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Binance crypto p2p trading sell and buy in india

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What Is Peer-to-Peer Trading? 

A peer-to-peer (P2P) service is when one individual buys or sells cryptocurrencies to another on a cryptocurrency exchange marketplace. As a result, P2P is a direct person-to-person trade that does not use an intermediate.

Concerning p2p purchase and sell:

Please keep in mind that you must first transfer the cryptocurrency you wish to sell to your Funding Wallet. Please see How to Switch Assets from Spot a wallet to Funding Wallet for additional information. Sign in to your Binance account and press. To trade with other users, you can use the Express or P2P zones. Tap [Sell] and choose the cryptocurrency you wish to sell. You will view the market's available deals. Next to the desired offer, tap [Sell]. At the bottom, you'll see the buyer's payment method, payment window, and terms (if any). Under [By Crypto], enter the quantity of cryptocurrency you wish to sell, or press [By cash] to enter the amount of cash you want to receive. To confirm the order, tap [Sell]. When the buyer completes the payment, you will be notified. Before pressing [money received] and [Confirm release], make sure you've received the buyer's money in your bank account or wallet. DO NOT DISTRIBUTE CRYPTO TO the purchaser IF YOU HAVE NOT RECEIVED PAYMENT FROM THEM. You will be required to use your 2FA devices to validate the release of cryptocurrency. You already have

 

image credit : binance

P2P Trading on Binance:

Binance is a fantastic alternative for P2P trading since it provides a variety of withdrawal choices, payment methods, and transaction handling speeds. To use P2P, margin, or futures trading platforms on Binance, users must first pass the Know Your Customer (KYC) process. You may still contribute tokens into your account if you don't have the KYC.

 

Scams in Peer-to-Peer Trading:

The easiest way to avoid this problem is to verify the user's identity. Check sure the payment information for the account matches the person's identify before proceeding with the transaction. Do not send money or release your crypto assets if the payment account is not the buyers' or sellers'. Before sending crypto, get a picture of the transfer record from the buyer as confirmation of their purchase. This is a simple way to protect yourself against reversed payment. A user cannot claim that they did not make the payment in this situation.

 

Who is Eligible for Binance P2P Trading:

 P2P trading on Binance is only open to verified users. So, if you haven't already, establish an account and go through the verification procedure. Make sure your phone number, address, and banking information are all included in your setup.

 

How to Buy on the Binance P2P Market:

Binance P2P sellers must go through a screening procedure that includes identification and business verification. Binance provides a safe environment for your transactions by authenticating all Binance P2P users. Following the verification procedure, you may complete your first transaction with a few clicks. There isn't much left to do is wait for the vendor to deliver the Bitcoin after the money is received. The Bitcoin will then be handed to your Binance Funding Wallet. You will also be notified when the bitcoin is ready to be viewed in your funding wallet. Following that, you have the option of transferring the Bitcoin to your spot wallet or another wallet of your choosing. P2P Binance is a service that lets you to purchase and trade cryptocurrencies directly with other users of the service without the assistance of a third party. This trading approach is appropriate for both novice and experienced traders. The major benefits of the service are zero fees for the taker and high security owing to encryption.

image credit : binance

 

How to Sell on Binance's P2P Market:

Select "Sell" to select the cryptocurrency you wish to sell from the list. It may be BTC or USDT, for example. Then, select the best-priced buyer and click "Sell." After filtering the pricing and "Payment" options in the drop-down box, click "Sell" on an ad. P2P trading may be successful provided all precautions are taken to ensure safe trading on the Binance P2P platform. On the other hand, you should be wary of people who may try to deceive you into completing transactions outside of the platform or compel you to release the crypto without giving proof that the monies have been moved to your bank account.

 

image credit : binance

Binance P2P commissions: 

When trading on a P2P exchange, make careful to check the costs that apply. The finest peer-to-peer cryptocurrency exchanges do not impose fees to buyers or sellers. For example, OKX is absolutely free to use.However, some sites charge vendors fees. Sellers on Paxful, for example, pay 1% of the buying price.LocalCoinSwap, on the other hand, charges up to 1% to market marketplaces. This refers to buyers as well as sellers who make their desired rates public.Are there any? When trading cryptocurrencies, there is always some danger, but P2P Binance helps to mitigate it. For example, its escrow service protects the transaction's complete security. Furthermore, a public rating will assist you in working exclusively with reputable suppliers and buyers.Are there any dangers?

 

 

Who Can Use Binance P2P:

Do you have a confirmed Binance account? If you haven't already, you should begin by opening an account on Binance and then becoming verified. Following that, you may create a P2P account with your payment information, including your bank account and address.After that, you may start trading with Binance P2P and getting payments in your local currency, as well as paying for Bitcoin with the same currency. If you are new to the crypto realm, you should learn more about Binance and how to utilise it properly.

Indian crypto regulations:

The tax rules for cryptocurrencies in India are continually changing. However, the Indian tax administration has released rules declaring that cryptocurrencies are to be classified as capital assets and are liable to capital gains tax as of 2022. This implies that beginning with the Fiscal Year 2022-23, if a person sells or disposes of their cryptocurrency, they will be required to pay tax on any gains generated from the transaction. In addition, another part for TDS - 194S was added to the budget, which became effective on July 1, 2022. According to this provision, the buyer of an online digital asset or crypto currency must subtract 1% of the purchase price paid to the seller (Indian rupees).This has generated much consternation among traders over the TDS regulation on Crypto Currencies for P2P (Peer-to-Peer) transactions. As a result, the Income Tax Department has published a circular to clarify this TDS law.

Section 194S requires a person who is responsible for transferring any sum to any resident as consideration for the transfer of a virtual digital asset (VDA) / Crypto / Crypto Currency / USDT / etc. to deduct 1% of such sum as income tax. VDA includes all cryptocurrencies exchanged on P2P (Peer-to-Peer) platforms, including USDT, Bitcoin, Ethereum, BNB, Shibu Inu, Solana, and Dogecoin.

 

 

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