Binance is a global cryptocurrency exchange having operations in almost every country in the world. It is also one of the largest digital asset trading platforms, both in terms of trading volume and user base. In this post, I will introduce you to Binance P2P India with all-inclusive details.
Needless to say, the P2P (peer-to-peer) exchanges are a great alternative to traditional cryptocurrency exchanges especially when it comes to buying Bitcoins using fiat currency. It’s because most of the traditional cryptocurrency exchanges lack adequate fiat payment options.
Even though Binance is the largest crypto exchange, it still lacks adequate fiat support and thus introduced Binance P2P in order to provide a better fiat to crypto ramp-up.
1). Using Mobile App
2). Using website
1. What is Binance P2P?
Binance P2P is the peer-to-peer market interface of Binance.com that allows users from different countries to buy and sell Bitcoin and other crypto-assets using their local fiat currency. Users can access the P2P trading interface on both the platforms i.e mobile app and desktop (Binance.com)
“P2P (peer-to-peer) trading of cryptocurrencies refers to a market interface that enables buyers and sellers to directly interact and buy-sell cryptocurrencies to and from each other. It is a marketplace that allows buyers and sellers to create ads with the price and payment method of their choice.”
In April 2020, Binance P2P added support for Indian Rupee (INR) that has made it super easy for Indian cryptocurrency users to buy and sell crypto assets in Binance P2P markets using INR.
2. How Binance P2P outperform its rivals?
Binance is a feature-packed crypto exchange that offers a wide range of product portfolio to its users. The launch of Binance P2P and further INR integration has brought all these products and services easily accessible to Indian users.
Consequently, all Indian cryptocurrency users can easily buy Bitcoin or other crypto assets on Binance P2P India using Indian Rupee (INR) and take advantage of the whole cryptocurrency ecosystem offered by Binance.
Below are some of the features of Binance P2P that makes it stand out from the rest!
1). Binance ecosystem benefits: All Binance P2P users are not just limited to P2P markets only. Because P2P markets are just a part of the wider Binance ecosystem of crypto products and services. Hence, after buying Bitcoins on Binance P2P, the user gets easy access to all the products and services simultaneously, that Binance offers.
2). ZERO trading fee: Binance P2P offers Zero trading fee for both maker and taker.
3). Binance P2P supports multiple cryptocurrencies and fiat payment methods: Most of the traditional P2P platforms only support a single cryptocurrency i.e Bitcoin. However, Binance P2P allows users to buy-sell 6 cryptocurrencies including Bitcoin, and supports multiple INR payment methods such as bank transfer, UPI, Paytm, etc.
4). KYC verified merchants: All the Binance P2P merchants are KYC verified. It allows only KYC verified users to place buy-sell adverts.
5). Binance P2P as remittance: As of now, Binance P2P supports 27 fiat currencies which can be used as a remittance service. Users can buy crypto with a particular fiat and then sell the same for any other fiat currencies of their choice supported on Binance P2P.
6). Binance escrow: Similar to traditional P2P exchanges like LocalBitcoins, and Paxful, Binance P2P also offers an escrow service that automatically locks the amount of seller’s crypto for a particular order and releases only after the seller makes a confirmation of the payment.
3. How to access Binance P2P and start buying and selling crypto using INR?
Binance exchange allows its users to access trading services via both platforms i.e website (Binance.com) as well as a mobile application.
In order to start with Binance P2P India, you need to create an account on the Binance exchange. If you have already an account registered with Binance, you can start with that also. However, your Binance account must be KYC approved in order to start using the P2P marketplace.
Let’s see how it works;
Using Mobile application
1). Download the Binance app from Playstore. Login to your Binance account with your login credentials or register a new account and complete KYC.
2). As you open the app, in the midsection on the home screen, you will find two options to buy crypto using INR i.e P2P Trading and Credit/Debit Card. Because of the lack of proper banking support in India, I won’t suggest you to go for a Credit/Debit Card option. Hence, click “P2P Trading”. It will open the next page.
3). On next page, in top section click on double arrow icon to select the currency i.e INR for buying crypto.
4). There are 3 dots on the top right corner of the same page. By clicking on the dots,
– You can check payment methods added by you or you can add new one.
– Set SMS authentication
– You can switch mode – Advertisement mode (for users looking to post an ad), Order mode (for users looking to buy-sell from ads)
After accessing the P2P interface, it’s the basic setup that you need to check out before making any trade. Now let’s move ahead and learn how to buy or sell crypto using INR;
1). Make sure you have selected “Order mode” to directly buy or sell from existing ads.
