- Binance has announced Peer to Peer trading (P2P) on its platform with zero fee structure.
- P2P trading has processed over $300 Million in figurative trades.
- There is a VIP discount for VIP members and P2P users.
The popular exchange platform Binance has announced Peer to Peer trading (P2P) on its platform with zero fee structure. This launch is effective from 28th of February on both Web and Mobile App platform.
Binance is the top cryptocurrency exchange platform in terms of trading volume and number of users the newly updated launch of its platform will only increase its reputation due to the advantage of peer to peer trading and feeless transaction on the same platform.
With this platform, users can transact cryptocurrency with feeless structure directly from other users on the P2P platform along with the new feature to earn money from P2P transactions with Binance P2P Global Merchants Program.
The same platform was released on the mobile application as the part of Binance’s Open Platform Initiative back in October 2019. It served as a key component and open marketplace for Binance.
With this new platform on the web application and the updated feature on the mobile application, Binance aims to widen the global adoption of the platform and reach new figures in terms of trade volume and market capitalization while facilitating fiat to crypto trading among the users.
This seems to be possible due to the feeless transaction structure. Since the launch of the mobile application of the platform, P2P trading has processed over $300 Million in figurative trades.
The CEO of Binance, Changpeng Zhao, said the peer to peer trading is a more suitable model for fiat to crypto trading as the exchange previously cut the cost in the name of transaction fees.
The new platform makes it more efficient and feasible for fiat to crypto transactions. CZ said the new platform would be available in more than 30 countries by the end of this year. The P2P platform is suitable for both Consumer to consumer model and business to consumer model.
With the feature of zero trading fees, there is a VIP discount for the VIP members and the P2P users, and merchants get the benefit of free posting of ads related to their services with 24/7 customer service all available in the VIP Merchants program.