@CoquiCoin
more from that month
My experience using P2P in Binance
***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! These are all my wonderful sponsors! I encourage you to visit their amazing articles if you haven't done so. Lead Image credit - Photo by Vadim Artyukhin on Unsplash https://unsplash.com/@vademann?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText https://unsplash.com/s/photos/binance?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText **All images and writings are my own unless anything different is stated.** © **CoquiCoin** **#ClubBrokeBCH** https://read-cash.translate.goog/search?q=%23ClubBrokeBCH&_x_tr_sl=auto&_x_tr_tl=es&_x_tr_hl=es&_x_tr_pto=ajax,elem Until next time! ;) August 29, 2021
67 comments
Wow. Sending sending funds without making fees. Imagine the money that you can save
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.
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.
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.
Yes, thanks to platforms such as Binance making it easier for us to transact without much hassle.
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
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.
of course it is serious LOL.
It is good to know this form you use. I will have to use it. Thank you for this very enlightening explanation.
You are very welcome, my friend!
I haven't tried binance yet but I also want to try.
Was it sent directly to your bank account?
Yes, direct to my local bank account.
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?
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.
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?
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. ;)
Yes, I'm very curious. I'll look for that article to read.
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.
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.
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 :)
Have a great day! I hope this works for you too!
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.
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.
I completely understand.
So glad to see you're now using Binance too, Coqui!!!
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.
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!
Me alegro amiga! De nada, ojalá le sea útil. Saludos!
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.
Yes, the use of peer-to-peer carries some risks. Therefore we need to be cautious at the time to select the counterparty.
great.. i am glad that the transaction was fast!
Yes, it was! Thank you for stopping by!
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.
You're welcome! I'm glad you find it useful.
Nice article! I've been thinking of switching to binance because it looks more convenient than what I've been using now.
I don't know what you currently use, but Binance is an option.
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
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.
There are many options, and many are worth looking at.
Will try to look at it when I have more time :)
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.
Using a new platform takes time to get used to it. But Binance has a lot of perks.
You are totally right on point.
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
It offers a lot of services. Worth taking an in-depth look.
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!
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.
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?
The verification of the account in the exchange is done only once. Through KYC (know your customer)
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