What is Binance P2P?
Binance P2P, which was introduced in 2019, enables P2P currency exchange transactions using local currencies. Utilizing your choice of local currency, rate, and payment method, you may directly trade cryptocurrencies with other Binance users using the service’s peer-to-peer marketplace.
The P2P trading procedure has been greatly enhanced by Binance, which also offers certain precautions. With over 100 local currencies and more than 700 customizable payment options available to customers, the platform is now the simplest way to obtain cryptocurrencies.
With that in mind, here are 4 easy steps to make P2P trades.
Step 1
Go to the Binance App interface and then choose “ P2P Transaction” and you will be directed to the transaction interface. After that click “Buy” at the upper left corner.
Step 2
If you wish to place an order, choose a vendor and a cryptocurrency, then hit “Buy” to do so. Then, you’ll have to decide whether to buy using fiat money or cryptocurrency. Next, enter the appropriate “Amount” and choose your preferred “Payment Method.” When you’re done, click “Buy” in the command bar.
Be aware that you must click the funnel button, which is located under Buy in the top right corner of the Deals interface, in order to have the advertising filtered to meet your preferences. Choose “Payment Method” and “Amount” next. In addition, select the fiat currency of your choice.
Step 3
Clicking the “Transfer” button will take you to the page with payment details.
Copy the merchant’s payment details into your banking app, then send the money to the merchant. Tap “Paid, next” once the payment has been made. Then choose “Confirm.” Your status will change to “Pending Released” after completing this. Wait until the retailer distributes the cryptocurrency once the payment receipt has been verified.
Step 4
The transaction is finished after the seller releases the cryptocurrency. The screen with the words “Funded to your wallet” will then appear when the transaction has been completed. To transfer between the Spot wallet and P2P wallet and start trading, tap “View wallet balance” and select “Transfer“.
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