Just like a lot of you, I have not bought any cryptocurrency in a p2p transaction before. All I do is use my Binance or Luno as the case may be. The argument for me is simple, buying on an exchange is frictionless and was a no brainer. However, with new regulations usually comes a new way of doing things. Today, a circulation prohibiting deposit money banks (the likes of UBA, Access, Zenith, etc.) from allowing the transfer of funds to cryptocurrency exchanges like Binance and Luno.
Well, as I said in a couple of tweets as a reaction to this new development, money is like water and it will always find its level. Also, the utility of crypto is so much that human nature will unavoidably innovate their way around the regulation.
I attempted doing a p2p transaction on Binance and I will quickly run you through how to do it in a simple step. Then we will become unstoppable.
When you log in to your Binance account, the first thing you want to do is change your payment currency. Click on the top icon that allows you to go to the settings, from settings, you will see payment currency. Change that payment currency to NGN, the default is usually USD. Once that is done, navigate back to the home page.
From the home page, click on P2P Trading. Binance currently supports only 6 cryptos for P2P transactions. All the 6 will be displayed immediately once you click on P2P Trading. Select the coin you want to buy and different offers as are available per time will be displayed for you. The choice is yours to select what you want to buy.
Once you select what you want to buy the next step is to confirm that this is what you are really interested in and you would be prompted on the payment method. Now, you would be required to select your preferred payment method from the list of options allowed by your counterparty.
With that done, you typically get a 15 mins time frame to complete the payment. Now something important here. Ensure your description doesn’t contain any cryptocurrency term if you want the payment to go through. Yes, it can be that serious. So use an alias instead. If you need to track it, you may need to use a consistent alias again and again. Just make sure not to use any crypto term.
Another caution, you only have the opportunity to cancel up to 3 transactions per day. Unfortunately for me, I didn’t know that and I exhausted mine on the first day of attempting p2p transactions.
The way it works is that once you make such payment to your transacting partner, the partner has to confirm that they received the money before the coin you are buying can be transferred to you. What happens when you transfer the money but the other party refuses to confirm it?
You have a place to Appeal. You will be required to submit supporting documents and state the issue you are appealing. It will be attended by the customer support personnel.
If everything goes as expected, which is usually the case, you will have your coin added to your wallet and you are good to go.
You can also use this video for a quick guide. Don’t be stopped on your journey to making wealth and preserving your wealth.