How to Cash Out Bitcoin
Are you wondering how you to cash Bitcoin anywhere in the world? Find out how you can easily cash out Bitcoin with Binance P2P. Is Binance P2P worth it? Find out!
How to Cash Out Bitcoin: Binance P2P
P2P (Peer-to-Peer) trading is also known as P2P (customer-to-customer) trading in some regions. In P2P trade, the user directly deals with his/her counterparty, exchanging the fiat asset offline and confirming the transaction online. Once the offline fiat asset exchange is confirmed by both parties, the digital asset is released to the buyer.
A P2P platform serves as the facilitator of the trade by providing a platform for buyers and sellers to broadcast their offers. At the same time, the escrow services of online digital assets ensure the safety and timely delivery of digital assets during trade execution.
Binance P2P has emerged as a great venue for buyers and sellers of cryptocurrencies using their local currencies. Since its launch in December 2019 on the Binance app, followed by its availability on the Binance website in March 2020, the Binance team has steadily built up the Binance P2P service into a viable platform for users who want to exchange their local currencies into cryptocurrencies and vice versa.
Binance P2P provides a robust platform for verified buyers and sellers to broadcast their offers, as well as a crypto escrow service that ensures the safety and timely delivery of crypto assets in every trade. Since its launch, Binance P2P has processed over 950 million USD in trades, attracting merchants and users across the world.
The offers you see on the P2P offer listing page are not offered by Binance. Binance serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.
How to Cash Out Bitcoin: Binance P2P Fees
On Binance P2P, takers are charged zero trading fees, while makers are charged a small amount of transaction fees upon every completed order. Binance pledges to apply the lowest P2P transaction fees in the market.
How to Cash Out Bitcoin: Binance P2P Limits
Point 1: All cryptocurrencies will be converted to an equivalent amount of BTC
Example: If you originally have 2,000 USDT in your account (supposing this is equal to 0.2 BTC) and you deposit 1 BTC through P2P, then the actual amount of assets under control is "equivalent to 1 BTC":
Within the 24 hour period, you can actually withdraw the 2,000 USDT (1 BTC remains in the account) or you can withdraw 0.2 BTC (0.8 BTC + 2,000 USDT remains in the account, which is equivalent to 1 BTC in our example). Either way, the amount of assets remaining in the account has to be equivalent to 1 BTC.
Point 2: The T+1 withdrawal amount is equal to your net P2P purchase amount (buy-sell)
Example: Originally, the user had no crypto assets in their account. At 08:00 on December 8, the user bought 1 BTC through P2P. At 12:00 on December 8, the user sold 0.5 BTC through P2P.
When the user goes to make a withdrawal 18:00 on December 8, the total amount of frozen assets is 1 - 0.5 = 0.5 BTC.
This is because the net value of assets purchased during that 24 hour period before withdrawal is 0.5 BTC.
Point 3: Starting December 16, 2020, TWD/BNB, BUSD or CNY/BNB, BUSD deposits made via P2P using BEP20 (BSC chain) mainnet are not subject to the T+1 withdrawal limit. However, EUR/BNB and EUR/BUSD are still subject to the T+1 withdrawal limit.
T+1 provides a 24-hour buffer against the potential loss of user assets due to illegal funding, it discourages the use of dirty money on the platform to the greatest extent possible, and reduces the risk of bank account freezes while ensuring secure trading.
How to Cash Out Bitcoin: Binance P2P Payment Methods
Binance P2P is one of the fastest-growing P2P platforms right now, launching support for at least one new currency each week, in addition to new features and enhancements released regularly, such as the recent P2P ad feature.
And when we say “support,” we mean that for every currency Binance P2P supports, the team strives to attain significant volume. It’s easy to add the list of the world’s currencies on the drop-down option and call it a day. With Binance P2P, the team coordinates with on-the-ground P2P buyers and sellers in each supported country. The Peer-to-Peer (P2P) Merchant Program explains how people and companies can join Binance's P2P crypto trading marketplace.
How to Cash Out Bitcoin: Binance P2P Speed
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.
How to Cash Out Bitcoin: Binance P2P Privacy and Security
In order to start trading on Binance P2P you must enable 2FA verification in the Account Center (i.e. link SMS verification or Google Authenticator), and then complete Identity Verification (basic information + facial recognition).
P2P transactions are trades that are carried out directly between two users. After the buyer's and seller's orders are matched, both parties must verify their identities through real-name "KYC", i.e. it must be confirmed that the person sending fiat currency to your account is in fact the same person you matched with on the platform.
All users who trade on P2P need to receive payments, release coins, and perform other operations during the buying and selling process are required to enter a two-factor authentication code in order to verify that the users themselves are carrying out the transaction.
All online trades are protected by escrow. When an ad is posted, the amount of crypto for the ad is automatically reserved from the seller's P2P Wallet. This means that if the seller runs away with your money and does not release your crypto, the Binance customer support can release the crypto to you from the reserved funds.
The basic requirements for becoming a merchant program are solid trading history and large trading volume. Applications are reviewed by the Binance P2P team according to internal algorithms and regional requirements.
How to Cash Out Bitcoin: Binance P2P Advantages
Here's a quick recap of some of the advantages you should keep in mind when considering Binance P2P:
Low-cost transaction fees
- Flexible payment methods
- Trade at your preferred prices
- Truly local and global marketplace
- Escrow service for your safety
- Multiple payment methods
Binance P2P: Buy, Sell, and Withdraw
Buying on Binance P2P
After you complete identity verification and add your payment methods, you are ready to buy crypto on the Binance P2P platform. First, choose from all the available offers in the marketplace. Second, place an order to buy your crypto, and pay the seller based on the preferred payment methods. Lastly, get your crypto from the seller after you complete the fiat transaction and confirm your payment on Binance P2P.
Selling on Binance P2P
You can sell cryptocurrencies on the Binance P2P platform, instant and secure. First, browse for the crypto you wish to sell and shop for the best offers from other users. To place an order, you must first place the cryptocurrencies you wish to sell into the P2P wallet portion of your account.
Withdrawing on Binance P2P
To withdraw funds from Binance P2P you need to complete KYC, setup and activate a 2FA verification method, and select and update a preferred payment method.
Step 1 – Update payment method
- Go to “Dashboard”
- Select “Payment”
- Add a preferred method of payment
- Enter respective wallet or bank details
- Click on “Confirm”
Step 2 – Transfer funds to P2P wallet
Now, you need to transfer funds that you need to withdraw to your P2P wallet.
- Go to your P2P wallet
- In front of the respective asset, click on the “Transfer Button”
- Enter the amount you need to transfer to your P2P wallet
- Click “Confirm”
Step 3 – Go to P2P Market Place
- Go to “Trade”
- Click on “P2P”
- You can use the “P2P” or “Express” method as per your choice
- Select “Sell Button”
- Enter the amount of fiat currency you want to receive by selling your crypto asset. Then, click on “Search”.
- Select the buyer
- Select the amount of crypto-asset you want to sell
- Select your payment method
- Click on the “Sell” button
Step 4 – Payment confirmation and release of funds
- Once you confirm the sell order, the buyer will get 30 minutes to make your payment through your preferred method.
- Once the buyer has made the payment, you will get 15 minutes to confirm the payment and release the funds to the buyer.
- Once you confirm the release of funds, you will receive a confirmation of the sale.