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How to own Bitcoin in the Philippines?

2021-03-29

According to CoinMarketCap, the crypto price tracker, Binance is among the biggest cryptocurrency exchanges that could launch a P2P (peer-to-peer) trading wherein the seller and the buyer can directly exchange their fiat and crypto assets through an online escrow or marketplace platform. P2P is separate from the order book exchange of Binance in that it allows the individual seller and buyer to trade and negotiate cryptocurrency on the marketplace of Binance directly.

To make things simple, whenever you purchase USDT or Bitcoin on Binance’s P2P platform, you directly buy it from a seller who is a person that can be anywhere in the world. He or she will have your fiat exchanged for their cryptocurrency. That is what currently happens in any P2P marketplace right now. The Binance platform has the purpose of providing escrow for the protection of both the buyer and the seller. It happens by keeping the fiat or the crypto and releasing it once both parties were able to have their obligations fulfilled with one another.

Direct Exchanges and Spot Trading versus P2P

Direct exchanges such as Coins.ph and spot exchanges similar to the leading cryptocurrency exchange of Binance are not identical to the P2P marketplace because of the following:

The buyer and the seller directly negotiate in P2P as the platform performs as an escrow that allows funds to get kept until both the seller and the buyer fulfills their obligations with one another.

When it comes to the spot exchanges similar to the leading exchange of Binance, users can “buy” orders at a specific price in combination with the other users that are buying at the same price. It gets placed in an order book and matched with sellers who want to have it sold at the exact cost. Since this happens electronically, the buyer and the user are not directly interacting with one another.

For direct exchanges such as Coins.ph, the user sells or buys cryptocurrency based on the platform’s set price.

Essential Things to Take Note

You may want to know how to own crypto with Binance now. However, before buying through the Binance P2P, it is vital to take note of these things:

  • You need to have sufficient funds if you want to pursue the transaction.

  • You should become verified and registered on Binance.

  • Manage the risks by checking out the tips on P2P Trading in Binance in this article.

  • You must become highly knowledgeable of how trading operates.

Buying Through P2P

Usually, users have USDT purchased through P2P to take full advantage of the Binance platform. Once they buy USDT, the crypto asset will get parked in the P2P Wallet of the user. It will eventually get transferred to the spot wallet of the user. Since Binance is an exchange with an order-book style, it can use USDT to purchase Bitcoin at a rate that the user sets.

For example, if a bitcoin has a price of 10,000 USDT, and 1,000 USDT is what the user has, they can have the buy order set at a lower price, like 8,000 USDT, instead of immediately purchasing it at the current high cost of 10,000 USDT. If the rate of 1 BTC is equal to 8,000 USDT, the user has funds that can buy 0.125 BTC. Once the rate of 1 BTC becomes similar to 10,000 USDT, the 1,000 USDT of the user can buy 0.1 BTC. 

Accepted Methods of Payment

Sellers in Binance P2P are offering to have their USDT cryptocurrencies exchanged for PHP. The following payment methods are what these sellers usually accept:

  1. Bank Transfer (commonly through InstaPay)

  2. GCash

  3. PayMaya

There may be other available methods of payment, but these are the ones that sellers frequently offer. When it comes to bank transfers, a lot of the sellers are using UnionBank.

Steps on How to Buy through Binance P2P

1. Get to the Binance homepage and hover the mouse on “Buy Crypto” on the upper left. Click “P2P Trading” afterward.

2. Click on “I want to Buy” then tap on “USDT”. (Take note that you should be on Fiat PHP)

3. Allow yourself to browse through any of the offers

Since the offers depend on the seller, it would be best to note their offered prices, including their limitations and the maximum available price that the seller could accommodate. For example, there are sellers with 1,000 PHP as a minimum, and you won’t be able to buy anything lower than that.

4. On your chosen offer, click on “Buy USDT.”

5. Make sure that you indicate how much you are willing to purchase and then click on “Buy Now”

6. Follow the seller’s instructions.

7. After having it transferred, get it marked as “Paid” by clicking on “Transferred, Next.”

8. Wait until the seller confirms it on his end.

9. When the seller provides confirmation, the cryptocurrency will get transferred to your Wallet in P2P.

10. Check out your P2P Wallet and have the funds transferred to your spot account, your main Wallet in Binance. Whenever you trade on the Binance platform, cryptocurrencies are what it will use on your spot account.

The Advantages of Binance P2P

  1. You can buy through the use of mobile wallet transfer or bank transfer.

  2. You may select from various sellers that you consider providing the best rate.

  3. The platform will only perform as an escrow, and the agreement will be between the seller and the buyer.

  4. In case a dispute occurs, the escrow makes sure that both the buyer and the seller are protected.

  5. Binance P2P provides access for anyone to trade in Binance, which is a highly liquid cryptocurrency exchange.

The escrow service of Binance P2P protects both the buyer and the seller by making sure that both of them will fulfill their obligations.

Every time a seller has an offer posted (referred to as an “Ad”), the published cryptocurrency price will automatically get reserved from their fiat wallet. In case the seller prefers to escape with your cash without having the cryptocurrencies released to the buyer, the Customer Support of Binance can have it released from the seller’s reserved funds.

The Disadvantages of Binance P2P

Since sellers can have maximum and minimum amounts set on what you can buy, there is a possibility that either of them may not be within your scope.

For example, people encounter instances wherein they wanted to buy something worth 1,000 PHP, but there was no available seller who offers to sell at that minimum during that time.

Our Advice on P2P Trading in Binance

Here are some great tips that people should watch out for whenever they do P2P trading on the Binance platform:

Make sure that you transact with reliable sellers.

In Binance, every seller would need to have their identities verified. For anyone who wants to buy for the first time, it would be best to transact with reputably reliable sellers like those who had a lot of successful transactions. These are sellers that had numerous dealings with many buyers in the past. These people have an excellent track record that could provide any first-time buyer with enough peace of mind. 

Verify the identity of the person

Before you get into any transaction with a seller, make sure that you have his identity verified. You can do this by reviewing the payment details that they asked. Check if it matches their identity on the Binance platform. Doing this can help avoid triangulation fraud that involves a scammer using the payment account of another person so they can claim that the buyer did not have any sent to their account.

Make Sure to Get Into A Deal Only Within Binance

Binance P2P has a chat system that lets the seller and buyer converse with one another. Since that is the case, whenever anyone is trying to convince another person to have a deal that is not within the platform, it would be best to have them reported immediately by opening an appeal.

Regularly Review the Existing Exchange Rate

Since USDT gets pegged to the U.S. dollar, you should make sure that you get the most USDT from your PHP by reviewing the existing Dollar-Peso exchange rate all over the world. Choose sellers that offer close to the current rate that you find online.

Binance in the Overall

Since Binance P2P had the facilitated on-ramp that allowed funds to get transferred as quickly as possible, the buyer who could eventually have the funds used to trade cryptocurrencies will become ultimately responsible for every action and trade that they do on the platform. Since the platform of Binance is highly sophisticated, it may not be great for those who are just starting to get into the cryptocurrency space. Because of this, users need to do thorough research before they consider trading.

Know About How to Own Bitcoin in the Philippines with Binance

The prominent cryptocurrency exchange in terms of users and trading volume is Binance. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.

Because of the platform’s zero transaction fees, it offers an escrow service. It aims to ensure that all of the cryptos will go to the users’ wallets. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by trading through Binance now