25/04/2023
ULTIMATE MOBILE GUIDE TO BINANCE P2P
INTRODUCTION
Launched in 2019, Binance P2P was created to enable P2P currency exchange transactions with local currencies. The service is a peer-to-peer marketplace that allows you to directly trade cryptocurrencies with other Binance users using your preferred local currency, price, and payment method.
With Binance facilitating the process and providing some safeguards, the P2P trading process is significantly improved. The platform today is the easiest gateway to access crypto with over 100 local currencies available to users, and over 700 flexible payment methods.
HOW TO START WITH BINANCE P2P?
If you’re looking to get started with Binance P2P, you can easily do so in six simple steps:
1. First, head to Binance and register an account if you haven’t done so already.
2. Complete the Identity Verification process next. Make sure to have all the necessary documents as you complete this step.
3. When Binance has verified your account, you can set up your preferred payment method(s). As previously mentioned, Binance P2P now supports more than 700 payment methods, so take your pick.
4. As a buyer, you are now ready to start trading on the Binance P2P platform.
5. If you plan on selling your crypto on the P2P platform, you will have to transfer crypto to your Funding Wallet first.
6. Now, head to Binance P2P and choose an ad according to your requirements.
TRADING ON BINANCE P2P
With Binance P2P, even more people can access cryptocurrencies with their local fiat currency. On-ramping into crypto hasn’t always been easy, but the process is now much easier with 100+ fiat currencies supported and 700+ payment methods. And best of all, P2P users benefit from Binance’s support and safeguards too
ADVANTAGES AND OPPORTUNITIES WITH BINANCE P2P
Binance P2P helps you establish a competitive peer-to-peer cryptocurrency trading business. Get to know more about the platform’s advantages, as well as the opportunities that emerge when you use the platform.
Since its creation in October 2019 for just one market, Binance P2P has emerged as a leading global marketplace for peer-to-peer trading of cryptocurrencies. Its position as a key feature of Binance, the world’s largest cryptocurrency exchange by trade volume has made the platform a safe, reliable, and high-traffic venue for your P2P trading needs. In addition, Binance P2P’s value as an ideal marketplace is boosted by its interconnections with perhaps the widest suite of crypto and crypto-financial services currently offered in a single platform.
But on its own, Binance P2P also offers many advantages that make it stand out in a competitive field of P2P marketplaces. In this article, we identify those key advantages, as well as the opportunities that you can explore to fully realize the potential of your P2P trading experience.
Advantages of Trading in Binance P2P
1. Zero trading fees
Since day one, Binance P2P has not charged any fees to every transaction on the platform. This way, every deal you make results in you getting the full gain, without worrying about charges or other hassles that come with other crypto P2P websites.
2. Multiple payment methods and fiat currencies
Binance P2P has also built a network of widely used payment channels as available options for your P2P transactions. We support 150+ payment methods around the world, so you’re likely to find at least one that corresponds to what you often use. We also offer 50+ fiat currencies, covering major P2P trading spots around the world.
3. Truly local and global marketplace
The network of payment channels and fiat currencies we support has turned Binance P2P into a compelling global product, whereas many other P2P platforms are geared specifically toward a few markets. While hyper-localization has its merits, you can also see this localized emphasis on Binance P2P, even with a global reach, through our multi-language customer support and focus on supporting every region’s biggest payment providers. You can have local and global in one place with Binance P2P.
4. Escrow service for your safety
We combine zero fees with a global reach, and we add top-notch security and assurance on top of that combination. Each Binance P2P trade involves escrow service protection, which assures that each counterparty in a transaction is protected from any attempt by either party to act in bad faith. Find out more about our escrow service here.
Opportunities From P2P Trading
The following list of opportunities is based on best practices shared by some of our merchants, illustrated in a hypothetical way. While each region has its own local situations that may prevent people from doing certain activities, we believe that the following tips and activities help P2P merchants make the most out of their use of Binance P2P.
1. Profit Margin Calculation
Before you start trading, you need to set up your profit margin. Observe the prices in the market and configure your price strategy (whether floating or fixed) to ensure
2. Publishing Both Buy and Sell Ads
The spread is what we call the difference between the prevailing price on buy and sell sides in a P2P platform. The right strategy in placing both buy and sell ads will make the difference in terms of realizing what you want to achieve in P2P trading. You can make the spread thin if you aim to get more customers and gain more trust and higher completion rates, or you can widen the spread if you aim to focus on the profit side.
3. Create A Crypto Trading Business in Your Area
Through Binance P2P, you can buy and sell crypto in your local market. Several merchants have reported earning between a couple of hundred dollars to over $5,000 every day, depending on the size of the market. You have the opportunity to post your ad and provide a competitive price that other traders could not resist taking.
4. Go International
Binance P2P is a global platform supporting more than 50 fiat currencies. You can buy crypto using your local currency, take advantage of a competitive price in your market, and sell that crypto in other markets worldwide where people are willing to pay more for the same amount of crypto. However, take note that this kind of operation requires a certain level of coordination across countries, as well as some needed paperwork, so a bigger market comes with a bigger set of responsibilities.
5. Take Advantage of Multiple Payment Methods
Binance P2P has more than 150 payment methods that you can use. People will often pay a higher price to use a certain payment method that they prefer. You can take advantage of this by buying crypto at a competitive price through a very accessible payment method and then sell it using a less accessible payment method. There will be people willing to pay more just to use that payment method that is harder to service.
6. Explore Arbitrage
With zero fees to worry about, Binance P2P offers unique opportunities to explore discrepancies between market pairs and international markets. You can earn from these chances if you are alert enough to spot these and act accordingly.
7. Buy and Hold
Of course, there’s nothing wrong with the good old HODL, especially if you’re not into frequent P2P transactions. You can just buy crypto and then hold it until it goes up significantly, and Binance P2P’s support of multiple payment methods and currencies will make it easier for you to do so, compared to other platforms.
K/Arewa D/Tofa. Kano
