How to trade and earn cryptocurrency on the Binance P2P exchange

The Binance cryptocurrency exchange is the leader of the cryptocurrency market in terms of daily trading volume and number ofusers. The company is engaged in the popularization of innovative technology of distributed registries and seeks to simplify access to cryptocurrency mutual settlements to ordinary network users as much as possible. To this end, in the fall of 2019, Binance launched a P2P service. In this section of the site, customers can find the most advantageous offers for exchanging crypto for fiat.

Immediately after launch, P2P was classified as an over-the-counter platform. But later, the exchange administration decided that it would be more correct to call it a peer-to-peer trading market.

What is P2P trading?

The abbreviation P2P is derived from the English phrasepeer-to-peer, denoting a system of interaction between equal participants, also known as, as trade without intermediaries.

In P2P system, each user agreeswith its counterparty directly, the participation of the crypto-exchange is reduced to providing a platform for meetings and ensuring security by providing escrow services. Fiat money is transferred offline and when the fact of payment is confirmed, the buyer receives crypto coins on his balance.

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Let's figure out how to make money on p2pbinance. Using a P2P platform, the client selects an offer that is acceptable in price and payment method and enters into a transaction with the opposite party, exchanging regular money offline, followed by confirmation of the transaction. The cryptocurrency remains frozen in the Binance.com deposit until the seller reports that they have received the money. Clients of the Binance P2P trading platform can take advantage of advertising services to showcase their offerings.

A deposit service guarantees the speed and reliability of transfers. For the entire time of its existence, on the Binance P2P site, transactions totaling $ 300,000,000 were completed.

To improve liquidity, an internationalP2P sellers program for registering traders and business companies. In its database there are already more than 100 verified sellers from different parts of the globe who are constantly participating in tenders on the Binance P2P platform.

Cryptocurrencies are volatile, so P2P trading is beneficial for traders, especially in emerging markets. Here you can always sell or buy the desired asset more profitably.Moreover, as many offers as on P2P-Binance cannot be found on any cryptocurrency exchange.

Join P2P Binance

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To register in the Binance P2P service, you need to open the main page of the site https://www.binance.com/ and register an account.

• Click "registration";
• Enter email;
• Create a password to enter your account and click "Create an account".

Now you need to confirm the email address. To do this, find the letter from the Binance exchange in the mailbox, open it and follow the link. This completes the registration, go to the security settings and verification of identity.

Verification and additional security

In 2020, at Binance, however, as with most reputable crypto exchanges, trading anonymously will not work. Identity verification is divided into several stages.

First you just needfill out a formby indicating yourpassport data,the countryAndaddress of residence. This is enough to exchange crypto on the main platform, but not enough to work on P2P. You will need to undergo full verification by providingscanned copies of documents,selfie and confirming the address of residence.

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After successful completion of the verification, you will receive notifications onemailand the withdrawal limit will be increased from two to 100 BTC. And most importantly, you will get access to all services, including the P2P platform.

By the way, now you can take part in an exclusive promotion from Binance! Get5 USDTfrom your first cryptocurrency purchase worth RUB 7,000 or UAH 2,700 on Binance P2P!

It is necessary to take care of security by activating two-step confirmation of transactions via SMS. You can use a hardware deviceYubikeyas a two-factor authentication method(2FA) for your Binance account to improve its security, and also enable two-factor verification using Google Authenticator. But, to work on P2P-Binance, the administration strongly recommends using SMS confirmation.

How to trade on Binance P2P?

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You can enter the P2P platform through the exchange’s main page https://www.binance.com/ by selecting the “Buy cryptocurrency" or "Trade". The ads available on the page are placed not by Binance, but by the users themselves.

How to sell cryptocurrency?

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If you need to sell crypto coins, replenishSpot wallet account, and then transfer your funds to a P2P balance. Direct transaction from a spot wallet is not possible. Go to the P2P wallet, click the transfer button in the column of the cryptocurrency you need and indicate the direction of movement of funds. After the transfer is completed:

• Click "I want to sell".
• Find a suitable offer.
• Click “To sell".
• Indicate the available payment option and amount.
• Click “Sell ​​now".

