Welcome to our step-by-step guide on how to easily buy and sell cryptocurrencies for your local fiat currency using Binance P2P. In this article, we will explain the unique features of peer-to-peer trading and provide a detailed step-by-step tutorial for setting up your account and completing your first P2P trade.
In a world where on and off-ramping becomes more difficult. You need to find ways to buy and sell your crypto easily and securely. Binance Peer-to-peer or short P2P is a secure solution for anyone who wants to buy and sell cryptocurrencies to their local currencies.
If you want to learn about buying and selling cryptocurrencies for local currencies, Binance P2P is the ideal place for you!
What Is Binance P2P?
Binance Peer-to-peer or short P2P is a secure solution for anyone who wants to buy and sell cryptocurrencies to their local currencies. This market allows users to trade cryptocurrencies with other Binance users, using their local currencies and not be afraid to get robbed and stolen from. But beware centralized exchanges are still under scrutinity, so always consider your risk.
Features of Binance P2P
Here are some of the features that makes Binance P2P user-friendly and secure and an ideal option:
Payment Options & Currencies
There are more than 300 payment methods and 70 local currencies to trade against: Binance P2P offers a wide range of payment options, such as; bank transfer, PayPal, Resolut, and many more. If you want a multitude of local currencies, no worry, you can choose your favorite and most popular local currencies such as NGN, EUR, CNY, USD, and more.
Zero Fees
Binance P2P charges no fees for transactions, making it a real affordable option for buyers and sellers.
Filter
You can filter and display available propositions that meet your trading needs. This ensures a more efficient trading process for everyone.
Chat
The chat function allows you to communicate with the user you want to trade with during the trading process. You will receive notifications for new messages, so that you don’t miss any important information about your trade.
24/7 Customer Support
Binance, is known for their top-notch customer support that will help you with any problems you may encounter. They will be quick to respond to your queries.
Escrow Account
Binance P2P secures the system by holding the crypto in an escrow account and releasing it only when both parties confirm the payment, which is in my opinion the most important function.
Getting Started
To get started on Binance P2P you have to conduct your first steps with Binance:
- First, open a Binance account, if you don’t have any and pass the KYC verification process.
- Then, install the Binance app from Google Play Store (for Android) or Apple App Store (for iOS).
Once your Binance account is verified, you can get started on Binance P2P.
How to Buy Cryptocurrency on Binance P2P?
STEP 1 – Log In
Log into your Binance account using your credentials from sign up. This includes your phone number, email, or the Google or Apple account you used.
STEP 2 – Click On P2P Trading
Once logged in, hover over the ‘Trade’ tab and select the option on the desktop. If using the Binance application, click on “P2P Trading” on the homepage.
Then, read and agree to the risk notice and tutorial that appear on screen.
STEP 3 – Click “Trade Now” to Access The Trading Page
This will take you to the ‘trading page’ where you will see a display of many offers.
STEP 4 – Choose Preferred Fiat and Cryptocurrency
Choose your local currency and select “Buy” and the cryptocurrency you want to buy.
The option is initially set on ‘Buy’, ‘USDT’ when you open the trading page (at the top of the page, you can select buy or sell as well as the cryptocurrency you want to trade).
So select ‘Buy’, then select the cryptocurrency you want to buy, say BUSD for example.
STEP 5 – Choose Amount to Buy
Use the filter feature to enter the amount you want to buy and click “Yes”.
Consider the order completion rate, number of trades, and the price per unit of the cryptocurrency before choosing your preferred offer.
This takes you to the page where you enter the amount to buy.
This page also contains trade information such as the payment window (which is the time limit to make the payment, otherwise, the trade is canceled), as well as the seller’s payment method).
STEP 6 – Buy With 0 Fee
You can enter the amount by Fiat (in terms of your local currency) or by Crypto, so select the one you prefer and enter the amount.
Read Binance’s terms and conditions, as well as the seller’s terms, before clicking “Buy with 0 fees”.
If the seller’s payment method, terms and payment window is fine by you, click ‘Buy with 0 fee’.
Otherwise, go back to other ads to check for what you can agree with as different sellers have different payment windows and payment methods.
STEP 7 – Confirm the Payment Details
Once you click ‘Buy with 0 fee’, the order is created and the payment window time starts counting down.
This opens the page where you can chat and confirm your order details before payment.
Chat with the seller to confirm the order details, then click “Make Payment” and follow the payment instructions.
Wait for the seller to confirm receipt of the payment, then rate your trading experience and leave feedback.
STEP 8 – Check Sellers Information
Once you click ‘Make Payment’, it takes you to the page which displays the seller’s payment information.
Make the correct payment to the seller’s account (make sure the account name on the payment platform you are to send the funds from, matches your verified name on Binance).
After successful payment, click ‘Transferred, notify seller’ at the bottom of the page.
This takes you to the page where you wait for the seller to confirm payment receipt and release the crypto.
After which, it displays that the trade is successful, (the crypto is deposited to your funding wallet).
STEP 9 – Rate Your P2P Trading Experience
On that page, you are asked ‘How was your trading experience’, for which you can select Positive or Negative.
I’m confident it will be positive.
You can leave comments, you can use the comments templates.
Click ‘Done’.
You can check your Funding Wallet, the crypto is deposited there.
How to Sell Cryptocurrency on Binance P2P?
If you want to be a seller on Binance P2P, you have to ensure that your cryptocurrency is in your funding wallet on Binance. Follow these following steps to do so.
STEP 1 – Transfer Funds and Select Payment Method
Transfer to your Funding Wallet
Go to the Binance P2P page. The process to sell is very similar to how you buy.
Click on “Payment Method” at the top of the Binance P2P page to add your payment method.
Setting your payment method.
STEP 2 – Select Cryptocurrency You Want to Sell
Select “Sell” and the cryptocurrency you want to sell, say USDT for example.
Use the filter feature to enter the amount you want to sell and choose your preferred offer.
Consider the trade completion rate, number of trades and the price per unit of the cryptocurrency before you choose your preferred ad, then click ‘Sell’ on your preferred offer.
STEP 3 – Enter Amount to Sell
Enter the amount you want to sell and select your payment method. This page also contains trade information such as the buyer’s payment method and a payment window (a time limit for the buyer to make the payment).
Enter the amount (either in crypto or in Fiat).
Select your payment method.
Read the buyer’s terms and check their payment method before clicking “Sell with 0 fees”.
Otherwise, you can check other ads to find the one suitable for you.
STEP 4 – Confirm Amount To Sell and Wait
Once you click ‘Sell with 0 fee’, the order is created and the payment window time starts counting down. This opens the page where you can chat.
Wait for the buyer to send the funds. The buyer notifies Binance when they have sent it and then Binance notifies you.
Check your payment account to confirm receipt of the funds.
Click ‘Payment received’ only when you have confirmed payment receipt.
Tick the option that you have received the correct payment from the named seller, then click ‘Confirm’.
STEP 5 – Rate Your P2P Trading Experience
Enter the verification code Binance sends to you, then click ‘Submit’.
It displays that the trade is successful). On that page, you are asked ‘How was your trading experience’, for which you can select Positive or Negative.
Rate your trading experience and leave feedback.
You can leave comments, you can use the comments templates.
Conclusion
In conclusion, Binance P2P provides an easy way for everyone with a Binance account to buy and sell cryptocurrencies using their own local fiat currency. With support for over 300 payment options and no trading fees, the peer to peer function opens up opportunities for seamless crypto transactions across borders.
Meta: Learn how to easily buy and sell cryptocurrencies for your favorite local fiat currency using Binance P2P. In this article, we’ll explain and provide a step-by-step tutorial.
