When it comes to P2P trading, choosing the right merchant is honestly the most important step. Pick the wrong one and at best your trade takes forever with a terrible experience — at worst you encounter scammers or receive tainted funds that get your bank card frozen. I've personally completed over a hundred P2P trades on the Binance website and gradually developed a method for selecting merchants. Today I'm sharing all of it with you. I recommend downloading the official Binance app and following along. Apple users can check the iOS installation guide to get it set up. P2P trading on mobile is actually even more convenient than on desktop — you can trade anytime, anywhere.
Types of Merchants on Binance P2P
Merchants on Binance P2P fall into a few different categories, and you need to understand the differences.
Verified Merchants (Yellow Badge)
These are merchants officially verified by the Binance platform, indicated by a yellow checkmark next to their profile picture. To become a verified merchant, they need to meet several requirements:
- Post a certain amount as a security deposit
- Complete a higher level of identity verification
- Accumulate a certain volume of historical trades
- Maintain a high approval rating
Verified merchants are arguably the most reliable group on the platform. They make their living doing this and won't risk their reputation over a small trade.
Regular Merchants (Blue Badge or No Badge)
Regular merchants have passed basic identity verification and can post trade offers on P2P. This is a mixed bag — some are experienced veterans, others are newly registered beginners, and there could even be some problematic accounts among them.
Individual Sellers
Some people occasionally list crypto for sale on P2P with relatively low trade volume — essentially retail-level sellers. These sellers aren't necessarily problematic, but since you can't easily verify their fund sources, the risk is comparatively higher.
What Metrics to Look at When Choosing a Merchant
Now for the key part. When you open the Binance P2P buy page and see a long list of merchants, how do you choose? I generally filter based on the following criteria.
First: Trade Volume and Number of Trades
Trade volume represents the total value a merchant has traded historically, while the number of trades represents how many orders they've completed. The higher both numbers are, the more experienced and established the merchant is.
My personal standard is: at least 500 completed trades. Below that, I usually don't consider them. If you're extra cautious, you can raise the bar to 1,000.
Why does this matter? Because a merchant who has completed over a thousand trades has been operating on the platform for a long time, and they're unlikely to scam you out of a few hundred dollars and destroy their account and deposit in the process.
Second: Approval Rating
The higher the better — I generally pick 95% and above. Anything below 90%, I skip immediately.
One caveat though: the approval rating should only be used as a reference, not relied on entirely. Some new merchants have few trades, and one or two negative reviews can tank their rating, but that doesn't mean they're actually problematic. Conversely, some veteran merchants have high ratings, but that doesn't guarantee they're 100% trouble-free.
Third: Online Status and Response Time
P2P trading requires real-time communication. After you place an order, the merchant needs to confirm promptly, you need to pay promptly, and the merchant needs to release the coins promptly. So choosing a merchant who is online and responds quickly is very important.
How to gauge this? Look at the merchant's "average release time" — this data is visible on their profile page. Generally speaking, an average release time under 15 minutes is quite good.
Fourth: Trade Limits
Each merchant sets different minimum and maximum trade amounts. Choose based on your needs:
- If you're buying a small amount (say a few hundred), pick a merchant with a low minimum
- If you're buying a large amount (say tens of thousands), pick a merchant with a high maximum
Don't force a trade when the amount doesn't match. For instance, if you want to buy $500 worth but the merchant's minimum is $1,000, don't try to negotiate a lower limit — that's not good practice.
Fifth: Supported Payment Methods
Different merchants accept different payment methods, commonly including bank transfers, Alipay, and WeChat Pay. Choosing a merchant that supports your preferred payment method makes things much easier.
Personally, I recommend bank transfers because they leave a more complete transaction trail, making it easier to provide evidence if something goes wrong.
Step-by-Step Guide to Selecting a Merchant
Open the Binance website or app, go to the P2P section, and let me walk you through the complete merchant selection process.
Step 1: Set Your Filter Criteria
At the top of the P2P buy page, you can configure:
- Crypto: Select USDT (beginners should start with USDT — the most stable option)
- Fiat currency: Select your local currency
- Payment method: Select your preferred payment method
- Amount: Enter the amount you want to buy
After setting these, the system will automatically filter merchants that match your criteria.
