The peer-to-peer(P2P) service is a decentralized platform where two individuals interact directly with each other to trade without intermediation by a third party but in binance case, there is third party which is binance itself that moderate the transactions between the two individuals to avoid case of fraud and people running away with others money...
P2P has been in existence for long on the binance exchange but not many people know about it and so not many people use it until the government started placing a ban on crypto in some countries which makes those dealing in crypto in such countries to find another means to deposit and withdraw their money and the best option right now is P2P.. Unfortunately some people still don't how to make use of this P2P and that is what i am going to explain...
Yesterday i made a post on how to convert your hive to usdt and i promise to explain how to withdraw the money to your local currency using P2P.....incase you missed that post, you can check it here
The first step is to transfer the usdt you want to withdraw to your local currency to the P2P wallet.
click the transfer button at the top right corner.
it will bring a new page where you will be able to transfer from spot wallet to your P2P wallet, make sure you fill the correct infomation then click confirm..
Internal transfer of money is free of charge so transferring of your usdt to your p2p cost nothing and it will reflect immediately...
Next step is to go to the p2p platform by clicking the buy crypto button at the top left corner in your spot wallet and it will list the options available, click the p2p
it will bring another page, since you are selling your dollars to get your currency, you will click sell
You also fill the range of your money you are to receive, and the paymode mode, there are many ways to pay ranging from mobile airtime, bank transfer, chippercash and so many others but i want bank transfer so i filled in that..Now i need to find a buyer whose price range fall in my category as there are minimum and maximum a person is ready to buy.. Always take note of that..
I will be selling my usdt to joyce because her minimum fit in what i want to sell, so i just need to click on the sell usdt in front of her name
The time limit for her to make the payment is 15 mins as it is shown in the screenshot and i will be getting 9865 naira for my 20.5 usd.
The order has been created and i just need to wait for her to make payment into my account before i release the usdt to her, once she make the payment and i see the alert in my bank account, i will release the coins to her ..
It took some time before i receive the alert and i confirmed the release of the usdt.
The credit alert entered my bank account and here is the proof below..
So that is it, find it interesting? oh well you should try it too and start trading your coins by yourself!..
- Never release your coin to the buyer before you saw the money reflect in your account..
- If you didn't receive any money, try to get in contact with the buyer before clicking the appeal button
- If you are not able to contact the buyer, then you can appeal but no panic you coin is safe with binance and they will solve the issue between you and the buyer...
Posted Using LeoFinance Beta