How to Use Binance P2P: Buying and Selling Crypto Locally

To use Binance P2P for buying and selling cryptocurrencies locally, follow these steps:

Buying Crypto:

1. Create a Binance Account: If you don’t have one, sign up for a Binance account and complete the required KYC (Know Your Customer) verification.
2. Deposit Funds: Deposit funds into your Binance account. You can do this by transferring cryptocurrency from another wallet or by purchasing cryptocurrency using a fiat deposit method available on Binance.
3. Go to P2P Trading: Once you have funds in your Binance account, navigate to the P2P trading section. This can usually be found in the Binance app or website under the “P2P” tab.
4. Choose a Seller: Browse through the list of sellers offering the cryptocurrency you want to buy. Pay attention to the seller’s trade terms, including payment methods, price, and trading limits.
5. Initiate a Trade: Select a seller, review their terms, and click “Buy.” Enter the amount you want to purchase and click “Confirm.” This will open a chat with the seller.
6. Chat with the Seller: Communicate with the seller within the chat to discuss payment details and confirm the trade. Binance provides a secure chat system for communication.
7. Make Payment: Follow the seller’s instructions for making the payment using the agreed-upon payment method, such as bank transfer or mobile payment. Ensure that you’ve completed the payment and provided the necessary proof to the seller.
8. Release Funds: Once the seller confirms receipt of your payment, they will release the cryptocurrency to your Binance P2P wallet. Verify that you’ve received the crypto in your wallet before confirming the payment.

Selling Crypto:

1. Create a Binance Account: If you haven’t already, sign up for a Binance account and complete the required KYC verification.
2. Deposit Crypto: Transfer the cryptocurrency you want to sell into your Binance wallet.
3. Go to P2P Trading: Access the P2P trading section on the Binance platform.
4. Create a Sell Offer: Click on “Create a Sell Offer” and specify the amount of cryptocurrency you want to sell, your preferred payment methods, and your terms.
5. Wait for Buyers: Buyers will browse the offers and initiate a trade with you if they agree to your terms.
6. Chat with the Buyer: Once a buyer initiates a trade, you can communicate with them within the chat to discuss payment details and confirm the trade.
7. Receive Payment: Wait for the buyer to make the payment based on your agreed-upon method. Verify that you’ve received the payment before releasing the cryptocurrency to the buyer.
8. Complete the Trade: Once the payment is confirmed, release the cryptocurrency to the buyer. The trade is now complete.
9. Withdraw Funds: Withdraw the proceeds from the sale to your Binance wallet or bank account as per your preference.

Remember to exercise caution when using P2P platforms and verify the reputation and feedback of your trading partner to ensure a secure and successful transaction. Additionally, adhere to local regulations and follow Binance’s guidelines for P2P trading.