Hello! In this article, I am going to share my experience on buying USDT with P2P (peer to peer) on Binance.com. Do note that what I am sharing here is for Binance.com and NOT Binance.sg.
Binance.sg is the Singapore version of Binance and it is built for buying and hodling with Singapore Dollars (SGD). If you want to know more about the difference between Binance.com and Binance.sg, check out this article.
I will be using the Binance mobile app (iOS) to buy USDT using the P2P function. On a side note, don’t use the Credit Card option with your SGD credit card. You will be hit left right up down by fees that it’s not even funny.
You can access the P2P function either from the front page or from the Wallet P2P tab as shown in the screenshot below. Click on the Buy button to continue.
You should see the P2P landing page as shown below and it should default to USDT Buy. It's actually quite intuitive as you will see a list of USDT sellers. These are all the available listings by sellers who are selling USDT.
If this is your first time using P2P on Binance, it is a good idea to trade a small amount to get a feel of it. You will have to scroll down the list to see which sellers are selling at a lower limit. For example, in the screenshot above, the seller DigiSwap is selling USDT with a minimum amount of S$500 at the rate of 1.335. That means you have to buy a minimum of SGD$500.
The rates are usually higher than banks or the exchange rates you see on Google. But this is still a good way to get USDT as the alternatives charge higher fees or are too cumbersome.
I will usually set a budget like $100 and hunt for the seller who is willing to sell that amount. It's usually further down the list with such a small amount and the rates will usually be higher. That's fine since the amount I'm buying is small and the difference won't be too significant.
Once you have decided on your seller, you can just click the Buy button and you will be presented with this screen:
Do note the Payment method. I suggest using Bank Transfer with a bank account that is registered under your name. And the name should be the same you use for your Binance account.
Once you set the amount and hit Buy USDT button, you will be brought to a page where you will have to transfer the amount of SGD to the seller within a time frame. (Payment Window is 15min in this case)
You can chat with the seller or the seller may want to conduct a KYC if your amount you are buying is high enough. I did a few KYC via voice calls, usually the seller will just want to verify you are indeed a buyer.
From here on, it's just a matter of transferring your SGD to the seller. Actually, this step can feel the hardest as a new buyer might really fear that they will lose his/her money. This is why it's more prudent to buy a small amount first and if the seller proved reliable, then you can transact more with him/her later.
Once I transferred the SGD, I will usually take a screenshot of the transaction and send it via the P2P chat to the seller. I like to think this will help the seller to easier identify and verify you have transferred the SGD.
My personal experience of using P2P transactions so far is very good. All the sellers I've dealt with released the USDT within a few minutes. Do note that the USDT will be found in your P2P wallet and you have to transfer it to your SPOT wallet for trading.
I hope this article will help you with using P2P on Binance. Thank you for reading!