Cryptocurrency will be frozen until you receive money from the buyer. Never send it in advance without waiting for payment. After you receive the money, click "Convert cryptocurrency"and the deal will be closed.

How to buy cryptocurrency?

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To purchase crypto, add a payment method to your account settings.

Then:

• Go to the "I want to buy"On the P2P platform.
• Find a suitable offer and click "Buy".
• Indicate the amount and available payment method.
• Click “Buy cryptocurrency"
• Transfer the required amount in fiat funds, strictly following the instructions in the transfer description.
• Click "Translated, continue»And wait until your counterparty confirms the fact of receiving the money.

After that, the transaction will be overswere and crypto monitors will immediately receive your account.If you don't complete your account three times during the daywill be frozen, until the next calendar date.

Do not add cryptocurrency information to bank transfer notes, otherwise your transaction maybe canceled and the funds will be blocked.

How to place an ad through a mobile application?

You can publish your application on the Binance platform using a tablet or smartphone. The functionality of the P2P service is available starting with version 1.17.0 (Android) and 2.6.0 (iOS).

• Install the mobile app.
• Open your account.
• Go to the P2P-trading page and click the cross in the upper right corner.
• Select the crypto and fiat money you need.
• Indicate the type of order (buy or sell).
• Choose a floating or fixed price.
• Set the total amount, application limit and payment time.
• Add one to three payment methods.

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You can add the following information to your ad:

• User notes. A potential transaction participant will see them before placing an order.
• Answering machine. A message will automatically be sent to the counterparty after the order is placed.
• Counterparty requirements to screen out inconvenient customers.

Please note that your ad will only be postedafter you pass two-factor authentication. A published order can be edited, transferred online/offline, or closed at any time.

Transaction participants must use real names. Your payment details must match your Binance account. Trading using a corporate account on a P2P platform is not yet possible.

Users and merchants

Any verified user can buy and sell crypto on P2P. But to geta yellow checkmark symbolizing the status of a merchant, that is, a verified seller needs to undergo additional verification. The peer-to-peer platform is targeted at fiat trading users.

Sellers who want to constantly earn money on p2p binance by posting purchase / sale announcements can rely on professional support and zero commission after passing the test.

How to become a merchant?

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Open the page https://docs.google.com/forms/d/e/1FAIpQLSfBp8Au1TfP5CXRlCxZi-Ok91rzttD2gSU6MH8ujKdndVurlw/viewform to apply. If you have any questions, write to support at:[email protected].

Mandatory requirements:

• Verified Binance Account. In addition, you will need to go through video verification.
• Bank account at the place of residence.
• Confirmed residential address and bank statement.

Confirmation of the presence of crypto assets (insurance deposit) is present in the questionnaire, but is not required. But you must have experience in conducting transactions on other P2P platforms.

For this, screenshots of your account on Localbitcoins or another platform of this type are provided. The application will be reviewed within two days, after which you will receive a notification by email.

Commissions at Binance P2P

Trading on a P2P platform so far is possible without a commission. You pay only for withdrawing funds to your personal wallet.

Service benefits

So, we learned how to make money on p2p binance. We highlight the main advantages of working with this service.

• Access is granted to every verified user.You can switch from spot trading to p2p binance or other markets such as futures. That is, your opportunities as a trader increase significantly.
• Internal transactions between different types of Binance wallets (spot, margin, futures, P2P) are executed instantly and without commission.
• Transactions are also tax-free,shopping ads are free.
• There is a mobile application with a user-friendly interface.
• A large number of fiat currencies, including Russian rubles, are supported.

Binance is focused on increasing the freedom of money, and the main way to achieve this goal is to simplify access to cryptocurrency payments for ordinary citizens of any country.

People should not only have access tocryptocurrency, but also get the opportunity to trade various digital assets using a convenient payment method. For this, Binance P2P was created, an open, peer-to-peer platform for crypto-fiat trading.

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