Binance P2P: Ultimate Mobile Guide for Beginners and Seasoned Trader

Crypto exchanges aren’t the only way to buy Bitcoin and other cryptocurrencies. Find out why peer-to-peer marketplaces like Binance P2P provide the best method to purchase crypto.

P2P marketplaces like Binance P2P enable users to trade crypto directly with one another using their preferred payment method and local currency. Binance P2P supports more than 300 payment methods and 70 local currencies.

When people think about bitcoin trading, they generally think of centralized exchanges and complicated charts. Many people are unaware that there are fewer complex methods of trading bitcoin.

Additionally, a lot of people use these techniques every day to make money all over the world. Hence, I will look at what P2P is, or peer-to-peer trading, so you can better understand how to make a profit from this well-known trading method.

Everything you need to know about Binance P2P trading is covered in this article, from buying and selling cryptocurrency to the benefits of binance p2p trading.

Without wasting much of your time, let’s get started.

Source: Binance.com

What is Binance?

Binance is an online exchange where users can trade cryptocurrencies. It supports the most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds. The business also has supporting services for users to earn interest or transact using cryptocurrencies.

What is P2P?

Peer-to-peer trading, commonly known as P2P trading, is a decentralized platform whereby two individuals interact directly without intermediation by a third party. Instead, the buyer and the seller transact directly with each other via P2P trading.

They can eventually post advertisements for cryptocurrencies to be purchased or sold with a specific price range and location.

The process is comparable to selling items on eBay or Craigslist because the vendor and the customer negotiate directly to determine the price. But this situation is unique because you are buying and selling digital currencies like USDT or Bitcoin.

Think about the scenario when you want to purchase Bitcoin from a local person. To get the best trading price and pay with a practical method for both of you, the P2P exchange can assist you in connecting with the appropriate person at the proper time and in the right place.

What is Binance P2P Trading?

Binance P2P is a peer-to-peer marketplace where you can directly trade crypto with other Binance users. It involves direct contact with other crypto holders to exchange assets without using charts and orders like on traditional crypto exchanges. Today, Binance is the best for P2P trading as it gives access to many withdrawal options, payment methods, and transaction execution times.

The platform has fantastic features, like free ad posting, a commenting tool that lets users rate their experience, and support for in-person cash transactions for those who prefer them.

How to Buy and Sell Cryptocurrencies on Binance using Binance P2P

Here, I will educate you on how to buy and sell cryptocurrencies on Binance using the p2p trading method.

However, two things are involved when purchasing and trading your cryptocurrencies on Binance. You can buy and sell via the Binance app or Binance web, but here, I will explain how to buy and sell through the Binance web and drop a guide on how to use the Binance app.

To begin with, you must first create an account with Binance and complete your identity verification process (KYC: Know-Your-Customer). This will provide an extra layer of security for your transactions on the platform. So I will advise users to verify their Binance account immediately after signing up.

If you have a verified account with Binance, you can skip creating an account and go through how to purchase and trade your desired cryptocurrencies. But if you are a beginner, I will congratulate you because I will be putting you through how to sign up with Binance. Once you sign up with my referral link, you will be eligible for a $20 sign-up bonus.

Let’s get started with the Binance account sign-up process without further ado.

Procedure for Signing Up

To begin with, you will be required to open a new tab on your phone or laptop and go to binance.com.

A pop-up will show up, and you will click on the “Sign up with phone or email” icon. Upon clicking it, a new page will xdd appear, telling you to insert your email and a strong password, and you will have to agree to Binance’s terms of service.

After that, you will click on the “Create Personal Account.” On the next page, you will be told to enter a six-digit code sent to your provided email.

If you didn’t receive any mail, the email you entered is incorrect, so I will advise you to be calm while filling in your credentials. But if you receive the six-digit code, You will input it and click on “Submit.” It means you have successfully created your Binance account.

I want to congratulate you on creating your Binance account. The next step is to get your account verified. To do so, you must click on the “Verify Now” icon.

The next step is to select your country of residence; then, you will click on “Continue.” The next page will ask you for your personal information, including your identity.

