Do you want to buy or sell cryptocurrencies using your local currency directly with other users, without going through the central bank? Welcome to Binance's P2P (Peer-to-Peer) Trading! It is one of the most popular and flexible ways to enter and exit the crypto market.
What is P2P Trading? Direct Exchange between Users! 🌐
Imagine you want to buy USDT with Mexican pesos, euros, or dollars. Instead of doing it directly with Binance (which sometimes has limits or specific payment methods), P2P connects you with other users who want to sell USDT in exchange for your local currency.
Binance is the secure intermediary: Even though it's between individuals, Binance acts as an escrow. This means that Binance holds the seller's cryptocurrencies until the buyer confirms they have received the payment. This is how scams are avoided!
How does it work Step by Step (To Buy Crypto!)? 🛒
Let's assume you want to buy USDT using your local bank.
Go to the P2P Section: In the Binance app, look for "P2P Trading" or "P2P".
Select "Buy" and your Cryptocurrency: Choose the cryptocurrency you want (e.g., USDT) and make sure you are on the "Buy" tab.
Choose your Local Currency: Select your fiat currency (e.g., MXN, EUR, ARS).
Filter by Payment Methods: Choose your preferred payment method (e.g., Bank Transfer, Nequi, Bizum, etc.).
Find a Seller: You will see a list of sellers with different prices, limits (minimum and maximum they sell), and payment methods.
Check this out!
Completion rate: The higher, the better (indicates that the seller completes most of their transactions).
Order numbers: Shows the seller's experience.
Price: The price at which they sell to you.
Create the Purchase Order: Click on "Buy" on the seller's ad that interests you.
Enter the amount of crypto you want to buy (or the amount of your local currency that you want to spend).
Click on "Buy with 0 fees".
Make the Payment: Binance will provide you with the seller's payment details (e.g., bank account number).
You have a time limit! Generally, the buyer has 15 minutes to make and confirm the payment.
Send the money to the seller's account.
Once sent, click on "Transferred, notify the seller".
Receive your Crypto: The seller will confirm they have received your money, and Binance will release the cryptocurrencies from custody to your Funding Wallet. Congratulations!
Fees in P2P: Great News! 🎉
For the buyer: Generally, Binance DOES NOT CHARGE FEES for cryptocurrency purchase orders in P2P trading.
For the seller: Binance may charge a small fee to the seller for each published ad, which varies depending on the market and the fiat. But for buyers, it's usually free!
Other Important Things to Know: 💡
Communication: Use Binance's order chat to communicate with the seller/buyer. Never outside the platform!
Only for verified users: All participants in P2P must have completed KYC (identity verification) for greater security.
Be honest: Only mark "Transferred" when you have actually sent the money. If there is a problem, you can appeal the order.
Start with small amounts: If you are new, make your first transaction with a small amount to familiarize yourself with the process.
P2P Trading is a powerful tool to enter and exit the crypto ecosystem, and with this guide, you are ready to start safely!
#BinanceP2P #CryptoTrading #CryptoBeginners #MakeMoney #BinanceSquare #Cryptocurrencies #P2PGuide
