My experience using P2P in Binance

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Avatar for CoquiCoin
3 years ago

Hello, wonderful people at Read.Cash. The month is running out, and I hope it has been productive for you.

These days, I've been asked by @rebeysa85, who is Venezuelan too, how to exchange BCH for Bolivares? I replied she could use Binance's P2P service. I know many Venezuelans are using it to exchange their cryptos. However, I told her that I hadn't used it myself. And I promised her I would try it and tell her later.

Binance's P2P service for those unfamiliar with this service allows the exchange of cryptocurrencies for fiat between two users on the platform. I used it to get Bolivares, but you can do it with any fiat the service works with.

Our Binance account must be verified and gone through KYC. Recently Binance has made KYC almost mandatory. New accounts must complete it without exception. And existing accounts without it are limited for the services on the platform and the amount of the transactions. And I think soon enough will be mandatory for every account. Also, we need to verify our phone number to be able to receive SMS for using P2P.

For now, Binance's P2P doesn't allow the exchange of BCH. And we will need first to exchange the BCH for one of the cryptos accepted in the P2P.

Cryptos Binance's P2P

I used USDT and exchange only 22 USDT to do the test. So the first step is to fund the P2P account from our Spot account. The internal transfers in Binance don't have any fees.

We should need to set up a payment method to receive the fiat when using the P2P. To do it, we need to go to Payments Setting in the P2P screen to set it up.

Once we have added our payment method, we go to the offers page and select the payment currency and the preferred payment method to see the list of offers that meet the criteria.

It's important to choose users who are verified and with good ratings. We must also see the minimum amount of the transaction that they offer to make.

We choose the offer that better suits our needs. We fill in the amount we want to sell. And in case we have set up more than one payment method to receive the fiat, we'll choose the one to be sent to the buyer.

There is a time frame established in the offer for the transaction to be done.

We should verify in our account we have received the payment once we are notified through Binance the buyer already paid us. Once the verification is done, we can release the USDT funds that were on escrow. And that's it.

Closing Thoughts

The transaction was fast. The exchange rate that I got to obtain the Bolivares was competitive with the market. And the higher the amount of the transaction, the better exchange rates offered. If you are familiar with any other peer-to-peer exchange, the process will seem very simple.

And only take the necessary precautions in these cases. Check that the user is verified and has a high percentage of completed transactions. And never release the funds in escrow without first verifying in your account that you've received the funds.

The P2P service also allows you to send funds without fees between users within the platform. These days, I've read several comments on Twitter that many merchants in Venezuela are accepting payments between Binance P2P accounts. And that is a plus to consider for using the service since we will avoid fees when making payments.

To all my dear readers, thank you so much!

These are all my wonderful sponsors! I encourage you to visit their amazing articles if you haven't done so.

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Lead Image credit - Photo by Vadim Artyukhin on Unsplash

All images and writings are my own unless anything different is stated.

© CoquiCoin  

#ClubBrokeBCH

Until next time! ;)

August 29, 2021

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Avatar for CoquiCoin
3 years ago

Comments

Desde que empecé a generar BCH comencé a usar Binance y cada vez que hago uso de la P2P me lleno de ansiedad y angustia y eso que siempre tengo un buen resultado.

Un articulo fácil de entender y completo, gracias.

$ 0.01
3 years ago

De nada! Si da un poco de angustia, pero creo que el vender no es tan riesgoso como comprar. Porque cuando vendemos nuestros fondos permanecen en Binance y siempre podremos reclamar si la operacion no se da. Saludos!

$ 0.00
3 years ago

This is very interested story

$ 0.00
3 years ago

thank you for the information , actually im new here and bch is new to me but im willing to learn about it, your article can help me a lot to understand a little, i try my best to learn more about bch

$ 0.01
User's avatar Amz
3 years ago

You're welcome! I'm glad you found it useful.

$ 0.00
3 years ago

Thanks for the information, when I have to change the BCH I will use Binance, it seems very simple, when I worked with Spare 5 I used airtm, but they tell me that the rates are very high.

$ 0.02
3 years ago

Yes, AirTM rates are high, and I don't know if they accept BCH. There is also a site called Crypyobuyer. They are fast and reliable, but their fees are high too and don't work with BCH, just BNB, Dash. I used to work in Spare5 too ;)

$ 0.00
3 years ago

Same experience like me!!! It's best and fast way but beware from spammers and always check their successful trades ratio and $ rates in market.

$ 0.02
3 years ago

Thank you! I'll keep all of this in mind.