You are to fill them in as you can see below and click “Continue”.

Here, you must continue with your personal data information so you fill in your residential address, postal code, and the city you live in, then click “Continue.”

The next page will be about your identity verification. You are to use one of the following documents for your identity verification.

The required documents are a bank verification number, national identity card, ID card, passport, and driver’s license.

After you choose the most convenient document you want to use, you will click on “Continue.”

Note: I am doing my registration from Nigeria, so these are the required documents as a Nigeria, but if it’s another country, the required documents might be different so take note of that.

I have used my Bank Verification Number (BVN) to verify my identity. I entered my 11 digits bank verification number and clicked “Continue.” You might decide to use another document to do yours.

The next page will say “Verifying”, and the process will take seconds. If the document you entered is correct, it will successfully go to the next step, but if you have input the wrong credentials, it will not go, so I suggest you use the correct document.

Finally, you will be required to do your “Facial Verification”, but because I am on the web, it will display a bar code that I can scan using the Binance app.

So you have to download the Binance app and log in to your account there. Once you have logged in, go to your profile that says unverified. Just click the unverified icon, and it will immediately take you to where you stop your verification, so you can continue your verification, which is the facial verification process.

Once you complete your facial verification, you will have to wait about 5–10 minutes for Binance to access your verification. Then you have successfully verified your Binance account.

After the successful verification process, making your first transaction only takes a few clicks. Here is how to go about it:

How to Buy Cryptocurrency on Binance P2P {For Web Users}

On Binance P2P, you can now purchase cryptocurrency using a variety of fiat currencies!

Here is the procedure to follow

Step 1:

Login to your Binance account and go to the Binance P2P page. Everyone reading this already knows how to create a Binance account, so you can click on “Register” and follow the procedure.

Step 2:

Click “Buy Crypto” and “P2P Trading” in the drop-down.

Step 3:

This is where the main procedure is. Just make sure you read and understand this particular step well.

1. Click “Buy”: You will click to buy, and if you are to sell, but it is already on the buy button, so leave it there if you are buying cryptocurrency.
2. Select “Crypto”: You will see various cryptocurrencies you can choose from, so it’s left to you to select the type of cryptocurrency you wish to buy. I decided to purchase USDT, so I clicked on it.
3. Enter Amount: Here, you will be required to enter the amount of cryptocurrency you wish to purchase. For instance, if you want to buy $50 USDT, then you will enter the amount equivalent to $50, depending on the fiat currency you wish to choose.
4. Fiat Currency: You will need to enter the fiat currency you want to purchase. For instance, if you wish to buy USDT, you must change your fiat currency to USD. As you can see, I am purchasing USDT, so I chose my fiat currency as USD.
5. Click “Payment”: For the payment method there are so many different payment methods, such as bank transfer, Skrill, Neteller, Paypal, AirTM, and so many more. It means you should enter your most convenient means of payment. For instance, if you wish to pay with a bank transfer, you will click on “bank transfer. In my case, I wanted to use AirTM, so I selected AirTM as my payment method.
6. Filter: The filter section is where you will have to filter down to the lowest amount of crypto you are willing to buy.

7. Buy USDT: After you must have done all that you need to do, you will have to click on the “Buy USDT” button to proceed.

Note: I will advise users to check their buyers’ orders and completion rates. If the completion rate is less than 90%, I will advise buyers not to trade with the trader. The same thing applies when selling on Binance p2p. It is not that you will not get paid, but your transaction might be delayed due to coin release or payment. Always note that before clicking on the “Buy or Sell” button.

Step 4:

Once you have clicked the “Buy USDT” button, a pop-up will show, telling you to enter the amount of crypto you wish to buy.

Here, you can enter an amount in two ways: the amount in your fiat currency or the amount of crypto you need to buy exactly. I set my fiat currency to USD, so I am entering the amount of money I wish to pay in USD, which is $46. It will automatically show you the amount of cryptocurrency you are receiving after a successful trade. I will be receiving $45.54 due to the exchange rate between USD and USDT.

Just click on the “Buy USDT” button to successfully open an order.

