Binance P2P is the deepest USDT/INR market by a wide margin — typically 30-45% of all India P2P volume crosses it on any given day. After the 2024 FIU registration, it's also fully compliant for Indian users.
Account setup
Sign up on binance.com (Indian access works on the regular domain after 2024 unblock). Complete KYC: PAN, Aadhaar e-KYC or address proof, selfie/video. Most users are verified within 30 minutes.
Once verified, Binance P2P loads under Trade > P2P. The default pair for Indian users is USDT/INR.
Fees and TDS
Binance charges no platform fee on P2P trades — the merchant builds it into the spread. The 1% TDS under Section 194S is automatically deducted by Binance from the seller's USDT and remitted against your PAN; you'll see it in 26AS within ~24 hours of the trade.
Spot trading fees on Binance are 0.1% per side, with a 25% discount when paying in BNB.
Picking a merchant
Filter ads by completion rate (>95%), trades-completed (>1,000), and badge color (gold/silver). Avoid brand-new merchants with high spreads — that's the danger zone.
Cross-reference price with OpenRate before clicking — sometimes a merchant's ad is 50-80 paise above market, betting on inattention.
Disputes
Binance's dispute resolution is reasonably fast — 30 minutes to 2 hours for most disputes. Provide UPI receipt, transaction reference (UTR), and chat history. Compliance reads documentation; whoever is more documented usually wins.
Key takeaways
- Binance is the deepest USDT/INR market — typically 30-45% of daily volume.
- FIU-registered since 2024; TDS auto-deducted, AIS auto-reported.
- Filter merchants by completion rate, badge, trade count.
- Disputes resolve in hours; documentation is everything.
