Thousands of people invest in cryptocurrencies every day, but one of the most common questions among beginners in this market is: How do you sell cryptocurrency (be it Bitcoin, Ethereum, Solana, or others) and withdraw it in your local currency?

Since the steps may seem complicated at first, in this article I will show you all the available solutions, step by step, to convert your cryptocurrencies to Saudi Riyals.

First: Transfer Bitcoin to the platform

If you have your Bitcoin in an external wallet or on another exchange, transfer it to Binance. The transfer process is very easy, all you have to do is log in to your Binance account and click “Deposit”, then choose Bitcoin. After that, choose the appropriate network.

You will be presented with several network options. If you have your Bitcoin in an external wallet on the Bitcoin network, for example, make sure you choose the same network as your wallet. If you have your Bitcoin on another platform, choose the network with the lowest fees, and make sure it is also available on the Binance platform.

Second: Convert Bitcoin to Dollars

After Bitcoin reaches your Binance account, you can go in and sell Bitcoin for USDT on the Spot Market.

USDT is a digital currency but it is equal in value to the dollar, which means that every 1 USDT is equal to 1 dollar.

You can click on “Trade” and choose the trading pair BTC/USDT and then set a price to sell your Bitcoin. After completing the sale, you will see USDT coins in your wallet equal to the value of the dollar, making it easier for you to better manage your money.

Third: Convert USDT to Saudi Riyal

To convert USDT to SAR, you can use the P2P market. To understand, the P2P market is a platform-run market that brings together traders to buy or sell cryptocurrencies for local currencies, whether it is the Saudi riyal or any other local currency such as the Kuwaiti dinar, the Emirati dirham, the Egyptian pound, or others.

Everyone prefers to use the P2P market because it offers multiple transfer methods and a better exchange rate than any other method. To enter the P2P market, search for P2P Trading from the home page.

Next, select the Saudi Riyal currency and choose “Sell”.

You will see offers from merchants to buy USDT from you for Saudi Riyals.

All you have to do is choose the price that suits you and the transfer method that suits you and start the selling process. Remember that you should always check the reliability of the merchants and the reviews before making any deal to ensure the security of your transaction.

Is it safe to buy from a P2P marketplace?

The unique thing about the P2P market is that it offers a guaranteed way to buy or sell from the trading platform, because the platform acts as an intermediary between the seller and the buyer. In this way, the platform guarantees your right and the merchant’s right at the same time.

The platform does this by holding the digital currency until the other party confirms receipt of the amount.

How to avoid scams in the P2P market?

In most cases, the fraud you are exposed to in the P2P market is caused by the merchant communicating with you outside the platform application.

For example, the merchant contacts you on WhatsApp and asks you to click on confirm the transaction in the application, after which he will send you the transfer.

If this happens to you, this is a scam in which the merchant is trying to deceive you. If you communicate with the merchant outside the platform, you have lost your right before the platform because its role as an intermediary is only within the application.

So if you are new to the P2P market, do not deal with the merchant outside the application in any way and make all your correspondence with him within the application so that you are safe and do not lose your money.