How to Buy BTC Using Binance P2P

How to Buy BTC Using Binance P2P

 

Bitcoin (BTC) is rapidly growing in popularity as an alternative investment opportunity, not just for retail investors but also for institutional investors. If you are wondering how to buy the digital asset, you are not alone, as many people have the same question.

 

This detailed guide reveals how to buy BTC using Binance exchange’s Peer-to-Peer (P2P) trading, on one of the most popular cryptocurrency exchange platforms. P2P trading is a most used way to buy or sell BTC direct from one person to another and is gaining popularity among BTC investors.

 

 

What Is Binance P2P?

 

Binance P2P is a service on the Binance exchange that allows you to trade Bitcoin directly to and from another person with zero transaction fees. You may wish to know how P2P trading works on Cryptocurrency Exchanges before proceeding if you are using such a platform for the first time.

 

The specific objective of Binance exchange P2P is to enable smooth buying and selling of cryptocurrencies in local currency. It now supports cryptocurrency trading in 55 local currencies and over 150 payment gateways globally.

 

Also Read: Binance Fined $3.4 Million By Dutch Central Bank

 

The number of P2P users on Binance exchange has increased seven times since 2019 as it continues to add new functionalities. You can add advertisement and marketing posts to buy or sell BTC, and other users will take such ads. You can also comment on a user post and leave a review depending upon your involvement trading with them.

 

Apart from receiving online payment in local currencies, you can pay or receive payment for a trade completed on Binance exchange P2P in person.

 

How Does Binance P2P Work?

 

To use Binance Exchange P2P functionality, you should either be buying or selling BTC. You can then place a buy or sell order, as you will see below in more detail. Once you find someone who wants to take the other side of the trade and has agreed with your terms, e.g., the rate, they indicate interest, and Binance Exchange then alerts you.

 

If you are buying BTC, you will be asked to send the payment shown on the advertisement. If you are selling, you will be asked to wait for the buyer to pay using a fiat such as USD. After receiving and confirming payment receipt, you can then release the asset.

 

Also Read: Binance Exchange Overtakes Coinbase Exchange: Holds The Most BTC

 

Depending upon how fast the other person responds, the trade can last from a few minutes to a maximum of 45 minutes. If the payment is not sent by the seller or the buyer at the end of the agreed time, then the trade is canceled, and you can start over.

 

Who Can Use Binance P2P?

 

Are you a verified Binance Exchange user? If not, you should start by creating an account on Binance exchange and then get verified. Post that, you can set up a Binance P2P account with your payment details, including your bank and address details.

 

Once this is completed, you can start using Binance exchange P2P functionality and start receiving payments in your local currency and pay for BTC with the same currency. You should learn more about functionalities of Binance Exchange and how to use it securely if you are a novice in the Cryptocurrency space.

 

How to Buy Bitcoin on Binance P2P

 

After you set up your Binance Exchange P2P account, the next thing is to buy BTC.

 

First, log in to your Binance Exchange Account and proceed to “Trade”. Place your pointer on it, and you will see a drop-down menu with “P2P” as one of the options. Click on “P2P”.

Now, you will see the P2P marketplace where the Buy option is selected for USDT by default. Since you want to buy BTC, click on BTC. You will need to do the same for any currency other than USDT. You can also change the currency to your local currency (such as JPY), but NGN is set by default for this article.

 

 

 

 

 

 

 

 

Now, you will have to enter how much BTC you wish to buy in your selected choice of currency in the small search bar on the top left of your screen tagged “Amount”, then click on the “Search button in front of it. This will show up list of all the available sellers who wish to sell the amount of BTC you wish to buy.

 

Also Read: Binance Served Crypto Traders For Years In Iran Despite U.S. Sanctions, Clients Reveal

 

Those with the best-selling price list at the top. You can choose any of them, then click on the green “Buy” button against the advertisement. You should have similar to the page like the one below. Provide all the required information, such as the amount you want to send and the amount of BTC you will receive will show up by default.

 

 

You don't have to type the exact amount you used to search for sellers, but the amount you enter has to be within the range they are willing to sell. Otherwise, the system will reject it. If all looks good, click the green “Buy” button at the bottom right of the screen.

 

After you click “Buy”, another page opens with the seller's account information where you have to send the fiat currency you wish to buy the BTC with. Send the funds to the account number and hit the button to confirm that you have sent the payment.

 

All you have to do now is wait for the seller to release the Bitcoin after confirmation of receipt of your payment. The BTC will be sent to your Binance P2P wallet, also known as Funding Wallet. You will be alerted once the BTC has been released with a button to click and see it in your Funding Wallet.

 

You can then transfer the BTC to your spot or whichever wallet you wish to transfer it to.

 

Is Binance P2P Secure?

 

Binance exchange has a process and technology in place that ensures no one cheats or scams the system, even if the person is directly involved in the trade. For instance, if you send funds and, for whatever reason, the seller fails to release the BTC, then you can appeal, and Binance Exchange will take up the case to resolve your issues.

 

As a rule of thumb, ensure to never release any currency until you are sure you have received the payment in fiat in your Binance Exchange Account. Issues of scam hardly ever arise because users are verified before P2P trading, and the system confirms that they have currencies to trade before allowing any ad placement or acceptance.

 

Despite this, disputes negatively impact user reputation, so most users try to prevent them at any costs. Therefore, the Binance Exchange platform is safe for P2P trading—though paying attention and double-checking your cryptocurrency trades is always worthwhile!

 

Is Binance Exchange P2P Worth Using?

 

If you are looking for a platform that allows you to trade BTC or any other Cryptocurrency using your local fiat currency, Binance exchange P2P is worth using for that purpose. Binance exchange P2P's wide range of support for both cryptocurrencies and local fiat, plus its zero-transaction fee trading makes it an excellent option for buying Bitcoin.