
4. What Does "Release" Mean?
Sellers "release" cryptocurrencies to buyers after confirming receipt of the correct payment amount.
5. How to Transfer Funds Between Wallets?
Navigate to Wallet > Transfer, select the asset (e.g., USDT), and move it from your fiat wallet to spot/contract accounts for trading.
6. How to Dispute a Trade?
Click Appeal if conflicts arise. Binance support will mediate unresolved issues.
7. Canceling an Appeal
Either party or Binance can cancel an appeal if both agree, returning the order to "pending release."
Advanced Features
8. Posting an Ad
Eligible users can create ads by selecting:
- Currency pair
- Trade type (buy/sell)
- Price/quantity
- Payment methods
9. Becoming a Merchant
Requires substantial capital and platform approval. Contact Binance for applications.
10. T+1 Withdrawal Limit
Newly bought crypto must remain in your account for 24 hours before external transfers.
Troubleshooting
12. Why Add Payment Methods?
Binding bank cards or e-wallets ensures smooth fiat settlements.
14. "Price Expired" Error
Ad prices fluctuate. Refresh and re-confirm if the rate changes during checkout.
15. Fiat Trading Eligibility
Complete mobile verification and KYC.
Pricing Models
16. Floating-Price Ads
Prices adjust based on market indexes ± a set percentage.
17. Fixed-Price Ads
Rates remain static regardless of market movements.
19. Quick vs. Manual Trade Zones
- Quick Zone: Auto-matches orders by your criteria.
- Manual Zone: Handpick counterparties.
FAQs
Q: Can I buy crypto without KYC?
A: No. Binance mandates identity verification for fiat trades.
Q: Why is my USDT purchase delayed?
A: Seller processing times vary. Use highly-rated advertisers for faster transactions.
Q: How to avoid scams in P2P?
A: Trade only with verified users and never release crypto before payment confirmation.
Q: What’s the minimum purchase amount?
A: Varies by ad. Check individual listings for details.
Q: Are fees applied to fiat trades?
A: Binance charges no fees, but payment providers (e.g., banks) might.
For more Binance guides:
- Account setup
- Trading strategies
- Tax compliance