After trading on Binane, you need to withdraw money from the exchange to get fiat money. Like buying coins, you also perform trades to sell coins on Binance with the P2P method is quite simple.
When to sell coins to get cash?
If you need cash, selling coins on Binance is no longer controversial.
However, if you want to temporarily sell the coin and convert it into cash to preserve profits because the coin shows signs of decreasing, you shouldn’t!
Then, transfer coins in stablecoins (such as BUSD, USDT…) to maintain the value of the cryptocurrency.
After the coin has returned to a fair price, you switch from stablecoins to coins to continue to benefit from the increase in the price of the coin while saving on transaction costs. This is the way professional investors on Binance want to share Investi.com.
How to sell coins on Binance via P2P?
To sell coins in cash, you need to sell coins via P2P Binance.
- How to transfer coins between Binance wallets
If the coin is already in a P2P wallet, follow these steps:
Step 1: Click “Buy Crypto” on the upper left corner of your screen and then select “P2P Trading”
Step 2: Select the “Sell” tab (red)
- Click on the name of the coin you want to sell
- Select the currency you want to receive when selling coins
- Select the payment method you want to transact
Step 3: Choose the right buyer
- Buyers should have a high reputation: have a yellow tick, have a lot of transactions, a high completion rate.
- The price offered by the buyer is in line with your wishes
- The volume of transactions you can meet is similar to the buying and selling needs of the two parties.
- Buyers use the same payment method as you.
After selecting a suitable buyer, click “Sell…”. In case you are looking to sell BTC, it will be the Sell BTC button.
Step 4: Fill in the trading volume.
- Enter the volume of coins you want to sell. This number must be less than or equal to the number of coins you have in your account.
- If you want to sell all the coins, you have, click “All”. After entering the volume, you want to sell, the system will automatically display the amount in the “I will receive” box.
- Conversely, if you enter the amount in the “I will receive” box, the system will automatically display the number of coins in the “I want to sell” box.
- Select the desired payment method. You will only be able to choose between different methods if you have added multiple payment methods to your Binance account. And the buyer also uses that payment method.
Step 5: Confirm “Money Received”
After the buyer confirms “Transferred”, you need to check your payment information.
- You need to make sure that you have received the funds in your account. Do not look at the transaction picture of the party transferring money because it is very likely that someone will use fake images for fraudulent transactions.
- Does the amount you receive correspond to the transaction?
- Is the transferor’s account information correct and clear about the content of the transaction? To avoid money laundering or future claims.
If all the information is correct, you confirm “Money received” to transfer the coin to the buyer.
So you did how to withdraw money from Binance, sell coins on Binance successfully with P2P method. To maximize profits, the Binance exchange has many other trading methods for users.