Binance P2P: How to Use Block Trades to Make Large Crypto Transactions With Zero Fees
In this article, we’ll provide you with an introduction to block trades, why users may prefer selling to block traders and how you can use Binance P2P to safely sell Bitcoin and other cryptocurrencies in bulk.
Main Takeaway
In the world of crypto, block trades refer to large volume sales or purchases of cryptocurrencies that are typically performed outside of the open market for security purposes.
If you’re dealing with large amounts of money, you need a secure and trustworthy platform and counterparty to conduct your transaction.
With over 700+ payment methods, 100+ fiat currencies and verified block trader merchants, find out how you can sell Bitcoin and other cryptocurrencies in bulk on Binance P2P.
Block trades, or trades involving large transaction amounts, have played a crucial role in traditional markets long before crypto. When it comes to equities, block trades are usually conducted through an intermediary who specializes in handling large transactions–also known as a block trading facility–so as not to negatively affect the market price of the asset that is being traded. This gives traders and investors a simple method to sell large amounts of an asset at their intended price.
Similar to traditional markets, the Binance P2P marketplace acts as a safe and reliable intermediary who can conduct high-volume crypto trades. Users who are interested in selling a large amount of their crypto can consider trading with a block trade merchant on Binance P2P, our leading peer-to-peer marketplace that’s trusted by millions of users worldwide.
Why Should I Sell to a Block Trader on Binance P2P?
Our team at Binance P2P has a strict vetting process for all our block trade merchants, offering you a safe and secure method to trade crypto in bulk. If you’re interested in learning more, we’ve listed some common reasons why users holding large amounts of crypto may prefer selling to a block trader.
1. Avoid slippage
Selling a large amount of crypto in one market order on an exchange can be difficult and can result in slippage, which is receiving a market price that is different than intended. This typically happens in low-volume coins where the order book does not have enough buyers to match a high-volume transaction.
2. Ultra-fast transactions at your price
Some traders will sell their holdings in small sizes or leave limit orders to combat slippage. However, this method leaves you open to market risk the longer you wait for the order book to fill out, leaving you with an undesired execution price. In other words, the market may turn against you while you’re trying to sell off your crypto. With a block trading merchant, you can execute large orders in minutes at your preferred price, negating the need to watch charts all day.
3. Sell with your preferred payment method
Binance P2P supports block trades for more than 700+ payment methods and more than 100+ fiat currencies, giving you an accessible platform to sell crypto with zero fees.
How do I Make Block Trades on Binance P2P?
Making a block trade on Binance P2P is a simple 3-step process. Before you read our step-by-step guide on Binance P2P block trades, make sure you’ve completed intermediate or advanced verification.
Click on P2P trading from the Binance App homepage and follow the instructions below.
1. Filter the marketplace
Before you start browsing, click the filter icon on the top right and set it to only show ads from merchants.
You can also filter by payment method and total amount of local currency.
2. Look for sellers with the purple diamond
Go back to the P2P marketplace and you’ll notice that all the seller names will either have a purple diamond or yellow badge next to their name.
Click on the name with the purple diamond. These are users who have been vetted and verified to make high-volume crypto block trades.
3. Complete your trade
Enter the quantity you want to sell, select a payment method and confirm your order. After the buyer makes the payment, make sure you’ve received the funds from the buyer before you press confirm receipt and release your crypto.
If you have not received any money, please DO NOT release crypto to avoid potential financial losses.
Additional method: P2P Block Trade zone
You can also click “P2P” on the top left of the marketplace homepage and select “Block Trade” to see all the available block trade ads.
Note that as of January 2023, the P2P Block Trade zone is available in AED, INR, HKD, NGN, VND, PHP, and IDR markets.
Buy or Sell Crypto on Binance P2P
At Binance P2P, we provide an accessible platform for users to buy or sell crypto with zero fees. With more than 700 payment methods and more than 100 fiat currencies, you’ll always find a suitable counterparty to trade with. If you’re looking to get started on your crypto journey, register for a Binance account and complete intermediate or advanced verification. If you want to learn more about Binance P2P, you can refer to the articles below: