Binance P2P — Withdrawing cash
Get your crypto back to fiat cash
It’s imperative that we are able to get back cold hard cash back from our cryptocurrencies! Since we still buy our nasi lemaks using our ringgits (MYR), we would at some time need to withdraw our crypto. Or it could be that you would need to de-risk your portfolio and withdraw some profits. Or you are quitting the game altogether (temporarily I hope!).
In this article we will examine how to withdraw crypto into fiat cash using bank transfer into a Malaysian bank.
I’ll be using the Binance P2P function, meaning that we will selling our coins and getting back fiat cash from people like us. Binance takes no fee from P2P transactions, so we can keep our exchange costs low.
If you are withdrawing into any other currency, the popular transfer methods supported by the currency might be supported as well. For example, if I do my transaction in HKD, most P2P vendors can support FPS (Faster Payment System), or even Alipay and Wechat Pay.
Prerequisites
You would first need to get yourself an account in Binance. Upon logging in, make sure you have enough funds to transfer from in your P2P wallet.
There are a few sections in your wallet. “Spot” refers to the part of the wallet which will be used for all crypto trading and transfers. Buying and selling crypto P2P, will use, the P2P section part of the wallet.
Checking P2P rates
Next, go to a Buy Crypto -> P2P Trading
Click on “Sell”, and make sure you have the correct currency selected (MYR in my case)
You will then see the fiat currency sellers against the coin/token you have selected. The sellers will be sorted from the highest to low. You want to select the highest possible seller, paying attention to the limit that they offer.
Decide the trader to transact with and click in “Sell USDT”.
If you are doing this for the first time, you have to set a bank account for your fiat cash (MYR) to be deposited into.
Click on “Set up my payment method”.
Once bank information has been added and confirmed, go back to P2P and reselect your trader, as the previous one offer would have expired.
Fill in the amount which you want to Sell, confirm the bank account under “Payment Method” and click “Sell”.
Please note that the seller has 30 Minutes to transfer the money into your account.
Pay attention to this page. You can see the real name of the trader as well as their phone number. There is also a chat window where you can talk with the trader if you need.
Once the trader has made the payment, do not confirm release until you have checked your bank account and confirmed that the money is already in.
When you have made sure the money is in your account, click on “Confirm Release”.
Once this is confirmed, the crypto will be deducted from your account, and the transaction is complete.
Summary
P2P transfer is an efficient and low-cost way of exchanging between crypto and fiat.