Step 5:

After clicking the “Buy USDT” button, then a new order page will come up with some procedures to follow.

1. Time Range: Time is essential to the buyer. As you can see, you have 15 minutes after placing an order to make the payment and notify the sellers of the payment. In a situation where you didn’t meet the payment time range, your trade will be automatically cancelled immediately after your time ends, which might delay your trading volume because you will have to contact support. I advise users to make their payment before the time runs out. If you can’t make the payment within the given time, then you have the right to cancel the trade, but don’t do that repeatedly. If you do that repeatedly daily, you will not have a chance to trade on the Binance P2P website for the next 24 hours.
2. Seller’s Information: For the seller’s information, look thoroughly and clearly to avoid issues of making payment to another seller. In most cases, I will advise buyers to copy either the bank account number, the mail provided, or any means of payment provided by the seller and look thoroughly.

Note: Don’t ever make payment to a different name given by the seller except the expression on their account because they might file an appeal for you that you didn’t make the payment, so think carefully before making your payment.

Once you have made your payment, click the “Transferred, notify seller” button to notify your seller of your payment.

The seller will also be given 15 minutes to release the cryptocurrency to your wallet.

Step 6:

The moment you click on the “Transferred, notify seller” button, the payment confirmation tab will pop up. You will then be asked to click on “Confirm payment” to notify the seller to confirm the payment.

Once the seller has confirmed the payment, then your cryptocurrency will be released to your wallet. It means your order has been completed.

You have successfully purchased a cryptocurrency with Binance’s P2P website.

Note: If the seller didn’t fund your wallet until the time ran out, you click on “Appeal” to notify customer service, which will assist you in processing your order.

This is a guide on how to purchase cryptocurrency on Binance P2P using a mobile app or mobile phone.

How to Sell Cryptocurrency on Binance P2P {For Web Users}

Now that you all know how to buy your various cryptocurrencies from the Binance p2p website, It is time to sell the cryptocurrency we have purchased, which I will be showing you in its simplest form. Of course, selling is more accessible than buying because I know most of you will be familiar with the Binance p2p website.

Step 1:

Login to your Binance account, go to the Binance P2P page, and click “Register.”

Step 2:

Click on “Buy Crypto” and “P2P Trading” in the drop-down.

Step 3:

As I said earlier in the buying procedure, The same step applies here. Make sure you read and understand this step well.

1. Click “Sell”: This time around, instead of clicking on the buy button, we will click on the sell since we are about to sell the cryptocurrency we purchased earlier.
2. Select “Crypto”: You will see various cryptocurrencies you can choose from, so it’s left to you to select the type of cryptocurrency you wish to sell. I decided to trade the USDT we bought earlier, so I clicked on USDT.
3. Here, you will be required to enter the amount of cryptocurrency you wish to sell. Don’t forget that the amount of cryptocurrency we bought earlier is $45.53; then you will enter the exact amount, which is N30,000 or a bit more, depending on the fiat currency you wish to choose.
4. You will need to enter the fiat currency you wish to receive your money. Here, I will be changing my fiat currency to NGN because my payment method is merely a Nigerian bank transfer.
5. Click “Payment”: For the payment method there are so many different payment methods, such as bank transfer, Skrill, Neteller, Paypal, AirTM, and so many more. It means you should use your end’s most convenient means of payment. Here, I select bank transfer because I want to receive my money in a Nigerian bank account.
6. Filter: The filter section is where you will have to filter down to the lowest amount of crypto you are willing to trade.
7. Sell USDT: After you must have done all that you need to do, you will have to click on the “Sell USDT” button to proceed.

Step 4:

Once you have clicked the “Sell USDT” button, a pop-up will appear, telling you to enter the amount of crypto you wish to sell.

Here, you can enter an amount in two ways: by entering the amount in your fiat currency or just pressing all to sell all. It will automatically show you the amount of money you will receive after a successful trade. For example, I will receive N31,339 due to the exchange rate from USDT to NGN.

For the payment method, you can click on the button to add a new payment method that you will be using to receive money whenever you choose to trade on Binance p2p.

Next is to click the “Sell USDT” button to open an order successfully.

