How to sell crypto on Binance P2P?

How to sell cryptocurrencies on Binance P2P? Binance was founded by Changpeng Zhao and Yi He in China in 2017. The two creators worked at the OKCoin exchange for a while, then they thought it would be better to create their own exchange.

Binance also has its own token, known as Binance Coin, or BNB. The first BNB coin offering in the exchange managed to raise funds of around $15 million in 2017. People who use BNB to pay their trading fees could also benefit from discounts.

You can trade with Binance using your cryptocurrencies or tokens. When you first join Binance and start using it, you will need to purchase your first bitcoin or BNB.

Binance can be traded, especially if you make sure to purchase Binance Coin. But to do this, you will have to go through a series of steps.

Let's go

Step 1: create your account on Binance

The first thing you need to do is open an account if you want to trade with Binance. Go to the main page of the Binance platform and click Register. Then you will be redirected to the appropriate registration page.

You will first need to provide an email address and set up a password. The email address must be a valid address that you use regularly. As for the password, you need to set up a secure one, such as a combination of numbers, letters, and symbols.

Next, you will need to review Binance's Terms of Service and agree to them, after which you can click Register.

You will also have to prove that you are a human and not a robot. This will require completing a puzzle, which is not difficult. After that, an email will be sent to your inbox.

Click on "Check email” and your registration is complete. You have an account on Binance and can start trading. But there is one more thing you need to do before trading, respectively make sure your account is secure.

That means you have to configure a 2FA. This adds an extra layer of security to your account by ensuring that no one else will have access to your funds and spend them on their personal fulfillment.

Step 2: make a deposit in your account

Now that your account is open and secure, you can fund it. Let’s take Ethereum as an example for the funding process. Log in to your account and click Accounts. Then choose the option “Send” on ETF Wallet.

Enter a recipient after that, as this will be the person who receives the Ethereum amount. You must have an Ethereum address on your Binance account since you are sending the amount to Binance.

Next, log in to your Binance account and click “Funds“, Then on“deposits“. Enter the cryptocurrency you need the address for. If Ethereum is the option you choose, Binance will ensure that an address is generated in order to transfer the amount.

Your Ethereum funds will then be sent to the ETH deposit address. This means that it must be copied and pasted into the Coinbase account inbox in order to make depositing money possible.

Next, select the amount you want to send to your Binance account, after which you can click “Send“. As soon as the Ethereum network finishes processing the funds, they will appear in your Binance account.

Step 3: Start trading

Now is the time to start trading. Move the cursor over Trade and then click on Basic or Advanced. This will show you all the current market details. In order to sell BNB for BTC at the current Bitcoin price, you need to choose BTC in the right panel.

Then click on BNB/BTC and you will see the corresponding trading page. Keep scrolling down until you see a Buy BNB and Sell BNB option.

You use the Sell Coins option to sell BNB. Enter the amount you want to sell. Then click on the bar “Sell ​​BNB“. You will immediately see a pop-up “Limit sell order created".

Then scroll down to the section Open orders to view the sell limit order. Wait for the open order to complete, and once that happens your trade will be complete.

Practice of trading on binance: when you are on PC

If you're already logged into your account, here's what you need to do.

Step 1 : Select (1) “ Buy Crypto ”, then click on (2) “ P2P Trading » in the top navigation bar.

2nd step : Click on (1) “ Selland select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “ Payment from the drop-down list, select an ad, then click (3) " Sell ».

Step 3: Enter the amount (in your fiat currency) or quantity (in crypto) you wish to purchase and click (2) “Sell".

La Step 4: The transaction will now display " Payment to be made by the buyer ».

Step 5: Once the buyer has made the payment, the transaction will now display “ To free ". Please ensure that you have received payment from the buyer on the app/payment method you used.

After confirming receipt of the buyer's money, press " Confirm Release " and " To confirm to release the crypto to the buyer's account. Again, if you have not received any money, please DO NOT release any crypto to avoid financial loss.

Step 6: Now that the order is complete, the buyer will receive the crypto. You can click [Verify my account] to check your Fiat balance.

Please note: You can use the chat on the right side to communicate with the buyer throughout the process.

Please note: If you encounter any problems in the transaction process, you can contact the buyer using the chat window at the top right of the page or you can click "Appeland our customer service team will help you process the order.

Tips:

1. Be sure to log into your account to confirm payment is received, it can avoid financial loss caused by wrong click of unlock button.

2. The digital assets you are selling have been frozen by the platform. Please confirm receipt of buyer's payment and click "Releaseto release the crypto.

3. Please do not accept any request to release crypto before confirming receipt of payment to avoid financial loss.

4. After receiving SMS notification, make sure to log in to your bank account to confirm if the payment is credited, this will avoid releasing crypto due to a fraudulent SMS.

