P2P On Binance: Buy And Sell Cryptocurrencies Between Real People, From Your Smartphone, And Without Commissions
✍️ 27 July, 2022 - 8:15 👤 Editor: Jakub Motyka
- Binance P2P is an excellent starting point for those who want to start in the world of cryptocurrencies.
- It is a modality that allows buy and sell crypto between real people, without commissions and using the payment method you prefer.
- In this in-depth guide to Binance P2P we tell you how it works, what you should know before to use it and all the options that exist to, for example, buy Bitcoin (BTC) with your local currency.
Sometimes, the cryptocurrency world can become very complex. When it comes to buying and selling cryptos like Bitcoin (BTC), Ethereum (ETH), USD Tether (USDT) or Shiba Inu (SHIB), what better than to do it through Binance P2P, the place where you can carry out cryptocurrency operations between individuals, without commissions, with more than 300 different payment methods and more than 70 compatible local currencies?
What Is P2P On Binance
Binance P2P is the official platform for the local purchase of Bitcoin (BTC), and also other cryptocurrencies, of Binance, one of the largest exchanges in the world. In a P2P market (Peer to Peer) like the Binance P2P, any crypto novice, as well as experienced users, can purchase cryptocurrencies in your local currency.
For example: do you live in Madrid (Spain), and want to buy Bitcoins with euros? Very easy! With the Binance P2P marketplace, all you have to do is log in in this link, locate a local seller of Bitcoin (BTC) (or other altcoins) that meets your characteristics (at what price sell the Bitcoin; its order history; its rate of completed operations; its payment methods; etc.) and proceed to carry out the operation with it, all with the support of a live chat so that you can the change is fluid.
Tutorial To Use Binance P2P
Using Binance P2P is very easy. Below I am going to explain the steps you must follow in the Binance mobile application if you want to buy cryptocurrencies without commissions from individuals, safely and with the possibility of using a wide range of payment methods.
1️⃣ Enter The Binance P2P Market And Choose Which Cryptocurrency You Want To Buy
If you don't have a Binance account yet, create one following this exclusive link from Criptokio.com to receive back a 10% commission for each operation you make in the app market. If you already have the application open, the steps you must follow are these:
- Open the Binance app and log in.
- Now, at the bottom of the screen, tap on the “Trades” option.
- Once inside, at the top right you will see an option called "P2P". Click on it.
- At this point you will have entered the Binance P2P peer-to-peer market. You will see that by default the "Buy" tab is shown, which is the one that allows you to acquire cryptocurrencies from other users through P2P; if you want to sell your own cryptos to another individual, you just have to click on the "Sell" tab.
- The menu you will be seeing has a multitude of options to choose from. To start with, you can select which cryptocurrency you want to buy from another individual: it can be USD Tether (USDT); Bitcoin (BTC); BUSD; Binance Coin (BNB); Ethereum (ETH); Dai (DAI); or Shiba Inu (SHIB). Choose the one you want to buy, and now we continue with the tutorial.
2️⃣ Filter By Payment Method (And Country)
You already know which cryptocurrency without commissions you want to buy on Binance. Well, it's time to continue with the tutorial of this P2P market:
- Let's imagine you want to buy Bitcoin commission-free on Binance. Choose that cryptocurrency in the Binance P2P menu by clicking on "BTC", and you will see an extensive list of individuals who sell Bitcoin in your local currency without commissions.
