Binance. How to buy cryptocurrency using P2P trading and a bank card at the Binance crypto exchange?
By Yuriy Bishko Updated November 21, 2022
Anyone who has ever been interested in cryptocurrency has heard of the Binance Exchange. Binance accounts for one-third of the world's spot trading and more than half of futures trading. Many people constantly face the issue of registration and purchase of cryptocurrency.
- how to buy crypto on Binance app?
- how to buy crypto on Binance with credit card?
- how to buy crypto on Binance P2P?
- how to buy crypto on Binance?
In this article we will answer all these questions and share detailed instructions on how to buy cryptocurrency using P2P trading and bank cards.
How to buy and sell cryptocurrency using P2P trading on Binance?
P2P trading or Person to Person - a type of transfer that has recently appeared on the platforms of well-known cryptocurrencies. But this was enough for the system of transfer, purchase and sale of cryptocurrencies to change dramatically and almost completely move from the old ways where 3 parties to trade (intermediary) were involved to a completely new system of bilateral direct transfers. So first let's consider the complete instructions on how to buy cryptocurrency using P2P trading:
1. After we have registered, in order to buy cryptocurrency press the P2P trading button on the main page of the exchange.
2. On the next page you will find a list of sellers. In this list, you choose the best option for you:
- To begin with, you can choose the cryptocurrency you want to buy. Personally, we recommend choosing the usual USDT (cryptocurrency). Later you can buy any cryptocurrency directly on the exchange for USDT.
- Bank to which the transfer is required.
- Available amount sold by the seller.
- The exchange rate (in our case 31.7 UAH = 1 UADT, in your case will be your national currency).
After selecting the seller, click on the Buy button.
3. In the next field, enter the required purchase amount in your currency. Below you can see how much it will be in the equivalent of USDT. After entering the amount, click Buy.
4. Then click Make Payment.
5. The next page will contain the seller's details, bank card number and the name of the bank to which you need to transfer funds. After you have transferred the required amount, click on the confirmation button.
6. Then you have a waiting window. At this stage, you are waiting for the seller to confirm the receipt of your money transfer to the bank card. This process usually takes a few minutes. If there is no confirmation, you can file an appeal and the exchange will send you your money from the seller.
7. In 1 minute the seller confirmed the money transfer. The exchange has credited the cryptocurrency to your account.
Now let's look at the process of selling cryptocurrency.
1. In order to sell cryptocurrency and get money on a bank card, click on the P2P trading button on the main page of the exchange.
2. Then go to the Sell page. We choose the cryptocurrency we need. This page lists the buyers to whom you can sell your cryptocurrency. We choose the seller according to the necessary parameters, for example: the bank to which you better get a money transfer, the limit, the transfer rate in your currency (in our case it is UAH, 1 USDT = 32.4 UAH). After selecting the buyer, click the Sell button.
3. Next, you will have a window in which you need to enter the amount of coins you want to sell and the details of your card (bank card to which you will receive a money transfer from the buyer).
Enter the amount of coins and click Select payment method.
Choose the bank you need.
Enter the bank card number and click the confirmation button.
After entering the required amount and choosing a bank card, click Sell.
4. Then the system takes you to the waiting page. If the buyer has transferred funds to your bank card, click the confirmation button.
Once again, confirm by phone or Google Authenticator.
That's it, you received funds on a bank card, the system transferred cryptocurrency to the buyer's account.
How to buy cryptocurrency with a bank card on the Binance exchange?
Another alternative way to buy is to buy directly through an exchange or an exchange payment system.
1. On the main page, click Crypto/Debit card.
2. Next, select the cryptocurrency you want to buy.
3. Enter the amount for which you want to buy cryptocurrencies.
4. Then select the payment method.
5. Select the necessary card.
6. Check and confirm the transfer.
7. That's it, the transfer is over, the cryptocurrency is in your account.
The only disadvantage of this method is the commission. That is why we personally choose P2P trading.