HOW TO USE THE BINANCE P2P MARKET( CREATING BUY AND SELL ADS)

As steeminas it is very important for us know about the p2p market. Most of the decentralized exchanges where we transfer our steem, sbd, and tron payout to have p2p markets.

A peer-to-peer market(p2p for short) is a market where we can sell our cryptocurrency for fiat or buy crypto currency with fiat. This is quite different from the spot market. On the spot market we need to pay a fee for converting from one crypto currency to the other. On the p2p market, we do not have to pay a fee for buying a crypto but we do pay an escrow fee. An escrow holds the coin for the one selling his coins and after payment is confirmed the escrow releases the crypto.

---

source

---

On the p2p market there is not intermediary, this means that the buyer and seller only make transaction under their terms. An intermediary is invited only if there is a case of fraud or cheating in the transaction, the intermediary helps to settle the case.

Some of the features of a p2p market place is listed below.

---

• It has no intermediary or third party.

This means that both parties involved in the transaction do their business without the intervention of a third party. The deal is done and finished by both parties under their terms.

• The p2p marketplace is available 24/7.

Any time of the day, a user can access the p2p marketplace. He or she can make sales or buy assets from buyers who are online at that particular time.

• There are several methods of payment on p2p markets.

Unlike other payment services, the p2p market has a variety of payment methods. A user can review or make a payment using a bank transfer, a user can use several other apps that make and receive payments. A user can also access a local way of payment used in his country. Eg: In Ghana, most people use mobile money services, this can be found in the p2p market.

• On the p2p market, a user is notified when a buyer makes a payment.

When using the p2p market on most of the centralized exchanges, a user can process his payment and be doing something else. As soon as payment is made or crypto is released he or she is notified and he can go back and complete the transaction.

• Users can interact with each other in the chat area.

As we know, the p2p market is a peer-to-peer market hence on the exchanges that have them users can interact with each other in the chat area.

With steem, there is no option to sell steem or sbd directly hence a user has to convert it to either BTC, Eth, usdt, and busd before he can make a sale on a centralised exchange.

Now in today's tutorial I will like to teach users how to make an ad to sell a crypto, registering your number or bank account and others.

---

Let us look at how we can access the p2p area first.

---

Upon opening your binance account, look to the bottom of the Binance homepage. We see 5 tabs there. At the bottom right corner we can see the wallets option. Click on it.

---

---

After opening it, look to the top of the page. Click on the funding tab.

After clicking on the funding tab, click on the p2p feature as indicated by the arrow

---

---

Upon clicking on the p2p tab, it takes you to the p2p market where users can buy and sell cryptocurrency.

---

---

The buy tab is for users who will want to buy crypto with fiat. The sell is for users will wanna sell their crypto for fiat.

Now as we can see, the number of coins available in my geographical area is only 5(BTC, ETH, USDT, BNB, BUSD, DAI)

This are the number of coins I can buy and sell with fiat in Ghana. For the other ones I will have to spot-trade them.

At the buy area, the seller at the top is the one with the lowest rate. At the selling area, the one on top is the one with the highest rate.

---

---

Now, we can also see the other 3 areas below the buy and sell tab. This is an area where the buyer /seller can set the amount of money he is willing to sell or buy. He can also choose the payment method, and he can also use the filter feature to make his changes.

---

---

When we look at the top of the p2p market we can see the currency area where we can the type the amount in fiat we want to buy or sell in.

---

---

Orders

---

The next tab is The order tab.

This tab is where a user sees his pending orders and completed orders.

---

---

Ads

---

The next tab is The ads tab. In this tab, a user is at liberty to create an add where he can either buy or sell assets.

---

---

For this demonstration, I will use the usdt to try and create a buy and sell order.

---

Buy order ad.

---

• Click on the post add the feature. On the next page set your parameters.

Now, we can see that there is a fixed price section and a floating price.

---

---

We can see that when we click on the usdt function, we have other coins that I can place a buy ad for. At the right side, the Fiat is the only one that I can post my add to. So I chose the USD option.

---

---

Now click on the next tab. On this next tab which is page two of my buy ad. I am required to enter the amount of usdt I want to make an add for.(note that the limit is from 15 to 1500 as seen).

---

---

After inputting my amount I am required to add a payment method.

---

---

Here I decided to choose the Mtn mobile money option to see if it will work.

I am also required to set my time limit. I decide to choose the lowest time limit which is 15 mins.

---

---

Below the page, you notice that there is an estimated fee there. Binance charges this fee on once a buy order ad sale has been completed.

Now after this click on the next page. This is the final stage before the user can post his ad.

Here a user is provided with fields, in these fields, you are at liberty to set your terms and conditions of trade which a buyer must adhere to strictly.

---

---

You can also set an auto-reply message which will be sent to the buyer once the order is completed.

You can also set other options like counterparty conditions which include completed KYC, the number of days registered and also for the amount of crypto holding before ad will be displayed to the user.

Sell add

---

The sell add also takes the same steps as the buy add, but if a user has no crypto balance he can't create a sell as on binance.

At the sell, order add, a user will also need to pay a fee.

I wouldn't go through the process since it is the same and it will only make the post lengthy.

This is the little I have today on the binance p2p market.

Thanks for reading.