- How to choose which individual to buy? To begin with, the first thing I recommend you do is filter by the characteristics that interest you the most: at the top of the list of sellers you have a menu in which you can select the amount of cryptocurrency you want to buy, the payment method or the seller's country, among others. You will be interested in taking a look at the table below:
Table Of Payment Methods Available On Binance P2P
|SEPA (EU) - Transferencia bancaria||Yes|
|International Wire (SWIFT)||Yes|
|Cash Deposit to Bank||Yes|
|Transfers with specific bank||Yes|
|Bank of Georgia||Yes|
|Bank Transfer (Turkey)||Yes|
|Credit Bank of Peru||Yes|
|Home Credit Kazakhstan||Yes|
|Raiffeisen Bank Aval||Yes|
|Bank Transfer (Romania)||Yes|
|Bank Transfer (India)||Yes|
|La Banque postale||Yes|
|Banco de Credito||Yes|
|Banco General Panamá||Yes|
|Bank Transfer (Middle East)||Yes|
|Transferencia ACH (Panamá)||Yes|
|Banco Agricola SV||Yes|
|Banco Santander Chile||Yes|
|Bank of America||Yes|
|Cash in Person (Dinero en efectivo)||Yes|
|Faster Payment System (FPS)||Yes|
|Uzbek National Bank||Yes|
Table Of Countries Available In The Binance P2P Market
3️⃣ Select a seller and carry out the operation
Let's say, for example, that you want to buy Bitcoin with euros from an individual who accepts SEPA bank transfers. The steps to follow are:
- Filter the options of the P2P market to configure these parameters, and once you have chosen the seller (look at their number of orders and your success rate to know who to trust more), click on the button "Buy".
- Enter the amount of the cryptocurrency you want to buy, and remember that you can make the deposit both with fiat money as with crypto.
- Click on the "Buy without commissions" button and you will see that a new screen opens with all the operation details. Binance will hold the seller's cryptocurrency in the escrow account, so if you don't opt out of the official payment method you won't have to worry about anyone getting your cryptos.
- Now you have to click on the "Make payment" button and follow the instructions you will see on the screen to make the deposit.
- If everything went well, you will have reached the last step to release the cryptocurrencies and transfer them to your account. Of course, remember that to protect your assets, a 24-hour withdrawal restriction will be placed on the cryptocurrency you just bought.
How To sell On The Binance P2P Marketplace
Selling cryptocurrencies between individuals in the P2P market of Binance is as easy as buying them. The procedure is identical, with the only difference that you must click on the "Sell" tab to start trading with your cryptos.
Opinions On Binance P2P
In short, the opinions about Binance P2P that one has when using this market between individuals can be summed up in that it is a fantastic way to acquire (or sell) cryptos without needing of going through the traditional market, with which you save commissions on each operation. The disadvantage in this sense is that you pay a little more for cryptocurrencies, since each individual seeks their own profit margin in operations.
A very positive point in favor of Binance P2P and the opinions about it is its enormous compatibility of payment methods. This market is compatible with dozens of different payment methods, so if you cannot operate with cryptos because the exchange does not accept your payment method, you will surely be interested in browsing the P2P market to see if you can do it by operating between individuals.
Binance P2P FAQ
Now that you have been able to read in depth everything about Binance P2P, you will be interested in having at hand this section of frequently asked questions in which we will quickly and concisely resolve all the doubts you may still have about the Binance market for buying/selling cryptocurrencies between individuals.
What Is Binance P2P?
Binance P2P is the market that allows buying and selling cryptocurrencies between individuals through Binance.
What Are The Advantages Of The P2P Cryptocurrency Market?
The main advantage of the P2P market for cryptocurrencies is that it allows you to operate without commissions, offering the user the possibility of acquiring any crypto directly to another individual.
Can You Pay In Cash On Binance P2P?
Yes, Binance P2P has an option to filter those sellers/buyers of Bitcoin (BTC), Ethereum (ETH) and other altcoins that accept money in cash as payment method.
What Are The Risks Of Buying Cryptos In P2P?
Buying cryptos in P2P through Binance has the security that this application offers when making any transaction. It is important to follow the app's instructions to the letter, and especially avoid having any type of contact with individuals through means other than the Binance app.
What Alternatives To Binance P2P Exist?
There are alternatives to Binance P2P if you want to continue exploring the world of buying/selling cryptocurrencies between individuals. You can take a look at LocalBitcoins, Paxful or LocalCryptos, which are some of the best known alternatives to the Binance P2P marketplace.
Discover more about Binance:
- Binance Card: Review, Opinions, And All You Need To Know
- How to Change Language on Binance
- Binance Speaks Out On Criticisms Facing Cryptocurrencies
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