You want to buy cryptocurrency and your payment card is ready. Or instead of a card, you’ve got Apple Pay, Venmo, or cash. You’ve done some research but you’re still confused about how to get started. So how do you decide on the best place to buy crypto when you have lots of options available?
One other thing is that you may run into some problems like the following:
- Scammers
- Withdrawal fees and high transactions
- The complicated process of storing and buying crypto in an easy way during, before, and after transactions.
The Binance P2P exchange is designed to tackle the pain points for traders with a convenient, safe, and cheap option to buy and sell Bitcoin (BTC) and other cryptocurrencies. With various verified P2P ads from all around the globe, the exchange promises to find the best trade for you.
What is Binance Peer-to-Peer P2P?
It is the best marketplace to trade cryptocurrency on your own terms. Here, you’ll find verified users and traders who offer cryptocurrency in a peer-to-peer process.
Using your local fiat currency, you can sell or buy crypto. You can also receive money using regional banks.
Binance P2P also supports Paypal, WeChat, Apple Pay, and many more. Cash transactions, as well as money transfers, are also supported.
How to set up your Binance P2P account
Setting up your Binance account requires a phone number, email address, or any personal identification such as national ID, passport, or driver’s license.
Then you’ll also need to enable two-factor authentication. This is another layer of security apart from your password. With this, anyone with your password won’t be able to log on without going through the 2FA.
Lastly, you will be required to upload your ID for identity verification. This KYC process is legally binding.
Out of over 150 payment methods available on Binance P2P, you’ll need to choose one. Two steps are required to add your payment methods, whether on Binance App or Binance.com.
- Step 1: On the homepage of the app, click on “P2P Trading” to log onto the P2P trading page. Select the “Profile” tab on the bottom right.
- Step 2: Click on “Payment Methods”, and “Add a new payment method”.
Once you have completed the steps above, you can start trading.
3 easy steps to trade crypto on Binance P2P exchange.
Your purchase can be completed in 3 easy steps.
- Go to Binance’s P2P marketplace and chose an ad you like.
- Initiate the trade, review the offer, and send payment.
- Send the fiat currency to the seller. Once the payment is received,
- Initiate the trade with the user, review the offer, and send the payment, the crypto will be released and you will receive it in your wallet.
- Send the fiat currency to the seller. Once they receive your payment, they will release the crypto which will arrive in your wallet.
When picking the best ad, look around the marketplace. Click on the vendor’s username and take a look at their “30d completion rate” and “avg release time”.
This is because you want someone with a completed high number of trades with a fast release time. One great thing about the marketplace is that it gives you the chance to shop for the best price.
The reason is that you want a person who has completed a high number of trades and fast release time. What’s great about the marketplace is that you can shop around for the best price, because different vendors offer different rates.
How Binance P2P exchange ensures your safety
To ensure that your trade goes smoothly, Binance makes use of an escrow system. In this way, when buying coins, the seller has his coins locked in escrow. So, once the person receives the funds, payment will be acknowledged and this will release the tokens from the locked escrow to your wallet.
In case of any complications which may affect trade, Binance P2P customer care is readily available to render help and settle disputes.
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