With the Bitcoin and cryptocurrency market currently on a bull run, this is probably the second best time to enter the Crypto market. The best time was of course two years ago when the market was down. One of the most beginner friendly ways to start out in the crypto market is the Binance P2P Trading. Binance, the world biggest and the best cryptocurrency exchange offers the best peer to peer trading solution for buying Bitcoin. The big advantage of Binance P2P is that you can buy Bitcoin with your local fiat currency and numerous fiat currencies at zero transaction cost.
Binance P2P marketplace is the best place to buy your first Bitcoin. You do not have to worry about currency exchange as you can most probably buy directly in your local currency because Binance supports the widest range of fiat currencies on its peer to peer marketplace.
Binance also offers a P2P Express solution, great for beginners and first time buyers, that streamlines and simplifies the buying process making it seamless and painless. I recommend, P2P Express to all beginners.
In this article, I will show you how to buy your first Bitcoin on Binance using your local currency or any other Fiat currency. However, first lets understand peer to peer and why Binance P2P is the best.
What is a Peer to Peer Marketplace?
In simple terms, a peer to peer marketplace is an app and / or website that facilitates transactions between people who want to buy and people who are selling what they want to buy.
A P2P marketplace does not sell directly, rather it provides the tools required for two parties to engage in a reliable and secure exchange of value.
So, if you want to buy an item in a peer to peer marketplace, you have to find a seller offering the item for sale. You reach out to them and agree terms and make payment via the marketplace.
To protect you, the P2P marketplace will hold your payment in an escrow account until you confirm you have received the product. The seller will then have to send the item to you and once you confirm you have received the item and satisfied by notifying the marketplace, the payment is released to the seller. You can review and rate the seller by sharing your experience thereby informing future buyers how good or bad the seller is.
The escrow and review system are sort of an incentive for the seller to ensure they send the product because not sending the product could mean they don’t get paid and if they get a bad review it undermines their ability to find future buyers. The P2P marketplace also resolves issue and disagreements that arise between buyers and sellers.
Cryptocurrency P2P marketplaces work almost in a similar way. You find a seller offering Bitcoin at a price agreeable to you. You send payment to the seller using the payment details provided on the interface of the P2P marketplace. The seller releases payment once they confirm your payment.
Binance P2P marketplace is the largest and best place to buy your first Bitcoin. They offer transactions in multiple fiat currencies. You also pay zero fees for the transaction which is a plus. Still not convinced now let us look at why Binance P2P marketplace is the best place to buy your first BTC.
Why is Binance P2P the Best Marketplace to Buy Bitcoin?
Binance is the largest and best Crytocurrency marketplace. Binance P2P marketplace is a great place to buy your first Bitcoin. You can buy in your local currency with the platform supporting multiple fiat currencies. This makes it so simple, because you do not have to worry about foreign and can pay via your local bank or local payment app. Binance also does not charge any fees on the P2P transaction.
In addition, because Binance is the largest P2P marketplace there are bound to be a lot of sellers in your chosen currency, which could result in competitive pricing and the best rates for you.
Binance P2P also has an escrow service that holds on to the BTC until the transaction is complete. This gives you the confidence that once you pay the seller you would receive the Bitcoin in your wallet.
Binance also verifies all its users. The KYC (Know your Customer) process ensures that they know the identities of their users which protection all users in the platform and limits the occurrence of frauds. So, buyers can rest assured that they are dealing with people whose accounts have been verified. Verification will also help protect your account.
Because Binance is the largest cryptocurrency marketplace, offers the widest range of cryptocurrency solutions, and supports a very long list of cryptocurrencies, once you buy your Bitcoin you will not need to take it anywhere else as Binance has every tool you need to save, invest, and earn with your BTC.
You can use Binance Spot trading, futures trading, margin trading, and numerous other solutions invest in Bitcoin. Binance also has a number of savings solutions to enable you earn with your BTC. You can also branch into NFTs on Binance. You can also easily buy other cryptocurrencies and Altcoins on Binance.
Binance P2P Express solution also makes buying your Bitcoin as a beginner very easy and seamless. It removes a lot of the research and decision by automatically matching you with a reliable seller, getting you right into the part where you buy the BTC. I recommend P2P Express for beginners.
How Binance P2P Works?
Binance P2P is very simple. Sellers advertise their Bitcoin offerings stating the rate they will sell and currency they accept. They will also state the minimum amount they are will to sell.
