Peer-to-peer (P2P) trading platforms continue to offer a convenient way to enter and exit the crypto space. As of May 2024, USDT is the most traded crypto asset on P2P platforms due to its stability and liquidity. This guide teaches you how to buy and sell the USDT stablecoin on the Binance P2P platform.
Exploring Binance P2P
Binance P2P is offered by the leading cryptocurrency exchange based on trading volume, Binance. Besides USDT, Binance P2P users can trade other assets like Bitcoin and BNB with each other without needing the services of middlemen.
📈🤖 Unlock unparalleled trading potential with GPT Stocks Master AI! Revolutionize your portfolio, leveraging real-time insights and predictive analytics. Don’t miss out – step into a world where precision and profitability meet. Ready to transform your trading journey? Click “Master My Trades” now for your exclusive access! ✨🚀📊
Why USDT?
As mentioned earlier, most P2P traders on Binance choose USDT since it is stable and highly liquid. The stablecoin is the biggest by market cap ($111.4 billion) and issued by a crypto company called Tether.
Once you purchase USDT, you can use it to make crypto transfers and enter the decentralized finance space to explore investment opportunities.
How to Buy the USDT Stablecoin on Binance P2P
Binance P2P is recommended for beginners since it is easy to use. Here is how you can buy your first USDT tokens using the platform:
1. Download the Binance Mobile App and Set Up an Account
To get started with Binance, download its mobile app from the App Store or Google Store. Upon installation, set up a trading account by providing basic details like your phone number and email. Also, remember to create a unique, strong password.
2. Complete Know Your Customer Procedure
Verifying your identity is a must-requirement for all new Binance users. The procedure involves submitting your proof of residence document and a government-issued identification card. Like other centralized exchanges, Binance intends to know its customers’ identities in an effort to prevent money laundering activities.
3. Visit the Binance P2P Platform
As a verified Binance user, you can now access the exchange’s P2P platform. To do so, press “Trade” and choose the “P2P” option on the top bar menu.
4. Select USDT
Once you access Binance P2P, you will see the various cryptocurrencies available for trade. Pick USDT and press “Buy” to find suitable sellers.
5. Purchase USDT
After finding a seller supporting your preferred payment method and selling USDT at an ideal price, the next step is to create a buy order to purchase the stablecoin. To do this, enter the USDT amount you’d like to buy and select the payment method. Now, click “Buy” to inform the seller of your order. Proceed to make a payment and notify the seller when it’s complete.
6. Receive USDT
Once the seller confirms the payment, they’ll release USDT tokens, which Binance deposits into your funding wallet.
Pro Tip: When selecting a seller, check the buyers’ reviews by clicking “Reviews.” Avoid any seller with multiple negative reviews, as they could be scammers.
How to Sell USDT Stablecoin on Binance P2P
Selling USDT on Binance P2P is as easy as buying. Here’s how to do it:
1. Access Binance P2P
As stated, you need to click the “Trade” button to access the Binance P2P platform. Before that, ensure your USDT tokens are stored in the funding wallet, as Binance does not allow users to sell cryptocurrencies kept on spot wallets.
2. Choose USDT
Pick USDT as the digital currency to sell and select the “Sell” option.
3. Identify the Right Buyer
This step involves finding the ideal buyer for your USDT tokens. You can consider aspects such as the offered price, supported payment methods, and other sellers’ reviews.
4. Place a Sell Order
Once you find the right buyer, place a sell order with them by specifying the amount of USDT you want to sell and the payment method to receive fiat money. After that, hit “Sell” to notify the buyer to make a payment.
5. Receive Fiat
If the buyer completes the payment, they will mark your sell order as “Paid.” However, before releasing your USDT, confirm whether the money has reached your bank account. If everything is okay, press “I have Received Full Payment” to allow Binance to transfer the sold USDT to the buyer.
And that’s how easy it is to trade USDT on Binance P2P.