Are you looking to trade cryptocurrencies conveniently from your mobile phone?
Then you’ve come to the right place.
In this post, I’ll introduce you to Binance P2P, a safe platform that enables users to trade cryptocurrencies comfortably on their mobile devices.
With its excellent features, you can buy and sell the crypto you need at any time.
Keep reading to learn about these features and how you can use the platform.
Table Of Contents
- What Is Binance P2P?
- Advantages Of Trading On Binance P2P
- How To Buy And Sell Cryptocurrencies On Binance P2P
Click on any item above to read its details immediately.
1. What is Binance P2P?
Binance P2P is a leading peer-to-peer platform that enables users to exchange crypto on their own terms.
It launched in 2019 and has since grown over ten-fold, with 1.5M weekly active users who make up to 7.5M transactions per year.
Compared to the traditional way of buying and selling crypto on an exchange, P2P trading is faster since you’re communicating with the trader directly.
And if you’re using Binance P2P, you can be sure of secured transactions too.
Once you’ve created and verified your account, you can buy and or sell cryptos, browse crypto ads, or post ads on Binance P2P.
Let’s talk about the advantages of using this platform in the next section.
2. Advantages Of Trading On Binance P2P
There are so many advantages of trading on Binance P2P including:
a. Live Trade Chat
This is a chat window provided by Binance to help users clarify the terms of their trade.
And as such it helps to resolve potential transaction issues.
b. Zero Fees
I know you’ll like this one, Binance does not charge any fees for P2P trading.
Whatever you pay for is what you get.
c. Multiple Payment Methods
Impressively, Binance P2P offers more than 300 different payment methods and more than 70 local currencies.
You can make transactions in your local currency using your preferred payment method. Cool!
d. Customer Support
Another advantage of using Binance P2P is the excellent customer support.
If you encounter a problem with your fellow trader, you can quickly seek assistance from Binance’s customer support team.
e. Escrow Service
As mentioned, Binance P2P guarantees users of secure transactions.
It employs the escrow system to facilitate safe transactions among users.
This simply means that the platform holds onto the seller’s crypto until he confirms that he has received payment from the buyer.
Once payment is confirmed, the crypto is then released to the buyer.
Thus, promoting safe and fair trading.
f. Multiple cryptos
You should also trade on Binance P2P because it gives you a variety of coins to choose from.
g. Verified Merchants
Furthermore, you can get to trade with thousands of reliable and trustworthy Verified Merchants, who have been manually reviewed and approved by Binance.
Moving on, I’ll show you how to trade conveniently on Binance P2P.
[You may also like: 10 Reasons Why P2P is the Best Way to Buy Local Bitcoin In Your Currency]
3. How To Buy And Sell Cryptocurrencies On Binance P2P
Before you trade on Binance P2P, you must create an account with Binance and complete an Identity Verification process.
The goal is to prevent events of theft or scam.
Luckily, creating an account is easy. Just follow this link and register with your email address or mobile number.
For the verification process, you will need a passport, ID card, or driver’s license.
Additionally, you’ll be required to upload a selfie and complete face verification.
If you’re in Nigeria, you can get verified with just your BVN. See how to do it here.
Now that you’re ready, here’s a step-by-step app tutorial on how to trade on Binance P2P on your mobile device 👇
a. How to Buy Crypto Through Binance P2P
i. Download the Binance mobile app and log into your account. Select ‘P2P Trading’ from the homepage
ii. Next you click on select the crypto you need and enter the amount. Hit “Buy with 0 Fee”
*Notice that we’re in the Expess mode. This mode instantly connects you to a buyer or seller depending on your input.
iii. Select “Confirm Purchase” from the pop-up message.
iv. Now, click on “Make payment”
v. You’ll see the account details of the seller. Send money to it and click on “Transferred, notify seller”
vi. Wait for the seller to confirm your payment and release your crypto. It takes only a few minutes.
vii. You’ll be notified once your order has been completed. Bravo!
Note that the crypto will be sent to your P2P wallet. If you prefer, you can go to ‘Wallets’ and move the crypto to your spot wallet.
Alternatively, you can switch to the “P2P” and select an Ad. Then proceed to buy your crypto.
b. How to Sell Crypto Through Binance P2P
i. First, you have to transfer the crypto that you wish to sell from your Spot wallet to your P2P wallet.
ii. Then on the ‘P2P’ page, select ‘Sell’
iii. Next, you select the crypto that you wish to sell, your preferred payment method, and the amount. Hit “Sell with 0 Fee”
*The minimum amount you can sell is 20 USDT
vi. Once you receive the payment from the buyer, click on ‘Payment received’ and then ‘Confirm’
vii. You’ll be notified of a completed order.
Again, this is the Express mode, you can always switch to the P2P mode to select Ads that match your pricing.
Note: If anything should go wrong as you trade, don’t fail to hit the ‘Appeal’ button to get help from the support team.
We have now come to the end of our discussion on the Binance P2P ultimate mobile guide for beginners. I hope you enjoyed the read.
Binance P2P is a safe platform for buying and selling cryptocurrencies at your convenience.
So, waste no further second, start here.
And if you’re yet to get registered on Binance, do that using my link.
Got any questions? Please drop them in the comments section.
Also, share this post with your friends, thank you!