$ 0.00
3 years ago

Does Binance needs the intermediate verification or the basic is good enough?

$ 0.02
3 years ago

You will require the intermediate verification since, with the basic, the amount allowed is really ridiculous.

$ 0.00
3 years ago

Thanks!

$ 0.00
3 years ago

This is good, thank you for this lecture. I've also been worried and planning on how to exchange my bch on binance but you just solved it for me. The only problem I have now is that I'm not verified on binance and the verification process is hard.

$ 0.01
3 years ago

You are welcome. For the intermediate verification you just need a valid ID.

$ 0.00
3 years ago

That looked a smooth and seamless transaction. Yes always double-check with who you are dealing with and before you release any funds!

$ 0.02
3 years ago

Really smooth. And I got a good exchange rate for a low amount. I will surely keep using it in the future since the only fee to pay is to convert the crypto to USDT.

$ 0.00
3 years ago

That sounds like a plan!

$ 0.00
3 years ago

Is the account being verified as well upon sending? Sorry. I am not yet familiar with this one, honestly but I am glad that we can send/transfer money without fee. Who doesn't want that, right?

$ 0.01
3 years ago

The verification of the account in the exchange is done only once. Through KYC (know your customer)

$ 0.00
3 years ago

Oh, okay thanks for letting me know. I had a lot to learn still

$ 0.00
3 years ago

That was a great and hassle-free transaction. I have a Binance account but didn't use it yet because I have no investments for now.

$ 0.01
3 years ago

There are many options, and many are worth looking at.

$ 0.00
3 years ago

Will try to look at it when I have more time :)

$ 0.00
3 years ago

Thank you!! I'll tell you, for me, reading the Binance page is like reading it in Japanese! But with this maybe I'll give it another shot hahaha thank's!

$ 0.01
3 years ago

If you have any questions, ask me. Once you get used to it, it's easy. And the exchange rate is much better than many that offer out there.

$ 0.00
3 years ago

Wow that seems pretty convenient to use! Here, we use Coins app mostly. I’ve only recently been introduced to Binance and learning more about it

$ 0.02
3 years ago

It offers a lot of services. Worth taking an in-depth look.

$ 0.00
3 years ago

Since the ban on crypto early this year in our country Nigeria 🇳🇬 we have resulted to the use of Binance p2p.

It’s kinda okaay but had a lot of loos for those who are just trying to use it.

$ 0.01
3 years ago

Using a new platform takes time to get used to it. But Binance has a lot of perks.

$ 0.00
3 years ago

You are totally right on point.

$ 0.00
3 years ago

Nice article! I've been thinking of switching to binance because it looks more convenient than what I've been using now.

$ 0.01
3 years ago

I don't know what you currently use, but Binance is an option.

$ 0.00
3 years ago

It's called coins.ph which is the only crypto wallet in the Philippines that has the option to cash out in another very popular digital wallet. But the fees are high, so this option would be a lot better. Opening a binance account now hehe

$ 0.00
3 years ago

Thank you so much for letting us know the complete way to use the P2P service as I never used any service like this before but after watching the whole method I can easily use it.

$ 0.01
3 years ago

You're welcome! I'm glad you find it useful.

$ 0.00
3 years ago

great.. i am glad that the transaction was fast!

$ 0.02
3 years ago

Yes, it was! Thank you for stopping by!

$ 0.00
3 years ago

Thank you for the sponsorship dear..appreciate it!

$ 0.01
3 years ago

My pleasure, my dear. You are welcome!

$ 0.00
3 years ago

I was doing peer-to-peer lending in my native country in fiat currency. The good news is that the interest is way significantly higher than if I put in the bank.

The bad news is that there is always a chance of default. When I am not looking, the system had defaulted assignment on the loans based on my criteria, well they defaulted and I lost money as a result.

$ 0.01
3 years ago

Yes, the use of peer-to-peer carries some risks. Therefore we need to be cautious at the time to select the counterparty.

$ 0.00
3 years ago

Me cayó como anillo al dedo tu tutorial, tengo un amigo venezolano que no sabía cómo hacerlo, y bueno, ahora le mandaré tu publicación. ¡Gracias!

$ 0.03
3 years ago

Me alegro amiga! De nada, ojalá le sea útil. Saludos!

$ 0.00
3 years ago

We used to use luno in my country, it was a very popular platform because we could buy and sell and also withdraw directly to our bank account but ever since the government's banning of banks from supporting crypto services in an attempt to completely ban people from trading, the withdrawal option got cancelled out. People have been using binance p2p ever since but I've never tried it out. Cos it seemed a bit stressful for me. Maybe I'd try it out someday based on your explanation in this article.

