Binance P2P ultimate mobile app guide for beginners.
Key Takeaways
Introduction
What is Binance P2P?
Why Binance P2P is the best for newbies
How to buy and sell Cryptocurrencies on Binance P2P
Conclusion
Disclaimer
Key Takeaways
- You can start on an easy note as a newbie on Binance P2P.
- Binance P2P gives everyone who has a Binance user account the privilege of buying Bitcoin and Altcoins using their local currency
- Trades that take place on Binance P2P have no intermediaries. However, it has an escrow service to take charge of disputes that might arise during P2P trades, that is between the buyer and seller.
- If you are yet to use Binance P2P, you would be glad you did because of the efficient way that cryptocurrency and local currency conversions are done without complications.
- There several advantages of using Binance P2P including adequate P2P traders that facilitate trades liquidity without long waiting times.
Introduction
P2P is a short term for Peer-to-Peer. There are other business models like Peer-to-Business(P2B) and Business-to-Business(B2B) which you must come across. Historically, P2P has been practiced even in the ancient times where trade by barter was in vogue. P2P trading is said to occur on one-on-one basis. That is, a trade without an intermediary between trader A and trader B where trader A is the buyer and trader B is the seller.
This form of trade is advantageous because there is no middleman fees and Binance P2P is the best P2P platform that we have in the world today. You will understand why it is the still best as you keep on reading.
This article is more of a guide which users(especially newbies) can refer to when they decide to use the Binance P2P platform through their phones and specifically Binance mobile app and thus, it isn’t going to be a very long reading. New users could access more information here: https://p2p.binance.com/en/?ref=11515767
What is Binance P2P?
Binance P2P is a peer-to-peer market place that enables users to trade crypto directly with one another using their preferred payment method and local currency. If you have the intention to use your local currency to buy cryptocurrencies, Binance P2P is the best option for you because it supports several local currencies across the world.
There are merchants verified by Binance which newbies are advised to use when dealing with Binance P2P. You can use the Binance P2P filter function to get access to verified merchants of your choice.
If you are using non-verified merchants, ensure their success delivery rate is up to 90%. Once you follow the Binance P2P rules and with the Binance P2P escrow service working round the clock, your trading experience will eventually be seamless.
There are three P2P zones in which users can buy or sell cryptocurrencies on Binance P2P. These are the main P2P zone, the express zone and the block zone, all depending on your current needs.
The Main P2P zone gives you the full experience of how P2P works, the express zone is meant for those with urgency needs and the block zone is for high priority traders who trade in high volumes.
When initiating buying transaction, you should ensure to reading Seller’s terms and conditions which may include general or specific instructions such the kind of payment methods he accepts, your name must tally with your name on Binance etc.
Why Binance P2P is the best for newbies
There several advantages of trading on Binance P2P.Here are the reasons why P2P is the best way for beginners to purchase Bitcoin in local currency:
1. Live Trade Chat. This helps to resolve potential transaction issues.
2. Zero transaction fees: there is zero taker’s fee on every trade
3. Multiple Payment Methods: existence of more than 300 different payment methods and more than 70 local currencies to add flexibility to the platform.
4. Customer Support: If you encounter a problem with your P2P trading counterparty, you can quickly seek assistance from Binance’s customer support team.
5. Escrow Service: the escrow service ensures safe and fair trading on Binance P2P 24/7.
6. Privacy protection: Your sensitive information like debit or credit card pin are not revealed.
7. 24/7 Services: You can undertake any trade at all times of the day at your own convenience.
8. Robust Liquidity: Adequate traders to enhance liquidity and reduce waiting transaction times.
9. Efficient and effective: Great traders with over 93%-100% completion rates. Also, transaction duration rarely exceed 30 minutes except where Seller has preference for slower payment methods.
10. Regular Incentives: Promotions aimed at incentivizing traders occurs regularly.
11. Choice in selecting traders: depending on your needs, there is wide array of competent traders to select from.
How to buy and sell cryptocurrencies on Binance P2P
The following are steps that any one can easily use to purchase cryptocurrency on Binance P2P:
Step One
Log into your Binance home page via Binance Mobile App and Click on [P2P Trading] on the home page or click on [More] scroll down, then click on [P2P].
Step Two
Adjust your P2P parameters:
1. Cryptocurrency you want to buy: Select by tapping cryptocurrency of your choice.
2. your local currency: tap the two arrows moving in opposite direction. Then adjust to your local currency
3.Selecting other zones other than Main P2P: Click on[P2P] on the top central. Select ‘Express’ or ‘Block Trade’
4.Select Buy or Sell button if you want to buy or sell cryptocurrency respectively to view list of traders. Scroll down and up until you have found your favourite Seller.
Step Three
Click on [Buy]. We are buying BUSD with Naira as our local currency for the sake of illustration.
Step Four
Input the amount of local currency(Naira) that you want to use in buying BUSD and accept trading terms. Then click on [Buy with 0 Fee] to initiate your P2P transaction. The Seller will be alerted of this transaction immediately and the quantity of BUSD for your local amount will be moved from the seller’s wallet to an escrow wallet to maintain neutrality.
Step Five
Make your payment using the Seller’s preferred payment method. Then click on[Transferred, notify seller]. Give the seller time to verify your payment. The seller, from his own side, will click on[Release]button after confirming your payment and your BUSD will be deposited into your Binance wallet
Conclusion
Using Binance P2P is one of the best channels that can be used to buy varieties of coins and altcoins including Bitcoin, ETH, BNB, BUSD, USDT, and DAI. This is especially true for newbies who might still be unaware of fraud risk associated with P2P marketplaces. Binance P2P has adequate anti-fraud information and escrow service as way of protecting newbies against fraudsters who are virtually everywhere.
Having read about the many benefits that users can derive on Binance P2P platform, it is time you experience a smooth cryptocurrency buying experience. To get started, visit Binance P2P here:
Disclaimer
The information presented here is current and researched from Binance’s archives but does not constitute a financial advise. Please contact your business adviser and have a real-time discussion before you venture into cryptocurrency trading because it has its own risks just like any other business out there in your streets.
Note
I featured this piece of writing on medium with access as https://medium.com/@mikhailikpoma/binance-p2p-2022-ultimate-mobile-guide-for-beginners-868f90ecb848
