How to buy crypto on Binance with P2P trading
Buying crypto using P2P (Peer-to-peer) trading is one of the best ways to top up your Binance crypto wallet. P2P means making a deal directly with another person who has a Binance account.
The algorithm is simple: you find someone to trade with, transfer your fiat money to their bank account, and then wait for them to send you their crypto. It’s a simple, fast, and profitable exchange method because no commission is charged at any point of using it.
Buying crypto using P2P trading is especially relevant for those living countries whose central banks are in the habit of blocking payments to crypto exchanges. In states like these, by depositing to your Binance account from a bank card directly, you’re running the risk of your operation getting blocked. P2P eliminates that risk.
However, buying crypto using P2P has its own risks, too. You might lose your money if you confirm the operation before you actually receive the coins. Only dishonest traders will ask you to do this, so don’t ever agree to it no matter how convincing they sound.
If they refuse to trade unless you confirm your transaction before receiving the money to your Binance account, then you have every reason to file a complaint. Binance will readily help settle the dispute.
Here’s how to top up your Binance account using P2P trading:
- Go to the Binance exchange main page and select “Buy Crypto”. In the drop-down, choose “P2P Trading”.
- In the top-left, click the green “Buy” button. Then choose the fiat currency for payment and the cryptocurrency you are going to buy. At the moment, Binance P2P supports USDT, BTC, BUSD, BNB, ETH, DAI, and SHIB for buying.
This page will have listed all people currently available for trade. It’s advisable to buy USDT first because it’s a stablecoin pegged to the US Dollar and could prevent unwanted price fluctuations around the time of the deal. You can also trade other stablecoins, such as BUSD (the Binance USD), and DAI.
Choose a trader you find suitable. The best deals will be at the top of the page. However, you should always pay attention to the number and the percentage of completed transactions of the said person. The higher these numbers, the more reliable they will be. In addition, each P2P trader has a maximum and a minimum transaction limit.
Now transfer your fiat monay to the P2P trader’s bank card and wait until they complete the transaction on Binance.
After the deal is confirmed, the order will be closed, and you’ll see the crypto you’ve bought on your Binance wallet.