I long to experience P2P (peer-to-peer) trading in Binance, I wanted to see how it works and to find alternatives as well in selling crypto since the only exchanger we had in our country is CoinsPh and it charges cost so much.
I am fed up with Coinsph when buying crypto their prices is too high while when we sell our crypto into fiat the price is very low, aside from the fees they will charge. They have their own prices of crypto that is very far from on chain wallet crypto and other Exchanger prices.
P2P selling guide on Binance for PH users
Last September 15, I sold my 0.316 BCH intended to fund my birthday at $650 and it was sold amounting $205.40. Then I decided to transfer it on P2P trading platform.
Just tap the transfer button in your Spot wallet then chose P2P wallet. Input the amount you want to transfer then confirm it.
After confirmation, the notice will pop that you successfully transfered your asset in your P2P wallet, then you can start your P2P trading journey.
Then click your P2P wallet and chose transaction, since I sell my USDT I will use sell because that's my first P2P experienced.
After you click SELL the merchant buyers list will appear. Just browse which merchant you want to sell your asset, in chosing merchant there are four things you must consider.
Make sure what asset you want to sell- in my example it's USDT because that's what I have and want to sell. But there are other asset available in P2P trading as well such as BTC, BUSD, BNB, ETH and SLP. I chose USDT since BCH is not available so I sold it in market first before doing P2P.
Price of the asset - you have to check what price you want to sell your asset.
Crypto amount- always check if they have enough crypto amount deposited as collateral, this is to ensure that if ever they'll ditch you Binance will pay it for you because they have collateral àmount that will be freeze and used to pay customers if they'll do bad.
Limit - in chosing merchant, you have to check their prices first but usually those who have high price also have higher limits. In my example the highest price for USDT as of writing this article is $50.51 per $1 USDT. But it has limit of Php50,000-350,000 this means only big seller can top up on this merchant.
Payment method - always check the payment methods they provide, in my case my payment method was Gcash so I find merchant that accept Gcash. In the example it only accept Union Bank Philippines. If your payment method is not available on them it means you cannot transact with them.
Check the transactions count- to check the legitimacy of the merchant check how many transactions they have the higher the transaction counts the more the merchant is reliable because it already has a lot of customers.
Sell- after you check everything click sell.
After checking everything and you click sell this will appear, you should note things before clicking Sell.
Limit - look at the limit again, as sometimes it changes as time goes by especially if the merchant already had a lot of transactions. Make sure your asset àmount to sell is within the bracket of limits.
Enter amount to sell- input the total amount you want to sell. If you plan to sell everything then just click ALL.
Select payment method- then select payment method. But before that you must set up your payment method first, after input click CONFIRM. Just look at the image below.
Check Terms - some merchant stated their terms and conditions on Terms section below. If you agree then proceed your transactions.
Sell- then click sell once your done.
Once you click sell, the payment bracket is open for 30 minutes to wait for merchant to pay for it. It has a timer of two minutes then will reset if merchant didn't pay yet. But my transaction was fast, it didn't even reached 2 minutes as the merchant was online as well. After payment the screen will instruct you to log in on your payment method account.
After 1 minute, I received notification via text message that I got the payment. I also log in on my Gcash account to be sure that it push through and it did.
The merchant chatted me that she paid already that I must release the crypto, but before I release I made sure to check it that it was on my wallet already then after that released the USDT. I give positive feedback although the buyer is not that friendly as she paid it right away. The price of her per USDT is Php50.32 it was great deal.
After releasing this notification will appear that you successfully sold your asset.
You can also check your transaction details in order history.
Closing Thoughts
I had a great experience in P2P selling in Binance, I just don't about cashing in or buying because it is opposite in selling you are the ones to pay first.
So you should check those good merchants with good reviews and lots of transactions, but I am sure if they'll do stupid things you can appeal on Binance and besides all merchant are verified users, they'll be contacted if ever and they also have collateral deposit, so I think it is still safe not sure tho.
One day I'll try cashing in as well for another documentation purposes.
Always remember before doing transactions make sure you check everything and DYOR how it works so you'll not end up losing money.
Note: Original content unless revamp.
Thank you for reading!
Date Published: September 20, 2021
P2p is always best and secure every time I made transections through p2p and never get scam. Btw, always chose those people who had 95% plus rating because others will always waste your time without any reason. And before buying usdt or anything first chat with the dealer that he is active or not otherwise your payment will be stuck for day or two because when he will again login then you will be able to get your amount.