How To Buy Coin On Binance Via P2P
Do you want to buy cryptocurrency and trade on binance via peer-to-peer, but you don’t know how ? you are in the right place, continue reading the article, we will tell you everything step by step in this guide. This is going to be a simple straightforward step by step processes.
First of all binance is available on the web and mobile platforms but for this article, I’ll show you how to go about it by the mobile app is the same process as easy on the web.
And if you’re newly downloading it you will be downloading one that has this logo on the Apple Store and Google Play Store.
So guys, you know I won’t make a video without something for you. So the first 100 People who sign up with my link, just click the sign up Button here and make their first trade or at least the $100 will get $5, $5 is 2800 Naira almost 3000.
It’s free money. I know it’s not much essentially you’re getting $5 for free when you download and sign up with my link and make your $100 trade, and you can’t get this anywhere else.
What is a p2p trade? What does it even mean? The word p2p means peer to peer and p2p in finance means the service is decentralized. Decentralized means that it’s not a central or there is no power over the transaction or there is no intermediary like banks.
It’s just you are the person interacting directly with each other. It simply means again that the buyer and the seller are transacting directly with each other. We’re by binance now comes in here is that they give you a platform. So that’s binance platform to trade. And they don’t just do that, they screen the people who are trading, they rank them and they show you the highest or lowest ratings or positive and negative ratings or reviews and they also provide an escrow service.
What is an escrow service? What does an escrow service even mean? In simple terms, if I’m a buyer if I want to buy a stable coin like BUSD for instance, or I want to buy bitcoin, I will simply put some money inside and they will lock in my offer on that money somewhere and they will then lock in the BUSD or Bitcoin of the person that I want to buy it from. So they will essentially lock their money. So until the both of us come to an agreement, the fund will not be released, I won’t pay and they won’t pay me so no one gets scam until that agreement is reached and it’s done very, very securely, as we’ll see in a bit, and I’ll be using violence for the better part of this year.
The main thing we’re talking about is how you can go about buying and in our next article will be about selling.
On the by Binance app, you can see the current homepage here on closer inspection. You can view all of the trading options you can also see how much each currency pair is performing from BNB BTC, Bitcoin and Ethereum and you can even see more when you scroll. Clicking on more shows you the P2P option.
You also get the p2p trading option on the homepage as well and it of course shows you the risk notice associated with p2p trading basically binance is telling you not to believe anyone who claims they are customer support or anyone that convinces you to release your crypto. Before you have received the payment the instruction will appear clearly and once you follow them, you will be fine trust me.
It’s super easy. It’s basically like transferring money. So that is the P2P page. Up top I can see my currency which is Nigerian Naira. And this is location based. So right now I can only transfer to accounts that accept Nigeria Naira and changing it to other currencies would mean I can only trade with people that accept those other currencies,.
So here is where you get to see each user and what mode of payment each of them are accepting here. They mostly accept bank transfers you already know how to do bank transfers. I’m sure you can also see the name of a potential trader how many interests if done and the percentage of positive feedback that they have.
If you scroll left to right, you can see other tokens that you can as well trade and if you want to trade quicker, you can go to the Express option that binance offers wherever you get a random or usually highly returned user who is online and you can trade quicker with the instead of scrolling through a bunch of people with a long list and picking one person so let’s now make a trade.
Let’s make a buy trade. Now with the express option. I want to buy 50,000 Naira worth of USDT and when I click buy it shows that I will receive 88 USDT or basically $88 at the rate of 567 Or I’ll click Confirm to proceed. As you can see the person I’m buying USDT from is a seller named JOLASEYE and the person is a verified, what is highlighted here is that binance is holding the sellers cryptocurrency in escrow in the escrow accounts and they have to enforce seven customer service. Do you remember what I talked about regarding as group? this is it so their money is held and when you transfer to this person and the person confirms it, the money is released to you.
You can also see that you got a 14 minute time limit to make the transaction work. A few things I still try to double check here are by checking the user’s profile. So when I click on this person’s name, I can see that they are verified or they’ve got over 1190 trades almost 1200 trades in the past 30 days are in 78.96% completion rate which is fair they also have 1395 feedback which 97% of is positive.
We can also see the average time it takes for this person to pay which is 21.12 minutes, and his release time is 11.94 minutes. All of which is fair and sort of okay to me. So one thing I also do is that I messaged merchants or the seller whoever I’m trading with to confirm if they’re online, I’ve done it through to where I nearly transferred for the person status.
Should I do it online and the person didn’t even respond at all throughout time. So I always message them before anything. I just said hey, are you online? So for this person, it took around five to six minutes for the person to reply me so once I got a confirmation that they were online, I just made it transfer to their normal bank account that was shown and for the transaction narration you do not ask for anything like crypto or binance or anything in there. So then I just messaged the person that I have sent it with the screenshots of the proof of payments.
The seller who is supposed to give me the USDT for the money I’ve just sent who now released the payments to me he also has a time limit to release it to me as you know we can see here now as you can see, the seller has released the USDT to my wallet and that’s pretty much it about buying you know cryptocurrency or any token I can simply rate this person positive or negative. Of course I didn’t have any issues with this person. So I’ll read them positive.
And that’s all we have about how to buy coin on binance via p2p as you can see in the transfer section of the app the money is in your spot wallet and if you want to use the USDT for instance to buy coins like Bitcoin, which most people, then you can move it to your spot wallet, but for now, I’ll leave it in my normal P2P wallet.
For more help, check out our guide on “Things You Should Know Before Investing In Cryptocurrency”