How to buy cryptocurrency using Binance Peer 2 Peer trading is a question you may be thinking about regardless of if you have a credit/debit card or not. P2P stands for Peer to Peer and allows you to buy crypto using various fiat currencies and payment methods.
If you’re new to the crypto world, determining how to acquire Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies might be difficult at first and you may want to know about all the available options you can use to purchase if you’re using one of the world’s biggest & best crypto exchanges.
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.
An important thing to note before getting started is to make sure you have completed the SMS Authentication &identity verification before proceeding. To strengthen account security, Binance needs 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 and go to the Trade Tab then select P2P.
Before you can trade on the P2P market, you must first enter your chosen payment methods. Please see how to add additional payment options for P2P Trade for more information.
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 not too familiar with the interface yet you can just use the express zone as this will be faster.
Option 1. Express zone
Choose the fiat currency you want to use and the cryptocurrency you want 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. With the filters, you may filter all P2P advertising. For instance, 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 you’re done, click Transferred, notify the seller, and Confirm payment.
You must pay the seller directly using a bank transfer or other third-party payment platform depending on the seller’s payment details. 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. It’s always best to keep your assets in your personal wallet and not on crypto exchanges. If you don’t have a hardware wallet yet you can learn about which is the best for you here.
If you’re unable to get the cryptocurrency after 15 minutes of clicking Confirm payment, you can contact Binance Customer support employees for assistance by clicking Appeal.
Please keep in mind that you cannot have more than two open orders at the same time. Before making a new order, you must first complete the old one.