Buy and Sell Crypto on Binance P2P with Mpesa

Everyone wants to make money – and a good number want to make it by trading cryptocurrencies. While many platforms help you make money from crypto, not many people understand how to get started. If you would like to learn how to Buy and Sell Bitcoin, Ethereum, and other Altcoins, and receive payment via Mpesa, read on.

In this article, we will focus on how to trade on the Binance p2p exchange. I choose Binance because it’s one of the most widely used crypto trading platforms in Kenya.

What is Binance p2p

Binance is the world’s leading cryptocurrency exchange – and the most popular in Kenya. Using their peer-to-peer(P2P) service, many people have had the opportunity to earn an income. The Binance P2P platform is also 100% free and safe to use.

How to Make Money on the Binance Platform

Trading Cryptocurrencies

One of the most common ways of making money with crypto is by buying and selling digital assets such as Bitcoin. A trader aims to make a profit when they buy low and sell high – buying the dip.

On Binance, this is done through the fiat and spot. Here you can use money in your wallet (funding) to trade via “fiat and spot”. This is where most people start.

Binance Earn

There are several ways of making money with Binance Earn. These include but are not limited to Savings, Staking, Farming, and Dual Investment. For example, with Binance savings you can earn a guaranteed percentage on your cryptocurrencies. This can be through flexible savings or locked staking (for a specified duration).

Arbitrage (Binance ads)

Besides Trade and Earn, you can make money on Binance P2P via arbitrage. Arbitraging is simply taking advantage of the price difference between the buying price and the selling price of any commodity. On Binance you can make money through arbitrage by buying and selling USDT* (for Kenya Shillings).

* US Dollar Tether (USDT) is a stable coin: A cryptocurrency that aims to keep cryptocurrency valuations stable. It is equivalent to USD.

Getting Started with Binance P2P

Binance P2P is a peer-to-peer marketplace where you can directly trade crypto with other Binance users. It facilitates instant and free crypto transactions in your preferred payment method, local currency, and price. In Kenya, crypto traders can buy and sell Bitcoin using Mpesa and Bank transfers.

#1 Create a Free Binance Account

Ready to start trading crypto? Sign up for a Free Binance account. Once you complete the registration and identity verification, you are set to start earning money with Binance P2P and Mpesa.

#2 How to Buy USDT, BTC on Binance P2P using Mpesa

Once your account has been approved, it’s time to fund your Binance Account with some crypto using Mpesa. To do this, follow the following steps.

  • Log in to your Binance account.
  • Go to P2P trading.
  • Click on the P2P User Center to set your Payment Methods.
  • Add your Preferred Payment Methods (Most people use Mpesa Paybill, MPESA Kenya (Safaricom), and Bank Transfer options).
  • After setting your Payment method, click on the P2P tab.
  • On the BUY section, Enter the Amount you want to spend.
  • Select KES (Kenya Shilling) in the fiat dropdown.
  • Chose the best ad and click Buy USDT.
  • You will receive the Seller’s payment details.
  • Transfer the amount (in Kenya Shillings) and USDT will be deposited into your wallet (Funding).

#3 Buy (Trade) Crypto on Binance

Once you have USDT in your funding wallet, you can trade, hold, transfer, or Earn with it. If you chose to trade, buy low and sell high, follow these steps.

  • Go to your wallet overview
  • In your Assets list and under Funding, click on transfer (to move USDT from your funding wallet to Fiat and Spot Wallet).
  • Enter the amount you want to transfer and then confirm. (The transferred amount will now reflect in your Fiat and Spot).

Once you have identified which cryptocurrency to trade (Crypto Pairs), for example, BTC/USDT,

  • Go to Trade > Spot
  • Select your crypto pairs
  • In the Buy Spot section, enter your buying price
  • Place Order

#4 How to Sell Crypto on Binance

To sell your cryptocurrency,

  • Go to Trade and then Spot
  • Select your crypto pairs
  • In the Sell Spot section, enter your selling price
  • Place Order

#5 How to withdraw Crypto on Binance P2P

To withdraw (sell) crypto from your Funding wallet and receive the money via Mpesa or Bank, follow the following steps.

  • Log in to your account.
  • Go to P2P trading.
  • Click on the P2P User Center to set your Payment Method.
  • Add your Preferred Payment Methods (Most people use Mpesa Paybill, MPESA Kenya (Safaricom), and Bank Transfer options).
  • After setting your Payment methods, click on the P2P tab.
  • On the SELL section, Enter the Amount you want to sell.
  • Select KES (Kenya Shilling) in the fiat dropdown.
  • Chose the best ad and click SELL USDT.
  • The buyer will deposit money to your preferred payment account.
  • Once you confirm receipt of the money, release crypto to the Buyer.

Conclusion

This is by no means a comprehensive guide on how to make money on Binance P2P. For more information on Cryptocurrencies, do your own research and check out related online resources like Binance Academy.

Buy, Sell or Hold Bitcoin using Mpesa on Binance P2P Exchange.