Binance Vendors Negotiate Price From $1,000 and Above. Why?

[Agbe]

I thought in Binance you can buy and sell at any price you want if you coins are equivalent to the price but from what I experienced from the Binance Vendors were something different all together. Placed an order of $1,468.45 worth of Bitcoins last few weeks, and almost all the vendors that are in the first page of the Binance list wer negotiating with me to reduce the price before they can pay. And if I refused they would cancelled the trade and that happened for up to five vendors so finally I sold the coins with negotiation price nd I sold them off, because one of them even told me that any person from the first list must negotiate with me.  So after when I have sold them I was thinking why must they negotiate with sellers to reduce the price.
And I want to know from the community here why? Because if someone is selling 0.0458 Bitcoin, the person will sell it out as the rate of 0.0438.

Tell me why?

[Igebotz]

That's a fraudulent trade, did you check the Marchant trading records and success rates before triggering the trade?

Secondly you shouldn't have agreed to any price reduction if they won't sell at the rate on their ad you report such seller to Binance.

Thirdly, agreed what ever reduction and use" the seller did send the exact amount " option of divert the trade into dispute until he pays you in full

Finally; always follow the sellers you have had successfully trade with before and keep them for future trade. There is a follow option and filter this sellers everytime you want to sell your assets to avoid fraudulent traders.

[Wiseman]

I have been using Binance exchange for more than 4 years and have never heard of such an observation, I not only trade there but also constantly withdraw money via P2P and there are no problems there as well, and even if there

[Fivestar4everMVP]

I think I've actually sold some usdt to binance vendors on the first page and never have I experienced such.
From what I know, when ever you want to use the p2p exchange on binance or any other exchange, make sure you are trading in stables, this means that, you will have to first of all sell your bitcoin for usdt in the exchange spot market, then trade usdt with vendor for local currency through the exchange's p2p market.

I will tell you why...

There are many scammers in Nigeria, using stylish ways to scam traders off their money, no matter how small, when you are  trading coins that are unstable in price, like bitcoin, Ethereum, and so on, in the p2p market, there is a very high chance you will come across vendors who will use the instability in the price of bitcoin to send you lesser amount of money than what is supposed to be the agreed amount, they will give excuses like "in the process of the trade, the price of bitcoin dropped a bit, which also have affected/reduced slightly; how much they were willing or going to pay you for your bitcoin".

So, to avoid coming across such, I always first of all exchange my bitcoin for a stable coin (mostly usdt) in the spot market, before I proceed to the p2p market to trade the usdt for my local currency.

[Agbe]

When I am selling huge amount again in the Binance platform and if the vendors negotiate with to slide down the price again, I will screenshot the dialogue with the vendor bring it here for clarification. That dat I was selling 0.034 and the vendors from all the first page were negotiating with me and if I refused they cancelled the trade and finally as I said, I have to bow down to accept the sliding down to be paid. So instead of of 1.9m, I sold it 1.7m.

[yhiaali3]

So, to avoid coming across such, I always first of all exchange my bitcoin for a stable coin (mostly usdt) in the spot market, before I proceed to the p2p market to trade the usdt for my local currency.

It is certain that buyers know that some people cannot sell Bitcoin in spot trading because Bitcoin is illegal in their country and therefore they need an intermediary to convert Bitcoin into a local currency, so they resort to the P2P market. So some people take advantage of this need and price differences and try to reduce the price to get Bitcoin at a cheap price.

So yes, the best solution is to convert Bitcoin to USDT before moving to the P2P market so that you get the market price.

[Wiseman]

So yes, the best solution is to convert Bitcoin to USDT before moving to the P2P market so that you get the market price.

This is the most correct decision in terms of the right price and speed of transactions, just on p2p there are not so many orders with bitcoin as for example with the same usdt which there are a lot of and on different currencies.

[DabsPoorVersion]

So yes, the best solution is to convert Bitcoin to USDT before moving to the P2P market so that you get the market price.

This is the most correct decision in terms of the right price and speed of transactions, just on p2p there are not so many orders with bitcoin as for example with the same usdt which there are a lot of and on different currencies.

I agree that taking this approach will prevent a similar experience like the one in OP from happening again. Although I use P2P in Binance, I haven't faced such an issue yet. My strategy is to always use USDT to avoid any sudden price movements in the market. This way, even if it takes a while to confirm the deal with the P2P merchant, there won't be any changes.

[Wiseman]

So yes, the best solution is to convert Bitcoin to USDT before moving to the P2P market so that you get the market price.

This is the most correct decision in terms of the right price and speed of transactions, just on p2p there are not so many orders with bitcoin as for example with the same usdt which there are a lot of and on different currencies.

I agree that taking this approach will prevent a similar experience like the one in OP from happening again. Although I use P2P in Binance, I haven't faced such an issue yet. My strategy is to always use USDT to avoid any sudden price movements in the market. This way, even if it takes a while to confirm the deal with the P2P merchant, there won't be any changes.

I use p2p on many exchanges, including Binance, but I'll tell you a secret, Binance has long been not the most favorable rates on p2p, I last year exchanging usdt to fiat on other exchanges, you are also advised to look at other exchanges and compare rates.

[DabsPoorVersion]

So yes, the best solution is to convert Bitcoin to USDT before moving to the P2P market so that you get the market price.

