Peer-To-Peer Trading - In the previous article, we have already discussed the Crypto Exchange, its types, and the Process Of Transferring Coins From Crypto Wallet To A Crypto Exchange.

In this article, you will learn how you can safely withdraw cryptocurrency from a crypto exchange to your local bank account.

Now, you will learn about Peer-To-Peer trading method and a step-by-step guide to withdraw money directly to your bank account.


What Is Peer-to-Peer Trading (P2P)


Peer-to-peer (P2P) trading in cryptocurrencies enables individuals to buy and sell digital assets directly, eliminating the need for a centralized third party.

This system allows for direct coin exchange between buyer and seller, resulting in greater payment flexibility and cheaper or no trading expenses.

Users can interact and trade directly with one another, while the platform supports the transaction. This form of transaction provides greater secrecy and can support a variety of payment methods.

When selecting a cryptocurrency exchange, it is necessary to examine variables such as security, fees, liquidity, and the sort of exchange that best fits your trading needs.


Risks Associated With P2P Trading


Peer-to-peer (P2P) trading in cryptocurrencies carries dangers that buyers and sellers should be aware of before engaging in such transactions.

Common risks include fake proof of payment, chargeback fraud, wrong transfer, man-in-the-middle attacks, triangulation scams, phishing, a lack of regulatory oversight, increased potential for fraudulent activity, increased risk of price volatility, and difficulties in agreeing on fair exchange rates.

Don't worry, we will guide you on how you can safely do P2P trading with merchants. You need to follow all the steps carefully.


Popular P2P Exchanges


In the market, multiple crypto exchanges support P2P trading method but we suggest you to go with 'Binance'.

You can use mobile version as well as desktop version.

If Binance is not available in your country then you can go with any other trusted P2P exchange platform like Bybit, Kucoin, etc.

Binance's strong liquidity levels allow traders to buy and sell their assets without experiencing major price changes.

This makes it easy for traders to implement their trading methods and meet their investing objectives.

Binance has some of the lowest trade costs in the cryptocurrency market.


Withdrawal Process - Step By Step Guide

In Binance P2P, you can sell only limited currency like - USDT, BTC, BNB, ETH, TRX, etc


Out of these currencies, the most stable currency is USDT. So you need to convert the available currency into USDT.

Step 1: Convert Currency

Click on 'Convert & Block Trade' under 'Trade' Section or Click Here



Select the currency you want to convert into USDT


Click on 'Preview Conversion' and then convert it


Once it is done successfully, it will show the balance in USDT



Step 2: Spot to Fund Transfer

During the withdrawal process, you need to transfer the USDT from 'Spot' wallet to 'Funding' wallet.

Go to 'Spot wallet' from the main dashboard



Click on 'Transfer'



Select the options - 'Spot' to 'Funding'


Select the Coin and Amount and click on 'Convert'


Once it is done successfully, your balance will be shown in funding wallet



Step 3: Using 'P2P' method

Go to 'P2P' under 'Trade' section



Click on 'Sell' to trade USDT with merchants



Step 4: Select 'Local Currency'


You will be provided multiple national currencies but you have to choose your national currency only.

For Ex - My country is India so I have chosen INR. Similarly, you can choose your national currency


Step 5: Enter the maximum amount


Now you have to enter the maximum amount in your currency you want to sell in USDT

For Ex - I have entered 177 INR as $2.15 = 177 INR

Similarly, you can convert your USDT value and enter the amount in the national currency you want to sell


Step 6: Select Payment Method


Now you have to select the Payment method by which you want to receive the money from the merchant

Always select the most trusted and highly usable method


Step 7: Select Country


Select the country you live in. Never trade with merchants of other countries as a beginner.

Trading in your country is always a safer option than trading in overseas countries.

After this, you will see the list of merchants who can trade with you.

Always remember that not everyone is a genuine trader on the list. Beware of fraud and scammers.


Find genuine P2P traders from the list by considering all the important points given below:

1. Only trade with verified merchants. You will see a yellow mark beside his name.



2. Do check the orders of the merchant. Do not trade with the merchant if he has fewer than 1000 orders. The more the better.



3. Check the completion rate of the merchant. Trade only if it is higher than 95%



4. Visit the merchant's profile & check the feedback reviews. positive reviews should be more than 95%



5. Also check the joined date of the merchant. Trade only if the account is at least 1 year old.


In this way, you can find a genuine merchant to trade with him.


Step 8: Selling Process

Once you find the perfect merchant, Click on 'Sell USDT'



Read all the instructions given by him on his profile.



Enter the amount you want to sell in USDT



Add the payment method that matches your name with your Binance profile name.



Then click on 'Sell USDT'



After that a timer will start to receive payment from the merchant directly to your payment method.


Note: Never accept the payment from 3 party payment method. Only accept the payment if his profile name matches with the name on his Bank Account.


After checking the balance and matching the profile name with his bank account then only release the USDT by clicking on 'Received'



This is how you can safely withdraw the money to your bank account.


Congratulations!!  You have completed all the steps
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