First time trying P2P Trading on Binance Exchange

I have always wanted to try trading or selling crypto through Peer-to-Peer trading on the Binance exchange app to escape the ridiculous fees of the coins.ph wallet, which I usually use in converting my Bitcoin Cash into fiat. However, even if I wanted to escape the high fees of coins.ph and just go for something more convenient, I still didn't engage in selling cryptos through P2P trading because of one thing, I don't want others to know my details, like my name and contact number. What kind of reasoning is this, you might think? Well, I just want to be a little anonymous. Lols! 😂

But on the first day of January in the year 2022, I got to experience Peer-to-Peer trading on Binance for the first time and I was quite amazed at how fast and smooth the transaction was. It didn't even last for a minute because the buyer was quick to send the payment for the USDT that I was selling to him.

Like after clicking the sell button, I just had to inhale and exhale, then the buyer was already processing the payment and after taking another breath, I already received the confirmation for the payment so I immediately checked my GCash wallet to see if the payment is there and upon confirming, I clicked the confirm button to release the USDT.

But before the successful selling of the USDT I have through P2P Trading, I was a little lost on how the transaction is done as I couldn't find the option "P2P Wallet" when I was transferring my funds from the Spot wallet. Then I tried to transfer it to the "Funding" wallet and it worked. Lols!

Before deciding to try P2P Trading, I was actually going to use the USDT I have to buy BCH and withdraw it to my coins.ph wallet and just convert it there into fiat as it's what I usually do. However, I thought it would take more time, about 2 to 3 hours before the money is deposited into my wallet, so I just opted to do the P2P Trading instead to try it too and for me not to be ignorant about how it works.

But after making a little comparison between these 2 options (converting BCH through coins.ph, and selling USDT through P2P Trading), I think I made a wrong choice.

Selling USDT through P2P Trading:

I only got to sell my 166.98 USDT for a total of 8,399.09 pesos at 50.30 pesos each because it was the highest available buying price the other person is offering who has the same payment method as mine, which is through GCash. There were higher buying prices but their payment method was through UnionBank of the Philippines and ING Bank, which I don't have. Some also had a limit of 10,000 pesos per transaction so my fund was not enough for the limit.

And after checking the P2P trading option on Binance again, there were some buyers who were offering at 50.50 pesos per USDT and had a lower limit so I thought it was bad timing for me again. I should have got to sell my USDT at a higher price if only I was patient enough.

Converting BCH through Coins.ph:

If I was able to use the USDT I have to buy Bitcoin Cash, I should've got to buy 0.382 BCH for it and deposited 0.381 BCH (less the withdrawal fee) to my coins.ph. If I were to convert it immediately after receiving the BCH, I would've got 8,418 pesos for it, which is 19 pesos higher than the amount I got in P2P Trading. I thought it would've been a better deal.

However, now that I think about it again, selling USDT through P2P trading on Binance and converting BCH through coins.ph is actually almost the same. If only I was more patient and waited a little longer until more merchants that were willing to buy USDT at a higher price were already online, I should've got to sell my USDT at a better deal. And also with P2P Trading, I got to save 10 pesos withdrawal fee in coins.ph because I was also planning to withdraw the money to my GCash wallet.

Anyway, it's actually just my Ilocano blood that thinks I lost some pennies with my experience in P2P Trading because you know, "every Peso counts." But one thing is for sure, this will not be the only transaction I have in P2P Trading as I really find it convenient, especially when I need an immediate fund in my GCash account.

Well, this is just my first-time experience in P2P Trading and there's nothing much special in it so thanks for reading. 😹