Since the crypto ban, P2P trading has gained popularity among Nigerian traders, and Binance P2P has become a sanctuary for many. It processed 3.8 million orders totalling $7 billion in transactions just in 2020.
What Is P2P Trading?
P2P trading is a type of trading in which cryptocurrency buyers and sellers interact directly and carry out transactions without the assistance of a middleman. Similar to when you click on a merchant’s advertisement on Twitter or Facebook to complete a transaction.
You do not require assistance in speaking with the merchant. Depending on your arrangement, the merchant will hand the item to you once he receives his cash or vice versa. But P2P trading is a little different. The P2P platform offers some form of protection to ensure that the demands of both consumers and sellers are addressed.
The platform keeps the seller’s cryptocurrency until the seller confirms that he has received payment from the buyer. The cryptocurrency is subsequently released to the buyer after payment has been confirmed. The escrow system is what is helpful for this.
P2P trading makes it possible for anyone, anywhere, to trade cryptocurrency directly with another person on their terms. P2P trading is quicker than the conventional method of buying and selling cryptocurrency through an exchange because you don’t need to keep an eye on charts or other market aggregates. Additionally, you can be sure of safeguarded transactions if you use Binance P2P.
How Does Binance P2P Work?
Binance P2P network leverages escrow technique to ensure the security of user transactions. Cryptocurrencies like Bitcoin, Ethereum, Binance Coin, USDT, etc., can be traded, utilising more than 300 payment methods and over 60 fiat currencies.
Moreover, users can browse crypto adverts, submit ads, or trade cryptocurrency. Meanwhile, you must first create an account with Binance and undergo an identity verification process.
P2P businesses are also vetted to confirm that they operate a legitimate businesses. Users are also required to make the most of the platform’s chat area to make sure they understand the details of their trade. Binance implements these safeguards to guard against theft and fraud.
Making an account is simple. To register, you will require a passport, ID card, or driver’s license for the verification process. Also, you will need to upload a selfie and finish the face verification process.
How To Sell Crypto With Binance P2P
1. Create a Binance account.
2. Log into your account and select “P2P” from the wallet dashboard.
3. Send your crypto to your P2P wallet.
4. Click on “P2P Trading”.
5. Select a crypto, pick an ad, and click “Sell”.
6. Enter the amount of crypto you want to sell and select your preferred payout method.
7. Click on “Sell”.
8. Click on the “Payment Received” and “Confirm” options immediately after you receive payment.
9. You will receive a notification upon the completion of your transaction.
Why Trade With Binance P2P?
1. Customized Trading Options
Unlike conventional trading techniques like spot trading, Binance P2P offers a more personalised trading experience with more than 300 payment methods, including SEPA and bank transfer, and more than 150 local currencies.
2. Adequate Security Framework
Every trade made on Binance P2P goes via our escrow service to guarantee a secure trading environment for users. You will temporarily receive crypto once you find and begin working with a potential buyer until you confirm the money has arrived in your bank account. You can submit an appeal if a problem emerges during the transaction, and our customer support will assist in fixing it.
3. Trade With Zero Charges
The Binance P2P marketplace enables takers to trade with no costs, unlike standard crypto exchanges that charge a small fee for each transaction.
How To Make Money Trading On Binance P2P
1. Complete Transactions
Whom would you want to trade with between a person who has 95.75% completion and a user who has 100.00% completion? Gaining the trust of other users will be easier if you finish all your transactions.
Conversely, if you consistently cancel transactions before their completion, you risk losing your current clientele. Several factors, including your overall completion rate and percentage completion rate, influence your trader honors.
Take your ads down as well if you won’t be able to trade for a while. If you don’t, purchasers will eventually stop being interested in your offerings due to your slow response times.
2. Add More Payment Options
Accepting more payment methods will increase your customer base. If you only take bank transfers, for instance, you will attract customers who prefer that payment method.
However, by including Alipay and WeChat, you will also get clients favouring those payment methods. Additionally, you can earn more money by selling Bitcoin to additional consumers that use different payment methods.
3. Always Monitor Your Ads
If you want to trade your crypto for profit on Binance P2P, real-time monitoring of your ads is important. It would help if you then gave it the time it needs. To be aware of new requests, continually check your trade ads. If you don’t keep an eye on your trades, you can miss an opportunity to sell and profit. Be quick in your responses to inquiries as well. By doing this, you can persuade customers to buy Bitcoin from you exclusively.
Checking recently placed advertising is another way to ensure that your offerings are still available.
4. Set Good Rates
Setting rates clients can comfortably purchase is a fantastic approach to generating money while trading crypto on this platform. Buyers are more likely to buy from a vendor offering Bitcoin at a competitive rate than from one with high costs.
To provide a reasonable price, you must be abreast of cryptocurrency market rates.
5. Keep Your Terms Simple
If you wish to trade crypto on Binance P2P for profit, you should establish explicit parameters for your trade. Ensure your prospects can quickly understand your restrictions, trading window, and payment method.
Additionally, it helps if you use plain language when conversing with them on the platform. Some traders find it difficult to talk to their prospects. Don’t act that way. Make sure your consumer understands your terms by using as many straightforward languages as you can.
Conclusion
P2P trading can be lucrative, exceptionally if you choose a safe platform like Binance P2P. How much money you’ll gain from trading bitcoin on this platform is entirely unpredictable. However, it is important to be alert from losing your funds to scammers that might want to take the transaction off the Binance P2P platform.