Step 2: Initial Screening
Scan through the list quickly and eliminate the obviously unreliable ones:
- No verification badge — skip for now
- Very few completed trades — skip
- Price noticeably lower than other merchants — could be suspicious, pass on it
Step 3: Check Merchant Profiles in Detail
Select a few merchants that look promising and click into their profiles one by one, focusing on:
- Registration date: Prefer accounts that are at least six months old
- 30-day trade volume: Check if they've been active recently
- Average release time: The shorter the better
- Approval rating and review content: Read what other users have actually said
Step 4: Start with a Small Test Order
Once you've settled on a merchant, don't go all in on your first trade. Place a small test order — maybe $100 or $200 — and see how the whole process goes:
- Does the merchant respond quickly?
- Do they release the coins promptly after confirming receipt?
- How's the communication attitude?
If this first trade goes well, you can continue trading with the same merchant going forward.
Red Flags to Watch Out For
Selecting merchants isn't just about finding good ones — it's even more important to avoid the bad ones. If you encounter any of the following situations, walk away immediately.
Unreasonably Low Prices
If a merchant is offering USDT at a price that's noticeably lower than all the others, ask yourself: why can they offer such a low price? Most likely their fund sources are problematic, and they're using "low prices" to lure you in. This is a bargain you absolutely cannot afford to take.
Requests to Trade Offline or on Another Platform
Some people will say in the P2P chat things like "the fees are too high here, let's add each other on WeChat and trade privately" or "I have a better price on another platform." Refuse immediately. Once you leave Binance's escrow system, your funds have zero protection.
Pressuring You to Pay When Order Details Don't Match
After placing an order, the merchant will give you payment details. You must carefully verify everything: does the recipient name match what's shown on Binance? Is the account number correct? If anything doesn't match, don't pay — contact customer support directly.
Asking You to Confirm Release Before Paying
The normal process is: you pay first, the merchant confirms receipt, then the merchant releases the coins. Any request to reverse this order is a scam.
Build Your Own "Whitelist"
After using the platform for a while, you'll find a few merchants who are a pleasure to trade with — fast responses, prompt releases, never any issues. I suggest you bookmark these merchants and build your own "whitelist."
Every time you trade, prioritize merchants on your whitelist. This not only saves you the trouble of evaluating merchants each time but also builds mutual trust through trade history.
On the Binance website and app, you can follow a merchant and find them easily for your next trade.
Safety Reminder
P2P trading involves real money, and you can never overemphasize safety. Please keep the following in mind:
- Never trade outside the platform: Binance P2P has an escrow mechanism to protect you — once you trade privately, there's no safety net
- Use your own verified account and bank card: Don't borrow someone else's account or card to trade
- Start with a small test order for large transactions: No matter how reliable a merchant looks, start with a small amount on your first trade
- Save all transaction records: Screenshot and save chat logs, transfer receipts, and order details just in case
- Use the platform's dispute process for disagreements: Don't try to resolve issues privately — file a dispute directly on the order page and let Binance customer service step in
FAQ
Are verified merchants guaranteed to be problem-free?
Not 100%, but the risk is significantly lower than with regular merchants. Verified merchants are bound by the deposit mechanism, and since they earn their living from this, they're unlikely to take big risks for small gains. Still, even with verified merchants, I recommend a small test order for your first trade.
Why are some merchants never online?
Some merchants don't do this full-time and may only post offers during certain hours. You can observe their online patterns and trade during their active hours. Or simply switch to a merchant who's frequently online to save yourself the wait.
Can I trade with multiple merchants at the same time?
You can, but I wouldn't recommend opening too many orders simultaneously. Since P2P orders have time limits, juggling too many at once can get chaotic, and if one times out, it could hurt your account reputation. One or two at a time is plenty.
How do merchants set their prices? Can I negotiate?
P2P merchants set their own prices based on market rates plus a margin. Generally, negotiating isn't really done since the listed price is their offer. However, if you're making a large trade, you can politely ask in the chat if they'd offer a better rate — some merchants do give discounts to large buyers.
What if a merchant doesn't respond during a dispute?
Click the "Appeal" button directly on the order page and submit relevant evidence (transfer screenshots, chat records, etc.). Binance customer service will step in to handle it. As long as your evidence is solid, the platform will make a fair ruling. Resolution typically takes anywhere from a few hours to a day or two.