How to sell Bitcoin for INR in India?
Decentralized digital currencies, such as Bitcoin (BTC — the Digital Gold), are fairly popular nowadays in India. Chances are still bleak for Bitcoin to get accepted as an official legal tender in India, as yet. But, buying (using INR) and selling Bitcoin (for INR) easily on a cryptocurrency exchange is still possible in India.
Leading the cryptocurrency bandwagon as a prominent exchange for trading decentralized digital currencies is Binance. Cryptocurrency exchanges in India have approached the P2P or Peer-to-Peer medium with much enthusiasm lately.
P2P marketplace exchanges in the Cryptoverse are direct exchanges of digital currency assets. Individual parties (buyers and sellers) tend to exchange fiat money for cryptocurrency and vice-versa in a P2P setting. Essentially, P2P transactions are exchanges of cryptocurrencies beyond the realms of the cryptocurrency exchanges (a central entity).
Let’s now examine the various facets and tenets that make the P2P mechanism so appealing to the Cryptoverse in India. But first, let’s find out the method of adding a new payment method on Binance P2P.
How to add a new payment method on Binance P2P?
Supporting over 60 payment methods and 40 fiat currencies, adding a new payment method on the Binance P2P is easy. Binance.com and the Binance App involve taking only two steps for a new payment method addition.
- In the case of the Binance App, first click on the “Buy with Cash’’ tab, and then “P2P.” After reaching the P2P trading page, click on the “…” icon to select the “Cash setting” option.
2. In the next step, click on “Cash Payment Methods.” Then “Add a new payment method.” From among the various listed payment methods, select the one which is preferred the most by you. Go on to feed the respective payment information in detail in the next step, then click “Confirm.”
Adding over 20 payment methods is possible. Simply activate your payment methods, and begin your BinanceP2P trading journey.
- Visit the P2P trading page. Click on “Payment Settings” (at the top-right corner).
2. Click “+ Add Payment Method.” Feed your payment information, and click “Confirm.”
It is possible to add over 20 different payment methods. Simply enable the payment methods to begin your Binance P2P trading.
How to sell Bitcoin on Binance P2P?
Selling cryptocurrency in India for INR (Indian National Rupee) is easy, secure, and instant via Binance P2P. Simply select the cryptocurrency and the quantity to be sold by navigating to the P2P trading section, and do the following:
- After registering an account on Binance (web or app), and getting it verified, log into your Binance account.
- Access the Wallets tab. Transfer to your Fiat Wallet the cryptos you intend to sell. If your Fiat wallet already holds the cryptocurrency, access the homepage, then transfer them to the P2P Trading wallet.
- Access the “I want to Sell’’ tab, then opt for BTC. By filtering through various available options of the fiat currency, you will select INR. Upon doing so, the advertisements listed by various buyers would get displayed for your perusal. Due attention should be paid to trade limits, quantities, and the offered methods of payment by the respective buyer. Binance is mindful of user concerns in the Cryptoverse. That’s why Binance offers cryptocurrency escrow services across all P2P trades, ensuring user fund protection.
- After selecting your target buyer for the BTC to be sold to, click on “Sell BTC.”
- Specify the amount of the BTC or the quantity of INR you stand to receive vis-à-vis the entered BTC value.
- Select the desired payment method, then click on “Sell BTC.” Once the buyer transfers the required funds to your payments account, verify the funds’ receipt (and sufficiency). If the received amount is sufficient, approve the BTC funds’ release to the buyer’s account by clicking on “confirm release.”
- Upon order completion, an “Order Complete” pop-up will be visible. If you want to verify the BTC transaction, click on “Check my account” for BTC balance verification.
How to find the best offer?
Finding the best Binance P2P offer is a no-brainer if you know the basic elements to assess before offer acceptance. You should first check the user profile for the following information:
- User profile and reviews.
- Security deposit or escrow fund.
- Total orders or numbers of transactions.
- Completed orders in the last 30 days.
- Percentage of transactions initiated and finished successfully in the preceding 30 days.
- Average time consumed in releasing the crypto.
- Online ads rolled by the user for buying and selling.
- Email, SMS, and ID verification
- Check the listed information on the available balance and limit imposed on the user. It depends upon the advertiser as to what minimum and maximum amount of Bitcoin can be bought or sold by you on Binance P2P.
Global Binance P2P merchant users would have their profile marked with a yellow tick. Merchant traders on Binance P2P have successfully passed in-depth verification, apart from having proved their trading proficiency on other platforms. Select the price that best suits your requirements. If it’s a match, you can go ahead and read the stated requirements, initiate the trade, and chat with the other party. Do remember to ensure you receive INR in your account prior to sending the cryptocurrency.
Binance P2P Escrow service
Binance P2P’s cryptocurrency escrow services are meant to safeguard cryptocurrency assets of users. The quantity of cryptocurrency for the advertisement in question is withheld on an instant basis from the seller’s fiat wallet upon the placement of the advertisement. Escrow services in the realm of cryptocurrencies aim to prevent the risks emanating from a seller accepting your money but not delivering your cryptocurrency. Such a service also manages the events wherein a seller doesn’t remember to release your crypto on time. In such instances, Binance’s customer service team would transfer the asset from the reserved funds wallet of the seller to your wallet.
Disclaimer: This article is meant for educational purposes only and should not be construed as investment advice.