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How to Trade on Binance P2P: The Complete Guide

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How to Trade on Binance P2P: The Complete Guide

Today, I’m going to teach you exactly how to trade on Binance P2P. buying and selling cryptocurrency can be demanding, so it is essential to pick an exchange that you can rely on. It’s additionally important to find an exchange that meets your requirements and isn’t as well made complex to trade. There’s absolutely nothing worse than opening up an account on an exchange and afterward finding it difficult to know just how it functions.

If you’re thinking about opening an account with Binance, then read on…

In this Binance tutorial, I’ll teach you everything you need to know about how to use Binance. I’ll show you how to sign up, how to trade on Binance.

Binance was founded by Changpeng Zhao in China in 2017.  Binance is the world’s largest cryptocurrency exchange by trading volume as well as customers and its cryptocurrency called BNB.

The cryptocurrency exchange first started as crypto-to-crypto exchange before including fiat currency to trade.

currently, now Binance supports 24 different fiat currencies. Binance P2P users can now trade major cryptocurrencies such as Bitcoin (BTC), Etherum (ETH), Binance coin (BNB), Binance USD (BUSD), Tether (USDT), with fiat currencies including Nigeria Naira (NGN), Chinese yuan (CNY), Russian ruble (RUB), and Vietnamese dong (VND), with zero transaction fees.

Note: Fiat currencies are the official currencies of nations.

Customers can upload trade promotions to buy and sell crypto-asset utilizing 24 fiat currencies with absolutely no ad or transaction costs on the Binance mobile app and web.

What is Binance P2P trading?

Binance P2P (Peer to Peer) trading is also referred to as P2P (customer to customer), or (Business to consumer) trading. A peer-to-peer (P2P) trading is a decentralized system where two individuals communicate straight with each other, without intermediation by a third party. Instead, the buyer as well as the seller negotiate straight with each other through the P2P service.
P2P exchanges permit the individuals of the marketplace to trade straight with each other with relying on third party to refine all trades.

Binance is a blockchain ecosystem exchange comprised of numerous arms to offer the higher mission of blockchain improvement and also the liberty of money. Binance Exchange is the leading international cryptocurrency exchange by trading volume, with customers from over 180 countries and regions.

Advantages of Binance P2P trading

Here are several of the advantages that you can anticipate from Binance P2P, which we believe can be the most effective peer-to-peer crypto platform for you.

1. Trade with privacy

Since buyers and vendors alike are proactively looking for people to match their order, a third party is not needed in peer to peer cryptocurrency trading. This supplies the advantage of privacy. Considering that no third party is entailed, just the customer and seller discuss. Interaction between both celebrations is maintained personal.

2. Binance P2P industry is cost-effective and also secure

Binance P2P offers the system for validated buyers and also sellers to broadcast their offers, and a crypto escrow service to ensure the security as well as timely distribution of crypto assets in every trade.

3. It’s very easy to run your own crypto trading procedure with Binance P2P

With the new promotion uploading function on Binance P2P, you now have a lot more methods to buy and sell your crypto asset past the usual trading platform. If you wish to establish your fiat-to-crypto price for the tokens you hold, you can establish an offer with just a few faucets on the web or Binance’s application.

4. Binance P2P supports numerous money, both fiat, and also crypto

Binance P2P is one of the fastest-growing P2P platforms today, with brand-new attributes and improvements released on a regular basis, such as the recent P2P advertisement function. currently, they support 27 fiat currencies and also six cryptocurrencies.

Before you can start trading, you need to first open an account…

How to Open an Account

Step 1. Get registered: First thing’s first, you’ll need to trade on Binance is how to get registered! Go to Binance website, on the homepage click Register. By registering through this link you earn 5% commission every time you make a trade. Click here to register.

How to Trade on Binance P2P: The Complete Guide

 Step 2. Enter your Email and Password: Once you click on register, You’ll be redirected to the registration page where you’ll need to enter your email address and create a password.

How to Trade on Binance P2P: The Complete Guide

Tick I am over 18 and I agree to Binance’s Terms and click Create account.

in the Referral field Use this code to get 5% commission kickback: YHM0FJ5I

Step 3. Verify your email: You will be asked to verify your email. Go to your mailbox, copy the verification code and past it in the Verification field

Congratulations! You’re a Binance account holder.

