In this example, we’ll look at how it’s done on Binance. 

There are two ways to fund your balance without fees: on the Binance exchange itself and through third-party services. 

Let’s break down both methods using the example of buying USDT.

Binance P2P trading

The first way is the Binance P2P platform. P2P stands for Peer-to-Peer and implies trading directly with other users of the exchange. You transfer your fiat to the seller outside of Binance, and then they transfer you their crypto on Binance. 

Step 1. On the Binance main page, click Buy Crypto -> P2P trading.

You’ll see a window with all open P2P ads. Here, you can trade crypto directly with other people.

In this case, we’ll be buying USDT

Step 2. Click Buy, select cryptocurrency (USDT) and your preferred fiat currency (for example, USD).

Step 3. Enter the desired number in the Amount field. For example, 100 dollars.

Step 4. Choose a payment method. Binance P2P supports numerous banks and payment systems from all over the world — it’s very likely that yours will be on this list. Not all the payment systems work the same, and you’ll get a notification in case there are ongoing issues with the selected payment method. 

Step 5. Choose a merchant. Here it’s important to pay attention not only to the lowest price but also to two other important parameters. 

The percentage of completed transactions should not be less than 90%. 

The second parameter is the number of orders. Ideally, this number should be over 1000 — that indicates a responsible trader who does it full-time. You can also choose someone with just a dozen closed deals if you think you trust their percentage. 

Clicking on the name of the merchant will open up their profile page, where you can view a detailed breakdown of their activity, as well as their feedback. 

Also, mind that each merchant has their own limits. 

If you’re planning to trade, make sure that your desired amount is within the limits of your selected merchant.  

Read the terms of the transaction. Each merchant has a field with the details of the transaction — this information might be important, so make sure to check it before you proceed.

Enter the amount you’d like to sell or receive and check the details of the transaction. 

Step 6. Order payment. Please note that the order is valid for a limited amount of time, usually it’s 15 minutes. If during this time you do not transfer money to the seller, the order will be cancelled.

Copy the seller’s payment details (bank card no., Payeer account no., etc.), go to your bank app or payment service and transfer the money to them. 

Once done, click “Transferred, Next”. Mind that right until you click this button, you’re not obliged to anything and are free to cancel the order without any consequences. 

Once done, you’ll be asked to confirm you’ve completed the payment, after which the seller will transfer their cryptocurrency directly to you. You can now rate the seller.  

Should you have any issues, make sure to contact support and get help settling the dispute.

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