How Emerging Markets use Binance P2P

Cryptocurrency adoption across the world is surging. The industry has captured mainstream attention and is slipping into every region and country worldwide. Many have credited this growth to the COVID-19 pandemic, which showcased the potential of cryptocurrencies to serve as a bailout for struggling global finance.

Countries such as the US, China, Russia, Germany, France and other world powers are established players in the crypto space. However, interest in cryptocurrencies has been growing in emerging markets such as Latin America, the Middle East and Africa. 

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Crypto watchdog, Chainalysis ranked Vietnam, India, and Pakistan as the top three countries for cryptocurrency adoption in 2021, followed by Ukraine, Kenya, Nigeria, and Venezuela. Nineteen of the top 20 nations in the report were emerging economies. 

According to crypto experts, countries in these regions have multiple use cases for digital assets. One out of five Vietnamese own Bitcoin, which local experts claim to pose strong competition for traditional banks. Additionally, citizens in Pakistan or Thailand view cryptocurrency as a safeguard against prevalent political unrest. Notably, users in Venezuela may view it as more dependable and useful than the government’s collapsing currency.

Remittance is one of the reasons for the growth of cryptocurrencies in emerging markets. According to reports, foreign workers send roughly $700 billion to their families yearly in small sums. Stablecoins have become popular choices for crypto users in emerging countries. This proves that cryptocurrencies have the ability to reduce transaction costs and boost financial inclusion in underdeveloped nations with weak banking infrastructure.

The Growth of P2P Trading

As mentioned earlier, remittance plays a huge role in emerging markets. Crypto users in countries such as the Philipines, Nigeria, Kenya, Brazil, and Argentina rely on crypto exchanges to transfer funds to their loved ones or to purchase items. A huge reason for this is that these individuals want a way out from the strict policies in their regions governing international payments. Additionally, international payments via banks take time and are also expensive. But with crypto exchanges, the process is cheaper and faster.

Peer-to-Peer transfers are also in high demand in emerging markets. P2P refers to a decentralized model where two people interact to buy and sell crypto directly with each other on an exchange. P2P transactions are often more relaxed and easier to access crypto services.

In P2P trading, users can select their preferred offer and directly conduct business with a counterparty instead of using an automated engine to carry out their transactions. This gives them more flexibility to choose the most affordable rate and payment option for their needs.

One of the advantages of P2P cryptocurrency trading is that it exposes users to a global market where they can transact with anyone. This opens up a world of opportunities because it enables users to trade in whatever asset or currency they desire.

P2P trading also offers security. Most platforms like Binance use security features like encryption and two-factor authentication. Another added benefit is that P2P trading provides a wide range of payment options to select from. It includes both conventional payment methods like credit cards and PayPal as well as virtual currencies like Bitcoin and Ethereum (ETH).

Binance P2P in Emerging Markets

Peer-to-peer transactions are the easiest way to accept cryptocurrency and bypass strict local laws. As expected, the competition amongst projects offering P2P services is intense. Several platforms, such as Paxful and LocalBitcoins, are competing to offer crypto services in emerging markets.

For instance, Paxful has a heavy presence in Africa. A report in July stated that Nigeria traded over $5 million on Paxful. However, Binance remains a popular choice in the global market and is the best to offer easy and effective access to crypto assets.

Binance offers access to 300+ payment methods and 70+ fiat currencies and zero fees. Binance P2P platform also has several measures to protect users and their funds. Some of these measures include a crypto escrow mechanism, swift security updates, and 24/7 customer service support.

Crypto transactions are quick and easy but not always secure. There is a huge possibility of being scammed or losing your funds. So, the best P2P trading ensures that users deal with only approved sellers and buyers. And Binance ensures that.

The Binance P2P market ensures that only verified individuals gain exposure to other users. Binance has a strict vetting process for all its verified merchants. This is to give its users a more secure P2P trading experience. Users can decide to transact only with verified merchants by filtering their P2P ad screen to “verified merchants only”.

Binance processes daily transactions worth billions of dollars. As of July, the trading platform had $26 billion worth of daily transactions. The second place exchange had only $6 billion.

Why Binance P2P?

One of the reasons Binance is regarded as the best P2P crypto exchange overall is that it facilitates trades between traders from all over the world. It also transacts in different fiat currencies and assets, including spot and P2P trading, futures, options and margin-based products.

Users can sell or buy Bitcoin (BTC), Ethereum (ETH), DogeCoin (DOGE), Binance Coin (BNB), and stablecoins like Binance USD (BUSD), Tether (USDT), and MakerDAO on the Binance P2P platform (DAI).

Users also have the option of purchasing these coins directly from other traders or selling their own coins to them using more than 70 different fiat currencies, including US dollars (USD), euros (EUR), British pounds (GBP), Chinese Yuan (CNY), etc.

Binance is the most widely used P2P platform in emerging markets and is easily considered the best among others. One core reason for this is the security it offers. Merchants who keep money on the exchange strictly abide by the rules to avoid getting banned. This security factor makes it easier to transact freely without the fear of being scammed.

Check out this article for more details on Binance P2P trading.

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