Buy Crypto
Markets
Trade
Futures
Earn
Square
More
Binance Blog

Binance P2P: Discover Quick and Easy Ways to Convert Bitcoin to Cash in 2023

2023-01-26

Main Takeaways

  • Learn how to convert Bitcoin and other cryptocurrencies to cash on Binance P2P.

  • With Binance P2P, you can create your own ads to buy and sell cryptocurrencies, filter for or request in-person cash transactions, use our handy convert crypto feature in select regions, and more. 

  • Find out how you can start buying and selling crypto on Binance P2P.

In this article, we’ll show you the easiest way to convert Bitcoin to cash on Binance P2P, our leading peer-to-peer crypto marketplace.

If you want to convert crypto funds to cash, Binance P2P offers some of the smoothest methods to sell your Bitcoin and crypto. Trusted by millions of users, Binance P2P is a leading peer-to-peer marketplace where users can sell Bitcoin and crypto for cash using their preferred payment method, currency, and even price — while paying zero fees! 

In this article, we’ll show you how to convert your Bitcoin and other cryptocurrencies to cash. But before you consider selling your crypto, explore all the ways you can hold your crypto instead.

Other Options Before Selling Your Crypto

Stablecoins. You can explore using a stablecoin like USDT, a 1:1 USD-backed stablecoin. Using stablecoins helps protect your fiat valuation without incurring additional withdrawal fees.

Day-to-day transactions. Opting to use your existing crypto for daily transactions might be more convenient than going through the hassle of converting it to cash. At Binance, we offer different ways to pay bills and shop at your favorite stores using crypto, all with zero fees. Register for a Binance Card to spend your crypto at more than 60 million merchants worldwide, or start using Binance Pay to shop with crypto or send crypto to friends and family. 

If you’re still interested in converting to your local currency, keep reading for our complete guide to converting Bitcoin to cash on Binance P2P.

How to Convert Crypto to Cash on Binance P2P

With more than 700 payment methods and over 100 fiat currencies, Binance P2P makes it easy to find a suitable buyer. Read below for the different options to convert your Bitcoin and cryptocurrencies to cash with minimal fees. You can also read this FAQ guide on how to sell crypto on Binance P2P.

P2P ads 

Binance P2P includes an ad posting feature for eligible users who want to set their own price and payment method. You can create an ad in 3 simple steps, giving you an accessible method to sell Bitcoin your own way. 

Before you can post ads on Binance P2P, you must meet the following requirements:

  • Registered user for more than 30 days

  • Completed KYC identity verification and SMS authentication

  • Completed a minimum of 20 P2P orders

  • 30-day P2P order completion rate of at least 80%

  • Completed P2P trades with at least ten unique counterparties

If you meet the requirements, you can read our step-by-step guide on how to create an ad on Binance P2P. If you want to offer “Cash-in-Person” as a payment method, you’ll need to pass additional requirements and become a verified merchant.

Cash-in-Person transactions

Since October 2020, Binance P2P has offered support for cash-in-person transactions on the marketplace, allowing users to buy and sell cryptocurrencies with a simple cash transaction made in person. Keep in mind that all users can buy or sell crypto using cash through existing offers. However, to post ads with cash offers on our platform, you must be a verified merchant and can apply here.

  • To get started, filter your search on the marketplace to “Cash-in-Person” payment and find a suitable merchant. 

  • Negotiate with the buyer using Binance P2P’s built-in messenger and agree on a meeting place and time. 

  • Meet with the buyer, receive your cash, and complete the transaction on the Binance P2P platform. 

Binance P2P will reserve the cryptocurrency locked in the transaction until you confirm the cash receipt and release the crypto. 

Although our platform has a strict vetting process for merchants who want to post ads with cash-in-person transactions, we still recommend you follow basic safety guidelines for in-person transactions with a stranger. For example, meet in a secure public place, make sure the transaction is complete before confirming the transaction, and bring a friend with you. 

Cash Deposit to Bank 

If you can’t meet in person, you can filter your search to “Cash Deposit to Bank,” find a suitable offer, negotiate the details, and release your crypto once the buyer successfully deposits cash in your bank account. Cash deposit to your bank is instant and won’t incur extra fees from most banks. 

P2P Express

Users who have completed advanced KYC can also use P2P Express to instantly match with a suitable buyer based on the preferred payment method and local currency at the best crypto price available on the P2P marketplace. 

Read more: How to use P2P Express to buy crypto/sell crypto on mobile.

P2P Cash Zone

The Cash Zone is Binance P2P’s newest trading zone. Users can choose from a range of buy and sell cash ads or visit a Cash Merchant’s physical store to conduct face-to-face trades using fiat currency. Only verified cash merchants can post ads in the Cash Zone.

Read more: Make Crypto Trades In Person With Binance P2P’s Cash Zone.

Get Started on Binance P2P

With Binance P2P, you can access a leading peer-to-peer marketplace, 700+ payment methods, 100+ fiat currencies, and, most importantly, qualified crypto buyers who can be identified by the yellow “verified” badge next to their name.

If it’s your first time, register for a Binance account and complete intermediate or advanced verification. If you want to become a P2P merchant, apply here, and we’ll verify your identity and business before making you a verified merchant. 

With multiple options available, Binance P2P makes it easier to convert your crypto to cash.

Further Reading

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. The products and services referred to herein may be restricted in certain jurisdictions or regions or to certain users, in accordance with applicable legal and regulatory requirements.  These materials are intended only for those users who are permitted to access and receive the products and services referred to and are not intended for users to whom restrictions apply.  You are responsible for informing yourself about and observing any restrictions and/or requirements imposed with respect to the access to and use of any products and services referred to herein.