The leading cryptocurrency exchange, Binance which announced its Binance P2P program last year in October has now added support for many more fiat currencies. Recently, it added support for two more fiat currencies including Indian Rupees (INR) and Indonesian Rupiah (IDR). The new currencies were added on 14 April 2020 that allows Binance customers to trade various cryptocurrencies including Bitcoin, Ethereum, Binance Coin, Tether, EOS and Binance USD using INR. In this article, we are going to provide you with a complete description of how Binance P2P platform works and how to buy crypto with INR. If you are also interested in selling or buying Bitcoins, altcoins or stablecoins using Indian Rupees or any other fiat currency, keep reading.
What is Binance P2P Trading?
Binance launched it’s P2P merchant program last year given the increasing demands of customers all over the world. Binance peer to peer fiat currency trading platform allows crypto sellers and buyers to connect directly and earn profits by posting trading ads on the platform. At the moment, you can only purchase and sell a couple of cryptocurrency and stablecoins on the p2p trading platform that includes USDT, BTC, ETH, BUSD, BNB and EOS. There are more than 20 fiat currencies supported for P2P trading including CNY, RUB, EUR, GBP, AUD, CAD, IDR, INR etc. Apart from trading cryptocurrencies by directly connecting with buyers and sellers, there are various benefits of using Binance peer to peer trading that are mentioned below in the guide.
Reasons Why You Should Use Binance P2P
If you are looking for a different and easy way to buy crypto with INR and other fiat currencies, then P2P trading is your answer. Undoubtedly, Binance is the leading crypto platform that allows millions of people worldwide to trade in cryptocurrencies. While you can make great profits by trading on the Binance exchange, in case you are in a hurry or want to buy crypto with USD, INR or any other fiat currency, Binance P2P trading is a way out for you. Given below are some of the reasons why you should consider Binance peer to peer trading over other P2P platforms.
- The platform is secure to use and assures that the cryptocurrencies are transferred to you within 15 minutes. In case of any mishap or if you don’t receive your payment or crypto, you can report it to the Binance customer service and they’ll connect to you within 12 hours.
- There’s no more waiting for days, as the transactions are completed in a few minutes.
- There is no fee on p2p trading whether you are a buyer or seller, it’s completely free. Once, you receive your Bitcoins or Ethereum, it can be used for margin trading, lending or spot at Binance.
- No charges for listing buy and sell ads on the platform.
- The transaction done on the P2P platform would be calculated in total spot trading volume of the user.
- Traders on the platform get premium support from Binance
- All the sellers and buyers on the platform are verified which decreases the chances of frauds.
How To Post Ads On Binance P2P Trading Platform?
In order to sell or buy crypto from Binance P2P trading platform, you need to submit an application to get verified by Binance team first. The form requires you to provide all the necessary information such as bank account details, mobile number, email address, Binance KYC verification, address and address proof, as well as your bank account statements. Once, you fill-up the form and submit it, all your provided details and documents are verified by the Binance verification team. You will receive an email from Binance within 48 hours regarding the verification and if you are approved you can use the p2p platform right away.
How to Buy Crypto with INR?
After you get approved to post buy and sell ads on P2P trading platform, the remaining procedure is really simple. Whether you want to buy crypto with INR or sell it, the steps are going to be similar. To know how to purchase cryptocurrencies from the best p2p Bitcoin exchange in India, follow the steps given below:
- You can use p2p trading from the Binance mobile application as well as the web portal. To buy and sell cryptocurrencies, first, visit p2p.binance.com and log in using your Binance account credentials.
- Click on I want to buy or I want to sell option as per your need and select the cryptocurrency of your choice.
- You will see a list of ads listed below. You can click on the Buy or sell option given next to the offer you like.
- Next, you need to enter your amount and select your payment method.
- As soon as you hit the Buy button, your payment would be processed right away.
- You can use the Contact seller option on the top right corner of the page in case of any queries.
- Once your transaction is completed, click on the “mark as paid” option and then hit confirm.
- The seller will transfer the cryptos to your wallet address after receiving payment from you.
In case you don’t receive the cryptocurrencies in your wallet within the time limit, you can contact Binance support team by selecting appeal. Binance will reach you in a while and solve your issue.
So this way you can sell and buy crypto with INR easily on Binance peer-to-peer trading platform for any fiat currency. If you are looking forward to making profits with your cryptos, read our cryptocurrency guides about how to make profits from day trading. Before getting into more technical stuff like margin trading, make sure you’ve learned everything possible about it. Without proper experience, there are high chances of loss in futures trading and one should not play with their money unless they have the proper knowledge.
At the moment, there are only a few cryptocurrencies and stablecoins supported on the Binance platform. As the platform is growing further, we are hoping to see much more cryptocurrencies supported on it. However, if you are interested in buying altcoins like Ripple, Dash etc, use Binance cryptocurrency exchange to place your order.
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