Access Binance via computer or download the app and log into your Binance account. If you don't have one yet, register for free, and create one in minutes. Complete Level 2 identity verification (also known as KYC, Know Your Customer. This will help create a high security level for your investment and protect your account on the market.
Before starting your trade add at least one payment method. Binance P2P now supports over 60 payment methods, including FNB E-wallet.
What is ahead on this step by step guide:
How to buy and sell Bitcoin in South Africa?
How to post ads on Binance P2P?
Five ways to make money with Bitcoin on Binance P2P
How to buy and sell Bitcoin in South Africa?
One of the significant advantages of Binance P2P is that you can trade wherever and whenever you need, because it is available on Binance app. Here is how to buy and sell Bitcoin step by step on Binance P2P using the app
Buy Bitcoin with South African Rand
Step 1: Specify the search criteria.
Open the Binance App. Click “P2P Trading”.
Choose the Buy tab and select BTC. Click the filter icon at the top right of your screen.
Select the Bank payment method and the ZAR currency to buy the crypto. Then, tap on confirm.
Step 2: Start trading.
Choose the offer that works best for you and enter the quantity you want to buy, select a payment method, and click on Buy BTC.
Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chat box to communicate with the seller.
Make sure that you send the money to the seller and tap on “Transfer” next.
Step 3: Receive your Bitcoin.
Tap on Confirm. Please do not click Confirm if you have not made any transactions. Doing this will violate the P2P User Transaction Policy.
The status will change to “To be released.”
Congratulations! You have completed a trade and get your Bitcoin!
Still not clear? Don't miss this short video about how to buy crypto on Binance P2P via the app.
Sell Bitcoin with South African Rand
The best way to cash out your Bitcoins is definitely Binance P2P because you can choose among multiple buyers, and there’s no withdrawal limit on P2P. Remember, as we said at the beginning of this guide, you need to complete your account verification. Follow the next three easy steps to sell your Bitcoins.
Step 1: Specify search criteria
Open the Binance App. Click “P2P Trading”.
Choose the Sell tab and the BTC crypto. Then select the filter icon at the top-right part of your screen.
Select the Bank payment method and the ZAR currency to sell the crypto. Then, tap Confirm.
Step 2: Start trading
Choose the offer that works best for you and click on Buy.
Enter the quantity you want to sell, select a payment method, and click on Sell BTC.
Wait to get the payment in ZAR in your Bank account. You can use the chatbox to communicate with the buyer.
Step 3: Receive your South African Rand
After you confirm the receipt of money from the buyer, tap Release BTC.
Tap on Confirm to release the crypto to the buyer’s account.
Congratulations you have cash out your Bitcoin
How to post ads on Binance P2P?
On the Binance P2P platform, you can post your trade ads and set the prices and the payment methods you prefer. Here is a short video on how to post an advertisement on Binance App
Step 1: Specify search criteria
Open the Binance App. Select “P2P Trading”
Click the “...” button on the top right of the P2P trading page and select “To Advertisement mode.”
When you are in the advertising mode, click on “Ads” at the bottom.
Click the “+” button on the top right
Step 2: Setting up your ad
Set the ad type (buy or sell), crypto asset, and the fiat currency for the ad, and then select the price type. You can choose either “Floating” pricing or “Fixed” pricing.
Set the total trading amount, order limit, and add at most three payment methods for your ad.
Add information to your advertisements like remarks, auto-reply, and counterparty conditions
Step 3: Post your Ad
Pass a 2-factor authentication (2FA)
Congratulations, you have successfully published your ad.
Five ways to make money with Bitcoin on Binance P2P
Determine your profit margin
Before you start trading, you need to set up your profit margin. Observe the prices in the market and configure your price strategy (floating or fixed) to ensure your profits.
Publish a buy and a sale ad and earn with the spread or differential
The difference between the two prices is the spread. Place a sale and a buy ad. The sale ad at a higher price than the buy ad. If both ads are taken successfully, you earn the spread.
Create your own local crypto trading business
Buy and sell crypto in your local market at Binance P2P; you can earn from a couple of hundred to over $ 5,000 every day. You have the opportunity to post your ad and provide a competitive price that other traders could not resist to buy.
Trade in an international market
Binance P2P is a global platform supporting more than 30 fiat currencies. You can buy crypto using your local currency, take advantage of a competitive price in your market and sell that crypto in other markets worldwide where people are willing to pay more for the same amount of crypto.
Take advantage of multiple payment methods
Binance P2P has more than 60 payment methods that you can use. People will often pay a higher price to use a certain payment method that they prefer. You can take advantage of this by buying crypto at a competitive price through a very accessible payment method and then sell it using a less accessible payment method. There will be people willing to pay more just to use that payment method that is harder to find.
You might also like to read about:
How to Buy Bitcoin with South Africa’s FNB E-wallet
