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.
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!
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Until next time! ;)
August 29, 2021
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.