3 WAYS OF BUYING BITCOIN ON BINANCE P2P
25/01/2022
By Damilola ogungbayi
Key points
- P2P Zone
- Express Zone
- Block zone
- P2P ZONE
Binance P2P is the platform that was built in late 2018 to enable P2P Bitcoin exchange transactions using local currencies. Three years later, the platform supports buying and selling for six cryptocurrencies – BTC, ETH, BNB, BUSD, DAI, and USDT – using 55 local currencies via 150+ payment channels around the world.
P2P Trading involves a couple of people interacting with each other directly to sell or purchase cryptocurrency. It is a form of Trading wherein sellers and buyers sign up to a website known as a P2P platform, P2P marketplace, or a P2P exchange.They can eventually have trade advertisements posted to have cryptocurrency bought or sold within a specific price range or at a certain price within a predefined locality.
- How to buy Bitcoin using P2P Zone
1.On the main screen, click on “P2P Transaction.” At the upper left corner of the Transaction interface, you will see “Buy.” Tap on it.
2.To buy Bitcoin, select a seller and click on “BTC” and tap on “Buy”. You will then have to choose between Buy “By Crypto” or “By Fiat.” After that, have the right “Amount” entered and then select your desired “Payment Method.” Once you completed this, tap on “Buy” in the command bar.
Note:if you want to have the ads filtered to match your needs, you have to click the funnel button that you can find under Buy on the upper right corner of the Deals interface. Then, select “Payment Method” and “Amount”. Above the button with a funnel shape, two arrows point to the opposite direction that you can use to select your currency.
3.Go to the page on payment information by pressing the “Transfer” button.
In your banking app, have the payment information for the merchant copied and then provide the merchant with the payment. After you complete the payment, tap on “Transferred,notify seller”,after doing this you will have your status updated to “Pending Released.” Once the payment receipt is confirmed, wait until the merchant releases the crypto.
4.Once the crypto gets released by the seller, the transaction is complete. You will then go to the screen on the completed transaction with the message “Funded to your wallet.” Tap on “View wallet balance” and choose “Transfer” so you can switch between Spot wallet and P2P wallet and begin trading.
- EXPRESS MODE
The Binance P2P Express Mode enables users to directly place an order by entering the fiat or crypto amount and the preferred payment method. The orders are matched based on the best crypto price available in the P2p markets.
The Express Mode currently supports the following crypto assets:
- BTC
- USDT
- BNB
- ETH
- DAI
To use the Express Mode, users are required to pass the KYC identity verification with his/her residence information in india, Nigeria,Hong Kong.
- How to buy Bitcoin using Binance Express mode
- Log in to your Binance account,enter P2P page, choose “Express” by clicking on the “P2P” at the middle top of the app page.
- Click “BUY”,and also click on “BTC”and then fill in the fiat amount or crypto quantity you want to trade.
- After you click “Buy with 0 Fee” the system will automatically create an order that matches your requirements. The orders are matched based on the best crypto price available in the P2P markets.
- BLOCK ZONE
The Block Trade zone is a section of the Binance P2P app that allows for high volume traders access to sufficient liquidity, to buy and sell large amounts of BTC, USDT, ETH, BUSD etc. The Block trade zone features an interface that’s unique and tailored towards the VIP, high-volume trader.This zone is currently available in RUB, EUR, INR, HKD, NGN, VND, PHP and IDR markets.
Note:Block trade zone is currently only available on Binance mobile app.
- Block trade merchants
Block trade merchants who provide the liquidity in the zone have a Diamond badge to show their Block trade merchant VIP level.
Block trade merchants also go through rounds of verification to make sure that they’re well qualified for the block trade zone. Binance have high standards for Block merchants and some of the requirements are listed below:
- $10k+ BUSD security deposits
- At least 80% completion rate
- Average transaction size of $2500
- Training on how to make the best use of the Block trade zone
When trading with merchants in the Block trade zone, you can be rest assured that you’re trading with the best Binance P2P have to offer.
- How to buy Bitcoin using Block mode
Click on P2P trading from the Binance App homepage and follow the instructions below.Before doing this make sure you have completed [Intermediate or advanced verification].You can also click “P2P” on the top left of the marketplace homepage and select “Block Trade” to see all the available block trade ads.
- Filter the marketplace
- Before you start browsing, click the filter icon on the top right and set it to only show ads from merchants.
- You can also filter by payment method and total amount of local currency.
2. Sellers with purple diamond or yellow badge.
- Go back to the P2P marketplace and you’ll notice that all the sellers names will either have a purple diamond or yellow badge next to their name.
- Click on the name with the purple diamond. These are users who have been vetted and verified to make high-volume crypto block trades.
3. Complete your trade
- Complete your trade by entering the quantity of Bitcoin you want to buy,make payment to the selected payment method chosen by the seller,wait for the seller to confirm payment. Then the seller will release your crypto.
Note:Make sure to make payment within the time period. Unless your trade will automatically close.Notify seller once payment has been made.
CONCLUSION:These are the 3 ways of buying Bitcoin and other cryptocurrencies on Binance.All these ways are reliable. On Express mode,only BTC,USDT,BNB,ETH,DAI are available.To learn more and get started click on the link below.
https://p2p.binance.com/?ref=331234001
