You must do P2P (peer-to-peer) trading to cash out the money earned from the airdrop. It is an alternate method of purchasing and selling cryptocurrencies without the involvement of a broker or any other third parties. The majority of peer-to-peer cryptocurrency exchanges provide customers the ability to buy cryptocurrency using local national currency or sell cryptocurrency for local national currency. Be aware, however, that depending on the country, various purchase options may be available to you depending on the fiat partner you choose.
There are many P2P trading platforms in the crypto market, we recommend Binance and KuCoin. These two platforms are secure and very popular, supporting many local currencies and payment methods. To use a genuine and trustworthy exchange, thoroughly investigate it. Check user reviews for red flags. So let’s start with how you can cash out in your local currency by doing P2P trading on Binance. First select P2P from Binance trade options.
A Guide to P2P (peer-to-peer) trading.
Peer–to–peer (P2P) trading is a popular way for individuals to buy and sell goods and services without the need for a middleman or third party. P2P trading does not require any sort of intermediates or brokers, making it a cost–effective and convenient way for people to get what they need.
Before getting started with P2P trading.
It is important to understand the basics. P2P trading is essentially an online marketplace that allows people to buy and sell goods and services directly with one another. This type of trading eliminates the need for a broker or middleman, allowing buyers and sellers to negotiate the price and terms of a transaction directly. Additionally, it also allows people to find unique items that they may not have been able to find in traditional stores.
Once you have decided to use P2P trading, the next step is to create an account with a reputable P2P trading platform. Many of these platforms offer basic features such as the ability to search for items, view seller ratings, and securely pay for items. It is important to choose a platform that is secure and reliable to ensure a safe and successful transaction.
Once your account is set up, you can start looking for items to buy or services to provide. Most P2P trading platforms allow you to search for items based on keywords or categories. You can also narrow down your search by location or price range. Once you find an item or service you are interested in, you can contact the seller and negotiate the terms of the transaction.
When negotiating the terms of the transaction, it is important to ensure that the terms are clearly understood and agreed upon. This includes pricing, delivery, payment methods, and any other relevant information. Once both parties reach an agreement, the transaction can be completed through the platform.
P2P trading is a great option for those looking to buy or sell items without the need for a middleman. It allows people to negotiate prices directly with the seller and find unique items that they may not be able to find in traditional stores. Before getting started, it is important to choose a reputable P2P trading platform and understand the basics of the process. With the right platform and a bit of negotiation, P2P trading can be a convenient and cost–effective way to get what you need.
Then you need to set your payment method, the payment option in which you want to receive your money. Now you need to select the fiat currency, the local currency you are going to sell your cryptocurrency against. Binance has many payment methods Add your preferred payment method according to your country. For Bangladesh and India, you can set many more payment methods including bKash, Nagad, Paytm, and UPI.
Now let’s see how you sell, let’s say you have 100 USDT and you want to sell it in INR or BDT, After selecting the sell option select any ads where you are getting your desired rate, then enter the amount you want to sell and click on sell and wait for the buyer’s payment. When the money is credited to your payment method, click on the release button to complete the transaction. Remember not to release crypto until payment is received.
In the same way, you can buy cryptocurrencies through P2P trading with local currency. Using a marketplace that facilitates peer-to-peer (P2P) trading is an easy and secure method to buy or sell cryptocurrencies. When you make a purchase of cryptocurrency, the platform will keep the seller’s cryptocurrency in escrow until the seller is paid, at which point the platform will release the cryptocurrency. In the event that the seller does not release the cryptocurrency, you have the option to file a complaint.
Some of the qualities of a good quality P2P platform.
- The platform should offer a transparent, user-friendly interface to help you locate and manage cryptocurrencies.
- Multi-factor authentication and encrypted currency storage help secure your data and funds.
- When picking a P2P exchange, make sure it supports your desired currencies.
- The platform should accept bank transfers, credit/debit cards, PayPal, and other payment methods.
- When you have platform or trade issues, you require customer support.
P2P (peer-to-peer) crypto trading removes the need for a centralized authority to set pricing, which is believed by many to make it potentially more lucrative than traditional exchanges. Because of this, peer-to-peer markets may often provide improved exchange rates in addition to lower fees, which can help you in optimizing the amount of profit you make while trading cryptocurrencies. P2P platforms, on the other hand, often have better liquidity than traditional exchanges do because of the large number of traders that use these platforms.
Because of this, it is now much simpler to discover buyers or sellers for the money you wish at any given moment. However, before selecting a platform, it is important to do some research, and you should always proceed with extreme care while doing business online.
P2P crypto trading may be an efficient approach to buying or selling cryptocurrencies in a manner that is both quick and simple to do if proper research and due diligence are performed. Whether you are interested in making a profit from price swings or you just need greater freedom when trading digital currency, it is important to take advantage of this expanding market for a number of reasons.