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Binance P2P: Discover a Quick and Easy Way to Convert Bitcoin to Cash

2021-08-26

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.

Main Takeaway

  • Learn all the ways you can convert Bitcoin and other cryptocurrencies to cash with Binance P2P.

  • With Binance P2P, you can create your own ad 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 cypto on Binance P2P.

If you're interested in converting some of your crypto funds to cash, Binance P2P offers one of the best methods to sell your Bitcoin and crypto. Trusted by millions of users, Binance P2P is a leading peer-to-peer marketplace where you can sell Bitcoin and crypto for cash using your 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.

Consider These Options Before You Sell Your Crypto

Convert your crypto to stablecoins like BUSD. You can explore using a stablecoin like BUSD, a 1:1 USD-backed stable coin issued by Paxos and regulated by the New York State Department of Financial Services (NYDFS). Using stablecoins allows you to protect your fiat valuation without incurring additional withdrawal fees.

Use crypto for day-to-day transactions. Opting to use your existing crypto for day-to-day transactions might be more convenient than going through the hassle to convert it to cash. At Binance, we offer different ways for you to pay bills and shop at your favorite stores using crypto, all with zero fees. You can register for a Binance Card to spend your favorite cryptocurrencies 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, then keep reading for our complete guide to turning bitcoin into cash on Binance P2P.

How Do I Convert Bitcoin to Cash on Binance P2P

With more than 300 payment methods and more than 70 fiat currencies, you’ll always find a suitable buyer on Binance P2P. Read below for the different options you can use 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.

1. Create a P2P ad 

Binance P2P includes an ad posting feature for eligible users who want to set their own price and payment method. You can set up an ad in 3 simple steps, giving you an accessible method to sell Bitcoin your own way. Before you can post an ad, make sure you meet the following requirements for Binance P2P ads:

  • Registered user for more than 30 days

  • Completed identity verification and SMS authentication

  • Completed a minimum of 20 P2P orders

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

  • Completed P2P trades with at least 10 unique counterparties

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

2. 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 all users can buy or sell with cash through existing offers. For users who want to post ads with cash offers on our platform, you 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 transaction’s cryptocurrency until you confirm receipt of the cash 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. 

3. 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. 

4. Convert Bitcoin in one click using 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

Get Started on Binance P2P

As much as we encourage users to buy crypto, we also understand if you want to convert some of it to cash. With Binance P2P, you have access to a leading peer-to-peer marketplace, 300+ payment methods, 70+ 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. If you want to learn more about buying and selling cryptocurrencies on Binance P2P, you can refer to our articles and FAQ guides below: