Binance P2P trading is a haven for many who want to make money online from their home with a smartphone or computer.
Only in 2020, it processed $7 billion worth of transactions made through 3.8 million orders!
Now, if that doesn’t sound like a big deal, you tell me what does.
P2P Trading is a kind of trading where crypto buyers and sellers meet and perform transactions without the help of a third party.
Hence, the name Peer-to-Peer or P2P for short.
Think of it as when you follow up a merchant’s advert on Twitter or Facebook to make a purchase.
You don’t need anyone to help you talk to the merchant.
Once he receives his payment, the item will be delivered to you, or vice versa, depending on your agreement.
P2P trading is slightly different though.
The P2P platform provides some sort of protection so that both the buyers’ and sellers’ needs are met.
What happens is that the platform holds onto the seller’s crypto until he confirms that he has received payment from the buyer.
Once payment is confirmed, the crypto is then released to the buyer.
This is referred to as the Escrow System.
P2P trading enables everyone everywhere to trade crypto directly with each other, and on their own terms.
Compared to the traditional way of buying and selling crypto using an exchange, P2P trading is faster since you don’t have to monitor charts or other market aggregators.
And if you’re using Binance P2P, you can be sure of secured transactions too.
The Binance P2P platform employs the escrow system to facilitate safe transactions among users.
It supports the trading of six cryptocurrencies (BTC, ETH, BNB, BUSD, DAI, and USDT), using 60+ local currencies through over 300 payment methods.
Users can buy and or sell cryptos, browse crypto ads, or post ads of their own.
However, they must create an account with Binance and complete an Identity Verification process before they can use the platform.
Also, P2P merchants are screened to prove that they run a legal business.
Additionally, users are expected to maximize the chat window available on the platform to clarify the terms of their trade.
Binance adopts these measures to prevent events of theft or scam.
Creating an account is easy. Just follow this link and register with your email address or mobile number.
For the verification process, you will need a passport, ID card, or driver’s license.
Additionally, you’ll be required to upload a selfie and complete face verification.
After verifying your account, you can proceed to explore Binance P2P.
Now, you can either opt to sell or buy crypto using the website app or the mobile app.
Let’s see the steps for each one…
a. How to Buy Crypto Through Binance P2P on the Website
i. Log into your Binance account or create one using this link
ii. Next you click on ‘Buy Crypto’ in the top menu and select ‘P2P’
iii. Choose the currency you want to buy. Then filter the price and payment method
iv. Now, select an ad and click ‘Buy’. Enter the amount of crypto or fiat that you need and hit ‘Buy’.
v. Confirm the details of the transaction and make payment via the chosen method.
vi. After that, click on ‘Transferred, Next’ and then ‘Confirm’.
vii. You’ll be notified when the Seller releases the crypto. If you prefer, you can select ‘Transfer to Spot Wallet’ to move the crypto to your wallet.
b. How to Buy Crypto Through Binance P2P on the App
i. Open the app and select ‘P2P Trading’ from the homepage
ii. Next you click on ‘Buy’. Select the crypto you need and choose an ad.
*You can also click on the funnel to filter the price, payment methods, or merchant ads.
iii. Enter the amount you need, confirm payment methods, and hit ‘Buy’
iv. Go ahead and make the payment then select ‘Transfer the fund’.
v. Tap the chosen payment method you used and click ‘Transferred, Next’
vi. The crypto will be sent to your P2P wallet once the sender receives your payment.
vii. If you prefer, you can go to ‘Wallets’ and move the crypto to your spot wallet.
c. How to Sell Crypto Through Binance P2P on the Website
i. Log into your Binance account.
ii. Select ‘P2P Trading’ from the ‘Buy Crypto’ menu
*The crypto you wish to sell should be in your P2P wallet. You can transfer it from your Spot wallet by selecting ‘Wallet’ from the top menu, then ‘Overview’ and ‘Transfer’
iii. Opt to sell and select a currency. Then filter the price and payment method.
iv. Next, select an ad and click ‘Sell’. Enter the amount you need and hit ‘Sell’
v. Now wait for your payment. Upon receipt, select ‘Confirm release’ and then ‘confirm’.
vi. Once the buyer receives the crypto, you’ll be notified of a completed order.
d. How to Sell Crypto Through Binance P2P on the App
i. Open the app and select ‘P2P’ from the ‘Wallets’ tab
ii. Then transfer the crypto that you wish to sell to your P2P wallet
iii. Next, select ‘P2P Trading’ to continue.
iv. Opt to sell. Select a coin, pick an ad and click on ‘Sell’
v. Enter the amount you want to sell, select a payment method, then ‘Sell’
vi. Once you receive the payment from the buyer, click on ‘Payment received’ and then ‘Confirm’
vii. You’ll be notified of a completed order.
Note: if anything should go wrong as you trade, don’t fail to hit that ‘Appeal’ to get help from the support team.
We’re almost done with the steps. Keep reading to see how you can post an ad.
e. How to Post Trade Ads on Binance P2P Through the Website
i. Go to the P2P Trading page.
ii. Click on the ‘More’ tab and select ‘Post Ad’
iii. Select your ad type (buy or sell), crypto asset, fiat, and click on ‘Next’
iv. Set the ad type to floating or fixed, enter your price, trade, and time limits. Then hit ‘Next’
v. Select the payment methods and define the following:
Remarks: serves as a reference for users before they place the order.
Auto reply: the message that the counterparty will see after they place an order.
Conditions: determines users that can place an order.
