USDT, known as Tether, is a highly popular stablecoin in the cryptocurrency market. This crypto is tied to the value of an actual currency, usually the US dollar. Which is now a crucial component of the cryptocurrency market due to its vast acceptance and functionality.
When it comes to selling USDT in the cryptocurrency world, Binance could be said to be a leading platform. It is known for its large user base, high liquidity, and competitive fees. This platform provides a highly secure and reliable trading environment, ensuring that users can sell their USDT with confidence.
The objective of this post is to help you understand Binance Exchange and how to sell USDT on Binance p2p.
Understanding Binance Exchange
Binance Exchange is an online cryptocurrency exchange platform. It was established in 2017 by Changpeng Zhao and has quickly become one of the most well-known and significant platforms in the cryptocurrency trading industry.
It serves both experienced traders and those new to the cryptocurrency market by providing a wide range of services as a leading exchange for digital assets.
Among the notable cryptocurrencies available on Binance are Bitcoin (BTC), the pioneering and widely recognized digital currency; Ethereum (ETH), a blockchain platform enabling smart contracts and decentralized applications; Litecoin (LTC), often referred to as the silver to Bitcoin’s gold; and Dogecoin (DOGE), a playful and community-driven cryptocurrency initially created as a meme but has since gained significant popularity.
What is Binance P2P?
Binance P2P offers a user-friendly peer-to-peer (P2P) platform that facilitates the direct buying and selling of cryptocurrencies among individuals. By utilizing this platform, you have the opportunity to generate income by creating trading ads and successfully completing transactions.
As a merchant on Binance P2P, you are entitled to several advantageous features and benefits. Merchants can take advantage of exclusive promotions tailored specifically for them, allowing them to enhance their trading experience and potentially increase their profitability.
Additionally, you can gain access to a broader range of trading tools, which can assist you in making informed decisions and executing trades more efficiently. You can also enjoy lower fees, reducing your overall transaction costs and maximizing your earnings.
Overall, Binance P2P provides a seamless and convenient platform for traders to engage in P2P cryptocurrency transactions, while offering merchants valuable perks and advantages that enhance their trading experience.
Trading Crypto On Binance
At its heart, Binance is largely recognized for its wide range of alternative cryptocurrencies, demonstrating its strong focus on facilitating the trading of cryptocurrencies other than well-established giants like Bitcoin and Ethereum.
Binance offers traders a wide range of opportunities to discover and invest in. These opportunities encompass various aspects of the cryptocurrency ecosystem, including the buying, selling, trading, and staking of digital currencies.
Furthermore, Binance has introduced its own dedicated blockchain platform known as the Binance Coin (BNB) which has evolved to become the native currency of Binance’s proprietary blockchain, known as the Binance Chain.
As a global exchange, Binance operates in multiple jurisdictions and serves a diverse range of users worldwide. It has established localized platforms to cater to specific regions, providing localized language support and incorporating regional fiat currency trading pairs to facilitate easier onboarding and trading for users.
How to Sell Your USDT On Binance
1. Create an Account with Binance
To create a Binance account, you need to carefully follow this step-by-step guide:
- Visit the Binance Website: Go to the official Binance website if you are a global trader. If you are a US investor, visit Binance.US. On the homepage, look for the “Register Now” button to begin the account creation process.
- Select Account Type: Choose the “Create an Individual Account” option to register for a personal account.
- Enter Required Information: Provide a valid email address and your mobile number, ensuring it is correct and active.
- Create a unique and secure password: Make sure to use a combination of letters, numbers, and special characters.
- Complete Email and Phone Verification: After submitting your information, Binance will send a verification email to the email address you provided. Check your inbox and click on the verification link to confirm your email. You will also receive an SMS verification code on your registered mobile number. Enter the code on the Binance website to complete the phone verification process.
- Enable Two-Factor Authentication (2FA): Binance strongly recommends enabling 2FA for added security. You can choose between Google Authenticator or SMS authentication. Follow the instructions to set up 2FA for your account.
- Click on the “Create Account” Button: After creating your account, you will be directed to the Binance dashboard. Take some time to familiarize yourself with the platform’s features and settings.
2. Deposit the USDT into your Wallet
- Once you’ve logged in to your account, go to the ‘Wallet’ area. Find the ‘Deposit’ option and select it.
- Locate the search bar and type in ‘USDT’ to filter the available options. Choose the USDT token from the list of cryptocurrencies.
- Choosing the Blockchain Network. Binance supports multiple blockchain networks for USDT, such as ERC-20, TRC-20, and BEP-20. Select the appropriate network based on your USDT token type. Ensure you choose the correct network to avoid any potential loss of funds.
