Binance Peer-to-peer exchange (or P2P exchange) is a marketplace where people can trade crypto directly with each other on their own terms, in virtually any country.
You can now buy cryptocurrencies using multiple fiat currencies with 0 transaction fees on Binance P2P!
The process typically consists of 3 easy steps :
- Place an Order
- Pay the or the Buyer/Seller
- Get your crypto/cash
Advantages of using the Binance P2P method include
- Low cost transaction fees
- Flexible payment methods
- Trade at your preferred prices
- Protection for your privacy
On Binance P2P, you have the freedom to choose your preferred counterparties and payment methods for your trades, with the crypto assets escrowed by Binance.
As with all investments, there is also a risk when buying and selling cryptocurrency on the platform, so here are some checkers you should look out for amongst buyers and sellers to avoid getting scammed
- Vendors should have good rating of up to 97% and more
- Vendors have a yellow verified checker to their account
- Vendor isn’t offereing a ‘too good to be true’ rate relative to other similar vendors
- Vendor has good reviews and positive signals
It is important to read this article on Two Common Scams On Binance P2P and How To Protect your Crypto so you can transact successfully on the platform
Log in to the Binance app if you already have an account, else use this article to signup and complete identity verification(KYC).
Then click Payment Methods to complete SMS authentication and set your payment methods
Select P2P Payment Method(s) and Add a payment Method
Enter your MoMo details (Name and number) and confirm. Kindly make sure to use your right momo details registered to the binance app
Go to the home page, click P2P Trading
On the P2P page, click the (1) Buy tab and the crypto you want to buy (2) (eg USDT),
A list of sellers would be available with their rates, amount range and the payment method they accept
Be sure to use only verified sellers with lots of trading volume and high ratings of up to +97% when buying on P2P
Enter the fiat (GHs) amount you’d like to buy and tap Buy with 0 fee
The order will be created and next hit on the TO PAYMENT PAGE
Once you cancel your orders 3 times in a row, you will be temporarily banned for 24hrs, so be sure to want to transact before progressing
You will then be presented with the seller’s payment information (Mobile money name and phone number)
Step out of the binance app and transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit.
After you have sent the money come back to binance and Tap Transferred, Notify Seller
Please do not click “Transferred, next” if you have not made any transactions. This will violate the P2P User Transaction Policy.
The status will be Releasing.
Wait for a stipulated 15 minutes timeframe for the seller to release the cryptocurrency,
If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can contact the seller by clicking the “Phone” or “Chat” icon on the top.
Once the seller releases the crypto, you will get a notification from binance via phone, email and SMS and the transaction is completed. The crypto by
The crypto by default will be in your funding wallet, you can Simple tap Transfer to move your digital assets to your Spot Wallet.
That’s it friend, congratulations!!! and welcome to the new world of digital currency technology