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How to Buy cryptocurrency Using Binance P2P marketplace (2022)

How to Buy cryptocurrency Using Binance P2P marketplace in Nigeria (2022).Want to buy some Bitcoin or other cryptocurrencies? Binance’s P2P is one of the most secure and direct options, so why not give it a try. (Similar post: Car Companies That Are Accepting Cryptocurrency As Payment In 2022)

With the Bitcoin and cryptocurrency market currently down, this might just be the perfect time to enter the Crypto market. How you may ask? The simple answer is Binance P2P Trading. Binance, the world’s biggest and best cryptocurrency exchange offers the best peer-to-peer trading solution for buying Bitcoin. The big advantage of Binance P2P is that you can buy Bitcoin with your local fiat currency and numerous fiat currencies at zero transaction cost.

Bitcoin is growing rapidly in popularity as an alternative investment, even for institutional investors. If you are wondering how to buy the asset, you are not alone, as many people ask the same question. (Similar post: How To Become A Crypto Or Blockchain Content Writer In 2022)

This guide reveals how to buy Bitcoin using Binance Peer-to-Peer (P2P) trading, one of the most popular crypto exchanges. P2P trading is a popular way to buy or sell Bitcoin direct from one person to another and is increasingly used among Bitcoin investors. (Similar post: Best Crypto Trading Apps For Beginners In Nigeria)

How to Buy cryptocurrency Using Binance P2P marketplace from any country in 2022:

  • Step 1: Visit the Binance Website and Login into your account
  • Step 2: Point the Mouse on Buy Now and Click P2P Trading
  • Step 3: Click on Buy and Select BTC as well as your preferred Fiat Currency and Payment Method
  • Step 4: Click on Express
  • Step 5: Enter the Value of BTC you want to buy and click on Buy with 0 Fee
  • Step 6: Click on the Confirm Purchase Button
  • Step 7: Read the Instructions on the Order Page
  • Step 8: Send Payment to the Seller and Click the Transferred, notified seller Button
  • Step 9: Wait for the Seller to Confirm your Payment
  • Step 10: Seller Confirms Payment and the BTC is Released to your Funding Wallet

What Is Binance P2P?

Binance P2P is a service on the Binance exchange that allows you to buy or sell Bitcoin directly to and from another person with zero fees. You may wish to know how P2P trading works on crypto exchanges before proceeding if you have never used such a platform before.

The specific objective of Binance P2P is to facilitate Bitcoin trading in local currencies. It now supports crypto trading in 55 local currencies and over 150 payment channels globally.

The number of Binance P2P users has increased sevenfold since 2019 as it continues to add new features. You can add advertisement posts to buy or sell Bitcoin, and other users will take such ads. You can also comment on a user and leave a review depending on your experience trading with them.

Apart from receiving payment online in local currencies, you can pay or receive payment for a trade completed on Binance P2P in person.

Why is Binance P2P the Best Marketplace to Buy Bitcoin?

Binance is the largest and best Cryptocurrency marketplace. Binance P2P marketplace is a great place to buy your first Bitcoin. You can buy in your local currency with the platform supporting multiple fiat currencies. This makes it so simple because you do not have to worry about foreign and can pay via your local bank or local payment app. Binance also does not charge any fees on the P2P transaction.

In addition, because Binance is the largest P2P marketplace there are bound to be a lot of sellers in your chosen currency, which could result in competitive pricing and the best rates for you.

Binance P2P also has an escrow service that holds on to the BTC until the transaction is complete. This gives you the confidence that once you pay the seller you would receive the Bitcoin in your wallet.

Binance also verifies all its users. The KYC (Know Your Customer) process ensures that they know the identities of their users which protects all users on the platform and limits the occurrence of fraud. So, buyers can rest assured that they are dealing with people whose accounts have been verified. Verification will also help protect your account.

Because Binance is the largest cryptocurrency marketplace, offers the widest range of cryptocurrency solutions, and supports a very long list of cryptocurrencies, once you buy your Bitcoin you will not need to take it anywhere else as Binance has every tool you need to save, invest, and earn with your BTC.

You can use Binance Spot trading, futures trading, margin trading, and numerous other solutions to invest in Bitcoin. Binance also has a number of savings solutions to enable you to earn with your BTC. You can also branch into NFTs on Binance. You can also easily buy other cryptocurrencies and Altcoins on Binance.

Binance P2P Express solution also makes buying your Bitcoin as a beginner very easy and seamless. It removes a lot of the research and decision by automatically matching you with a reliable seller, getting you right into the part where you buy the BTC. I recommend P2P Express for beginners.

How Does Binance P2P Work?

To use Binance P2P, you should either be buying or selling Bitcoin. You can then place a buy or sell order, as you will see in more detail shortly. Once someone who wants to take the other side of the trade is satisfied with your terms, e.g., the rate, they indicate interest, and Binance then alerts you.

If you are buying Bitcoin, you will be asked to send the payment displayed on the ad. If you are selling, you’ll be asked to wait for the buyer to send a fiat payment first. After receiving and confirming payment, you can release the asset.

Depending on how quickly the other person responds, the trade can last from a few minutes to a maximum of 45 minutes. If the payment is not sent by you or the other user at the end of the agreed time, the trade is canceled, and you can start over.

Is Binance P2P Safe for crypto transactions?

Binance has a system in place that ensures no one cheats or scams the system, even though it is not directly involved in the trade. For example, if you sent funds and, for whatever reason, the seller fails to release the Bitcoin, you can appeal, and Binance will take up the case to resolve the issues.

As a rule of thumb, never release any asset until you are sure you have received the fiat payment in your account. Issues of fraud hardly ever arise because users must be verified, and the system confirms that they have assets to trade before allowing any ad placement or acceptance.

Besides, disputes negatively impact user reputation, so most users try to prevent them at all costs. Therefore, the platform is safe for P2P trading—paying attention and double-checking your crypto trades is always worthwhile!

How to Buy Bitcoin on Binance P2P

After you set up your P2P account, the next thing is to buy Bitcoin.

First, log into your Binance account and proceed to Trade. Place your pointer on it, and you’ll see a drop-down with P2P as one of the options. Click on P2P.

Now, you will see the P2P marketplace where the Buy option is selected for USDT by default. Since you want to buy Bitcoin, click on BTC. You will need to do the same for any asset other than USDT. You can also change the currency to your local currency, but NGN is set by default for this article.

Now, enter how much Bitcoin you wish to buy in your local currency in the small search bar on the top left of your screen tagged Amount, then click on the Search button in front of it. This will bring up all the available sellers who wish to sell the amount of Bitcoin you wish to buy.

Those with the best rates are listed at the top. You can choose any of them, then click on the green Buy button against the ad. You should have a page like the one below. Provide all the required details, such as the amount you want to pay and the amount of Bitcoin you’ll receive will show up by default.

You don’t have to enter the exact amount you used to search for sellers, but the amount you enter has to be within the range they are willing to sell. Otherwise, the system will reject it. If all looks good, click the green Buy button at the bottom right of the screen.

After you click Buy, another page opens with the seller’s account details where you are to send the fiat currency you wish to buy the Bitcoin with. Send the funds to the account number and hit the button to confirm that you have sent the payment.

All you have to do now is wait for the seller to release the Bitcoin after confirming receipt of your payment. The Bitcoin will be sent to your Binance P2P wallet, known as Funding Wallet. You will be alerted once the Bitcoin has been released with a button to click and view it in your Funding Wallet.

You can then transfer the Bitcoin to your spot or whichever wallet you wish to transfer it to.

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