- After selecting the blockchain network, Binance will provide you with a wallet address specific to your USDT token and chosen network. Copy the wallet address provided.
- Open your external wallet or exchange where you hold the USDT tokens you want to deposit. Initiate a transfer from your external wallet by pasting the Binance wallet address you copied in the previous step as the recipient address.
- Follow the transfer instructions on your external wallet or exchange to complete the transaction.
- Confirming the Deposit. Once the transaction is initiated, the blockchain network will process the transfer.
- You can verify the successful deposit by checking your wallet balance.
3. Set your Payment Method
Begin by tapping on the profile icon located in the top right corner of your Binance account. From the dropdown menu, select ‘Payment Method’ to access the settings. Look for the ‘P2P Payment Methods’ button and click on it. Add the necessary details for your preferred payment method, such as bank transfer or SWIFT.
4. Confirm the Transaction and Sell your USDT
After setting your payment method, transfer your USDT from the ‘Spot’ wallet to the ‘Funding’ section. Then, navigate to the ‘P2P’ section on Binance and select the ‘Sell’ option.
When you have done this, a sell order will be generated. However, you have to wait for the buyer to use the chosen payment method before continuing and once your buyer indicates payment has been made, you will be notified.
Drawbacks with Selling USDT on Binance
1. Risk of Scams and Fraud
Selling on Binance P2P comes with a certain level of risk associated with scams and fraud. Scammers may employ various deceptive tactics to defraud sellers, such as tricking them into sending money or cryptocurrency without fulfilling their end of the deal.
One prevalent issue on Binance P2P is the freezing of bank accounts after sellers receive payments from buyers. This occurs when scammers exploit the system by using fraudulent funds or initiating disputes, leading to the freezing of innocent sellers’ accounts.
To mitigate this risk, it is advisable to conduct transactions with verified merchants who possess a higher success rate and a substantial transaction history, preferably in the four-digit range.
2. Limited Payment Options
Binance P2P has a restricted range of payment methods available for transactions. While it supports popular options like bank transfers and online payment platforms such as PayPal, AliPay, and WeChat Pay, it may not cater to the preferences or convenience of all users.
3. Difficult to Speak to a Real Human Customer Service Personnel
Binance is a global brand that caters to millions of people from different parts of the world at the same time. This makes it almost impossible to be able to pick up the phone and put a call through to their customer service to resolve an issue.
You’d need to send emails that would mostly return robotic responses or get referred to their forum to resolve your problem yourself.
Is There a Simpler and More Flexible Alternative for Selling USDT in Nigeria?
Of course, there is. When it comes to selling USDT or any cryptocurrency at all, simplicity is very important, especially for people who do not necessarily see themselves as being “very techy”. All you just want to do is sell your USDT, get your cash and move on!
This is what SnappyExchange offers. We make selling USDT super fast and easy for anyone no matter your level of knowledge with crypto by eliminating all the bogus and complex steps required by brands like Binance.
How to Sell Your USDT in Nigeria for Naira on SnappyExchange
- Create an account by entering a few details
- On your dashboard, click on “TRADE E-CURRENCY”
- Click on “Tether USDT”
- Enter the amount of USDT you’d like to sell
- Select your USDT network (you’ll be given options to choose)
- Click on “SELL NOW”
- You’ll be given a wallet address to transfer your USDT
- Upload your proof of transfer once you’re done and the Naira equivalent of your USDT will be sent to your SnappyExchange Wallet in less than 5 minutes!
Read Also: How to Sell USDT on Huobi
Benefits of Selling USDT with SnappyExchange
1. Easy Registration
You don’t need to provide your BVN or any information that’s not necessary. Just provide your basic details like your name, email, password, and user name and you’re good to go!
2. Access to Promo Codes for Massive Trading Bonus
We offer our customers promo codes from time to time to appreciate their loyalty. All you need to do is follow us on our Instagram page to ensure that you don’t miss these promo codes.
3. Access to Speak to Real Human Customer Service Personnel
Giving our customers complete satisfaction is very important to us. That’s why we make it easy for you to reach us over the phone at any time by calling or sending a Whatsapp message to +234 81 560 10101.
Selling USDT on Binance is a straightforward process that can be easily accomplished with a few simple steps. You can navigate the platform with confidence and efficiency by following the instructions and advice provided in this guide to convert your USDT into the asset or currency of your choice.
Additionally, if you are in Nigeria you can also sell your USDT on SnappyExchange, one of the most reliable sites to buy and sell cryptocurrencies in Nigeria. We give the best rates for USDT and allow you to trade easily in a few minutes.