A decentralized peer-to-peer platform to facilitate exchange between cryptocurrencies and fiat currencies in a secure, economical, and intermediary-free manner.
Binno's P2P Market is a decentralized platform that allows users to directly exchange cryptocurrencies for fiat currencies (and vice versa) without going through centralized exchanges. It acts as an on/off ramp to FIAT, connecting buyers and sellers in a secure environment.
Unlike centralized exchanges that often charge high withdrawal fees (between 5% and 7% on average), Binno's P2P Market provides a more cost-effective and flexible alternative for converting cryptocurrencies to traditional currencies.
Centralized exchanges typically charge between 5% and 7% in withdrawal fees. Binno's P2P Market drastically reduces these fees, allowing users to get more value from their cryptocurrencies when converting to fiat currency.
The platform supports multiple fiat currency payment methods, including bank transfers, mobile payments, debit/credit cards, and local payment systems, adapting to preferences and availability in different regions.
The escrow system ensures that cryptocurrencies are only released to the buyer once the fiat currency payment is confirmed, protecting both parties against fraud and providing a secure transaction environment.
Unlike many exchanges that may be restricted in certain regions, Binno's P2P Market is designed to be globally accessible, allowing users from any part of the world to participate in cryptocurrency exchange.
Users can create buy or sell ads for cryptocurrencies, specifying the amount, price, and accepted payment methods. Alternatively, they can search for existing offers that meet their needs.
When a buyer and seller agree on terms, the transaction is initiated. The cryptocurrency seller deposits the assets in the escrow system, where they are securely held during the transaction.
The cryptocurrency buyer makes the fiat currency payment directly to the seller using the agreed payment method. Once made, they mark the transaction as "Paid" on the platform.
The seller confirms receipt of the fiat currency payment. Once confirmed, the cryptocurrencies are automatically released from escrow to the buyer's BinnoWallet, completing the transaction.
Both parties can rate each other after completing the transaction, contributing to the reputation system that helps build trust on the platform and facilitates future transactions.
| Feature | Binno P2P Market | Centralized Exchanges |
|---|---|---|
| Withdrawal fees | Minimal (1-2%) | High (5-7% on average) |
| Fund control | Users maintain control | The exchange has full custody |
| Payment methods | Multiple options, including local ones | Limited, mainly banking |
| KYC/Verification | P2P reputation system | Strict verification processes |
| Global availability | Globally available | Common regional restrictions |
| Fund security | Escrow system | Risk of hacks and freezing |
Binno's P2P Market is designed to address various on/off ramp needs between the crypto and traditional worlds:
Merchants who accept cryptocurrency payments through BinnoPOS can easily convert part of their earnings to fiat currency to cover operating expenses, without the high fees of traditional exchanges.
People who want to enter the world of cryptocurrencies can do so easily, converting their fiat currency into cryptocurrencies through local and familiar payment methods.
Users who occasionally need to convert between crypto and fiat for specific expenses, without having to maintain accounts on multiple platforms or face high fees.
People sending money internationally can use cryptocurrencies as a bridge, leveraging the P2P Market for final conversion to local currency, avoiding the high fees of traditional remittance services.
Small businesses or individuals who act as facilitators of crypto-fiat exchanges in their local communities, creating additional income through transaction margins.
Users who need to quickly convert cryptocurrencies to fiat currency to make everyday purchases at establishments that don't yet accept cryptocurrency payments.
The P2P Market is fully integrated with the rest of the Binno ecosystem, providing a smooth experience for users.
Binno's P2P Market gives you real financial freedom, allowing you to convert between cryptocurrencies and fiat currency directly, economically, and securely. Discover a new way to enter and exit the crypto world.
Access the P2P Market More details in the Whitepaper