Peer-to-Peer (P2P) Trading on Binance
P2P trading on Binance allows users to buy and sell cryptocurrency directly with each other without a third party. This is a convenient method, especially in countries where traditional payment option
Here are the steps to buy and sell cryptocurrency via P2P on Binance.
1. How to Buy Cryptocurrency on Binance P2P
Step 1: Log into Your Binance Account
- Access the Binance website or open the Binance app, then log into your account.
Step 2: Access P2P
- On the Binance homepage, select “Buy Crypto” and then choose “P2P Trading.” On the app, go to “Trade,” then select P2P.
Step 3: Choose the Cryptocurrency to Buy
- You will see a list of cryptocurrencies available for purchase (e.g., Bitcoin, Ethereum, USDT). Select the crypto you want to buy by clicking on the corresponding tab.
Step 4: Choose a Seller
- The system will display a list of sellers along with the prices and payment methods they accept.
- Note: Choose a seller with a high transaction completion rate and positive reviews.
Step 5: Enter the Amount and Make Payment
- Click “Buy” next to your selected seller. Enter the amount of crypto you want to purchase or the fiat amount you want to spend.
- After confirming the details, you will receive the seller’s payment information (e.g., bank account, e-wallet, or P2P payment method).
- Transfer funds: Based on the provided information, complete the payment to the seller via the payment method they specified.
Step 6: Confirm the Transaction
- After making the payment, you must click “Transferred, Notify Seller” on Binance and wait for the seller to confirm the transaction.
- Receive cryptocurrency: Once the seller confirms receipt of the payment, Binance will automatically transfer the cryptocurrency to your P2P wallet.
2. How to Sell Cryptocurrency on Binance P2P
Step 1: Access P2P Trading
- Log into your Binance account, select “P2P Trading” as you would for buying.
Step 2: Transfer Cryptocurrency to P2P Wallet
- Before selling, you need to transfer crypto from your Spot wallet (trading wallet) to your Funding wallet. Go to Wallets on Binance, select P2P, and click “Transfer” to move funds between wallets.
Step 3: Choose the Cryptocurrency to Sell
- Select the cryptocurrency tab for the asset you want to sell (Bitcoin, USDT, Ethereum, etc.).
Step 4: Choose a Buyer
- As with buying, you will see a list of buyers with details such as the price, amount they want to buy, and payment methods they accept.
- Choose a buyer based on their ratings and transaction completion rate.
Step 5: Enter Selling Information
- Click “Sell” next to the buyer you chose, then enter the amount of crypto you want to sell or the fiat amount you want to receive.
- Binance will then prompt you to enter your payment details, such as the bank account or e-wallet where you want to receive funds.
Step 6: Confirm and Wait for Buyer’s Payment
- Once the buyer receives the request, they will transfer the funds to you via the payment method you provided.
- Check payment: Wait for the buyer to transfer the funds, and confirm that the money is received in your bank account or e-wallet.
Step 7: Confirm the Transaction and Release Funds
- After verifying that the funds have arrived in your account, click “Payment Received” on Binance to complete the transaction.
- Binance will release the crypto to the buyer.
Important Notes for P2P Trading
- Carefully check payment details: Ensure you have received the correct amount before clicking “Payment Received.”
- Only trade with reputable users: Choose buyers/sellers with good ratings and a high transaction completion rate to minimize risks.
- Contact support if there’s an issue: If there are any disputes or issues during the transaction, you can contact Binance support for assistance.
P2P trading on Binance is very secure if you follow security protocols and remain cautious throughout the process.