Step-by-step guide
Selling USDT (Tether) on Binance through the peer-to-peer (P2P) platform is a convenient way to exchange your cryptocurrency for fiat currency directly with other users. Below is a comprehensive guide to help you navigate the process smoothly.
Table of Contents
1. What is Binance P2P?
2. Benefits of using Binance P2P
3. Prepare to sell on Binance P2P
4. Step-by-step guide to selling USDT on Binance P2P
5. Tips for a safe P2P transaction
1. What is Binance P2P?
Binance P2P (Peer-to-Peer) is a marketplace that directly connects buyers and sellers of cryptocurrency. Unlike traditional exchanges where Binance acts as an intermediary, P2P trading allows users to trade directly with each other. Binance facilitates the transaction by providing escrow services, ensuring that both parties fulfill their obligations.
2. Benefits of using Binance P2P
No fees: Binance P2P typically does not charge transaction fees, helping to save costs.
Multiple payment methods: You can receive payments through bank transfers, mobile payments, or other local payment methods supported by Binance.
Direct price control: P2P allows you to set your own price and choose your trading partner.
3. Prepare to sell on Binance P2P
A. Create a verified Binance account
To start trading on Binance P2P, you need to have a verified account. This includes completing the KYC (Know Your Customer) process, which involves providing identification information.
B. Transfer USDT to your wallet
To sell USDT on the P2P platform, ensure that the funds are in your Funding Wallet. You can easily transfer USDT from your Spot Wallet or any other wallet on Binance to your Funding Wallet.
1. Go to your wallet and select Transfer.
2. Select USDT and choose From Spot Wallet to Funding Wallet.
3. Enter the amount and confirm the transfer.
4. Step-by-step guide to selling USDT on Binance P2P
Step 1: Open the P2P Trading section
Log in to your Binance app or website.
From the main menu, go to the Trading section and select P2P.
Step 2: Switch to the 'Sell' Tab
In the P2P section, navigate to the Sell tab.
Select USDT as the cryptocurrency you want to sell.
Step 3: Set your selling preferences
Filter ads: Use filters to choose your preferred payment method and fiat currency. This helps you find buyers using compatible payment methods.
Select an ad: Browse available ads to find buyers with the best prices and high completion rates.
Step 4: Enter the amount and payment method
After selecting an ad, enter the amount of USDT you want to sell.
Choose your preferred payment method from the options provided by the buyer. Ensure that your banking or payment information is accurate.
Step 5: Confirm the sale
Click on Sell USDT to confirm the transaction.
Binance will hold the USDT in escrow until the transaction is complete.
Step 6: Wait for the buyer to make the payment
Wait for the buyer to complete the payment. You will receive a notification when the buyer confirms the payment.
Check your bank or payment account to verify that the payment has been received.
Step 7: Release USDT
After confirming the payment, go into the P2P chat and select Confirm Release.
Enter 2FA (if enabled) and release USDT to the buyer.
5. Tips for a safe P2P transaction
Check buyer profiles: Look for buyers with a high completion rate and positive feedback.
Verify payment first: Always double-check your account to ensure that the payment has been received before releasing USDT.
Use a secure communication method: Avoid sharing any personal or financial information outside of Binance's chat feature.
Conclusion
Selling USDT on Binance P2P is a simple and safe way to convert your cryptocurrency to fiat currency. By following these steps, you can enjoy a smooth and hassle-free P2P trading experience. Be sure to review and verify all transaction details to protect yourself from any potential issues.
