Binance is the largest cryptocurrency platform in the world. Plus, it offers the Binance P2P exchange for peer-to-peer trading of crypto assets.
The Binance P2P exchange lets you trade the most popular cryptocurrencies using over 300 payment methods from bank transfer to PayPal, and Cash-In-Person.
This post focuses on using the Binance P2P platform to convert your BTC assets directly to cash, by selecting the Cash-In-Person option.
What is Binance P2P
As the name implies, the Binance P2P exchange is a peer-to-peer platform that allows anyone from anywhere to trade in cryptocurrencies. It is a centralized finance platform, meaning you will need to register an account and be properly verified, before trading with others.
Binance P2P offers two types of accounts: normal users and merchants. Anyone can become an ordinary user by registering an account and getting verified, but merchants are business accounts that plan to make money on the platform.
Why Use Binance P2P?
There are many good arguments for you to conduct your crypto dealings on the Binance P2P platform. Here are the major ones.
- World’s Largest Crypto Exchange – With over 1.5 million weekly users and 7.5 million annual transactions, the Binance P2P platform is, without a doubt, the largest crypto exchange on the planet.
- High Liquidity – Over 15,000 merchants provide the needed liquidity that enables the Binance P2P platform to process 7.5+ million transactions yearly.
- Zero Transaction Fees – Buying or selling cryptocurrencies on the exchange is free for ordinary users. You will only need to pay a small fee when you decide to place ads, or if you are a merchant.
- Integrated Escrow Service – Binance includes an escrow service that boosts the security of all trades on the platform. The Binance Escrow service will first freeze the amount of escrow slated for the transaction. The second party will now transfer the fiat currency to the crypto owner. And once the crypto owner confirms receipt, the crypto assets are then released.
- 300+ Payment Methods – Binance supports a wide range of payment methods to make things easier for all involved parties. This includes everything from Western Union to PayPal, bank wire, and so on. The platform also supports 70+ local currencies, from USD to AUD, EUR, NGN, ZAR, and so on.
Step By Step Guide for BTC to Cash Trading
Trading your BTC assets for cash on the Binance platform is a straightforward process. You just need to follow this step-by-step guide below to get it done.
Step 1: First, head over to the Binance P2P platform to get started.
Step 2: You will need to log in to your account or create a new one if you do not have a Binance account already. The accounts are free.
Step 3: Verify your account to become eligible to trade without restrictions. Depending on your region, Binance might request specific details, including level-2 verification.
Step 4: Once the registration and verification phases are over, log in to your account and set up your preferences – preferred payment method, fund your wallet, and so on.
Step 5: In your account’s dashboard, click on the ‘Buy Crypto’ button in the top menu. Then select ‘P2P Trading’ from the drop-down menu. Once the exchange platform loads, you will find a small menu that lets you sell Bitcoin by clicking on ‘Sell’ and then on ‘BTC’ to its right.
Step 6: Next, select the Fiat currency that you wish to trade your BTC for, and under the ‘Payment’ drop-down menu, select Cash-In-Person.
Step 7: Now, the platform will list all available merchants that can pay you cash for your BTC. Choose a merchant by clicking on the red ‘Sell BTC’ button to proceed.
Step 8: Once the form opens, check the seller’s terms and conditions to avoid any mistakes. Then enter the amount of BTC that you want to sell to proceed.
Step 9: After submitting the request, you will now have to arrange and meet the merchant offline to hand over the cash to you. Keep in mind that Binance will freeze the same amount of BTC that you want to sell from your account. For further tips regarding this offline meeting, please check out the next paragraph (Tips & Guidelines).
Step 10: Once you have received the cash, confirm that you have received it through the transactions list on your Binance account. The exchange will then release the BTC assets to the seller and the transaction is complete.
Tips & Guidelines For Cash-In-Person Trading
You should note that while the Binance P2P platform offers you a certain level of privacy and security from the world, meeting a stranger in person to exchange cash or other assets comes with some potential risks.
Nonetheless, Binance takes many measures in selecting merchants for the P2P cash trade system, and to ensure the safety and security of funds traded on the platform. However, you must also take certain measures when meeting in person, and the most important are outlined below.
- Always negotiate the transfer details first with the merchant to make sure you are on the same page. Binance offers a chat system for this.
- Use only verified merchants to ensure your security.
- Opt to meet the merchant in a public place with people around. Avoid lonely places.
- If possible, go with a friend or two.
- Always check the cash you get in front of the merchant.
You Too Can Become A Merchant
Do you have a large stash of crypto assets or fiat money and are wondering if you could make some easy profits off of it? Then, the Binance P2P Cash Trade Merchant program might be exactly what you need.
As with every exchange or marketplace, the Binance P2P platform depends on users and merchants alike. While ordinary users can come and go, or use the service of merchants whenever it pleases them, merchants must adhere to stricter standards and obligations.
In return, a Binance Cash Trade merchant can enjoy certain benefits, such as:
- Earning a premium for offering cash services
- Generating more business and clients
- Received improved support from Binance
- Becoming a higher level Binance user with exclusive rights
If you wish to become a Binance Cash Trade merchant, then you should first check to see that you meet the requirements. These requirements include:
- Experience – Binance requires that you have enough experience in handling both cash and online P2P transactions.
- Physical Office – An online account is also not enough here. You will need a physical or brick & mortar presence. An office address, where clients can visit you for transactions.
- Security Deposit – The third requirement is the capacity to make a security deposit with Binance. The amount of this deposit will determine the volume of trades you can make on the platform.
How to Become a Cash Merchant?
Becoming a Cash Trade merchant on the Binance platform is easy once you meet the requirements above. All you need to do is follow these steps:
Step 1: Visit this Google Forms page and apply to become a Cash Trade merchant on the Binance platform.
Step 2: Submit the form and wait for the Binance team to screen and approve your application. Please note that Binance will only contact you if you get approved and this should be within 7 days of making the application.
Step 3: If you are contacted, then great. Although, the representative may still demand extra documentation from you, or simply have some more questions.
Step 4: Time to sign the agreement with Binance.
Step 5: Make your security deposit as instructed by the platform.
Step 6: Start trading and making money.
As you can see, becoming a Binance Cash Trade merchant is straightforward, if you have got what it takes. You should note that this is serious business for those who want to make a good income by offering cryptocurrency-related services.
We have reached the end of this short guide on how to easily convert your BTC to real cash on the Binance P2P platform. And you have also seen the flexibility and opportunities that this exchange offers.
How you choose to proceed from here is up to you, though. We all have our rights to personal freedom and privacy, and therein lies the foundation and allure of BTC and other crypto coins.
So, if you choose to cash your crypto assets straight to real cash, then it is nobody’s business. Click here to begin.