Step 4. Protect your account: When your login for the first time, you’ll be asked if you want to set up 2FA.

How to Trade on Binance P2P: The Complete Guide

After you’ve set up 2FA, you’ll be ready to fund your account.

How to Fund an Account

After creating an account, you need to fund your Binance account before you can start to trade.

Step 1: Login to your Binance account. On the homepage, you will see I want to spend, in the field box, fill in the amount you want to spend, and the currency you want to spend.

How to Trade on Binance P2P: The Complete Guide

 

Step 2: Input your amount. Once you have fill in the amount you want to spend, then choose the cryptocurrency you want to buy under I want to buy.

Step 3: Select the cryptocurrency you want to buy. After selecting the cryptocurrency you want to buy, click on Buy BTC

How to Trade on Binance P2P: The Complete Guide

Step 4: Select your payment method. You’ll be redirected to the Payment page where you’ll need to select the payment method you want to use.

How to Trade on Binance P2P: The Complete Guide

After selecting the payment method, click Buy BTC

Step 5. Make your purchase. Once you click on Buy BTC, you will be taking to the marketplace if you select P2P payment method but if you select Bank Card payment method, you’ll need additional information before you can fund your account to start trade:

  • You will choose your nationality
  • Select your estimate investment amount and
  • Then click confirm

Step 6. Review. Your account will go through review if your payment method is Bank Card. you will be review to know if you are eligible to use the payment method and it can take up to 2 hours in some cases to be reviewed.

Note: Please that if you select the P2P payment method, you will not have to pass through this process. You will be taken to the marketplace where you make your purchase from any merchant you want.

To create a trade on the Binance P2P platform:

  1. You will need to complete your Level 2 Identity Verification
  2. Post an advertisement

How to Trade on Binance P2P

Step 1: Login to Binance. on the homepage at the top, select spot,  a drop-down menu will show with different types of trading platforms. for the sake of this tutorial, I will use P2P you can choose anyone.

Step 2. Choose P2P: once you have select spot, click P2P, you will be directed to a new page where you can make trade

Step 3.  Select the cryptocurrency you want to buy or sell. Select the fiat currencies and cryptocurrencies you want to buy or sell. Binance P2P currently supports BTC, ETH, USDT, BNB, BUSD, and EOS against 24 currencies.

Step 4. Place your trade. once you have selected the cryptocurrency you want to buy or sell, choose any of the merchants of your choice you want to make trade with, and place your amount and the fiat currency

Step 5.  Click Buy BTC. Once you place your order, a successful message will pop up that your order was successful. You will be directed to the next stage where you will make transfer, click on transfer next.

Step 6. Click confirm. Before you click on confirm, you will need to make a bank deposit to the account number given to you. Once you are sure you have done the transfer, click transfer, Next and confirm to confirm that you have completed the payment.

Once your payment is confirmed. Congratulation you just made your first trade. You can read Binance Exchange: 10 Interesting Facts You Need to Know! You can follow us on Twitter, Pinterest Facebook, and LinkedIn

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Brave and Binance Partner to Trade

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Brave and Binance Partner to Trade cryptocurrency from Brave Browser

Brave and Binance Partner to Trade cryptocurrency from Brave Browser. Brave is a free and open-source web browser developed by Brave Software, Inc. based on the Chromium web browser. It blocks ads and website trackers, and provides a way for users to send cryptocurrency contributions in the form of Basic Attention Tokens to websites and content creators.

  Brave Software, makers of the innovative Brave browser which combines privacy with a blockchain-based digital advertising platform, and Binance, the global blockchain company behind the world’s largest cryptocurrency exchange by trading volume and users, announced a partnership that enables Brave browser users to seamlessly trade cryptocurrency assets through Binance.

With the Binance widget, Brave users can access the Binance.com and Binance.US (for US-based users) sites, buy and sell crypto assets, view asset balances, and obtain deposit addresses all without leaving the browser.

Brave users will be given options to manage cryptocurrencies, such as viewing summaries, depositing, trading, and even purchasing by the Binance widget. Users will be able to exchange cryptocurrencies such as Bitcoin, Ethereum Litecoin, and others backed by Binance. Moreover, the Binance widget is constructed into Brave and is not a loaded iframe (remotely embedded record ), which preserves the consumer’s privacy. API calls will be made into Binance if the user authenticates via OAuth and interacts with the widget.