For example, a seller can state they are interested only in people buying a $100 worth of Bitcoin or more.
Buyers go to Binance P2P and select the cryptocurrency they want to buy and the fiat currency they want to use to buy it. Binance will then list all sellers selling the Crypto buyer picked in the fiat currency they chose.
The buyer then have to go through the list looking for the most favorable offer while also paying attention on transaction limits as well as the ratings of the various sellers. When you pick a seller you taken the the sales page. Once the seller accept buyer’s trade, the crypto is put in an escrow account awaiting the payment by the buyer and the confirmation of receipt by the seller.
This entire process of going through the list and looking for the best match or even waiting for the seller to accept the trade is eliminated if buyer chooses Binance P2P Express. The system will automatically match buyer with a reliable seller in their chosen currencies and take them to the sales page immediately. The system will also automatically place the crypto in an escrow account.
Once the cryptocurrency is put in escrow, the transaction begins officially and count down clock is provided showing the time within which the buyer must make payment or transaction would be cancelled and crypto released back to the seller.
The payment details of the seller is displayed on the sales page. The buyer makes payment using the details. Once payment is made the buyer notifies Binance and the seller.
Once this is done, a countdown clock showing how much time the seller has to confirm reception of the fund appear. The seller confirms payment and the crypto is pushed to the wallet of the buying.
How to Buy Bitcoin on Binance P2P Marketplace?
Now, we will go guide you through your first purchase of Bitcoin. Note that before you can buy BTC on Binance P2P marketplace, you have to first register a Binance account and complete SMS authentication and Identity verification. Here is a very helpful guide on how to register on Binance.
Now, I would go straight to showing you how to buy BTC on Binance P2P Marketplace.
Step 1: Visit the Binance Website and Login to your account
Visit the Binance Website and login.
Step 2: Point the Mouse on Buy Now and Click P2P Trading
To go to the P2P Marketplace, point the mouse on Buy Now and then click on P2P Trading.
This takes you to the P2P Marketplace. You can see that the default currency is USD and that payment is in all payment. You will also notice that the default crypto is USDT.
Step 3: Click on Buy and Select BTC as well as your preferred Fiat Currency and Payment Method
The Buy button is usually the default but always click on it to be sure. Then change the Crypto of choice from USDT to BTC and then choose your preferred fiat currency. The fiat currency you choose will determine the payment methods available to you. In my own case I pick the Naira (NGN) and also picked a payment method.
You will see a list of sellers offering Bitcoin. Pay attention to the available BTC and limit. The limit is the minimum and maximum value of Bitcoin that the seller willing to accept. However, all of this is not important for us because as a beginner I recommend the Binance P2P Express solution for you.
Step 4: Click on Express
This will display the P2P Express form with the minimum amount of Bitcoin you can buy pre-filled
Step 5: Enter the Value of BTC you want to buy and Click on Buy with 0 Fee
When you enter the amount of BTC you want to buy and click the Buy with 0 Fee button, the confirmation box appears.
Step 6: Click on the Confirm Purchase Button
This is the final step to take before the transaction is initiated. Once you press this button, you will be automatically matched with a reliable seller that meets your purchase criteria. You will now be taken to the Order page with a time countdown showing the amount of time you have to send payment to to the seller displayed.
Step 7: Read the Instructions on the Order Page
Note the payment method and Instructions on how to Pay.
Step 8: Send Payment to the Seller and Click the Transferred, notified seller Button
Using the details on the order page and paying attention to all instructions on the page send the payment to the seller. Once this is done, click on the Transferred, notified seller Button.
Step 8: Wait for the Seller to Confirm your Payment
The seller will now have to confirm receiving your payment. A countdown timer also appears showing the amount of time the seller has to confirm your payment. If the seller does not confirm payment by the time the clock runs down, you can click on the Appeal after button to raise a complaint.
Step 9: Seller Confirms Payment and the BTC is Released to your Funding Wallet
The order has now been completed successfully. By now the BTC should be in your Funding wallet. Just visit your wallet by pointing on Wallet and then clicking on Funding Wallet to confirm.
Congratulations. You have just bought your first Bitcoin. You have just opened a world of possibilities. In subsequent articles I will show you how you can earn more with Bitcoin using Binance Cryto savings and investment products.
