How to Use Binance P2P Trading Platform: A Step-by-Step Guide

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Binance remains the biggest cryptocurrency exchange available. This feat is not unconnected to their cutting-edge technology, marketing efforts and seamless customer support. Binance P2P (Peer-to-Peer) trading allows you to interact directly with other users. Binance only serves as an escrow that safely holds your tokens or coins until the two dealers are satisfied with the transaction. Furthermore, Binance charges no trading fee for P2P.

Binance P2P offers several methods of receiving and making payments. They include bank transfer, WorldRemit, Western Union, Transferwise, Skrill, Revolut, Moneygram, Momo, Google Pay, Cash app, Alipay, etc.

You have to register and verify an account in Binance before making use of the P2P trading option. 

How to Buy Coin on Binance P2P

How to Buy Crypto on Binace P2P
  1. Log in to Binance and select “P2P” from the “Trade” dropdown menu. 
  2. Select the cryptocurrency to buy from the available options (USDT, BTC, BUSD, BNB, ETH, DAI)
  3. Choose the local currency/fiat to pay with 
  4. Select the payment option you want to use. Bank Transfer will work for most users. However, there are other options available. 
  5. Enter the amount (in the local currency you chose) that you will like to purchase and hit “Search”. A list of sellers that you can buy from will be displayed. 
  6. Scroll down and choose a seller to buy from by clicking the “Buy” button beside the seller. Ensure you use sellers with a high completion rate. 
  7. Enter the amount to buy in your local currency or fiat and click on the “Buy” button to proceed. Ensure you are ready to make payment before hitting this button. And follow any instruction that is there. 
  8. Make payment to the individual’s account that is displayed. Do not use any descriptions indicating crypto when making the transfer. This step is time-based, so you must make payment and click “Transferred, Next” before the countdown ends. Note that you must pay the exact amount and never indicate that you have made a payment when you haven’t made the payment. Doing that may get your account suspended. 
  9. The crypto purchased will be released into your P2P wallet once the seller confirms your payment. This stage is also time-based and has a countdown. 

How to Sell Coin on Binance P2P

You have to transfer your cryptocurrency to the P2P wallet before you can sell it on the Binance P2P platform. Also, add a payment receiving method by clicking the “Payment settings” under the “More” dropdown menu. 

Add Payment Method on Binance P2P
  1. Log in to Binance and select “P2P” from the “Trade” dropdown menu and select “Sell”.
  2. Select the cryptocurrency to sell into fiat or local currency. It has to be USDT, BTC, BUSD, BNB, ETH, or DAI.
  3. Choose the local currency/fiat you wish to receive payment.   
  4. Select the payment option you want to use. Bank Transfer will work for most users. However, there are other options available. 
  5. Enter the amount (in the local currency you chose) that you will like to sell and hit “Search”. A list of buyers that you can sell to will be displayed. 
  6. Scroll down and choose a buyer to sell to by clicking the “Sell” button beside the buyer. Ensure you use buyers with a high completion rate. 
  7. Enter the amount of crypto to sell, choose a payment option, and click on the “Sell” button to proceed. 
  8. The buyer has an amount of time to make payment and confirm. A countdown is present to show the progress. 
  9. After receiving the payment in your bank account or any other payment method that you selected, confirm that you have received the payment on Binance. This action is also time-based. So, you have some minutes to do this once the buyer marks the order as paid. 

NB: You can “Appeal” a trade at anytime something goes wrong. Appealing a transaction allows the Binance customer service to settle any dispute. No matter the temptation or pressure, do not release your cryptocurrency to anyone until you have confirmed the receipt of the payment”.

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