Without the use of a centralized exchange, peer-to-peer (P2P) trading is a type of direct cryptocurrency exchange between individuals. One of the biggest cryptocurrency exchanges in the world, Binance, provides a P2P trading platform where users can buy and sell cryptocurrencies with other users.
We’ll walk you through the procedure of trading cryptocurrencies using Binance P2P in this tutorial.
Step 1: Making a Binance account.
You’ll need to request the creation of a Binance account in order to use Binance P2P. You can accomplish this by going to the Binance website and selecting the “Register” button. Enter your personal data, such as your email address and password, by following the on-screen instructions. You will get a confirmation email once you’ve finished the registration process.
Step 2: Create a P2P account on Binance.
You must create your P2P account before using Binance P2P. On the Binance homepage, select “P2P Trading” by clicking the “Buy Crypto” button. For the setup process to be completed, you will need to verify your identity and provide additional information, such as your phone number and bank account information.
Step 3: Decide which digital currency you want to trade.
You can start trading cryptocurrencies as soon as your P2P account is set up. From the list of available options, pick the cryptocurrency you want to buy or sell. Currently, Binance P2P supports Tether (USDT), Binance Coin (BNB), Bitcoin (BTC), Ethereum (ETH), and Binance USD (BUSD).
Step 4: Find a trader.
Finding a trader willing to buy or sell the cryptocurrency you’re interested in is necessary before you can start a trade. A list of available traders is provided by Binance P2P, along with information about their trade conditions, such as trade limits and preferred payment methods.
Step 5: Start the trade.
Once you’ve located a trader with whom you want to conduct business, you can start a transaction by selecting the “Buy” or “Sell” button and entering the quantity of cryptocurrency you wish to exchange. To complete the transaction, you must follow the on-screen instructions, which include sending the cryptocurrency to the trader’s wallet and verifying payment receipt.
Step 6: Complete the transaction.
Depending on whether you were buying or selling, the cryptocurrency will either be transferred to your walpermit or the trader’s walallow after the trade is complete. Before closing the trade, make sure you double-check that you received the right amount of cryptocurrency.
Step 7: Provide feedback.
Following the trade, you will have the chance to give the trader feedback. When choosing who to trade with, other users of the platform can use this feedback to make an informed decision.
Conclusion:.
Without the use of a centralized exchange, P2P trading is a practical way to buy and sell cryptocurrencies on Binance. By following the steps outlined in this tutorial, you can start trading cryptocurrency on Binance P2P with confidence. When choosing a trader to trade with, just keep in mind to be cautious and to research them thoroughly.
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