This is the most correct decision in terms of the right price and speed of transactions, just on p2p there are not so many orders with bitcoin as for example with the same usdt which there are a lot of and on different currencies.

I agree that taking this approach will prevent a similar experience like the one in OP from happening again. Although I use P2P in Binance, I haven't faced such an issue yet. My strategy is to always use USDT to avoid any sudden price movements in the market. This way, even if it takes a while to confirm the deal with the P2P merchant, there won't be any changes.

I use p2p on many exchanges, including Binance, but I'll tell you a secret, Binance has long been not the most favorable rates on p2p, I last year exchanging usdt to fiat on other exchanges, you are also advised to look at other exchanges and compare rates.

I've been hearing similar things from my friends. Since I don't want to go through KYC requirements again, I only use Binance for P2P transactions. However, since there is a chance that Binance might be banned in our country, I am considering looking for other exchanges that offer a P2P feature to uncover the secret you were talking about. 

[Wiseman]

I've been hearing similar things from my friends. Since I don't want to go through KYC requirements again, I only use Binance for P2P transactions. However, since there is a chance that Binance might be banned in our country, I am considering looking for other exchanges that offer a P2P feature to uncover the secret you were talking about. 

I have been using the exchange Baybit for the last few months, I like it with its rates on p2p exchange and there are almost always good rates, you certainly need to look at your currency, but personally I left my choice on this exchange, then see for yourself.

[ZAINmalik75]

Please correct me if I am wrong, are you talking about vendors selling or buying fiat or crypto in p2p? If yes, then this is not how a trade is supposed to happen, I mostly use Binance, and made a lot of P2P trades till now and not in a single trade, I faced this issue of negotiation, if they have placed an ad of some price then they have to give me that rate otherwise I can report them.

The amazing thing about Binance is, that even if they send me a lesser amount than the one we agreed on, even a single $1 then we can report them and open a case against them. let me tell you a story, one time I was making a p2p trade and the person on the other hand did not give me any money, upon asking he said I had to pay the fee.

While I knew there was no fee on p2p trade, actually that dude paid an extra fee, but it was his fault and why would I be getting less money, so I told him to send me the full money. These types of scams happens to everyone, The type of scam is mostly depend on the locality, because the vendors on Binance are your locals.

[DabsPoorVersion]

I've been hearing similar things from my friends. Since I don't want to go through KYC requirements again, I only use Binance for P2P transactions. However, since there is a chance that Binance might be banned in our country, I am considering looking for other exchanges that offer a P2P feature to uncover the secret you were talking about. 

I have been using the exchange Baybit for the last few months, I like it with its rates on p2p exchange and there are almost always good rates, you certainly need to look at your currency, but personally I left my choice on this exchange, then see for yourself.

I compared the rates of Bybit and Binance P2P and found that they have similar rates. However, Bybit has lower rates in our local currency, less than 0.01 cents, and I plan to try it out sooner or later. Since there is a possibility of Binance being banned in our country, probably starting next month which is a few weeks from now, it is better to transfer my assets to another exchange to avoid losing access to them. Thank you for your suggestion.

[Wiseman]

Please correct me if I am wrong, are you talking about vendors selling or buying fiat or crypto in p2p? If yes, then this is not how a trade is supposed to happen, I mostly use Binance, and made a lot of P2P trades till now and not in a single trade, I faced this issue of negotiation, if they have placed an ad of some price then they have to give me that rate otherwise I can report them.

The amazing thing about Binance is, that even if they send me a lesser amount than the one we agreed on, even a single $1 then we can report them and open a case against them. let me tell you a story, one time I was making a p2p trade and the person on the other hand did not give me any money, upon asking he said I had to pay the fee.

While I knew there was no fee on p2p trade, actually that dude paid an extra fee, but it was his fault and why would I be getting less money, so I told him to send me the full money. These types of scams happens to everyone, The type of scam is mostly depend on the locality, because the vendors on Binance are your locals.

Yes you are right, this is exactly what happens, but you do not take into account the fact that when you open an order in p2p to exchange you have a dialog with the seller and some sellers are not real, to put it mildly, in fact they are simple scammers and can ask you for anything and cheat you, it happens not often but it happens, mostly it is those sellers who have very few orders and a very good offer, I would advise you to be wary of them.

[Wiseman]

I've been hearing similar things from my friends. Since I don't want to go through KYC requirements again, I only use Binance for P2P transactions. However, since there is a chance that Binance might be banned in our country, I am considering looking for other exchanges that offer a P2P feature to uncover the secret you were talking about. 

I have been using the exchange Baybit for the last few months, I like it with its rates on p2p exchange and there are almost always good rates, you certainly need to look at your currency, but personally I left my choice on this exchange, then see for yourself.

I compared the rates of Bybit and Binance P2P and found that they have similar rates. However, Bybit has lower rates in our local currency, less than 0.01 cents, and I plan to try it out sooner or later. Since there is a possibility of Binance being banned in our country, probably starting next month which is a few weeks from now, it is better to transfer my assets to another exchange to avoid losing access to them. Thank you for your suggestion.

But keep in mind that there are also scammers on buybit p2p, just like on binance, the main thing is not to trust everything that they write to you during the exchange, I think you should know about this and I don’t need to explain how they do it and the main rule should always be, I received the money and Only then did I give my own.