P2P Stories: A Tale of Two Indian P2P Traders
Since we launched Binance P2P for Indian rupee (INR) in April, we have seen a surge in peer-to-peer (P2P) fiat-to-crypto trading volumes in the country. India is an important market for us, with total trades of over 9 million USD, with an average 120% monthly increase.
At the core of this fast growth is a marketplace full of P2P merchants, with competitive offers every day. We currently have 80+ verified Binance P2P merchants in India, each of them providing liquidity for the platform and fiat-to-crypto trading services for new users. Today, we feature two of these traders: Miral Doshi (below, left) and Tamilian Traders (below, right), who both got earning opportunities worth thousands of rupees per day thanks to Binance P2P.
What is an important criterion for you when choosing a P2P platform? Why do you choose Binance P2P?
Miral Doshi: I’ve regularly used Binance for trading, so when Binance introduced P2P trading, I decided to become a merchant. P2P trading is a profitable source of income, and I chose Binance P2P because it has an advanced system. We can see order history, how much we traded, and all the details of the seller/buyer, which is not available in some of the other exchanges.
Tamilian Traders: I chose Binance P2P since it’s a genuine and trusted exchange with a large user base and timely customer support. Liquidity is an important criterion when choosing a P2P platform and Binance has achieved high volume day by day.
I first heard about Binance P2P in a Twitter post. I thought back then that since crypto was not yet regulated in India, so cashing out and cashing in via P2P is the best option I found. I thought of picking an international exchange, and I found Binance P2P to be a great option.
How many orders do you process per day on Binance P2P? And how much money do you earn per day on Binance P2P?
M: Usually, I process 30-50 orders per day. But in rare cases, the number of orders increases. I earn approximately 2,000-3,000 INR per day from Binance P2P trading.
T: Since I started three months ago, I have been processing 50 to 60 trades per day, which I think will increase in the future. I am earning 500 to 1000 INR per day, or around 10,000 to 15,000 INR per month, based on the previous two months.
What are the profit margins for P2P trading in the Indian market? Are the profit margins increasing this year? Is the recent bull run bringing more P2P business?
M: Usually I trade in the USDT/INR pair only and I set my margin at 0.30% to 0.50% depending on the competition in the market. I think the profit margin will decrease because more users come to trade and then competition will increase.
T: Currently there is a 0.5% to 1% prevailing margin rate on INR trading, and during this bull run, there is a huge demand for USDT and BTC. I think it will be increasing if the market continues to grow.
What useful information could you share with beginners in P2P trading? Tips for beginners like how can they make more money? And how to avoid scams?
M: For beginners, I suggest they trade carefully because there may be some scammers in the market. Follow all P2P terms and conditions, and use another bank account which isn't related to your main source of income or salary account. Also, P2P traders should beware of some third-party payments.
T: Before you start the transaction, make sure that the payment account details correspond to the person's identity. When your trading counterparty uses a third-party’s payment account for transactions, it could be a sign that it is a scam.
An easy way to protect yourself from reversible payment is to ask the buyer to send you a photo of the transfer record as proof of his or her purchase before releasing crypto.
Do not share OTP (one-time payment) email IDs with anyone who is asking. And do not invest anything in quick rich schemes. Be careful with offers which appear too good to be true because most of the time they may be scams.
Another tip: Be honest with your offer. If you can create a good reputation for yourself and provide the timely release of crypto, you will find a good number of trades coming your way.