Here is a more detailed tutorial on how to use the P2P (Peer-to-Peer) feature on Binance, both for buying and selling cryptocurrencies:
1. Login to Binance Account
On Mobile App:
Open Binance App: Find the Binance app on your phone and open it.
Enter Login Details: Enter your email or phone number and password. If you use two-factor authentication (2FA), enter the required code.
On Desktop Website:
Open Binance Website: Visit Binance in a browser.
Click "Login": Click the "Login" button in the upper right corner of the page.
Enter Login Details: Enter your email or phone number and password, plus 2FA code if enabled.
2. Access P2P Features
On Mobile App:
Tap on “Trade”: From the main menu at the bottom of the screen, tap on the “Trade” icon.
Select "P2P Trading": On the Trade page, find and tap on "P2P Trading".
On Desktop Website:
Click "Trade": In the top main menu of the site, click "Trade".
Select “P2P”: Select the “P2P Trading” option from the dropdown menu.
3. Complete Identity Verification (If Not Already)
On Mobile App and Desktop Website:
Go to “Dashboard”: In the app or website, go to your account dashboard.
Select "Profile" or "Account": Click the profile or account settings icon in the upper right corner.
Select "Identity Verification": In the settings menu, find and select the "Identity Verification" or "KYC" option.
Follow the Instructions: Complete the identity verification process by uploading required documents such as KTP, SIM, or passport and a photo of yourself. Wait for confirmation from Binance.
4. Buying Cryptocurrency via P2P
On Mobile App:
Select "Buy": On the P2P page, tap on the "Buy" tab.
Select Cryptocurrency: Select the cryptocurrency you wish to purchase from the list provided.
Select Payment Method: Choose a suitable payment method. Binance offers a variety of local methods such as bank transfer, e-wallet, or cash payment.
Enter Amount: Type in the amount of money you want to use or the amount of cryptocurrency you want to buy.
Select Seller: Select a seller from the list that appears. Check the seller's ratings and reviews to ensure reliability.
Click "Buy": After selecting a seller, tap "Buy" and confirm the purchase details.
Payment Transfer: Follow the instructions to make a payment to the seller. Payment methods will vary depending on your and the seller's choices.
Payment Confirmation: After making the payment, return to the app and click "Transferred, Next" to notify the seller that the payment has been made.
Wait for Confirmation from Seller: The seller will verify the payment and, if everything is correct, will release the cryptocurrency to your Binance account.
On Desktop Website:
Select "Buy": On the P2P page, select the "Buy" tab.
Select Cryptocurrency and Payment Method: Select the cryptocurrency you want to buy and the payment method from the dropdown menu.
Enter Amount: Type the amount you want to buy or use.
Select Seller: Select a seller from the list provided. Check ratings and reviews for safety.
Click "Buy": Click the "Buy" button and confirm the transaction details.
Make Payment: Transfer money according to the agreed payment method.
Payment Confirmation: Click "Transferred, Next" to notify the seller that payment has been made.
Wait for Seller: The seller will verify and release the cryptocurrency to your account.
5. Selling Cryptocurrency via P2P
On Mobile App:
Select "Sell": On the P2P page, tap on the "Sell" tab.
Select Cryptocurrency: Select the cryptocurrency you want to sell.
Enter Amount: Type in the amount of cryptocurrency you want to sell.
Select Buyer: Select a buyer from the list. Check the ratings and reviews to ensure the security of the transaction.
Click "Sell": Tap "Sell" and confirm the sale details.
Wait for Payment: The buyer will transfer money to the account you have specified.
Payment Confirmation: After receiving the payment, click “Confirm Receipt” to release the cryptocurrency to the buyer.
On Desktop Website:
Select "Sell": On the P2P page, select the "Sell" tab.
Select Cryptocurrency and Amount: Select the cryptocurrency you want to sell and enter the amount.
Select Buyer: Select a buyer from the available list. Check ratings and reviews to ensure reliability.
Click "Sell": Click the "Sell" button and confirm the transaction.
Wait for Payment: Wait for the buyer to transfer the payment.
Payment Confirmation: After receiving the payment, click “Confirm Receipt” to complete the transaction and release the cryptocurrency.
6. Managing Orders and Security
On Mobile App and Desktop Website:
Check Order Status: You can monitor your order status in the "Orders" section of the app or website. Here, you can see ongoing, successful, or failed transactions.
Use Escrow: Binance uses an escrow system to protect buyers and sellers. Cryptocurrencies are held in escrow until payment is confirmed. This helps prevent fraud.
Report a Problem: If there is any problem or dispute, you can contact Binance support via their app or website for assistance.
Safety Tips
Seller/Buyer Verification: Always check the reputation and reviews of the seller or buyer before making a transaction. Choose a seller or buyer with high ratings and positive reviews.
Use a Trusted Payment Method: Choose a payment method that you trust and that is supported by Binance.
Beware of Fraud: Do not send payments to third parties or through unknown methods. Do not disclose unnecessary personal information.
By following these steps, you can conduct P2P transactions on Binance safely and efficiently, whether buying or selling cryptocurrencies.