In this post, I will show you how to cash out your Bitcoin using Binance P2P.
The platform is easy to use with cool features like 300+ payment methods and over 70 fiat currencies.
Plus, you can safely cash out from anywhere in the world and in good time too. 😉
Are you ready to see how? Let’s jump right in!
Post Summary
- Brief Overview Of Binance P2P
- Factors To Consider Before You Cash Out Bitcoin
- How To Cash Out Bitcoin On Binance P2P
- FAQs
- Conclusion
Click on any item above to read its details immediately.
Happy reading!
1. Brief Overview Of Binance P2P
Binance P2P is a leading peer-to-peer platform that enables users to exchange crypto on their own terms.
It employs the escrow system to facilitate safe transactions.
Here, you can trade BTC, ETH, BNB, BUSD, DOGE, DAI, and USDT with zero fees.
Once you’ve created and verified your account, you can buy and or sell cryptos, browse crypto ads, or post ads on Binance P2P.
Amazing, ain’t it?
This comprehensive post on Binance P2P explains how you can do all that and more – How To Make Money Trading Bitcoin On Binance P2P – 5 Tips That Work!
Next, we’ll see how you can cash out your bitcoin but first, take note of the following factors 👇
2. Factors To Consider Before You Cash Out Bitcoin
Bitcoin size
You have to decide the amount of bitcoin that you want to cash out. It will help narrow your search on the P2P page.
Also, confirm that you’re eligible to sell that amount of the coin.
Note that you can sell from a minimum of 0.01 BTC to a maximum of 5 BTC (or 200 BTC for merchants).
Additionally, you can identify qualified crypto buyers by the yellow “verified” badge next to their names.
Be sure to check for it so that you don’t bargain with a scammer.
Timing
Another factor you should consider is how long it will take to cash out bitcoin.
Normally, when you post your ad, you’ll wait for an interested trader to initiate a transaction.
To hasten things up, you can use the P2P Express Zone. It quickly matches your needs to a peer offering the best price.
I’ll show you how to use the P2P Express Zone later in the article.
Payment Method
This is another important factor when you are trying to cash out bitcoin.
Make sure to specify the payment method that is available to you.
While choosing your payment method, opt for the one that is more convenient and fast.
As mentioned, Binance P2P supports over 300 payment methods that you can choose from.
Pro tip: having more than one payment method makes your ad more appealing.
Privacy
Here, we’re looking at how much information you’re putting out.
First of all, you must complete KYC on Binance to cash out Bitcoin.
Not to worry though, Binance will never sell your data to a third party.
Then, you will provide your payment details for easy transactions.
For example, the ‘bank transfer’ payment method will require you to provide your bank account details.
You will want to bear that in mind.
Fees
Gratefully, you can trade on Binance P2P with minimal fees.
Also, you’ll be charged zero fees to move your Bitcoin from your Spot wallet to your P2P wallet.
Cool, right?
Now that you’re ready, let’s see how you can cash out your bitcoin.
Tag along!
3. How To Cash Out Bitcoin On Binance P2P
There are 4 major ways that you can cash out your bitcoin and they are:
a. Choose an ad
The first way you can cash out bitcoin is by choosing a P2P ad.
How to:
i. Log into your Binance account. Don’t have one? Then register using my referral link.
ii. Select ‘P2P Trading’ from the ‘Buy Crypto’ menu
iii. Opt to sell and select BTC. Then filter the price and payment method.
iv. Next, select an ad and click ‘Sell’. Enter the amount and hit ‘Sell’
v. Now, wait for your payment. Upon receipt, select ‘Confirm release’ and then ‘confirm’.
vi. Once the buyer receives the crypto, you’ll be notified of a completed order.
Click here for the pictorials of the steps above or a video.
b. Create a P2P ad
Another way you can cash out bitcoin is by creating a P2P ad.
This involves using the Binance P2P ad posting feature to set your price and payment method.