Click on ‘Post’.
vi. You’ll be required to complete a 2FA verification after which your ad will be published.
vii. Click on ‘My Ads’ to view it. You can also edit your ad from this tab.
f. How to Post Trade Ads on Binance P2P Through the App.
i. Tap on P2P trading and click on the 3 dots to switch to advert mode
ii. Click on ‘Ads’ at the base of the page and select ‘Post Ad’.
iii. Enter a nickname and click on ‘Post Ads’ again.
iv. Tap ‘Ok’ then select your ad type (buy or sell), crypto, fiat, price type (floating or fixed), set your price, and click ‘Next’.
v. Now, set the total trading amount, order and time limits, and payment methods for your ad. Then click ‘Next’.
vi. Like before, add your remarks, auto-reply, and counterparty conditions.
vii. Next, Pass the 2FA test and your ad will be published.
viii. After your ad has been published, you can tap on the Share button to send it directly to other users.
Note: Floating price ad fluctuates with the market and is refreshed every minute while Fixed price Ads do not move with the market price of the crypto.
Moving on, let’s see the tips that can earn you a share of those billions mentioned earlier.
Tag along!
5 Tips To Make Money Trading Bitcoin On Binance P2P
If you’re looking to make reasonable profits selling Bitcoin on Binance P2P then you will find the following tips helpful:
1. Set Realistic Prices
One good way to make money trading Bitcoin on this platform is to set prices that customers can comfortably buy at.
Buyers will rather patronize a seller offering Bitcoin at a fair price than the one having outrageous prices.
So, you want to stay up to date with market rates for crypto to offer a convenient price.
2. Complete Transactions
Between a user having 95.75% completion and 100.00% completion, who would you opt to trade with?
I’m pretty sure you’ll go for the latter. Completing all your transactions will help you win the trust of other users.
On the other hand, when you always cancel transactions before completion, you face the risk of losing the customers you already have.
In addition to the total number of trades you’ve completed, your percentage completion is another element that increases your trader-accolades.
Moreover, take your listings offline if you will not be available to trade for a long time.
Otherwise, buyers will lose interest in your offers over time because of delayed responses.
3. Always Monitor Your Ads
You still want to make money trading Bitcoin on Binance P2P, right?
Then you must give it the time it requires.
Monitor your trade ads consistently to know when you have a new request.
Failing to watch your trades could make you lose an opportunity to sell and make money.
Furthermore, be prompt in responding to requests.
That way, you convince buyers to make you their go-to seller for Bitcoin.
Another trick is to check newly posted ads to be sure that your offers are still obtainable.
4. Add More Payment Options
Accepting more payment options will help you attract more buyers.
For example, accepting only bank transfers will bring you buyers who wish to use that payment option.
But when you add Alipay and WeChat, you will also attract customers who prefer those options.
And the more customers you sell Bitcoin to using different payment methods, the more money you make.
BTW, why do you want to have only one payment method when Binance permits you to add up to 20?
5. Make Your Terms Super Clear
Last but not the least, you should set clear terms for your trade if you want to make money trading Bitcoin on Binance P2P.
Make sure your prospects can know your limits, trading window, and payment method at a glance.
It also helps when you communicate clearly with them while chatting on the platform.
Some traders feel reluctant to chat with their prospects. Don’t be like that.
Use as many simple words as possible to make your terms clear to your buyer.
Bonus Tip
Here’s an additional tip that you can run with.
Binance P2P has a comment feature that allows users to rate their trading experience and review their trade partners at the end of a P2P order.
So, encourage your buyers to give you a positive review.
This will attract more buyers and eventually more money.
Wondering whether P2P trading is safe for you?
Read the next section to see the risks associated with this type of trading.
What Risks Are Associated With P2P Trading?
Like other types of trading, P2P is not without risks of losing funds to scammers.
Some red flags that you should watch out for are:
a. When a user’s payment account details do not correspond to his identity.
He may deny receiving your money and refuse to release the crypto that you paid for.
b. If the buyer does not cooperate when you request a screenshot of the transfer he will make to your account.
Such a person probably intends to call his bank to reverse the transaction after receiving your crypto.
Thereby, leaving you without funds.
c. When the counterparty tries to take the transaction outside the Binance P2P platform.
For example, he may offer a discount for you to send the payment via a different payment gateway.
Don’t fall for it. I repeat, don’t fall for it!
d. When cryptocurrency listings and ads have ridiculously low prices.
Dear trader, if it sounds too good to be true, it probably is.
Don’t be swayed by low prices or high offers, do well to check the merchant’s records before accepting his offer.
e. Beware of fake credit alerts.
This is most common when the payment method is a digital currency like Neteller.
Usually, the credit alert is sent via email.
A scammer can send you a fake email to make you believe that he has made a payment so that you’ll release your crypto.
Always check the address of the email to confirm that it is from the right source.
Another option is to check your transaction history to see if there is an update of the transfer.
Also, when you are using a bank transfer, a scammer may send a fake credit alert.
Don’t depend on the evidence provided by the buyer alone; check your account balance to be sure that you have received the payment before releasing your crypto.
Gratefully, Binance put up security measures as we saw earlier to enable you to trade safely.
Moreover, you can always contact the Support team if you encounter any issues.
Let’s answer some frequently answered questions and then we can call this article a wrap.
FAQs
What fees are charged on Binance P2P?
Presently (5/07/21), Takers (buyers & sellers) pay zero fees but Makers (those that post ads) pay 0-0.35% fees depending on fiat markets and trading pairs.
How do I become a verified merchant on Binance P2P?
First, you have to apply to become a merchant.
Then you provide the required materials for your verification including Proof of:
– Identity like a passport or national ID
– Residence like utility bills
– Transaction history e.g. screenshots of successful P2P trades from other platforms
Conclusion
P2P trading is profitable especially when you use a secured platform like Binance P2P.
There is no telling how much money you’ll make from trading Bitcoin on this platform.
So, waste no further second, start here.
And that’s all I have for you in this review. I hope you enjoyed the read. 😎🚀👍🏻
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