Binance P2P is a great platform established in 2018 to allow P2P Bitcoin to exchange transactions with local currencies. After three years, the platform supports the selling and buying six cryptocurrencies – USDT, DAI, BUSD, BNB, ETH, and BTC – using 55 local currencies through more than 150 payment modes throughout the globe.
Advantages of Binance P2P for beginners
Zero Fees: the most significant benefit of Binance P2P is that it has zero fees. While several P2P exchanges get a commission on your transactions, you don’t need to be afraid of this condition in the case of Binance P2P. You will receive anything with zero charges.
Growth Prospects: being an international platform, Binance always seeks opportunities to develop Binance-P2P and make it accessible in several areas around the globe. That will boost the trading volume and give more trading prospects for P2P traders.
Customer Support and Community: Binance has the most supportive and significant crypto communities throughout the globe. Also, it offers an international customer support network that manages customer requests in numerous languages. This amount of collective effort bodes well for the services you can receive from the exchange.
Local and Global promotion: This Binance P2P team frequently introduces incentives and promotions for existing and new customers where you can boost your P2P gains or get free crypto. Mix that with zero charges, and there is a possibility that Binance P2P gives you the perfect P2P deals anywhere.
Fast Transactions: P2P sellers can fix their transaction period to as quick as 15 minutes. That implies that you can finish a fast and safe P2P trade with chosen sellers in 15mins or less.
High Completion Rates: the platform sets higher standards for its sellers. They need to finish transactions rapidly, with a higher satisfaction rate to sustain their access to the platform. With this, the platform aid in giving equanimity to its users.
Integration with the Binance platform:
The benefits of Binance P2P extend beyond trading. Being a leading feature of the Binance exchange of services, you receive straight access to the service and products of Binance once you purchase crypto through P2P. Some other P2P exchanges run separately from crypto services and leading platforms.
High Liquidity: being the world’s largest exchange and official P2P channel, Binance P2P can protect huge volumes for both sell and purchase transactions. The exchange has already processed over $7 billion in transactions, which shows a large amount of liquidity.
Escrow Service: Like many other securities on the exchange, Binance P2P has an excellent holding system for crypto money engaged in any pending business. This system stops scams or theft by including one more layer of faith, stopping malevolent actors from taking your crypto or money without finishing their part of the business.
Multiple Payment modes: with over 150 payment modes accessible on the Binance P2P, you can easily select your preferred way to receive or send money for your business. There are many other benefits of using the Binance P2P exchange.
How To Buy And Sell Cryptocurrencies Using P2P Trading?
At first, you will need to make an account on Binance and go through the verification process before conducting your first transaction on this platform. The P2P merchants on Binance should undergo a screening process consisting of business and identity verification.
For Web Users
Create and log in to your account directly on the Binance P2P page.
Step 2: you will receive a signup screen where you must type your e-mail ID, generate a password, and click on “Register.”
Step 3: you should pass the identity verification exam, enable SMS verification, and add your favorite payment method.
Step 4: now, choose the “Buy Crypto” option and click on “P2P Trading’’ in the menu.
Step 5: click on the Buy option beside the cryptos you wish to purchase.After filtering the payment and price in the drop-down list, select an ad and press the “Buy [cryptocurrency]” button.
Step 7: now verify the total price and the payment method. You need to make the payment in a particular period provided by the exchange. After payment, click on the Transferred and then choose the confirm option.
Step 8: The transaction is finished once the seller releases the cryptocurrency. To transfer the digital currency into your spot wallet, you should click on the “Transfer to Spot Wallet.”
Also, you may check the crypto asset you recently bought by clicking on the “check my account” option.
If you fail to receive your digital currency within 15 minutes, you can click on the “Appeal” button. A customer care representative will aid you in finishing your transaction.
For Web Users
Step 1: Choosethe “Buy Crypto” option and P2P Trading.
Step 2: now click on the desired cryptocurrency that you want to sell, select a buyer giving you the best possible rates, and then click on the “Sell” button. Select an ad, and then click on the “Sell” button after choosing the payment and price in the drop-down list.
Step 3: type the desired amount you want to receive after sellingcryptocurrency and click on the Sell button.
Step 4: now, you will receive a message like “Payment-to-be-made-by-buyer” with a timer.
Step 5: When the buyer makes the payment. The transaction status will convert into “To be released.”
Also, it would be best if you crossed the check that you got money from the purchaser via the payment method/app you chose. After confirming the payment from the buyer. You will need to click on “Confirm release” and “confirm” to transfer the crypto to the purchaser’s account.
Step 6: your buyer will get the coins in their wallet. Also, you may check your Fiat balance by choosing “check my account.”
Binance P2P trading exchanges provide better opportunities for earning than conventional exchanges. There are no central bodies that fix the rates. Consecutively, they usually offer lower fees and better exchange prices. Also, P2P exchanges have maximum liquidity compared to conventional exchanges due to the number of people utilizing them. You will not need to wait for a longer time until you get a seller and buyer for your asset.