If you've entered the world of crypto, one of the most important steps you must know is converting your fiat currency into crypto, which is essentially cashing out from crypto. The most commonly used and easiest method here is Binance P2P. For those who are used to regular trading, it may be simple, but for those just starting out, there might be concerns about being scammed. Therefore, whether you're planning to trade by yourself or later share video content on your YouTube or TikTok channels, I will explain the information that will be useful in a light and easy-to-understand manner.
What is Binance P2P?
P2P (Peer-to-Peer) is a direct transaction between buyers and sellers without intermediaries. In this instance, Binance acts as an Escrow (funds holding system). For example, if you are buying USDT, Binance temporarily holds the USDT from the seller until you confirm the money transfer, after which the USDT will arrive securely to you. Thus, if done correctly, it is very safe.
Step-by-Step Buying and Selling Method
Step (1) - Setting Up Account and Adding Payment Method
First, you need to complete the Identity Verification (KYC) for your Binance account. Then, go into P2P settings and add your local payment methods. In Myanmar, you can add options like KPay, WavePay, and if you are currently in Thailand, you can also include PromptPay and K PLUS Thai bank accounts. A crucial point is that the name on your Binance account must match the name on your bank account.
Step (2) - Choosing a Trusted Merchant
In P2P, do not rush for the best price immediately. Check the following points first -
Number of Orders: Choose someone with at least 100 or more transactions.
Completion Rate: Those with a rate above 95% tend to work faster and have fewer issues.
Verified Badge: Those with a yellow checked badge (Verified Merchant) next to their name are financially stable and more trustworthy.
Step (3) - Transferring Money and Receiving Funds (Most Important Part)
When buying (Buy): Make sure to check the Merchant's name and bank account for accuracy when transferring money. Only click the button "Transferred, notify seller" after the transfer is complete. Do not click prematurely without transferring money.
When selling (Sell): This is the part where you are most likely to be scammed. Even if the buyer claims to have transferred money, check your bank app (e.g., KPay or Thai bank app) yourself to see if the money has really arrived. Only click "Payment Received" and release (Release) the Crypto after confirming the money has arrived.
Red Flags to Avoid 🚩
1. Third-Party Payment: Do not accept money that arrives with a different account name. Issues may arise. Request a refund and cancel the Order.
2. Fake SMS/Slip: Be cautious of messages claiming money has arrived or fake transfer receipts (Slip). If your balance does not increase after checking the bank app, do not proceed.
3. Invitations to trade outside: Do not trust anyone who contacts you via Telegram or WhatsApp saying they will pay more and want to trade in person. Binance will not take responsibility once you step outside their platform.
4. Pressure Tactics: If someone urges you to act quickly (e.g., "Please release the Crypto quickly, I'm in a hurry"), be extra cautious. Scammers are skilled at manipulating people.
What to do if a problem arises?
If you have transferred money but the other side does not release the Crypto, or if they ask you to release Crypto without the money arriving, do not panic. Click the "Appeal" button below the Chat Box. Binance Customer Support will intervene to resolve the issue. At that time, have the transfer receipts (Screenshots) and Screen Recordings ready.
Conclusion
If Binance P2P adheres to the rules, it is an extremely secure system. Always stay vigilant and conduct transactions carefully without being greedy; this way, you can transfer your funds safely through P2P. Later, using this information, you can create many helpful video scripts.
#NewYearWithBinance @Binance Burmese