How To Buy Cryptocurrency Using Binance P2P For Beginners 2024

You may be wondering how to buy cryptocurrency using Binance Peer 2 Peer trading, regardless of whether you have a credit/debit card. P2P stands for peer-to-peer and allows you to buy crypto using various fiat currencies and payment methods.

If you’re new to cryptocurrency, acquiring Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies can be challenging at first. You may want to explore all the options available for purchasing if you choose to use one of the largest and most reputable crypto exchanges.

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Fortunately, learning the ropes is rather straightforward. In one of my previous posts, I showed you how to buy crypto on Binance using a credit/debit card. In this post, you will learn about another option called P2P trading.

Before getting started, ensuring you have completed the SMS Authentication and identity verification before proceeding is important. To strengthen account security, Binance requires users to complete different types of Verification depending on what they want to do. This is a requirement by Binance and will ensure your purchasing experience goes as smoothly as possible.

Follow these simple steps to begin purchasing cryptocurrencies using Peer 2 Peer.

How To Buy Cryptocurrency Using Binance P2P?

Step 1. Log in to your Binance account, go to the Trade Tab, then select P2P.

Before trading on the P2P market, you must enter your chosen payment methods. Please see how to add additional payment options for P2P Trade for more information.

How to buy cryptocurrency using binance p2p

Step 2. To trade, go to the Express Tab or the P2P zone. In the Express zone, the counterparty is automatically matched for you; however, in the P2P zone, you may choose your favorite seller to deal with. If you’re unfamiliar with the interface yet, you can use the Express zone, as this will be faster.

Option 1. Express zone

Choose the fiat currency you want and the cryptocurrency you wish to purchase. Input the amount of fiat cash you want to use, and the algorithm will determine how much crypto you can receive. Click Buy with no fees.

Select your preferred payment method and click Confirm Purchase.

Option 2. P2P zone

Choose the cryptocurrency you wish to purchase. Then, you can filter all P2P advertising. For instance, you can use 50 TTD to purchase USDT. Next to the desired offer, click Buy.

Confirm the fiat cash and cryptocurrency you wish to use. Input the amount of fiat cash you want to use, and the algorithm will determine how much crypto you can receive. Hit the Purchase button.

Step 3. You’ll see the seller’s payment information. Please transfer within the time limit to the seller’s specified payment method. To contact the seller, utilize the Chat option on the right. Once done, click Transferred, notify the seller, and Confirm payment.

Depending on the seller’s payment details, you must pay the seller directly using a bank transfer or other third-party payment platform. It’s important to note that if you’ve already paid the seller, don’t click [Cancel] unless you’ve received a refund from them in your payment account. If you haven’t paid them yet, do not select Transferred, Inform Seller, or Confirm Payment.

Step 4. When the seller verifies your payment, the cryptocurrency will be released to you, and the transaction will be declared complete. To access the assets, click View My Balance. Keeping your assets in your wallet and not on crypto exchanges is always best. If you don’t have a hardware wallet yet, you can learn which is best for you here.

If you cannot get the cryptocurrency after 15 minutes of clicking Confirm payment, you can contact Binance Customer support employees by clicking Appeal.

Please remember that you cannot have more than two open orders simultaneously. Before making a new order, you must first complete the old one.

Safety Tips To Follow When Trading Binance P2P:

Never, ever deal outside the platform. Even if they promise you a better rate, don’t do it. I’ve heard horror stories of people losing thousands this way.
Don’t release payment confirmation until you’ve paid. This seems obvious, but when you’re excited to get your crypto, it’s tempting to rush.
Stay within platform chat. All communication should happen in Binance’s chat. If someone wants to take it to WhatsApp or Telegram, that’s a red flag bigger than my crypto losses 2018!
Watch out for weird payment requests. If the seller asks you to put a specific message or note with your payment, double-check that it’s not sketchy.
Start small. Don’t make your first P2P trade a massive one. Start with a small amount to get comfortable with the process.

Some common pitfalls to avoid:

Don’t panic if the seller takes a few minutes to respond. Some of them are handling multiple trades.
Double-check all payment details. One wrong digit and your money could end up in crypto limbo.
Never tell the seller you’re new to P2P. Some might try to take advantage.

And here’s a tip nobody talks about Keep a log of good sellers. When you find someone reliable, save their profile. It’s like finding a good mechanic—when you find a trustworthy one, you stick with them!

Oh, and timing matters! I’ve noticed prices are better during business hours in your local time zone. Weekends can be hit or miss.

If something goes wrong (hey, it happens), don’t panic. Binance has a pretty solid dispute resolution system. I once had a seller who didn’t release my crypto after payment, but Binance support sorted it out within a few hours.

Remember, P2P trading is like a digital handshake – trust is important, but verification is crucial. Take your time, follow the process, and don’t let anyone pressure you into rushing.

Tags: Investing