A lot of people have been talking about making money trading Bitcoin or other cryptocurrencies. Today we will go through the way you can do this on Binance Peer-To-Peer Trading.
Note: Egorithms is not a financial advisor or an expert. Be wise. We are not responsible for your money, we are not encouraging you to invest or buy. We are simply sharing HOW you can do this. Investment, trading is risky. Profit is not 100% guaranteed in any way!
What is P2P Trading?
Peer To peer Crypto Trading allows people to trade using their own digital currencies and commodities without any third party involved. It is a highly sophisticated interface that helps traders in trading based on the market volatility. P2P Crypto Trading enables them to interact with each other in real time as well as buy and sell crypto currencies or crypto commodities on exchanges. Traders can convert crypto currencies into fiat at any time through Fiat P2P Crypto Trading platform
Crypto-Trading with Bitcoin is now a financial tool used by individuals, institutions, and traders to hedge against the fluctuating market conditions.
What does the term “P2P” mean? Definition of Trading with Bitcoin
P2P trading is a method of sharing information or resources between peers of a community. It has been used by online communities such as the internet, to exchange ideas and other resources among people who may not have easy access to each other’s physical locations. It is usually facilitated by software or applications that allows for file-sharing, message-sharing and participant-to-participant interaction through chatrooms or forums. On Binance, you can do p2p trading of crypto such as Binance.
P2P Trading Bitcoin with Binance: What to know before getting started?
A P2P merchant is a user who posts “ads” for trading. They are verified. To become a merchant you have to have a verified account, and have some $$$ in your waller or fiat bank account. You have to be part of the merchants program.
What do you have to do before starting Peer-to-Peer Bitcoin Trading?
- You have to have registration on Binance B2B Marketplace
- Verify you’re real (ID, takes a few minutes) – That’s 100% needed, to prevent scams. Confirm your identity and that you are older than 18 years old.
- Add a preferred payment method
How can you make money with P2P trading?
P2P trading, or peer-to-peer trading, is a digital asset exchange where buyers and sellers connect directly with one another to trade. This contrasts with centralized exchanges, or simply called “exchanges,” which are financial marketplaces that are hosted in some sort of central location. In this article we will look at what P2P trading consists of and the advantages it gives traders by connecting them directly to peers on the exchange.
Buying crypto in P2P trading – a hope of selling them in the future for a higher price. However, your profit is NOT 100% guaranteed. Be wise! Be responsible! Earn experience!
What are the benefits of Binance P2P Trading of Bitcoin?
- Low Cost Frees
- A lot of payment methods
- You set the rules – trade at custom prices
- Privacy Protection
Are there risks in P2P trading on Binance?
Yes. Peer-to-peer platforms like Binance are just one example of how the internet revolutionized our lives and social interactions like never before. The main benefit is that P2P trading is extremely cheaper because you don’t have to pay tons of extra fees. However, you always have to keep in mind the following:
- Trading is not investing
- You have to understand what market volatility is
- Binance P2P Trading is a very dynamic space, so you have to be quick and aware!
- You may earn a smaller return
- You have to have experience and seek good deals – don’t be a fool and be aware of scammers. That’s why you should use a reliable platform like Binance, for instance.
- The exchange rate may get set by merchants according to their desired earnings rates even if there are no ad posting charges or trading fees.
P2P Trading Bitcoin: How to become a verified merchant on Binance?
- Enter the platform as a Binance P2P merchant.
✔️ Verified Profile (KYC Verified).
✔️ Funds in your wallet.
✔️Verified Residential Address.
✔️ Completed form
PRO Tip: Having at least $100 will boost the process.
2. Shoot a video for Binance and send it over to them. You have to be holding your ID card and saying these phrases: “I am (Your Name), I trade Bitcoin / Ethereum and other cryptocurrencies. I promise that the source of funds is legal, and I guarantee that any information or materials submitted are true, legal, and complete. Cryptocurrency or fiat money is not used for any illegal purpose. I bear legal responsibility for my actions.”
Why? So that scammers get stopped.
3. Now that you’ve confirmed that you’re responsible for any legal action on the platform, you are verified merchant and you can start posting offers.
How to trade P2P Bitcoin on Binance?
- Go to the P2P Binance Marketplace
- Select an ad
- Trade with a merchant by sendig a fiat > wait > getting the crypto
Tips to get more trades on Binance Peer-to-Peer Marketplace (Earn Crypto)?
- Make sure the terms are clear
- Offer a convenience price
- Offer payment methods that are in demand
- Be friendly with helping new traders
- Respond to trade request as promptly as possible, it will help you to build your reputation (avg release time, total orders, completion rate,etc)
- The Binance P2P program has the merchant full of security funds through the formula first send payment system and hold payment release.
Be Wise! Read more: What is Yield Farming? DeFi Terms Simply Explained 2021