Binance is a cryptocurrency exchange that is allowing us to get access to cryptocurrencies in a fast and easy way. The platform has implemented several fiat on-ramp solutions that help users get access to digital assets using their local fiat currency.
One of the most useful ways to get access to virtual currencies is with the P2P option that includes bank transfers and other types of payment options. In this guide, we are going to share with you how to buy cryptocurrency on P2P Binance with all possible payment methods.
Due to this reason, you should have an account created and verified on the Binance exchange. This can take up to a few minutes. Once you have the account verified, it would allow you to get access to some of the most advanced features in the crypto industry.
What is P2P?
The Binance peer-to-peer platform helps you to get access to virtual currencies using fiat currencies. The main difference with other methods is that you are going to buy and sell virtual currencies from other users.
Binance P2P platform works without an order book, but you will see the “Buy” and “Sell” offers on a very intuitive section on the Binance exchange.
Moreover, with this option, you can select from who you buy the digital assets, at which price you close the deal and through which payment method you want to finalize the trade. This is available in most countries where Binance operates.
Step 1 – Find the P2P Market
You should first search for the P2P option on the Binance exchange. This can be done in just seconds by opening the “Trade” menu and selecting “P2P.”
Step 2 – Select the Cryptocurrency and Fiat Currency you Want to Use
Through the P2P method, you will be able to buy a large number of virtual currencies. You can select Tether (USDT), Bitcoin (BTC), Binance USD (BUSD), Binance Coin (BNB), Ethereum (ETH) and DAI. However, take into consideration that this could change according to your region or fiat currency.
There are several fiat currencies supported by Binance. This is one of the best options considering not all exchanges offer this service. You can find fiat currencies such as the euro (EUR), the British pound (GBP) and smaller currencies from emerging markets.
Step 3 – Select the Payment Option
Now that you have selected not only the digital asset you want to buy but also the fiat currency you want to use, you can choose from multiple payment options. Rather than using the typical and limited payment methods available on other platforms, Binance includes a wide variety of solutions.
Some of the payment options available include bank transfers, Payeer, Paylah, Revolut, Brubank, Skrill and other types of services. Depending on the region you operate in, you will be able to use different payment methods. If in your country a payment system is very popular, then it is highly possible it will be supported by Binance.
Step 4 – Select the Seller and Rates
We are almost done. We now need to select the seller from which we want to buy the virtual currencies and the rate we want to pay. Each seller will have different prices and the liquidity would not be the same for each of these users.
As you can see in the image below, you can select the user on the left side, the price at which you want to buy the cryptocurrencies (Price column), the liquidity available and the payment method. In this example, the person is purchasing Tether (USDT) using EUR.
Step 5 – Activate SMS Authentication and Pass KYC Procedure
As we mentioned before, it is definitely important to take into consideration that you should have passed the SMS authentication and the whole Binance KYC procedure. This is definitely important considering that without it you would not be able to complete the purchase.
Crypto exchanges are required by authorities from all over the world to do KYC control on the users on their platforms.
Below you can find all the information you need to provide in order to pass Binance’s KYC process. Basic information includes first and last name, date of birth and residential address. Moreover, you will have to provide identity and facial verification such as a photo of your ID and a picture of yourself to verify your identity.
Step 6 – Confirm the Transaction
After you complete all the requirements you can select the seller and buy the cryptocurrency you want.
You can easily send and receive more virtual currencies and deposit them on crypto-friendly casinos. Moreover, you can trade the funds you purchased in just seconds using the trading platform offered by Binance.
How to Sell Crypto Back?
If you want to sell the digital assets you can do the same process but selecting the “Sell” option you find on Step 2 of this guide.
Now you are ready to buy and sell the cryptocurrencies you want in just a few minutes.