What is Binance P2P? How to buy Bitcoin through it?
What is Binance P2P?
Binance P2P is a peer to peer trading platform that helps Binance users buy and sell cryptocurrencies with fiat currencies directly on the exchange.
The Binance exchange announced on January 20 that it added a direct trading service from Vietnamese currency (VND) to BTC, USDT, ETH, and BNB coins in VND via the Binance P2P platform on the session. The latest version of the Binance iOS and Android mobile application. It makes VND become the second currency available on Binance’s P2P exchange, after the Chinese Yuan (CNY). In addition, Changpeng Zhao (CZ) also reiterated Binance’s ambitious plans to expand fiat-to-crypto access on the platform to users in more than 180 countries to achieve its free-of-money mission.
How to buy and sell Bitcoin in VND on Binance exchange
As with other exchanges, if you do not have an account at the Binance exchange, you register here. Then, download the latest version of Binance iOS and Android mobile apps here. When registering you fill in the referral ID: 29171587
If you already have an account on Binance, you must meet the following requirements.
- Account has activated SMS verification
- Account made KYC successfully
It is also very important for you to buy Bitcoin on Binance in VND as you must complete your account verification, sign the agreement, and install the Fiat wallet.
You can follow the introduction through this series of images:
First, you can click on the banner, or you can choose the toolbar below and select a cash transaction.
Next, select the “…” icon in the upper right of the screen. Then select the instructions as shown.
Select “Sign agreement.”
Continue to select ”I have read and agree to the term of use” after signing, and the screen will show:
Buy Bitcoin on the Binance P2P exchange
Step 1: Add a Payment Method.
You go to your profile and click “Fiat settings.”
Next, you choose bank payment as the payment method.
Then, enter the required information, as shown in the picture, and click “Confirm.”
Finally, you enter the 2FA code to confirm, or you can also choose to receive it by SMS.
Step 2: Select the coin type and enter the quantity you want to buy or sell.
Go to Transactions and select Cash.
At the “Buy” tab, select the coin you want to buy. After that, consider the prices of the ads and choose the price you want and click “Buy.” Often good prices will be given priority to choose from but will depend on the seller limit.
Step 3: Transfer money in VND and confirm payment.
Within 15 minutes, you need to make a payment according to the information provided. After the transfer is complete, click the “Mark paid” button.
Sell Bitcoin on the Binance exchange to VND
Step 1: Transfer coins to fiat wallets for sale
Click “Fund” -> “Transfer” to switch from “Fiat wallet” to “Cash wallet.”
Next, select the coin you want to transfer to the Fiat wallet to sell and enter the quantity. Finally, press the “Confirm” button.
Next, you enter the 2FA authentication code.
Step 2: Sell coins that you have transferred to fiat wallets.
You click “Go to a transaction” to complete the step of transferring money to a fiat wallet and proceeding to buy and sell coins.
This step is the same as the buying step I introduced above.
But at this step, you need to notice that you should wait for the buyer to transfer money to the account first and then confirm the sale of the coin.
Important notes when buying and selling P2P
- The seller only unlocks the coin after receiving the money.
- You have the right to appeal if you have not received your payment, but the buyer has confirmed payment for you.
- The buyer, when making a transfer, absolutely does not write in the content of the note related to coins and cryptocurrencies. If you put the coin’s name in the text of the transaction, the bank will be able to block payment or freeze your account.
- Do not cancel transactions more than three times a day. If you do, then you will be banned from processing trading throughout the day.