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Binance Blog

Binance P2P: Buy & Sell Bitcoin for Cash Near You

2022-07-21

Main Takeaways

  • Using a peer-to-peer marketplace like Binance P2P allows you to make cash-in-person transactions with zero fees.

  • Learn more about the different methods you can use to buy and sell bitcoin (BTC) for physical cash with Binance P2P.

  • Read on for a guide to buying and selling crypto for cash on the Binance P2P platform.

Try cash-in-person on Binance P2P if you’re looking for a simple way to convert your bitcoin holdings into physical cash.

While most people conduct their crypto transactions online, some users still prefer to convert their holdings into physical cash offline. This article will cover the most popular methods for crypto-to-cash conversions, from Bitcoin ATMs to peer-to-peer (P2P) marketplaces, and how you can get started with a secure, cost-effective platform like Binance P2P.  

What Methods Are Available?

Before we dive into the different options, make sure you have bitcoin (BTC) available in your wallet. To get started, you can read our guide to buying BTC. However, if you’re already holding BTC, consider other options — such as the Binance Card — before converting to fiat currency.

Bitcoin ATMs

At first glance, Bitcoin ATMs look just like your traditional cash machines. However, instead of connecting to your bank account, these ATMs facilitate transactions on the Bitcoin network. 

For most Bitcoin ATMs, you must scan a wallet QR code and then sell your bitcoin for physical cash. Some ATMs may require Know Your Customer (KYC) checks, such as identity verification, before you can transact crypto. 

While a Bitcoin ATM sounds convenient, the transaction fees are typically higher than other methods. So, to save money on fees, consider selling your crypto on a peer-to-peer marketplace like Binance P2P. 

P2P marketplaces

P2P marketplaces allow two parties to trade directly with each other instead of going through a matching engine on the Spot market. 

For example, users can list buy or sell ads with their preferred local currency and payment method — in this case, cash-in-person. You can think of a P2P marketplace like eBay listings but with cryptocurrencies instead of used items. 

If you’re interested in P2P trading, consider making your first trade with experienced crypto merchants on Binance P2P. Since October 2020, Binance P2P has offered support for users looking to buy and sell crypto via cash payments made in person.

How to Buy and Sell Crypto With Cash on Binance P2P

Binance P2P provides a global marketplace with over 100 supported fiat currencies and zero trading fees. Users can connect with a vetted merchant and start their transaction in three simple steps.

Please note: Although every Binance P2P merchant undergoes a strict approval process, P2P traders should adhere to basic safety guidelines for cash-in-person transactions. Bring a trustworthy friend, meet your counterparty in a safe, public place during the day, and ensure you have sent or received the correct amount before any funds are released.

Buy crypto with cash on Binance P2P

Step 1: Filter your homepage to Buy

Press [Buy] on the P2P homepage, select BTC, and then filter your homepage listings to [Cash-in-Person]. 

Step 2: Find a seller

Search the marketplace for a BTC price that suits your preferences. If you’re a first-time P2P trader, we recommend transacting with a verified Binance P2P merchant. You can recognize verified merchants by the yellow badge next to their names. 

Step 3: Meet your seller and complete the transaction

Negotiate with the seller and meet them at an agreed place and time using the Binance P2P messenger. When meeting the seller, ensure you have paid them in full before they release crypto funds to your account.

Sell crypto for cash on Binance P2P

Step 1: Filter your homepage to “Sell”

Press [Sell] on the P2P homepage, select BTC, and then filter your homepage listings to [Cash-in-Person]. 

Step 2: Find a buyer

Search the marketplace for a suitable ad posting. If you’re a first-time P2P trader, we recommend transacting with a verified Binance P2P merchant. You can recognize verified merchants by the yellow badge next to their names. 

Step 3: Meet your buyer and complete the transaction

Negotiate with the buyer and meet them at an agreed place and time using the Binance P2P messenger. When meeting the buyer, only release the crypto funds until you have received full payment. 

How to Sell Crypto for Cash on Binance 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 and 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.

Users can easily locate a cash merchant near them on the cash ad page, visit the merchant’s physical store, and trade crypto in person using cash as a payment method. For users in specific regions, buying or selling their digital assets in the Cash Zone eliminates the long waiting times that can occur during bank transfers.

Get Started on Binance P2P

To start buying or selling crypto on Binance P2P, create a Binance account and verify your identity. If you’re an experienced crypto seller, join the Binance P2P merchant program and enjoy exclusive benefits such as in-depth ad posting tools, a verified badge next to your username, and 24/7 one-on-one customer support. 

Regardless, Binance P2P makes exchanging crypto for cash easier for our users.

Further Reading

Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle crypto transactions. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither the Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.