The Binance P2P platform is a convenient way to exchange digital and fiat currencies directly between exchange users, on their own terms. The platform operates within the Binance cryptocurrency exchange.
The editorial team will tell how to withdraw money from Binance P2P in different ways – it can be done by selling cryptocurrency for fiat, direct withdrawal of fiat to the card, as well as with the possibility, launched only in 2021 – withdrawal of rubles through P2P by a convenient method, for example to the card or cell phone account.
How to withdraw rubles, hryvnia and other fiat money via P2P
In January 2021, after ruble fiat balance was added as a new payment method on Binance P2P, another feature was introduced: a new trading pair on the peer-to-peer platform, RUB/RUB. It allows you to directly transfer the ruble balance of your exchange account into real rubles on your bank card or e-wallet. There are no commissions for the exchange.
The P2P-platform has a common account with the other services of the exchange. Accordingly, if the user is faced with the issue of withdrawal, he can directly order the withdrawal in your personal cabinet. But there is a significant disadvantage – the commission. Even if the commission is not taken by the exchange, it may be the payment provider.
Therefore, a very convenient and economical way – withdrawal via p2p-service, where traders themselves set profitable and reasonable commission. Sometimes it comes out that the buyer pays more.
You can take advantage of this opportunity as follows:
Go to the P2P trading section through the “Buy Cryptocurrency” or “Trading” menu.
In the filters above the list of available offers, select the option “Sell”, then below in the drop-down list – RUB, and then the tab RUB among the available assets for withdrawal. As on the screenshot below.
Withdrawing rubles via Binance P2P
If necessary, also select convenient payment methods in the filters (banks and payment systems that work with rubles).
A list of users who meet the conditions and are ready for the exchange will appear. Further process is standard and does not differ from working with other pairs on Binance P2P. You need to choose the right offer and leave a request for exchange, then pay for it and get rubles to your details. Similarly, using the same option, you can also get rubles to your exchange balance.
How to withdraw cryptocurrency using P2P
As in the previous case, you need to go to the Binance P2P section and select there the currency/stablecoin to give away. Using filters, find the offers that are the most favorable in terms. By the way, if you check the box “Show only ads from merchants” in the filters, then the list will contain only those offers, which are posted by professional traders with a large volume of trades. So the likelihood of a successful problem-free exchange is significantly increased.
Click “Sell” at the selected offer.
Enter the amount in cryptocurrency or fiat currency.
Specify a convenient method of payment from those supported by the counterparty, and your details, such as card number.
Press “Sell” again.
Wait a maximum of 15 minutes – this is the time limit within which the buyer must pay the application.
Cryptocurrency withdrawal via Binance P2P
When the buyer transfers the payment in the right amount and confirms that he has paid, the status of the order will change. You need to check that the money has arrived and confirm the transfer. The exchange is completed. Cryptocurrency that was frozen for both parties during the transaction is released and goes to the buyer.
You can chat with the counterparty during the transaction. Please note that you should not be persuaded to confirm the transfer if you have not yet received it in fact, this is in 99% of cases fraud. Also check the balance change manually, and not rely on SMS – the message can be fake.
Withdrawing money from an exchange wallet
Binance exchange currently offers the following ways to withdraw money from your account, which can be used as an alternative to P2P:
Transfer cryptocurrency to an external wallet
Go to “Wallet” -> “Fiat & Spot”. Find the desired coin in the list using the search box or manually. Click “Withdraw.”
Be sure to select a blockchain, if the coin works on more than one crypto network. Sending money to the wrong network is tantamount to losing money.
Withdrawing cryptocurrency from Binance
Insert the receiving address (if you use an app, you can scan the QR code). It is also possible to use the address book, if there are addresses in it. Enter amount within your limit (0.06 BTC per day for unverified accounts, 100 BTC for verified ones). Confirm the transaction.
To add an address to your contacts, select “Address book”, then “Address management” and add new address button. Enter the data: label (any name for yourself), MEMO (if necessary, it depends on the recipient). Addresses that are in the address book can be added to the white list. This is an additional measure for protection in case your account is hacked, there is a setting so that you can withdraw funds only to whitelist addresses.
Whitelisting on Binance
Transferring fiat money to card/payment system
Withdrawal of fiat money is also available through “Wallet” -> “Fiat and Spot”. Different withdrawal methods are available for different currencies:
Rubles – VISA/Mastercard (commission 250 rubles), Payeer (1% commission), AdvCash (no commission).
Hryvnias: VISA/Mastercard via SettlePay (no fee), GEO Pay (no fee), AdvCash (2% fee).
Dollars: SWIFT wire transfer (USD 15 fee).
Deposit/withdrawal methods and commissions change frequently, the actual data is listed on the exchange at the time of withdrawal request.
Withdrawal of fiat currency from Binance
Withdrawing money from Binance P2P is not difficult – the exchange gives all conditions for fast and safe withdrawal. Using exactly the P2P-platform for this purpose is much more profitable than the standard withdrawal, since the need for costly commissions disappears. You can find optimal offers to cash out assets without losses or even at a profit. For a safer exchange, it is recommended to interact with officially confirmed merchants – these users have made hundreds of transactions and are guaranteed not to cheat or scam, spoiling their reputation.
Cryptocurrency expert and enthusiast. Trading bitcoin and other cryptocurrencies since 2012. I'm an owner of this crypto news site