P2P trading for Bangladeshi

11th May 2022, Wednesday

Most people in our country know that Bangladesh cryptocurrency is illegal. But despite the use of cryptocurrency being illegal in this country, about twenty percent of the people in our country are directly connected with cryptocurrency. But you will be amazed at how they use this cryptocurrency or how it gets its supply.

90% of people in Bangladesh buy different assets of cryptocurrency by converting to local currency. In the process of converting from local currency to cryptocurrency, they lose a lot of money on exchanger platforms. It is said that their investors pay about 10 percent of the money as fees on those exchanger platforms. That means you have to pay them $1 for every $10 and $10 for $100.

But the funny thing is, even though I was a victim myself, I had no idea about the 10% fees I would pay them per transaction. I found out yesterday that my friend @Akagaminoneloy00 gave me an idea about Binance's P2P trading.

Yesterday I needed an estimated 2700 rupees (31.17). Which is why I transfer $ 31 bitcoin cash from bitcoin.com wallet to payeer wallet. Because to my knowledge the only way to convert from bitcoin cash to local currency was payeer wallet. But when I found out about Binance's P2P trading yesterday, I realized that from this $ 31.17 I will get 3050+ Taka instead of 2700 rupees. At the time it seemed very interesting to me and I realized that exchangers do business mainly through binance. They buy low priced dollars from users and sell them at a higher price in binance. So I got about $4 more in binance than conversion to payeer wallet for only $31.

Binance P2P trading process:

Your voter ID card is mandatory for any type of trading in Binance as you can never complete KYC without voter ID card.

If KYC is completed in your Binance account then you can deposit and withdraw funds of any amount there. However, when it comes to P2P trading, you need to convert your fund to USDT as most traders trade USDT / BDT (for Bangladesh) there. As with other cryptocurrency volatiles, it is convenient for them to trade USDT stable coins. If you don't know how to convert any crypto to USDT then watch this video

Here they showed "the way convert BTC to USDT" but you can convert your coin in the same way

If you able to convert your asset to USDT then you have to moved your USDT from spot trading to funding

If you don't know how to do it, then open your binance wallet. Go to "Wallet" open overview option then you will find transfer option on the top of the page.

Click there you will find an option to write the amount you want to send and select the asset you want to transfer.

When you will be able to transfer your asset "from spot to funding" click the option P2P trading on the middle of the funding page.

When you enter the option, you will see two options called buy and sell above. It will be decision if you want to buy dollar from Binance because they will take much more than local exchange site.

Per dollar will cost you above 98 Taka but if you want to buy one dollar from local exchange then per dollar will cost you only 91 Taka. Save 7 taka ($0.08) per dollar.

But if you want to sell your dollar and take Bangladeshi Taka from here then it will be a good decision. Because you will get 98.50/- per dollar but if you go to a local exchange site they will give you only 87 taka per dollar. That means you are losing 11.5 taka ($0.13) per dollar. It looks like small amount compare to one dollar but if you decide to sell over 10-1000 dollar then the amount will be huge.

Then you need to set up Bkash account before trading. When you finish setting up then you need to chose a member with whom you will trade.

Yesterday I trade 98.53 taka for one dollar but today they are giving much more than yesterday. The highest rate today for one dollar is 98.83 taka and that's insane value.

You will be amazed to know, today's dollar rate in Bangladesh is 86.90 Taka and Binance giving 98.83 Taka. More information here

Bank information

Scam problem?

There is no scam problem in P2P trading. Even traders will give you money first, then if you receive your money you can confirm that "I received my money"

In this period of sending and receiving money, your USDT will be locked up for a limiting time.

If you try to scam them, you can't get back your dollar if they showed prove of their transaction. But if they don't pay you first, you can get back your money if they can't show proper proof. If both confirm trading occurs normally, there won't be any problem.

And of course before you start trading you need to check which bank you want to receive your trading money from. Because not everyone provides all types of banks. As you can see, this person does not provide any other bank except Bkash.

A confirmation message comes after you receive your trading money in the bank, just when you receive the confirmation message you need to confirm the money in Binance.

There may be a problem with not showing the confirmation button.

Then you have to go back. When back, a new yellow notification button will open. Click there will show a button called click here and by clicking there you will be able to confirm your payment.

This is it, hope this content will be informative to you. In the same processes Pakistani people also can trade with best price.

Thank you for reading. A "Like" will be appreciated :)