Bitcoin is growing rapidly in popularity as an alternative investment, even for institutional investors. If you are wondering how to buy the asset, you are not alone, as many people ask the same question.
This guide reveals how to buy Bitcoin using Binance Peer-to-Peer (P2P) trading, one of the most popular crypto exchanges. P2P trading is a popular way to buy or sell Bitcoin direct from one person to another and is increasingly used among Bitcoin investors.
What Is Binance P2P?
Binance P2P is a service on the Binance exchange that allows you to buy or sell Bitcoin directly to and from another person with zero fees. You may wish to know how P2P trading works on crypto exchanges before proceeding if you have never used such a platform before.
The specific objective of Binance P2P is to facilitate Bitcoin trading in local currencies. It now supports crypto trading in 55 local currencies and over 150 payment channels globally.
The number of Binance P2P users has increased seven-fold since 2019 as it continues to add new features. You can add advertisement posts to buy or sell Bitcoin, and other users will take such ads. You can also comment on a user and leave a review depending on your experience trading with them.
Apart from receiving payment online in local currencies, you can pay or receive payment for a trade completed on Binance P2P in person.
How Does Binance P2P Work?
To use Binance P2P, you should either be buying or selling Bitcoin. You can then place a buy or sell order, as you will see in more detail shortly. Once someone who wants to take the other side of the trade is satisfied with your terms, e.g., the rate, they indicate interest, and Binance then alerts you.
If you are buying Bitcoin, you will be asked to send the payment displayed on the ad. If you are selling, you'll be asked to wait for the buyer to send a fiat payment first. After receiving and confirming payment, you can release the asset.
Depending on how quickly the other person responds, the trade can last from a few minutes to a maximum of 45 minutes. If the payment is not sent by you or the other user at the end of the agreed time, the trade is canceled, and you can start over.
Who Can Use Binance P2P?
Are you a verified Binance user? If not, you should start by creating an account on Binance and then getting verified. After that, you can set up a P2P account with your payment details, including your bank details and address.
Once this is done, you can start trading using Binance P2P and receiving payments in your local currency and pay for Bitcoin with the same currency. You should learn more about Binance and how to use it safely if you are a beginner in the crypto space.
How to Buy Bitcoin on Binance P2P
After you set up your P2P account, the next thing is to buy Bitcoin.
First, log into your Binance account and proceed to Trade. Place your pointer on it, and you'll see a drop-down with P2P as one of the options. Click on P2P.
Now, you will see the P2P marketplace where the Buy option is selected for USDT by default. Since you want to buy Bitcoin, click on BTC. You will need to do the same for any asset other than USDT. You can also change the currency to your local currency, but NGN is set by default for this article.
Now, enter how much Bitcoin you wish to buy in your local currency in the small search bar on the top left of your screen tagged Amount, then click on the Search button in front of it. This will bring up all the available sellers who wish to sell the amount of Bitcoin you wish to buy.
Those with the best rates list at the top. You can choose any of them, then click on the green Buy button against the ad. You should have a page like the one below. Provide all the required details, such as the amount you want to pay and the amount of Bitcoin you'll receive will show up by default.
You don't have to enter the exact amount you used to search for sellers, but the amount you enter has to be within the range they are willing to sell. Otherwise, the system will reject it. If all looks good, click the green Buy button at the bottom right of the screen.
After you click Buy, another page opens with the seller's account details where you are to send the fiat currency you wish to buy the Bitcoin with. Send the funds to the account number and hit the button to confirm that you have sent the payment.
All you have to do now is wait for the seller to release the Bitcoin after confirming receipt of your payment. The Bitcoin will be sent to your Binance P2P wallet, known as Funding Wallet. You will be alerted once the Bitcoin has been released with a button to click and view it in your Funding Wallet.
You can then transfer the Bitcoin to your spot or whichever wallet you wish to transfer it to.
Is Binance P2P Safe?
Binance has a system in place that ensures no one cheats or scams the system, even though it is not directly involved in the trade. For example, if you sent funds and, for whatever reason, the seller fails to release the Bitcoin, you can appeal, and Binance will take up the case to resolve the issues.
As a rule of thumb, never release any asset until you are sure you have received the fiat payment in your account. Issues of fraud hardly ever arise because users must be verified, and the system confirms that they have assets to trade before allowing any ad placement or acceptance.
Besides, disputes negatively impact user reputation, so most users try to prevent them at all costs. Therefore, the platform is safe for P2P trading—though paying attention and double-checking your crypto trades is always worthwhile!
Is Binance P2P Worth Using?
If you are looking for a platform that allows you to buy and sell Bitcoin or any other cryptocurrency using your local currency, Binance P2P is worth using for that purpose. Binance P2P's wide range of support for both cryptos and local currencies, plus its zero-fee trading makes it an excellent option for buying Bitcoin.
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