Bitcoin is rapidly gaining popularity as an alternative investment, even for institutional investors. If you are wondering how to buy the asset, you are not alone as many people are asking the same question.
This guide explains how to buy Bitcoin using Binance Peer-to-Peer (P2P) trading, one of the most popular crypto exchanges. P2P trading is a popular way to buy or sell Bitcoin directly from person to person and is increasingly used by Bitcoin investors.
What is Binance P2P?
Binance P2P is a service on the Binance exchange that allows you to buy or sell Bitcoins directly to and from another person at no cost. You may want to know how P2P trading works on crypto exchanges before proceeding if you have never used such a platform before.
The specific goal of Binance P2P is to facilitate Bitcoin trading in local currencies. It now supports crypto trading in 55 local currencies and over 150 payment channels worldwide.
The number of Binance P2P users has increased sevenfold since 2019 as it continues to add new features. You can add advertisement posts to buy or sell Bitcoins, and other users will take these advertisements. You can also comment on a user and leave a review based on your trading experience with them.
In addition to receiving payment online in local currencies, you can pay or receive payment for a trade made on Binance P2P in person.
How does Binance P2P work?
To use Binance P2P, you must either buy or sell Bitcoin. You can then place a buy or sell order, as you will see in more detail shortly. Once someone who wants to take the other side of the trade is happy with your terms, for example, the rate, they indicate interest, and Binance then alerts you.
If you buy Bitcoin, you will be asked to send the payment displayed on the ad. If you’re selling, you’ll be asked to wait for the buyer to send a fiat payment first. After receiving and confirming payment, you can release the asset.
Depending on how quickly the other person responds, the exchange can last from a few minutes to a maximum of 45 minutes. If the payment is not sent by you or the other user at the end of the agreed time, the transaction is canceled and you can start over.
Who can use Binance P2P?
Are you a verified Binance user? If not, you need to create an account on Binance first and then get verified. After that, you can create a P2P account with your payment details, including your bank details and address.
Once done, you can start trading using Binance P2P and receive payouts in your local currency and pay for Bitcoin with the same currency. You should know more about Binance and how to use it safely if you are new to the crypto space.
How to Buy Bitcoin on Binance P2P
After setting up your P2P account, the next step is to buy Bitcoin.
First, log into your Binance account and proceed to Swap. Hover your pointer over it and you’ll see a drop-down list with P2P as one of the options. Click on P2P.
Now you will see the P2P market where the To buy The option is selected for USDT by default. Since you want to buy Bitcoin, click on BTC. You will need to do the same for any asset other than USDT. You can also change the currency to your local currency, but NGN is the default for this item.
Now enter how many Bitcoins you would like to buy in your local currency in the small search bar at the top left of your screen labeled Rising, then click on the Look for front button. This will bring up all available sellers who want to sell the amount of Bitcoin you want to buy.
The ones with the best rates list at the top. You can choose one of them, then click green To buy button against the ad. You should have a page like the one below. Provide all the required details, such as the amount you want to pay and the amount of Bitcoin you will receive, will be displayed by default.
You don’t have to enter the exact amount you used to search for sellers, but the amount you enter should be within the range they are willing to sell. Otherwise, the system will reject it. If everything looks good, click green To buy button at the bottom right of the screen.
After clicking To buy, another page opens with the details of the seller’s account where you must send the fiat currency with which you want to buy the Bitcoin. Send the funds to the account number and press the button to confirm that you have sent the payment.
Now all you have to do is wait for the seller to release the Bitcoin after confirming receipt of your payment. The Bitcoin will be sent to your Binance P2P wallet, known as the funding wallet. You will be alerted once the Bitcoin has been released with a button to click and view it in your funding wallet.
You can then transfer the Bitcoin to your location or to the wallet you wish to transfer it to.
Is Binance P2P safe?
Binance has a system in place that ensures no one cheats or scams the system, even if they are not directly involved in the trade. For example, if you have sent funds and for some reason the seller fails to release the Bitcoin, you can appeal and Binance will take over to resolve the issues.
As a general rule, never release an asset until you are sure you have received the fiat payment in your account. Fraud issues almost never arise as users must be verified and the system confirms that they have assets to trade before allowing placement or acceptance of ads.
Also, disputes have a negative impact on the reputation of users, so most of the users try to prevent them at all costs. Therefore, the platform is safe for P2P trading, although it is always worth paying attention and double-checking your crypto trades!
Is Binance P2P worth using?
If you are looking for a platform that allows you to buy and sell Bitcoin or any other cryptocurrency using your local currency, Binance P2P is worth using for this purpose. Binance’s wide range of P2P support for cryptos and local currencies, as well as its zero-fee trading, make it a great option for buying Bitcoin.