$ 0.02
3 years ago

Here are some local exchanges, but the fees are high. A p2p exchange is always more favorable in the exchange rate. They also stress me a bit, but at least in this first experience, everything was fast and fluid.

$ 0.00
3 years ago

I completely understand.

$ 0.00
3 years ago

I was literally just reading in Google about transferring BCH into Indian currency and then opened your post, what a coincidence 😅😅🤣🤣🤣 Have a great day to you :)

$ 0.01
3 years ago

Have a great day! I hope this works for you too!

$ 0.00
3 years ago

So glad to see you're now using Binance too, Coqui!!!

$ 0.05
3 years ago

I've been using Binance for a long time, but for trading and the Launchpool. But I hadn't used P2P all this time. And it's a great option, at least here in Venezuela.

$ 0.00
3 years ago

Is it easy to put in your wallet?

$ 0.00
3 years ago

I just opened my Binance account and verified it days ago, just in case I have to use it in some cases. It has great connectivity with other coins and it might be useful in the future.

$ 0.02
3 years ago

Sure, Binance has a lot of options. And it's a good idea to have an account there, even if it's just in case.

$ 0.00
3 years ago

Wanna know what I notice? It's that 22 USDT instantly makes you a multi-millionaire upon conversion. That's nuts! Or did I read that wrong? I'm curious. How much does a can of coca-cola cost?

$ 0.05
3 years ago

We have been living in hyperinflation for almost 4 years. You can be a "millionaire" here with 1 dollar. A can of coke costs in a supermarket 0.80 dollars. That is today, approx 3.300.000 bolivares.

$ 0.05
3 years ago

So sorry to hear that. I just Googled to understand a little better. Seems that your largest currency denomination is 1,000 Bs. That means when one goes shopping, one will need to carry tons of cash! Is that the case?

$ 0.05
3 years ago

Here cash is scarce. I haven't had a bolivar banknote in my hands in the last year. At least now, we don't have an exchange control, and dollars circulate freely. But we had one for years. This is one of the reasons why Venezuela is going ahead in the use of cryptos.

I wrote an article titled When your pin isn't so secret, about how absurd are some things here regarding the use of money. In case you are curious. ;)

$ 0.05
3 years ago

Yes, I'm very curious. I'll look for that article to read.

$ 0.00
3 years ago

Was it sent directly to your bank account?

$ 0.03
3 years ago

Yes, direct to my local bank account.

$ 0.00
3 years ago

I haven't tried binance yet but I also want to try.

$ 0.01
3 years ago

It is good to know this form you use. I will have to use it. Thank you for this very enlightening explanation.

$ 0.05
3 years ago

You are very welcome, my friend!

$ 0.00
3 years ago

haven't tried it yet actually but will use this as my guide if in case i'll use the p2p in the future! weeee saw it now! lol

$ 0.05
3 years ago

Haha! I took it seriously. LOL

Even if you don't use P2P to exchange, It's good to know you can use it to transfer to other users within Binance without fees.

$ 0.00
3 years ago

of course it is serious LOL.

$ 0.00
3 years ago

Be careful while exchanging. Wonderful platform. I used it. Fast withdraw with no fees

$ 0.00
3 years ago

I also used Binance P2P some months ago. No charges at all compared to withdrawing for example the USDT to your own bank account and just as you said, it's fast too! And yes, we just have to be very careful on who we make the exchange.

$ 0.05
3 years ago

I liked the fast and that the exchange rate was fair compared with other ways to get Bolivares here from crypto. I was curious too to try it for the comments from people here saying they used it to pay.

Here people are always looking for ways to avoid the effects of hyperinflation. And almost everyone who uses crypto has a Binance account since other exchanges like Coinbase can't be used here.

$ 0.00
3 years ago

Yes, thanks to platforms such as Binance making it easier for us to transact without much hassle.

$ 0.00
3 years ago

Oh thats good to know, the P2P service also allows you to send funds without fees between users within the platform, that would be an easy peasy transaction.... Make sure that your account is verified..

$ 0.02
3 years ago

Yes, it's a great option to have the possibility to transfer between users. It could mean a lot of saving in fees.

$ 0.00
3 years ago

Wow. Sending sending funds without making fees. Imagine the money that you can save

$ 0.01
3 years ago

Yes, many people here are using P2P on Binance as a means of payment. That way they save a lot of fees. Of course, you can only send the coins that Binance P2P works with, which are not too many. But it's still a great option.

$ 0.00
3 years ago