Experience becoming Binance P2P Merchant

[Maus0728]

Hi!

I've been using Binance P2P (Peer-to-Peer) services for quite some time now, and I'm really interested in exploring this opportunity to become a Binance P2P merchant to add as another source of active income to my arsenal. However, I'm not entirely sure about the nitty gritty stuff on how one can profit from this niche, and I thought you guys might be of great help in seeking some guidance from those who have experience with it. Any warnings, tips, and suggestions are highly appreciated.

For context, this question has also been posted in our local^[1] section, but I don't think our local members have any idea of what it's like to become a merchant, so maybe I could get some insight about this here.

Related threads I have found:
Binance P2P - any experience/opinions?

[1] https://bitcointalk.org/index.php?topic=5469715.0

[hugeblack]

Advice varies depending on the payment method, but from my experience, the best advice can be:

 - Simply and clearly write the rules: Write all the rules clearly and ask the user if he has read and agreed to them before starting.
 - Keep all conversations inside the platform: Do not try to communicate outside the platform, as the support team will not help you there.
 - Keep the conversation brief.
 - State the times of activity: Clearly state the times of activity and the times when you are not active so that the buyer does not worry.
 - Do not care about negative feedbacks: receiving some negative evaluations is useful and healthy. What is more important is how to deal with them, solve them, and leave a good impression.
 - Be friendly.

The friendlier you are and the quicker you solve problems, the more deals you will earn.

[freedomgo]

I'm really interested in this topic, so thanks for bringing it up. I understand that you're more focused on getting tips on how to make income as a merchant. Well, that's intriguing because personally, I'm always using Binance P2P to trade my coins, and I'm usually on the buyer's side, if that's the correct term. I trade my Bitcoin and altcoins for USDT and then transfer that USDT to my GCASH account.

So, I think it would be cool to explore the other side of the coin, so to speak. But before diving in, I'd like to know the potential for profit and what kind of capital range is necessary to earn a decent profit.

So, for those of you with experience, could you please share your knowledge for free? Much appreciated! 😄

[BitMaxz]

I usually use Binance P2P to exchange my USDT for real cash and sometimes I buy.
The only thing that doesn't work for me on Binance is that their post ads to sell or buy in P2P does not work to me I am always stuck in the middle of setup.
So if you are going to post ads use Laptop/PC to set buy or sell in P2P. For now, I don't know why it does not work on mobile but I hope they gonna fix this issue.
And always use the floating price if you want to make a profit on the current price.
Another thing is to always check your bank to see if they sent you an exact amount before you release the Crypto.

[PX-Z]

This goes the same as simple as how buy/sell works. When you make a selling ad, you should have buying ad as well

- decide if you prefer higher or lower volume, if you want smaller deals at least $20-$100 if higher $200-$1k. Smaller dealers preferred payment options like wallets for faster transactions. While higher bidders usually use bank accounts for higher limits of transfer. This will give you insights on what payment method you can use.
- selling ad should be higher price than your buying ad.
- always use the floating price type for you to get profit. I prefer 2-4% difference on the highest and lowest order price. But before doing this, try to have comparison to other existing ads too so you can adjust your best price.
- always take note or record it on paper or google sheet when you have order transaction
- and lastly, be patient.

For security purposes. Always ask a screenshot of the transfer of fiat and compare it to your receiving account before releasing the crypto on your binance account.

Others, follow what hugeblack have mentions.

[Maus0728]

@hugeblack, thank you for the constructive reply. Right now, I am reading a subreddit topic about other people's experiences in becoming a merchant. From what I have read, I feel a bit disappointed due to their experiences making little to no profit despite working a few hours a day, not to mention the number of multiple wallets that need to be created to avoid transaction limits. Anyhow, are you still a Binance P2P merchant?

I trade my Bitcoin and altcoins for USDT and then transfer that USDT to my GCASH account.

Do you mean PHP?

And always use the floating price if you want to make a profit on the current price.

Thanks for this little tip! I'll research more about the perks when using this. Appreciated!

- always use the floating price type for you to get profit. I prefer 2-4% difference on the highest and lowest order price. But before doing this, try to have comparison to other existing ads too so you can adjust your best price.

Thank you very much for the actual number! That's very helpful

Another question: For example, if you are selling BTC for USDT and have completed a transaction, what is the actual process to convert the USDT back into BTC? Do you use a spot trade to repurchase BTC or exchange your USDT with other fellow P2P merchants? That is, of course, to profit in mind.

[crwth]

I believe that you need to have a lot of capital to really have that large profits right? If you think about it, it's like you are trading as well but it just includes your bank account right? Because the prices are still dependent on the market it's still like trading. Don't you think so? I think you always need to convert immediately.

[freedomgo]

I trade my Bitcoin and altcoins for USDT and then transfer that USDT to my GCASH account.

Do you mean PHP?

Nope, maybe I didn't explain it well but when you trade your Bitcoin for USDT, transitioning from fiat and spot, you can then transfer it to a funding account. It's at this point that you can sell your USDT for PHP. In my case, I prefer to receive it in my GCASH account.

I believe that you need to have a lot of capital to really have that large profits right? If you think about it, it's like you are trading as well but it just includes your bank account right? Because the prices are still dependent on the market it's still like trading. Don't you think so? I think you always need to convert immediately.

When it comes to significant capital, do you have an estimate of the amount we're discussing in terms of numbers? For instance, if I want to earn at least $1000 each month, what would be the approximate capital requirement for me to get started, and how many trading days per month should I consider?