2). On the orders page, you can click on any one of the 6 cryptocurrencies to buy or sell.
3). Tap the filter icon on the right side to filter out the payment options. Now choose the order from the list that suits you best, and proceed with your transaction.
4). On next screen, you can enter the amount of INR for which you want to buy crypto or you can enter the number of crypto coins that you want to buy with INR.
This is how you can complete a buy or sell trade on Binance P2P mobile application.
Using website (Binance.com)
Buying and selling crypto on Binance.com is quite easy and similar to that of using the Binance mobile application. The only difference that you may experience is the interface of both the platforms. Here’s a brief description of how to access and start with Binance P2P India on the website interface.
1). Register or login to your Binance.com account. Now, hover over “Buy Crypto” and select “P2P Trading” from the dropdown list.
2). It will take you to the orders page, choose fiat currency i.e INR and here you can buy and sell 6 cryptocurrencies including Bitcoin, by following the same approach that we have used in Binance mobile application.
Similarly you can create a buy and sell advert on Binance.com. (website)
4. How to place a buy and sell advert on the Binance app?
Making a buy and sell advert is quite easy and you can create one in a few steps.
1). Click P2P Trading and it will take you to the orders page.
2). Before creating a buy-sell advert make sure to switch the P2P markets to Advertisements mode (not Orders mode).
3). Click on “Ads” in the bottom menu tray and on the next page click “Post Ad”.
4). On the “Post an Ad” page, select the Ad type i.e Buy or Sell. The selected one will turn to yellow and others will remain grey.
5). Select the crypto asset from the drop-down list (eg. BTC) and INR from the fiat currency list.
6). In the “Price settings” section, the app will show you the actual price of the crypto asset that you have selected. It offers you to choose between the Floating rate and Fixed rate.
• What is a Floating and Fixed rate?
• Floating Rate; In case of a floating rate Ad, the price changes with price fluctuations in the market and is refreshed every minute within the selected range of percentage.
• Fixed Rate; The price of fixed price Ad remains fixed and doesn’t move with the change in market price.
Due to high volatility in crypto assets, prices move fast, hence floating rate is recommended.
7). Click on “Next”, it will take you to the next page. In the ” Total Trading amount” section you need to enter the amount of crypto-asset that you are going to buy or sell in that particular Ad.
8). Next, you have to provide the minimum amount in fiat you want to trade. The maximum amount will always be shown in Ad, as your assets total value.
9). In the “Payment method”, you can choose up to 3 most preferred payment methods. (eg. UPI, IMPS, Bank transfer, Paytm)
10). In the “Payment Time Limit” section, choose the time limit within which you want payment should be made. Click “Next” to continue.
11). On next page you will see two sections i.e. Remarks and Auto-reply.
• Remarks; In remarks section add some remarks. If you are placing a sell Ad, it’s better to provide your directions to the counterparty here.
• Auto-reply; It will send your message to the counterparty once the order is created. Add your message accordingly.
12). In the next step, you can add some conditions for the counterparty. However, adding more conditions would result in less number of successful trades.
13). Next step allows you to shedule the posting of your Ad, you can choose accordingly.
14). Now click “Post”, it will ask you to verify your phone number via an OTP. As you verify the OTP, your Ad is posted successfully.
5. Binance P2P Merchant program
Binance P2P offers a relatively large number of cryptocurrencies as compared to traditional P2P trading platforms. Yet, providing a large number of crypto coins isn’t enough, it’s the liquidity among the given pairs that matters the most.
Consequently, Binance has introduced the P2P Merchant program to provide higher liquidity and faster order execution on Binance P2P. It encourages quality payment service providers to join the Binance Merchant program for providing better fiat payment options. And for the same, it offers additional benefits to the merchants such as;
– Zero transaction fees
– P2P trading volume adjustment in spot trading volume for VIP level calculation
– Referral bonus rewards
– Exclusive customer support for merchants
Clearly, Binance P2P emerges as a great and safe platform to start your P2P journey. Additionally, as a user you aren’t limited to the P2P marketplace, rather you can benefit from its whole lot of cryptocurrency ecosystem i.e Spot trading, Margin trading, Futures, and options, Binance Pool, Staking, and Earning.
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Don’t forget to share your experience in the comments section, if you have already used Binance P2P marketplace!