Here is a detailed explanation of the process of selling Bitcoin in Saudi Arabia via the Binance platform, step by step:
1. Create an account on Binance
• If you do not have a Binance account, click here.
• Click on “Register” and fill in the required data (email or mobile number and password).
• After registering, you will need to complete the KYC process. This requires uploading a photo of your ID and providing some personal information (such as name and address).
2. Log in to your account.
• After creating the account and activating the identity, log in using your data.
• Once you are logged in, go to your main dashboard.
3. Log in to the P2P platform
• From the main menu, select “Trading” and then click on “P2P”.
• P2P platform that allows users to buy and sell cryptocurrencies directly from each other.
4. Select “Sell” and select the currency.
• Once you enter P2P, you will find two options at the top of the screen: “Buy” and “Sell”.
• Click on “Sell” and choose the currency you want to sell, in this case choose Bitcoin (BTC).
5. Determine the sale amount
• After selecting Bitcoin, you will be shown a list of available buyers who want to buy BTC.
• Specify the amount of Bitcoin you wish to sell, either in BTC or its equivalent in Saudi Riyals (SAR).
6. Buyer's Choice
• After setting the amount, browse the list of buyers. You can see details of each buyer such as rating (success rate in purchases) and number of previous transactions.
• Choose a buyer with a high rating and number of successful purchases.
• Make sure the buyer offers a payment method that is suitable for you, usually local bank transfer is the common method in Saudi Arabia.
7. Start the sales process
• After selecting the buyer, click “Sell BTC”.
• Enter the amount you wish to sell and confirm the payment details (the bank account number to which you will receive the money).
8. Waiting to receive funds
• After completing the previous step, the buyer will start the bank transfer process.
• Wait until the amount reaches your bank account.
• Do not release your bitcoins until you verify that the funds have actually arrived in your bank account.
• The transfer process may take some time depending on your bank.
9. Release Bitcoin to Buyer
• Once the money is received in your account, go back to the Binance P2P page and click “Edit” to transfer the Bitcoin to the buyer.
• After releasing the bitcoins, the process will be completed successfully.
10. Transaction confirmation and buyer evaluation
• After the sale is completed, you can rate the buyer based on your experience. These ratings help others choose reliable buyers or sellers.
Additional tips:
• Never release Bitcoin before confirming that the funds have been received in your bank account.
• Choose buyers who have high ratings and a large number of successful transactions to avoid any problems.
• If there is any problem or delay in payment, you can file a complaint with Binance support team for investigation.
This way you have completed selling Bitcoin safely and easily through the Binance platform in Saudi Arabia