Practice of trading on Binance: when you are on Mobile

Step 1: First of all, go to tab (1) “ Wallets », click on (2) « P2P and (3) " To transfer » the cryptos you want to sell to your P2P wallet. If you already have the crypto in the P2P wallet, please go to the home page and press “ P2P Trading to enter P2P trading.

2nd step : Click on "P2P Trading” on the app home page to open the P2P page on your app. Click on [Sell] at the top of the P2P trading page, select a coin (taking USDT as an example here), then select an ad and click " Sell ».

Step 3

• (1) Enter the quantity you want to sell, (2) select a payment method and click “ Sell ​​USDT to place an order.

4nd step : The transaction will now show “Payment pending". Once the buyer has made the payment, the transaction will now display “ Confirm receipt ". Please ensure that you have received payment from the buyer on the app/payment method you used.

After confirming receipt of the buyer's money, press " Payment received " and " To confirm » to release the crypto to the buyer's account. Again, if you have not received any money, please DO NOT release crypto to avoid any financial loss.

Please note: : If you encounter any problems in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appel” and our customer service team will help you process the order.

How to withdraw funds from Binance?

It is possible to withdraw funds from your Binance account. But to make this possible, you will have to go through a specific withdrawal process. It's not difficult, but following each step is necessary if you want everything to go smoothly.

After all, the last thing you want is to make a mistake and possibly lose your funds as a result. Here are the steps you need to follow:

• Sign into your account
• Choose “Withdrawal"
• Click on the tab Cryptocurrency
• Select the right network
• Choose the desired currency
• Choose “Receive"
• Copy and paste the current address
• Choose “Send code"
• Enter the 2FA code

Each of these steps is discussed in more detail below.

Sign into your account

First, you need to make sure you are logged into your Binance account. After logging in, you need to go to portfolio then click on portfolio Fiat and Spot.

Click on Withdrawal after reaching the page.

Click on the “Withdraw Crypto” tab After clicking on retired, selected the tag withdraw crypto, you will be asked to select the cryptocurrency you wish to withdraw.

Select the correct network. Some currencies are issued on various platforms. In this case, you will have to select the one from which you want to make the withdrawal.

Choose the desired currency. In the Trust Wallet, tap the desired currency for withdrawal. Choose "Receive". Tap the Receive option when prompted.

Copy and paste the current address

Copy the currency address when prompted. Go to the Binance withdrawal page and paste the address you just selected. Click submit if everything looks good.

Choose “Send Code”

Click Send Code, after which you must enter a six-digit code that was sent to your email address.

Enter the 2FA code

Enter the 2FA code, then click Submit if everything else is correct. It will be possible to see the withdrawals in your transaction history afterwards.

How to Withdraw Fiat Currency from Binance ?

More than 60 fiat currencies are supported by Binance, and various payment methods are also available. It is therefore important to know how to withdraw fiat currency from your Binance account.

Here are the steps you will need to go through:

• Sign into your account. You must log in to your account. Once you've done that, go to Portfolio then click Fiat and Spot.
• Select Remove.
• Click on the Fiat tab.
• Choose the fiat currency you wish to withdraw. Also choose a payment method. Be aware that the payment methods available depend on your region, as well as the currency you have selected.
• Enter the details required by the page. Then follow the instructions there.
• Enter your verification code. This will help confirm your withdrawal.

Binance Withdrawal Fees

Since you are performing an in-network transaction when withdrawing crypto from your account with Binance, you will incur some fees. The fee is intended to cover the transaction cost of the network. Some currencies, like Ether or BNB, need Binance to be sent to another crypto wallet.

Therefore, gas fees will apply when you transact on Binance Chain, Binance Smart Chain or Ethereum. The fee is paid to minors. The cost of transaction fees will be passed on to the user by Binance.

Minimum withdrawal amount

There is a minimum withdrawal amount for Binance. Each cryptocurrency has its own minimum withdrawal amount. That being said, you will not be able to withdraw an amount less than that indicated on the withdrawal page.

If you want to know the minimum amounts for each currency, you can check them on the Binance website. There is a list of each minimum amount and the corresponding withdrawal fees.

How long does it take to withdraw from Binance?

Withdrawing from Binance can take a while. It's not because Binance is slow or anything. Indeed, the platform will take care of the processing of the withdrawal as soon as you request it. However, every blockchain is different, so the time it takes to complete transactions may vary.

For example, Binance Smart Chain can transact in a few minutes only. Bitcoin, on the other hand, will take approximately 10 minutes to 30 minutes to be able to mark a withdrawal as successful.

Ethereum can take even longer than these two. So it really depends on the blockchain. Also, if a network has very high traffic, it will affect the waiting time. The higher the traffic, the longer your wait time increases.

Sometimes withdrawals can end up getting stuck in processing, and that's because the blockchain has to confirm the transaction first. In other situations, it can be congested.

There are specific blockchains that require more network confirmations than others. So, during periods of heavy traffic, you can expect transactions to take longer than usual.