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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. 😹

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