Tutorial on how to use P2P to deposit or withdraw your fiat on binance exchange

in LeoFinance3 months ago

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.

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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..

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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

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it will bring another page, since you are selling your dollars to get your currency, you will click sell

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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..

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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

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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.

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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.

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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!..

NOTE

  • 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...

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Very nice!

Posted Using LeoFinance Beta

This p2p section really changed my life for the better. Now I don’t buy bitcoin when I need hive. Just usdt. And it takes seconds to do it.

Great tip !

yea p2p seems one of the best and easy way to go about depositing or withdrawing our funds

That’s an extremely useful feature m binance, and at 0 fee !
You could also have talked about the ad system which offer the possibility to grind few cents on the exchange rate at buying and selling.
Great if you’re not in a hurry and to make some additional bucks.
You could actually make a living out of it if you were to trade large amounts during a good part of the day :D

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yup that is trading, the purpose of this post is to teach users how to withdraw their funds, i might make a post of how to make few bucks you talked about, thanks

Sorry I didn’t mean it in a bad way.
Your article is good and helpful, thank you for that ;)
!ENGAGE20

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Thank you for your engagement on this post, you have recieved ENGAGE tokens.

Great post as always sir, I have use binance but never used p2p yet, most of the time I fill my order form the market that is real quick and fast .

The tips are really good sir thanks for that they are really useful of the new ones like me indeed. 😊🤝🙏❤️

oh you need it try it my man, very simple to use ...

Wow!!! U indeed fulfil your promise of writing this . u have done a good job. Thanks for this .

you welcom babe

Baby indeed