One of the easiest ways to get in and out of crypto is through peer-to-peer (P2P) platforms. Binance is among the few exchanges that provide reliable P2P platforms as of May 2024. In this guide, you will learn how to purchase and sell the largest stablecoin by market cap, USDT, on the Binance P2P platform. Stay tuned!
What is Binance P2P?
Binance P2P is a platform that allows users to trade between themselves without the involvement of intermediaries like financial institutions. To facilitate P2P trading, Binance uses an escrow service that locks and releases crypto when a buyer makes payments and the seller confirms receiving the cash.
Why Trade USDT on Binance P2P?
It is advisable to trade USDT on the Binance P2P platform because it is a stablecoin, meaning it maintains its value during the transaction process. USDT is ideal for people who want to explore the crypto space without exposing themselves to the extreme volatility associated with digital currencies like Ethereum and Bitcoin.
How to Purchase USDT on Binance P2P
Buying USDT on the Binance P2P platform is a straightforward process. Simply follow these steps:
1. Create a Binance account. You can do so by downloading the exchange’s official mobile app from Google’s Play Store or Apple’s App Store. You will be required to submit your working email address and password. For security purposes, adopt biometric verification as a way to access your newly created account.
2. Complete KYC checks. Before Binance allows you to trade USDT on its P2P platform, you must provide documents proving your identity and residential address. Know Your Customer checks are necessary for preventing money laundering.
3. Upon completing KYC verification, click “Trade” on the homepage and then select “P2P.”
4. Next, select “Buy” and pick USDT as the cryptocurrency you want to purchase. After that, choose your preferred seller, specify the number of USDT tokens you wish to buy, select the acceptable payment method, and proceed to make payments to the seller.
5. After you have made the payment, press the “Confirm Payment” button to alert the seller to check their bank account.
6. Once the seller confirms they have received the funds, Binance’s escrow functionality will release the USDT tokens to your trading account.
How to Sell Your USDT on Binance P2P
Do you wish to off-ramp from crypto? If so, here is how to do it:
1. Click “Trade” to access Binance’s P2P platform.
2. Select “Sell” and click on “USDT.”
3. Choose your preferred buyer and create a sell order.
4. Specify the number of USDT tokens you want to sell and include your acceptable payment method.
5. Click the “Sell” button and wait for the buyer to deposit cash into your bank account.
6. After receiving funds, press the “I Have Received Funds” button and release the sold USDT tokens.
How Do You Cancel a P2P Order on Binance P2P?
If you no longer want to complete a P2P transaction on Binance, you have the ability to cancel it. Here is how you do it:
1. On the P2P platform, click “Orders” to view your past and active P2P orders.
2. Choose the order you want to cancel. Note that Binance only allows you to cancel an order that hasn’t been paid by a buyer.
3. Press the “Cancel” button and specify the reason for canceling the order.
It is worth mentioning that canceling orders regularly can damage your reputation, causing other P2P traders to be reluctant to transact with you.
How to Become a P2P Merchant
To qualify as a P2P merchant on Binance, you must hold at least 2,000 USDT in your wallet. If you meet this requirement, head to “P2P User Center” and press “Become a Merchant.” Next, complete the advanced identity verification process. After that, submit your application and wait for Binance to review it within 14 business days. If your application is successful, you can start posting P2P ads immediately.
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