If you are a user of Binance, or any crypto exchange in general, it is most likely that it will hurt in your pocket every time we were charged commissions to move our Bitcoin (BTC) to LocalBitcoins. But, these times are already over, since Binance P2P arrives in Venezuela 🇻🇪.
Binance P2P wants to save Venezuela
If you are a Venezuelan crypto user you should be aware of how localbitcoins.com works. Venezuela 🇻🇪 is by far the country in the region that trades the most on this platform. And as you know about the commissions on this platform, although low, adding them causes a little pain in your pocket.
Fees to get them out of our preferred crypto exchange, then the entry fee to LocalBitcoins, and then the price on that platform that could disadvantage us. All of this adds up to a few dollars, which made any kind of small emergency transaction painful.
But, this may already be in the past. Binance has given us another reason to start using their crypto exchange, and forget about the others, at least for this type of trading. And, the main affected may be localbitcoins.com when competing against Binance P2P.
Cryptos arrive in Venezuela
P2P trading, as its name implies, is a person-to-person trade. Where a plaintiff, buy or sell, can find an offer. An agreement is reached between them on the amount, price and method of payment. Stressing that Binance only intervenes when necessary, as a mediator.
It is the same service that LocalBitcoins provides, only that Binance, the largest exchange in the world, arrives without commissions. Yes, as you read, Binance P2P arrives without commissions for Venezuela.
How to use the platform?
The first thing you must have is an account at p2p.binance.com, once created, it is important to validate it with an identity document, a photo, and a biometric scanner that will be carried out only in the mobile phone app.
This process is a win win. Since it helps Binance comply with KYC requirements, and at the same time, in case you forget your password, lose access to email, or even a hacking attempt, this data will serve to keep our hodl secure.
Once this process has been completed, and by depositing our cryptos on the platform, this service can be accessed from 2 different means. From the Binance P2P web portal itself, or from the Binance mobile application.
It is important to note that, in the middle of this process, a “Nickname” must be created. In which, Binance recommends that it is not your real name, for security reasons. In this way, Binance P2P can work efficiently, guaranteeing your security at a lower cost.
In addition, it will show you a document with all the risks that this type of trade entails, such as its user policies, which you must accept if you want to use this service.
The cryptos currently available on the platform are: Tether (USDT), Bitcoin (BTC), Binance Dollar (BUSD), Binance Coin (BNB), Ethereum (ETH), and EOS. But, since the platform is new to Venezuelan territory, it only has offers in Tether, Bitcoin and Ethereum.
We want to warn our readers that, like LocalBitcoins, these businesses can be risky. Therefore, it is necessary to be aware of the good history of the person with whom we will do the trade, and that our bank details are well written.
Other uses of the platform
As we can see, there is an increasing amount of fiat currencies that one can access, such as the Argentine peso 🇦🇷, the Colombian peso 🇨🇴, the Mexican peso 🇲🇽, the Brazilian real 🇧🇷, the dollar and the euro . Therefore, you can send money to your family in Venezuelan territory, or vice versa.
If you have one of those Fiat currencies, you will be able to buy cryptos in Binance, and send the crypts to your relatives so that they can exchange them for bolivars. Or, if you are outside of Venezuela 🇻🇪, and still have some income in bolivars, you could easily transform them into crypto.
In short, the options are unlimited, the important thing is that Binance continues to grow within the crypto ecosystem, and with it, help make the cryptoverse increasingly available to all types of users.