“Cryptocurrency trading may be a daunting undertaking for users not familiar with these kinds of resources, so integrating Binance into the Brave browser makes the process seamless and easy,” said Brendan Eich, CEO and co-founder of Brave. “By bringing a leading exchange like Binance directly into the browser, Brave is taking cryptocurrency trading and enabling users to run transactions with ease.”

“The Binance widget on Brave’s privacy-oriented browser instills a safer way to get and market crypto and reduces consumer friction to onboard, commerce and socialize with the Binance ecosystem,” explained Binance CEO Changpeng Zhao (‘CZ’). “We are anticipating our long-term venture with Brave to make it easier to socialize with crypto and encourage greater utility in the near future.

“Brave’s browser now has over 13.5 million monthly active users, and Binance is the world’s biggest cryptocurrency market by trading volume and consumers; this integration enables millions of users across the world to easily exchange and manage cryptocurrency, all without leaving the browser. The Binance widget is easily available from the New Tab webpage in the Brave desktop browser. The integration offers several functions for managing, buying, and trading cryptocurrency:

  • Overview: Viewing Binance asset accounts
  • Deposit: List supported assets from the accounts, looking for specific assets, and seeing fiat value (Selecting an asset from this list will also reveal the deposit speech in text and QRCode form)
  • Convert: Converting from 1 asset to another (A conversion estimate is displayed for 30 minutes; the Binance widget reveals the new equilibrium in the”outline” tab shortly after the conversion has completed)
  • Buy: Buying and selling crypto resources (Purchases are reflected from the Binance widget soon after They’ve concluded)

In order to interact using their Binance accounts, a user must first join the Binance widget to Binance, and it can be done by clicking on the”Connect” button on the widget . When this button has been clicked, a window appears, and the user is prompted to authenticate Binance. Once successfully authenticated, the Binance widget is fully operable. Any assets held by Binance are enumerated at this time. Because the Binance widget has been constructed into the Brave desktop browser and is not a loaded iframe (slightly embedded document), it is designed to carry on the consumer’s privacy. API calls will be made into Binance if the user authenticates through OAuth and interacts with the widget.

Users can quickly disconnect their Binance widget by clicking”disconnect” in the dropdown menu in the widget. Disconnecting the Binance widget doesn’t impact the user’s Binance account, before the user reconnects the widget, and the Brave browser is not able to interact with a user’s account. The Binance widget is enabled by default to the New Tab page, however, users may hide it by clicking the menu at the top right corner of this widget, and choosing”conceal Binance” from this menu.

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Binance Exchange: 10 Interesting Facts You Need Know!

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Binance

They are one of the top exchanges for trading altcoins, have low fees, and support fiat currencies. Check out some of the most interesting facts about Binance exchange below:

Binance Overview

Binance is a global cryptocurrency exchange that provides a platform for trading crypto-to-crypto or crypto-to-fiat currencies. The exchange accepts users from around the world. Binance exchange offers one of the most competitive rates around the world.
The exchange accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also collaborated with simplex, Paxful, Payeer, Flutterwave, Banxa) providing users with more options to purchase crypto using fiat currencies.

To access this service, users can go to the “Buy Crypto” page, select your local currency and then click any of the payment platforms. If you are looking to trade crypto-to-crypto or crypto-to-fiat currency, this is probably the easiest and cheapest way to go.

What is Binance?

Binance is a centralized cryptocurrency exchange that provides a platform for trading crypto-to-crypto or crypto-to-fiat currencies.
Binance exchange offers trading in more than 350 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Binance coin (BNB).

Binance was founded by a software developer name Changpeng Zhao in the year 2017. Changpeng Zhao is the CEO of Binance, the world’s largest cryptocurrency exchange by trade volume.
He was also part of a team that develops blockchain Info and serves as chief technology officer of Okcoin and work for Tokyo stock exchange, developing software for matching trading orders. He worked at Bloomberg trade book.

Binance is based in Tokyo, Japan. By March 2018, the company had established offices in Taiwan.
Binance announced its intention to open an office in Malta after stricter regulations in Japan and China. In 2019, Binance announced Binance Jersey, an independent entity from its parent company Binance.com exchange.