Any trader that likes your offer will click on the ad and initiate a trade.
How to:
i. Go to the P2P Trading page.
ii. Click on the ‘More’ tab and select ‘Post Ad’
iii. Select your ad type (buy or sell), crypto asset, fiat, and click on ‘Next’.
iv. Set the ad type to floating or fixed, enter your price, trade, and time limits. Then hit ‘Next’
v. Select the payment methods and define the following:
- Remarks: serves as a reference for users before they place the order.
- Auto reply: the message that the counterparty will see after they place an order.
- Conditions: determines users that can place an order.
Click on ‘Post’.
vi. You’ll be required to complete a 2FA verification after which your ad will be published.
vii. Click on ‘My Ads’ to view it. You can also edit your ad from this tab.
Get the pictorials for these steps here.
Note that you need to meet these criteria to post a Binance P2P ad:
- Registered user for more than 30 days
- Identity verification and SMS authentication
- Completed a minimum of 20 P2P orders
- Have a 30-day P2P order completion rate of at least 80%
- Traded with at least 10 unique counterparties
c. Cash-In-Person transactions
If you prefer, you can also cash out bitcoin in person
Binance P2P allows users to buy and sell cryptocurrencies with a simple cash transaction.
You can look for ads having cash as a payment method.
How to:
i. Filter your search to “Cash-In-Person” payment and find a suitable merchant.
ii. Then you negotiate with the buyer using the built-in messenger. Schedule a meeting place and time.
iii. Next, you meet with the buyer, receive your cash and complete the transaction on the Binance P2P platform.
iv. Confirm receipt of the cash and release the crypto. 👍
Otherwise, you can post ads with cash offers. But you’d have to apply. Check here for more info.
Safety tips: meet the buyer in a secure public place, go with a friend, and ensure the transaction is complete before confirming it.
d. Cash Deposit to Bank
This is another way to cash out bitcoin. Where you can’t meet in person, you can have your peer deposit the cash into your bank account.
How to:
i. Filter your search to Cash Deposit to Bank
ii. Select a suitable offer and negotiate the details.
iii. Then wait until the buyer deposits cash in your bank account before releasing your crypto.
*Cash deposit to the bank has an advantage over bank transfer because it does not incur extra fees from most banks.
e. Use P2P Express
Lastly, you can use Binance P2P Express to cash out bitcoin.
Like I mentioned earlier, it helps to instantly match you with a suitable buyer based on the preferred payment method and local currency.
Plus, the best crypto price available is usually selected.
How to:
i. Select “EXPRESS” from the P2P page
ii. Click or “SELL” and fill in the amount of bitcoin you want to cash out. Choose a payment method too.
iii. Then hit “Sell with 0 fees.” The system will automatically create an order that matches your requirements. So cool!
What’s next? Don’t waste any time. Go to Binance P2P and start cashing out your bitcoin.
Enjoy!
I’ll answer some frequently asked questions and then we can call this post a wrap.
4. FAQs
On Binance P2P, yes you can.
I believe it is because it employs an escrow service. Bitcoin is only released when the seller has confirmed payment.
Nevertheless, do due diligence before trying it out.
Yes, on Binance P2P, you can cash out other cryptos like ETH, BNB, BUSD, DOGE, DAI, and USDT.
If you don’t have a pressing need for cash, you may consider:
– Converting your bitcoin into stablecoins such as BUSD. This saves your asset value and prevents you from incurring fees in the process of cashing out.
– Look out for stores that accept crypto payments so that you can make purchases without having to first convert to fiat.
– Stake the coin to earn passive income.
5. Conclusion
We have now come to the end of our discussion on how to cash out bitcoin. I hope it was worth your time.
On Binance P2P, you can choose or create an ad, receive money in person or have it deposited to your bank account, or use P2P express to cash out bitcoin.
Tell me in the comments, which option would you go for and why?
And if you’re yet to get registered on Binance, do that using my link.
Also, share this post with your friends, thank you!
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