Step 5:

After clicking the “Sell USDT” button, a new order page will come up with some procedures to follow.

Time Range: The time range also determines when your trade will be concluded. As you can see, the buyer put 45 minutes into his trading time range. If you are satisfied, you can go on with the trade. The trade will automatically cancel if the buyer doesn’t meet up at the given time.

Payment Details: Here are the details you enter containing your name and the account number you input in your Binance payment option. I advise users to enter their original information to avoid issues.

Payment Received: Once the buyer has paid, the transaction status will change to “Payment received.” Please check that you received money from the buyer through your selected payment method.

Step 6:

After you’ve confirmed the buyer’s payment, press “Payment received” and “Confirm” to send the crypto to the buyer’s wallet.

When you click the “Payment received” button, you will be asked to confirm that you have received the payment by verifying with a six-digit code sent to your phone number attached to your Binance account.

Once you have entered the code, you will click on the “Submit” button to release the coin to the buyer.

Note: You can use Chat on the right side to communicate with the buyer throughout the process.

At this point, I would like to congratulate everyone reading this that they have completed their order of selling their crypto.

This guide will show you how to sell cryptocurrency on Binance P2P using a mobile app or phone.

Benefits of Binance P2P Trading

Due to the following characteristics and advantages, the Binance P2P exchange is the best among the different P2P choices available in the cryptocurrency industry. Here is the little I could mention about the benefits.

No Charges are Made

Binance P2P is free to use, which is one of its best qualities. Contrary to many P2P platforms, you won’t have to worry about giving a share of your transactions when using Binance P2P.

There are no additional fees; you receive what you paid for.

Numerous Methods of Payment

Binance P2P supports more than 100 payment methods that you can use to send and receive money for your transactions.

Providing Users with Enough Liquidity

Binance P2P is the primary p2p channel of the largest trading volume exchange in the world. However, it stalled considerable volumes of both buy and sell transactions.

The network has already handled transactions worth over $7 billion, including a significant level of liquidity.

Escrow Service

The Binance P2P’s escrow service features a reserve mechanism for cryptocurrency deposited in any pending transaction as one of the numerous protections on the platform.

By creating a second level of trust, this technique prevents theft and con artists from taking your money or cryptocurrency without finishing their end of the bargain.

High Completion Rates

Through strict sellers’ rules, Binance ensures a high standard for its P2P market. To keep access to the platform, they must execute transactions promptly and with a high level of satisfaction.

If you wish to learn more about the benefit, you can learn more here.

Precautions for Binance P2P Trading Scams

You can avoid being scammed on the Binance p2p website by following these simple precautions:

Identity Verification

Before trading on Binance p2p, you must complete your identity verification, often known as KYC (Know-Your-Customer). Users sell under their real names thanks to KYC, and binance has the authority to investigate any questionable conduct.

Escrow Service

Binance provides crypto escrow in all P2P transactions to safeguard users’ cryptocurrency holdings. When an ad is placed, the seller’s fiat wallet is immediately withheld of the amount of cryptocurrency needed for the ad.

This means that the customer support team at Binance can move the asset from the seller’s wallet’s reserved funds to your wallet if the seller accepts your payment but fails to deliver your cryptocurrency or forgets to release it on time. Establishing a second degree prevents theft of scams using this technique.

Customer Support

You can ask Binance’s customer service team for help if you run into an issue during a p2p ad and cannot agree with your counterparty. The customer service team will email customers to inquire about and address problems.

Additionally, you can make reports and appeals to protect other users from shady characters. Ignore anyone trying to convince you to conduct business outside the Binance p2p platform, and report them. Remember that Binance cannot protect you if you trade outside the forum.

Conclusion

I believe that everyone should be aware of what we call Binance P2P, how to buy and sell their various cryptocurrencies, the benefits of Binance P2P, and the precautions to avoid being scammed.

Without hesitation, as a cryptocurrency lover, I think you should also grab your phone or laptop and go to Binance to perform transactions on the Binance P2P website. However, you can trade with as little as $10 on the Binance P2P platform. So as a scared beginner, you can start a trade with as little as $10 and see how it works.

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