Binance has transformed into one of the world’s most popular cryptocurrency exchange platforms. Additionally, Binance completed Binance Lab (a blockchain technology incubator), Binance Info ( a platform that will provide users with coin/token information), as well as many other components that comprise the Binance ecosystem.
The word Binance is a combination of two different words “Binary” and “Finance”.

How Binance Service Works

Binance offers crypto-to-crypto and crypto-to-fiat currencies and aims to protect the safety of their entire customer and provide a better service. Users can choose between the “Basic” and “Advance” interfaces.

Classic Interface:

Binance Exchange: 10 Interesting Facts You Need Know!

The classic interface allows a quick view of market and trading pairs, making it easier to switch pairs. The basic interface is more like a beginner’s interface.

Advance Interface:

Binance Exchange: 10 Interesting Facts You Need Know!

The Advance interface gives users access to advanced charting tools.

Currencies and Payment Method

Binance accepts crypto and fiat deposits. All coins supported by Binance exchange can be deposited and withdrawn. Binance’s allows you to buy the following currencies with a credit card

  • Bitcoin (BTC)
  • Ripple (XRP)
  • Binance Coin (BNB)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)

The Binance Fee Structure

  • Binance fees are the lowest on the market at 0.1%.
  • Coinbase charges 1.49% on buying/selling.
  • Bittrex charges around 0.25% fees of the trading volume
  • While Polonix exchange has makers and takers fee, where the seller pays more than the buyer does.

Binance is the only crypto exchange that charges 0.1% of the volume traded and they further offer to reduce that to 0.5% if the trader uses Binance coin (BNB) to trade.

Deposit Fees

  • Free. There are no fees for deposits.
  • Trading Fees: If you are not using BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of 0.1%. Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will automatically subtract from your BNB balance.

Withdrawal Fees

Binance does not have a fix withdrawal fee. Withdrawal fee automatically adjusts based on the status of the market.
For more information on withdrawal fee, please Click here

Binance Limit

Binance allows unverified users (level 1) to withdraw 2 BTC every day, while verified users ( level 2) can withdraw as much as 100 BTC in one day.
Binance also acts as a secure wallet for users. Verification required filling out a basic know your customer (KYC) form and providing proof of identity among other documents.

Supported Countries

A full list of supported countries:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Norway, Poland, Malta, Lithuania, Luxembourg, Netherland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Turkey, UK, and Ukraine.

Support Fiat Currencies

Binance has started adding many fiat payment options to enable users across the globe to buy crypto assets using their local bank account or credit card.

The following are supported currencies:

  • RUB (Russian Ruble)
  • VND (Vietnamese Dong)
  • IDR (Indonesian Rupiah)
  • NGN (Nigerian Naira)
  • COP (Colombian Peso)
  • GBP (British Pound)
  • MXN (Mexican Peso)
  • EUR (Euro)
  • ARS (Argentine Peso)
  • USD (United States Dollars)
  • CHF (Swiss Franc)
  • CZK (Czech Koruna)
  • KRW (South Korean Won)
  • AUD (Australian Dollar)
  • ZAR (South Africa Rand)

Please Note:

The above currencies are all fiat currencies and do not represent any other digital currencies.
Simplex is able to help users save an average of 2-3% on FX Fees per Transaction.
Paxful is a young and innovative fintech company that provides peer-to-peer BTC trading services globally.
Payeer is a global payment system operating under the PSP license
Banxa is an internationally compliant fiat-to-crypto gateway solution for exchanges, wallets, and other cryptocurrency businesses.

Customer Support

These are the following problem Binance aim to solve:

  • Poor trading technical architecture
  • Insecure platform
  • Poor market liquidity
  • Poor customer service

Conclusion:

Binance is a global cryptocurrency exchange that provides a platform for trading crypto-to-crypto or crypto-to-fiat currencies.
If you are looking to trade crypto-to-crypto or crypto-to-fiat currency, Binance the easiest and cheapest way to go.
The crypto exchange, Binance offers trading in more than 350 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Binance coin (BNB).

All coins supported by Binance exchange can be deposited and withdrawn and also allows you to buy the cryptocurrencies with a credit card (Visa or Master Card).

Risk warning: Cryptocurrency trading is subject to high market risk. please do your own research before you venture into cryptocurrency.

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Disclaimer: 9ja Informative's content is meant to be informational and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. 9ja Informative receives compensation with respect to its referrals for out-bound crypto exchanges, crypto wallet websites and affiliate links.