There are currently many ways to trade cryptocurrencies. The most common practice is to use crypto exchanges and buy or sell crypto at certain price points against another cryptocurrency or a local currency supported on the platform.
However, in the early days of crypto, there weren’t many options for buying and selling crypto. This forced the people interested in buying or selling crypto to meet with other people in person or through online communities to barter their digital assets in exchange for other assets, like cash, vouchers, goods, or other cryptos – this scenario is what we call peer-to-peer (P2P) trading. While P2P trading remains quite convenient, trading with other users may be risky if no third party exists to organize the transaction on the users’ behalf. To make P2P trading safer, various online platforms developed a safer way to facilitate P2P deals. One of these solutions is Binance P2P where you can transact with your fellow crypto holders and swap your assets securely and easily.
On the platform, Binance has put several strategies in place for user protection. One of such strategies is the P2P escrow which guarantees both buyers and sellers are protected from falling victims to fraud or theft. The escrow does this in two ways it helps buyers open an appeal if the counterparty defaults in releasing the cryptocurrency after payment; while on the other hand, sellers are also protected by holding the crypto in a temporary deposit within the escrow service until after payment from the counterparty has been verified. The cryptocurrency is only returned to the seller if the payment is not verified within a specified timeframe.
Source: This news is originally published by africa