Looking to buy some crypto?
Do you want to buy some bitcoin, or any other crypto, but it’s complicated due to your country legislation? Or you just don’t know how? Well, in this video, we will present you how to use Binance p2p and some other tricks that you can use, in order to invest in crypto, even though it could be restricted in your country.
Registering on Binance
There are a lot of exchanges in the world where people can buy and sell cryptocurrencies. But Binance is the best one for people that live in countries where crypto is restricted.
Binance is one of the biggest platforms in the world and it is considered as a safe exchange but also as one of the simplest for the beginners.
Depending on your country, Binance could be blocked. So, the first step is to make sure it is accessible in your country. If it is, things will be really simple. But please, you need to be sure that you are not going on one of the fake Binance that exist. Please use the Binance link I put in the description of the video, or make sure to double-check if you are on the correct Binance website. I highly advise you to bookmark the Binance website so that you don’t end up on a fake Binance later.
So go on, verify if Binance is accessible in your country. Based on our research, it is supposed to be accessible in most Arabic countries like Lebanon, Egypt, Saudi arabia… If it is accessible, open an account. It’s quite straightforward, and will usually require you to verify your identity with your passport or identity card. It’s a standard security measure on almost all exchanges nowadays.
Buying crypto on Binance
Once your Binance account is created, there are several ways for you to buy crypto. But it will depend on each country legislations. If you are lucky and are in a country where trading crypto is allowed, you usually have two easy ways to buy crypto.
- The first way is to use your Credit card. It’s the most straightforward method, just use your credit card to buy the coin you want, just like you would buy something on amazon. You can check the different cryptocurrencies on the site, choose which one you are interested in and how much you want to buy, then pay with your credit card. The cryptos are then all yours.
- The second way is by Direct bank transfer: This is less widely available, and less easy than the credit card option, but in some countries, you can directly deposit FIAT currency on Binance from your bank with a SEPA or SWIFT transfer.
Biance P2P: buying crypto where it is restricted
Now, if you live in a country where trading crypto is restricted, it usually means you can’t use your credit card or bank transfers on Binance . But Binance has created a really interesting way to buy crypto! You can go on the Peer-to-peer exchange program of Binance!
The Peer-to-peer exchange is a marketplace where 2 Binance users can trade crypto directly with each other on their own terms, in virtually any country. Pragmatically speaking it means that it usually bypasses the country restrictions, because the money will go from the buyer’s bank to the seller’s bank, as if it was just a normal transaction that did not involve any crypto-related things.
The best way to understand it is to see it as eBay. Sellers will sell some crypto a price they fix, and you can buy them their crypto if you agree with the price they asked. You will wire the money directly to the seller. Once they receive the money, you will receive the crypto on Binance. Binance is the middleman, the escrow that verifies the identity of both sellers and buyers. Binance controls the crypto that are supposed to be sold, until both the buyer and the seller show that the bank transfer went as planned. Actually, depending on your country, you might have the choice to do a payment by credit card instead of a bank transfer. This will make the whole process a bit faster.
Just like on eBay, if you go on the offer page, you will see lots of vendors. I advise you to pick a vendor with a lot of orders already made and with nearly a 100% completion rate. This should be a good filter against scammers.
One of the issues of this Peer-to-peer method is that the seller can decide at which price they want to sell. The selling price may thus be different to the official price of the crypto. That’s why you need to take your time to compare prices and to decide which seller you will choose from the list of available sellers.
But to overcome this issue, the easiest way is to buy a stablecoin like the BUSD, USDC or even USDT, given that 1 dollar = 1BUSD=1 USDC = 1USDT. Once you receive the stablecoin like USDT that you paid for, they will be yours. You can now trade them on Binance for any other crypto .
Ok, so all of that was to buy Bitcoin or another crypto. But what about selling your bitcoin or crypto for FIAT currencies?
Well, its quite simple, it’s really just the parallel opposite of what I just presented for buying. If you are lucky you can do it with your credit card, where binance will send the money directly to your card. If it’s allowed, Binance could also send you your money directly to your bank account. In countries where it’s restricted, the only option is again the Peer-to-peer marketplace, but this time you will be the seller.
Rain to buy crypto in the MEA countries like Saudi arabia, dubai, kuweit
Now, we will discuss some other interesting facts that we have gathered about some countries.
In the MEA countries like Saudi arabia, dubai, kuweit… instead of using the Peer-to-peer marketplace from Binance, you can sell your crypto on an exchange platform called RAIN. Unlike Binance, it seems that Rain is licensed by central Banking in these countries. So, they allow you to sell your crypto by applying a 10 to 20-dollar fees. This is quite high compared to Binance where the last time I checked it was around 1$ fee. In addition, it is reported that RAIN may have some technical maintenance problems when the price of bitcoin varies too much. Also, if you want to exchange your crypto currencies, for example to convert bitcoin into stablecoin, do it on Binance and not on Rain, this will cost you less, and then send the stablecoin to RAIN.
My advice regarding RAIN, is to only use it when you want to buy some bitcoin from freshly deposited money from your bank account into Rain. Or use rain if you want to sell and withdraw money to your bank account. For everything else, use Binance. I have trouble trusting Rain, and would not recommend holding any crypto on this exchange, until more experiences is gathered on the trustworthiness of this platform.
Now, you could tell me that you should not hold your coins on Binance either. This is true. Ideally speaking, you should hold your crypto keys directly on a cold wallet. If you don’t understand why I just said that, subscribe to our channel. We will cover safety and security for your crypto in one of our next videos.
- Recently some people reported that now you can buy crypto directly on Binance with the local currency like Ryal by your own credit card. It seems not to work for everyone though.
- For every country there are a lot of telegram groups that revolve around P2P exchanges. It could be interesting for you to go look around these telegram groups if you want to make special deals.
- For my fellow unlucky Lebanese people, you can use your fresh dollars on Binance. But of course, not your lollars…
Now, all of that we discussed until now, was in the case where Binance is accessible.
How to buy crypto when Binance is not accessible
Unfortunately, in some country, Binance is not accessible and most probably no crypto exchange at all is accessible. In this case, I only see 3 real possibilities if you really want to have some crypto
- The first way. I am not sure at 100% it works; I couldn’t verify it myself and couldn’t find any reliable source on internet. But you will have to use a VPN to change virtually your current location to a country where Binance is accessible. You might then be able to register. Still, you won’t have any money on Binance. To overcome this, the easiest way would be if you have a trustful person close to you but living abroad. He can open your account and put some money on Binance as described earlier. And then using the VPN you will be able to trade.
- The second way is exactly like Binance P2P marketplace, it’s called localbitcoins.com. It’s probably not banned in your country. Once again, I highly recommend sending the bitcoin you will receive to a cold wallet that stores your digital currency offline. https://youtu.be/w2qZT1-9UdY
- The third and last way to obtain bitcoins is out of scope of this guide. But maybe you should check if mining is allowed in your country?
So, what’s the situation in your country? Are you able to buy and sell crypto? Let us know, the more knowledge we are able to gather the more we will be able to help you! So please, share and subscribe, like and comment this video to spread the knowledge.
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