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How to trade crypto on Binance App using P2P Market Place

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Trade crypto on Binance App using P2P: You can easily trade your crypto using the P2P feature on the Binance Mobile App. Its pretty easy and safe provided you follow some laid down rules which we’ll get to in a bit. First what is crypto trade and what is P2P trading?

What is crypto trade

Crypto trade is the act of buying and selling crypto within a crypto platform (in this case the Binance Mobile App). So, if you’re selling or buying a crypto to/from another user on the using the Binance App, then you’re trading crypto on Binance. It’s that simple.

See Also: How to verify your Binance Account using the Binance Mobile App

What is P2P trading

P2P trading is the act of buying crypto directly from another user and transferring the equivalent money directly into the persons bank account. In this case, you don’t need your debit, credit or prepaid card. Simply put, P2P on Binance is a market place that links buyers to sellers.

Trading crypto using the P2P feature means Binance will be the middle man. The crypto seller creates the sell advert, Binance then link the seller to a buyer and lock the sell advert, the buyer sends the equivalent money to the seller and the buyer confirms he/she received the money.

See Also: Binance Mobile App: What it is and how you can use it

Note: You can get a free sign up bonus when you open a free Binance Account. And if you have any question, feel free to ask our Support Team to get help.

How to trade crypto on Binance App using P2P

Now that you know what crypto trading and P2P trading means, let’s show you how to trade your crypto on the Binance Mobile App using the P2P feature.

To trade P2P on Binance you need to make sure your crypto is in available in the “Funding Wallet”. If your crypto is in Spot Wallet, it means you have to transfer it to Funding Wallet. You can Read This Article for an easy step by step guide on how to do that.

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How to sell crypto on Binance App using the P2P Market Place

Assuming you have transferred your crypto to Funding Wallet, follow the steps below.

  1. Open the Binance Mobile App and click Wallets at the bottom left
  2. Select Funding from the options at the top
  3. Choose P2P from the available options
  4. Click the Sell from the option available at the top
  5. Select the crypto you wish to trade. e.g. Select BNB or ETH if that’s the crypto you have in your Funding Wallet.
  6. Look for the Buyer that is within your sell limit
  7. Click on the Sell button usually in RED color by the side of the Buyer’s name
  8. Enter the quantity you wish to sell
  9. Click Add payment method. Here you can select Add bank Transfer and enter your bank account details (make sure your bank account details is correct)
  10. Now the Sell Trade will be created by Binance and the buyer will pay the money directly into your bank account in step 9 above.
  11. Once you receive payment, you have to mark the trade as completed by Releasing the Crypto to buyer.

Important Note: Never press the release crypto button if you have not received money from the buyer. even after getting an SMS notification for credit alert, be sure to double check with your Banking App to know for sure. If you release crypto without buyer sending you money, then it will be difficult for Binance to help you.

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How to Buy crypto on Binance App using the P2P Market Place

  1. Open the Binance Mobile App and click Wallets at the bottom left
  2. Select Funding from the options at the top
  3. Click P2P from the available options
  4. Choose the Buy from the option available at the top
  5. Select the crypto you wish to trade. e.g. Select BNB or ETH if that’s the crypto you have in your Funding Wallet.
  6. Look for the Seller that is within your buy limit
  7. Click on the Buy button usually in Green color by the side of the seller’s name
  8. Enter the Amount of crypto you wish to Buy (you can enter the Fiat equivalent or go to By Crypto option and enter the crypto value)
  9. Now the Buy Trade will be created by Binance and you will pay the money directly into your bank account in provided by the seller.
  10. Once you’ve made payment, mark the trade as paid and the seller will release the crypto for you.

Important Note: All Buy Trades you create must be completed within a time limit. So, if you make payment after the time limit (usually 15 mins) that money is gone because the Trade might have been canceled by Binance. Also, don’t make payment to any other account aside from the one provided by Binance on that Trade.

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So, this is how to trade your crypto on the Binance Mobile App using the P2P market place. But, what are the advantages of using the P2P market place to trade crypto?

Advantages of using Binance P2P Market Place

  1. It gives you competitive rates
  2. Saves you from the prying eyes of banks
  3. There is no extra charge related to debit or credit card
  4. Issues of banks blocking debit or credit card is eliminated
  5. It’s relatively safe, fast, and secure
  6. Get your crypto credited almost immediately
  7. You receive your money directly into your bank account

Note: You can get a free sign up bonus when you open a free Binance Account. And if you have any question, feel free to ask our Support Team to get help.

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