My people, a greeting of HIGH VIBES from here.
This week, due to my activities, I have had to move money through Peer-to-Peer and honestly, it still seems to me a super useful tool that Binance provides us. If you learn to use it, the benefits for your business and your peace of mind will be positive.
WHAT IS PEER-TO-PEER OR P2P?
It is a mechanism for trading between people where an exchange, Binance in this case, acts as an intermediary, providing the technology and security of a bank at our fingertips, with the caveat that the counterparts are the managers. What banks and exchange houses do, we now do ourselves.
In the context of Binance, one buys or sells common use Fiat currencies for USDT, USDC, BNB, BTC, although, for practicality, I prefer stablecoins and in my country, USDT is used more.
IS IT SAFE 🔐?
I haven't tried another platform, but if you learn to use Binance P2P, nothing should happen other than a money exchange 🫰💵. The possibility of fraud is minimal as long as you follow the procedures that the platform itself indicates, and on the other hand, use your common sense. You have the right to be cautious.
WHAT IS THE PROCEDURE?
1. Open your Binance app or website.
2. Locate the P2P option in Binance. In the app, there is an icon. On the website, you find it in the Trade tab.
3. Select the currency pair, for example, COP/USDT
4. Set a filter, it appears as an icon shaped like a funnel. I ask it to show only ads from verified traders and those with whom I have made a successful transaction.
5. Set the amount you want to trade, for example: 1000 USD or 1000 COP or 1000 VES.
6. Choose through which bank you want to operate. You will need to load your payment methods in your P2P profile beforehand.
7. Whether you buy or sell, look for a trader who has:
• A good number of transactions.
• The highest success rate.
• The highest approval percentage ☑️
• That the person is online 🟢
• That they have the availability you are going to buy 🫰💵
• Observe the duration of the transaction, 15 to 30 minutes.
• That they have money in escrow. Depending on the trader's level, Binance requires them to have at least 500 USD, which is blocked and available in case of disputes. This house laughs but never loses.
8. You set your buy or sell order. If you buy, transfer the exact money, send a copy of the transaction and wait for the release of the USDT you bought. If you sell, wait for your counterpart to click payment, then check that the money is actually in your account and then release the USDT you sold.
9. All communications are strictly through the chat of that operation. That is a safe zone. Outside, you are at your own risk. You also do not have to send anything that you have not formalized by completing your KYC on Binance.
10. Finally, rate your counterpart 👍👎
11. Keep in mind the financial regulations of your country
Always remember to do your DYOR.
Binance PEER-TO-PEER is a working tool that can facilitate your trade operations, family remittances, and more.
Thank you for getting this far.
I hope this is useful to you 👍
Greetings of High Vibes ✅👍🫡
