Buying Bitcoin on Binance p2p for rubles: step by step instructions

In connection with the sanctions that the financial system of the Russian Federation has been subjected to, the ability to pay for all kinds of services and services outside the country is significantly limited. The crypto industry is no exception. Most exchanges are forced to follow the sanctions policy, which affects users from Russia. If transactions in the crypto-crypto direction are practically not subject to restrictions, then with crypto-fiat trading pairs everything is exactly the opposite. It is becoming increasingly difficult for residents of Russia to replenish their fiat account on crypto exchanges.

What should those citizens of the Russian Federation who want to buy cryptocurrency for rubles do? Is there such a possibility and how realistic is it? Let’s figure it out.

Bitcoin for rubles

The most popular crypto exchange in the world – Binance – continues to serve the accounts of Russian users. Only those trading platforms that are associated with persons from the sanctions lists were blocked. For other users, difficulties arise at the stage of replenishing the account balance for rubles. Currently, only 2 channels are available for transferring RUB:

Previously working options for replenishment through bank cards, Western Union and Wirex payment systems are no longer available. Of course, this is very inconvenient and entails additional expenses for paying commissions when transferring your funds to the accounts of the remaining payment systems. But many people forget about the p2p platform of the crypto exchange.

What is p2p Binance?

P2P market is a platform where transactions take place directly between participants. The exchange acts only as an arbiter, assisting in closing deals in case of any disagreement between the seller and the buyer.

Advantages of p2p trading:

1. Low commissions. On Binance, cryptocurrency buyers are not charged any commission. Merchants, on the other hand, pay a small commission on each transaction (currently it is also 0%, but this is a temporary measure).
2. Lots of payment options. On the p2p platform, payment is made not with the funds on the account, but directly between the accounts of the buyer and the seller in the selected payment system.
3. Freedom in the choice of price. On the p2p market, you can choose the most appropriate price for an asset from existing sell orders or create your own buy order at your own price.
4. Anonymity. Unlike the spot market, Binance does not collect buyer or seller data for peer-to-peer trading.

For residents of the Russian Federation, the following payment options are available on Binance p2p:

• bank transfer (Tinkoff, Rosbank, Raiffeisenbank, Qiwi, YuMoney, Post Bank, Home Credit Bank, A-Bank, MTS-Bank, Uralsib Bank, Ak Bars Bank, Russian Standard, BCS Bank, Bank St. Petersburg, Renaissance Credit Bank, UniCredit, OTP Bank, Credit Europe Bank, Citibank, Vostochny Bank, Alfa-bank, Sberbank, VTB, Fast Payment System);
• replenishment of the mobile phone balance;
• card transfer;
• fiat ruble account Binance;
• Advcash;
• payer;
• payment in cash at the meeting.

Disadvantages of p2p trading:

• low trading volumes compared to the spot market;
• it takes more time to find and complete a deal;
• The interface of a p2p site is a little more complicated for the average user, without visual and intuitive ways to display information.

Instructions for buying bitcoins for rubles on Binance p2p

So, the basic principles of p2p trading are considered. Let’s move on to how to independently purchase bitcoins on the Binance p2p market.

To get started, you need to log in to your Binance account. If you don’t have it yet, then you should go through the registration and identity verification (KYC) procedure. After that, you can start working on the p2p platform. It is very convenient that you can do this both from your computer or laptop via the web interface, and from your smartphone via the mobile application.

Step 1: switch to a p2p platform and search for offers by filter

In the web version of the exchange, go to your account. In the top menu we find the “Trade” section and select “P2P” in the window that opens.

For the mobile version, open the application, click on the line “Buy for fiat” and select “P2P”.

Next, click “Buy”, and in the list of cryptocurrencies, select “BTC”, currency RUB. Choose a convenient payment method. Before us, a package of existing orders for sale will be formed according to the filters set.

Source — binance.com

Step 2: Purchase

From the list of applications, select the one that suits us according to the terms of payment. The seller can provide additional information in the sales order itself. This is worth paying attention to.

Source — binance.com

To start the purchase procedure, click the “Buy BTC” button. We transfer the required amount based on the seller’s payment data within the period specified by him in the application. After making the payment, click on the button “Transferred. Further”.

Source — binance.com

Step 3: deposit bitcoins

Next, you should click the “Confirm” button, after which the status of the order will change to “Will be transferred”.

After the seller confirms the receipt of funds, the bitcoins frozen by the exchange from his account will be transferred to the buyer’s account.

Source — binance.com

Controversial situations

If it is impossible to resolve disputes between themselves, the seller or buyer can contact the arbitrator represented by Binance to resolve the problem. In this case, it is necessary to provide all available documents on the payment, screenshots or extracts confirming the correctness of each of the parties. For the safety of buyers, near the seller’s nickname, the number of completed transactions and the percentage of successfully executed orders are indicated.

Recommendations for improving the security of transactions

To make your purchase on the Binance p2p market as secure as possible from scammers, you should follow a number of rules.

1. Communication with the seller should be conducted only through the exchange chat. Do not settle for other options – via Skype, Viber, Telegram, email or other instant messengers.
2. Transactions can only be made through the p2p platform of Binance.
3. Carefully study the seller’s comments regarding payment options, immediately discard suspicious offers, even with the best price.
4. Turn on two-factor authentication.
5. Do not click on links received from third-party sources.

If you exercise reasonable care and be attentive when making transactions, then buying bitcoins for rubles through the Binance p2p platform will be the safest and most profitable option for residents of Russia. The status of a top exchange allows you to accumulate a large number of offers and guarantee a high level of protection against scammers. Trade profitably and safely through trusted cryptocurrency market operators.

Disclaimer. Investing in any financial asset carries the risk of losing capital. Nothing in this text can be considered an investment recommendation or an offer to buy/sell any financial instruments. For all their actions in the stock market, each investor bears full responsibility independently.