Binance offers a lot of services. But the Peer-to-Peer feature, also known as P2P trade, is one of the most widely used. The P2P feature gives you control over how you buy and sell cryptocurrencies. The process is quite similar to selling items on eBay, Etsy, or Craigslist in that the seller and the customer negotiate a price directly with each other. But what makes this scene special is that you purchase and sell cryptocurrencies like Bitcoin or Ethereum.
It is more like purchasing Bitcoin from a friend or neighbor but on a crypto exchange. To get the best trading price and pay with a practical method for both of you, the P2P exchange will assist you in connecting with the appropriate person at the appropriate time and place. So, this article will look closely at P2P trade on Binance.
Regarding P2P trading, Binance is a great option since it provides access to a variety of withdrawal choices, payment systems, and faster transaction timeframes. However, you must complete the “Know Your Customer” (KYC) procedure before accessing the P2P trade on Binance.
Binance P2P’s main objective is to make it easier to trade bitcoin in local currencies. Binance now offers cryptocurrency trading across 150 payment methods and over different local currencies.
Unlike some platforms, Binance constantly rolls out new features on its P2P platform. These frequent upgrades help its user base double in size since 2019. For example, users have the option of creating ad posts to buy or sell their crypto. In addition, people can leave reviews for other users based on their trading experience.
Why Should I Use Binance?
Binance is the leading crypto exchange and offers the best services in the market. Here are some reasons to use the Binance P2P exchange:
- No liquidity problems.
- Zero fees: Binance ensures that you get what you paid for.
- Multiple options to choose from.
- Fast transaction completion time.
Who is Eligible for the Binance P2P?
P2P trading on Binance is only available to users who are verified. So it is best to create an account and complete the verification process if you have not. Ensure that your phone number, address, and bank details are all included in your setup.
How to Buy on the P2P Market on Binance
P2P sellers on Binance must undergo a screening process that includes identity and business verification. By authenticating all Binance P2P users, Binance also provides a secure environment for your transactions. After the verification process, you can make your first transaction with only a few clicks. For example, if you want to buy bitcoin, here is how to go about it:
- Click on Trade on your Binance page. A dropdown will appear. Select the “P2P” option.
2. You will see the P2P market, where the buy option is already placed at USDT. However, we’ll select BTC since that’s our choice. You’ll have to follow the same procedure for assets other than USDT. Although NGN is chosen as the default currency for this article, you can also change it to your own local currency.
3. Now, input the amount of Bitcoin you want to purchase in your preferred currency in the box that displays “Amount” at the top left of your screen, then press the “Search” button. This will display all vendors willing to sell the quantity of Bitcoin you are looking to purchase.
The providers with the best rates are listed first. You can pick any of them and press the green “Buy” button next to the advertisement. Give all the necessary information; by default, the amount you wish to pay and the quantity of Bitcoin you will receive will appear.
Although the amount you enter must fall within the price range that sellers are ready to sell at, you are not required to input the amount you used to search for vendors. Click the green “Buy” button in the bottom right corner of the screen if everything seems in order.
After you click Buy, a new page with the seller’s account information appears, asking you to transfer the fiat currency you want to use to purchase the bitcoin to that account. Send the funds to the specified account number and press the button to confirm payment.
The only thing left to do is wait for the seller to deliver the Bitcoin after they receive the payment. Then, the Bitcoin will be delivered to your Funding Wallet on Binance. You will also receive a notification once the bitcoin is available and can view it in your funding wallet. After that, you can opt to transfer the Bitcoin to your spot wallet or another wallet of your choice.
Selling on the Binance P2P Marketplace
If you want to sell your cryptocurrency on Binance, here’s how to go about it.
- Visit the “Buy Crypto” tab on Binance and select the “P2P trading” option.
2. Select the “Sell” option to choose the crypto you want to sell from the options provided. It could be BTC or USDT, etc. Then, choose a buyer providing the best price and click “Sell.” Select an ad and click “Sell” after filtering the price and “Payment” options in the drop-down box.
3. Input the amount you want to sell in fiat currency or in crypto and click the “Sell” button.
The transaction will show “Payment to be made by the buyer” with a countdown. This will change to “To be released” if the buyer pays. First, ensure you verify receipt of the payment. After confirming this, select “Confirm release” and “Confirm” to send the crypto to the buyer’s account. The buyer will then receive the crypto in their wallet.
Binance P2P is a good option if you are looking for ways to send and receive crypto. Many people in Africa, Asia, and other parts of the world leverage this feature to access financial services.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Binance. Copyright Altcoin Buzz Pte Ltd.