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!
Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
How to Cash Out Bitcoin: Binance P2P
P2P trading, also known as customer-to-customer (C2C) trading in certain regions, entails a direct interaction between users involved in the trade. In this process, individuals exchange fiat assets offline and validate the transaction online. Once the offline exchange of fiat assets is verified by both parties, the digital assets are released to the buyer.
A P2P platform functions as an intermediary, offering a space for buyers and sellers to showcase their trade propositions. Simultaneously, the platform's escrow services guarantee the secure and timely transfer of digital assets during the execution of the trade.
Binance P2P has emerged as a prominent avenue for individuals seeking to trade cryptocurrencies with their local currencies. Since its inception in December 2019 within the Binance app, subsequently extending to the Binance website in March 2020, the Binance P2P service has progressively evolved into a robust platform for users aiming to exchange local currencies for cryptocurrencies and vice versa.
Binance P2P furnishes a robust environment for verified buyers and sellers to display their trade offers. It also provides a crypto escrow service that ensures the secure and prompt delivery of crypto assets in every transaction. Over its operational span, Binance P2P has facilitated trades exceeding a total value of 950 million USD, capturing the attention of traders and users on a global scale.
Crucially, the trade offers featured on the P2P listing page do not originate from Binance itself. Binance operates as a facilitating platform, while the individual trade offers are presented by users. This mechanism underscores the decentralized and peer-to-peer nature of the trading process.
How to Cash Out Bitcoin: Binance P2P Fees
Binance P2P adopts a fee structure that distinguishes between takers and makers in the trading process. Takers, who initiate transactions by selecting existing offers, are exempt from any trading fees. Conversely, makers, who create and post new trade offers, are subject to a nominal transaction fee for each successfully executed order.
Binance's commitment is to provide users with the most competitive transaction fees in the P2P trading arena. This approach ensures that both takers and makers benefit from an advantageous fee framework when participating in the Binance P2P ecosystem.
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 has rapidly emerged as one of the most dynamic and rapidly expanding P2P platforms. It consistently introduces support for new currencies, often incorporating at least one new currency into its offerings on a weekly basis. This dedication to expansion is coupled with a commitment to regularly introducing new features and enhancements. The recent inclusion of the P2P ad feature is a testament to this ongoing development effort.
However, the notion of "support" in the context of Binance P2P goes beyond mere inclusion in a drop-down menu. The platform's approach is to ensure substantial trading volume for each supported currency. Rather than a superficial listing of global currencies, Binance P2P actively collaborates with local P2P buyers and sellers in each supported nation. This collaboration forms the backbone of the Peer-to-Peer (P2P) Merchant Program, which offers individuals and businesses the opportunity to become a part of Binance's thriving P2P crypto trading ecosystem.
This dynamic approach emphasizes both the breadth of currency support and the depth of engagement with local P2P communities, ultimately enhancing the trading experience and ensuring the active involvement of traders from various regions.
How to Cash Out Bitcoin: Binance P2P Speed
Some traders employ strategies such as selling their holdings in smaller portions or placing limit orders to mitigate the impact of slippage. However, this approach can expose traders to market risk, especially if they wait for the order book to fill up, potentially resulting in less favorable execution prices. This means that the market might move unfavorably while you're attempting to sell your cryptocurrency. Utilizing a block trading merchant offers an alternative solution – executing substantial orders within minutes at your preferred price. This eliminates the need for constant chart monitoring.
It's important to note that when you deposit cryptocurrency on the Binance platform using TWD, EUR, or CNY, there is a waiting period of 24 hours after the transaction's completion before you can withdraw your crypto assets to an external address. This waiting period doesn't impact your on-site transfers, trading activities, or other operations during this timeframe.
How to Cash Out Bitcoin: Binance P2P Privacy and Security
To initiate trading on Binance P2P, certain prerequisites must be fulfilled:
1. Enable 2FA Verification: First, you need to enable 2FA verification by linking either SMS verification or Google Authenticator through the Account Center.
2. Complete Identity Verification: Following this, you must complete Identity Verification, which involves providing basic information and undergoing facial recognition.
P2P transactions entail direct trading between two users. Once the orders of the buyer and seller are matched, both parties must undergo real-name "Know Your Customer" (KYC) verification. This process confirms that the person transferring fiat currency to your account is indeed the same individual you matched with on the platform.
For all users participating in P2P trades – including those receiving payments, releasing coins, and conducting other transaction activities – a two-factor authentication (2FA) code is essential. This verification step ensures that the individuals involved in the transaction are the authorized users.
Escrow safeguards all online trades. When an advertisement is posted, the corresponding amount of cryptocurrency is automatically reserved from the seller's P2P Wallet. This setup guarantees that if the seller fails to release the crypto or absconds with your funds, Binance customer support can release the crypto to you using the reserved funds.
Becoming a part of the merchant program necessitates a robust trading history and significant trading volume. Applications for the program are evaluated by the Binance P2P team, guided by internal algorithms and regional requirements, ensuring a rigorous selection process.
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.