This is a guide on How To Trade P2P On Binance to buy and sell cryptocurrency.
To understand how Binance P2P works, we’ll first go over what P2P transactions are, where you can do them, and what you can get from trading on the Binance P2P platform.
This article explains How To Trade P2P On Binance.
watch the below video on How To Trade P2P On Binance:
Why do people trade with each other?
There are a lot of ways to trade cryptocurrencies, and they all work. To buy or sell crypto, people usually use centralized exchanges like Binance.com. They buy or sell crypto at certain prices against another cryptocurrency or a local currency that is supported by the exchange. Instead, you can trade with other crypto owners and swap your assets without having to keep track of charts and orders.
In the second case, we call it P2P trading, or “P2P trading.” There were not many ways to buy and sell crypto in the early days. People who want to buy or sell crypto had to meet with other people in person or through online communities to trade their digital assets for other assets, like cash, vouchers, goods, or other cryptos. Even though cryptocurrency exchanges have been around for a while, some traders still use P2P even though there are many risks, such as threats of violence, theft, or scams.
To make P2P trading safer, many online platforms came up with a way to make P2P deals easier. In this case, there is Binance P2P.
P2P stands for “Platform-to-Platform.”
Binance P2P is the platform we built in late 2018 to let people buy and sell Bitcoins with local currencies. Three years later, the platform lets people buy and sell six cryptocurrencies – BTC, ETH, BNB, BUSD, DAI, and USDT – with 55 different currencies and 150 different payment channels in 55 different countries.
At the end of last year, Binance P2P handled $7 billion worth of transactions made through 3.8 million orders, with daily volumes of $54 million. This is how it worked: People who used Binance’s P2P service grew sevenfold in 2019, and they had a lot of options. There were more than 2,000 P2P merchants around the world that could help them.
You can sell your cryptocurrencies on the Binance P2P platform, which is fast and safe. See the guide below on How To Trade P2P On Binance:
The first thing you need to do is go to the “Wallets” tab, click “P2P,” and then “Transfer” the cryptos you want to sell to your P2P account. To start P2P trading, go to the homepage and tap “P2P Trading.” If you already have the crypto in the P2P wallet, go to the homepage and tap it.
“P2P Trading” can be found on the home page of your app. This will open the P2P page on your app. [Sell] is at the top of the P2P trading page. Choose a coin, like USDT, then choose an advertisement and click “Sell.”
Enter the amount you want to sell, choose a payment method, and click “Sell USDT” to make an order.
The transaction will now say “Pending Payment.” It will say “Confirm Receipt” now that the buyer has paid. Please make sure that you’ve actually been paid by the buyer, through the payment app or method that you used to buy the item. It’s done when you confirm that the buyer has paid, so after that, tap “Payment received” and “Confirm” to send the crypto to their account. You should not release crypto again if you haven’t been paid. This is to avoid any money losses.