Last updated on June 6th, 2021
If you are looking to buy crypto directly from SGD, there are a few platforms you can use.
As such, you may want to consider Binance’s P2P platform which allows you to buy certain currencies directly from SGD!
Here’s what you need to know:
What is Binance P2P in Singapore?
Binances’s P2P platform allows you to trade SGD for certain cryptocurrencies immediately with an advertiser. You can send transfer funds to advertiser’s bank account, and the cryptocurrency will be transferred to your crypto wallet in Binance.
The P2P platform allows you to trade SGD for different currencies, such as:
Binance facilitates the trade by controlling how the crypto assets are transferred between you and the advertiser.
If you are buying crypto, Binance will transfer the assets from the advertiser to you.
If you are selling crypto, Binance will transfer the assets from you to the advertiser.
P2P trades help to reduce the amount of fees that you’re paying. However, you can’t determine the rates that you can buy the crypto at.
The rates would be decided by the advertiser!
How does Binance P2P work in Singapore?
Here is how you can use the Binance P2P platform in Singapore:
- Go to the P2P platform
- Select the cryptocurrency you wish to buy
- Select the trader you wish to trade with
- Enter the amount you wish to pay
- Transfer the money to the advertiser
- Receive the crypto in your wallet
#1 Go to the P2P platform
On Binance, you will need to go to ‘Buy Crypto → P2P Trading‘.
You may want to make sure that the currency you’re paying with is SGD!
#2 Select the cryptocurrency you wish to buy
You will be brought to the Binance P2P platform.
At the top section, you’ll need to select the cryptocurrency that you wish to buy or sell.
There are 6 currencies, which include:
Most of them have a lot of trading pairs with the cryptocurrencies in Binance.
#3 Select the trader you wish to trade with
After selecting the currency that you wish to buy, you can take a look at the different advertisers for that currency.
There are a few things that you’ll need to consider for each seller, such as:
- The price of SGD they are selling at
- The amount of crypto available to trade
- The minimum and maximum amount of SGD you can trade
- The mode of payment that you want to use
For each profile, you can also see:
- The number of completed orders
- The rate of order completion
Some advertisers would have the verified logo as well.
There are a wide variety of payment methods you can use. I have seen PayNow, PayLah and even Google Pay!
#4 Enter the amount you wish to pay
After selecting the advertiser, you’ll need to enter the amount that you wish to buy.
After confirming the amount of crypto you’ll receive, you can proceed to the next page.
#5 Transfer the money to the advertiser
On the next page, you will be given instructions to transfer your SGD to the advertiser.
Some examples include via bank transfer,
or via PayNow.
Once you have made the transfer, you will need to inform the advertiser that you have transferred the SGD to them.
You’ll need to make the transfer within 15 minutes. If not, your order will be cancelled.
#6 Receive the crypto in your wallet
After making the transfer to the advertiser, you’ll have to wait for them to confirm that they have received the SGD from you.
Once this is confirmed, the crypto will be transferred to your Binance wallet.
You can then use the currency to buy other altcoins!
Here is a video guide on how to make a P2P trade on Binance:
Are there any fees to use Binance P2P in Singapore?
Binance does not charge you any fees to use their P2P platform.
As such, this can help you to save on some trading costs when you want to buy crypto!
The purpose of this platform is to facilitate trades between crypto and fiat currencies.
I would suspect that Binance wants to make crypto more accessible, especially for retail investors.
With more people owning cryptocurrencies, they may start trading on Binance’s platform as well.
Is Binance P2P safe?
Binance claims to have very high standards for advertisers that are listed on their platform. However, there is a limit to how much they can regulate these advertisers. You will need to be very careful when trading on this platform, as there may be scammers lurking around.
For a person to post advertisements, they would need to meet certain requirements, such as:
- 30-day order completion rate ≥ 80%
- Number of completed P2P orders ≥ 10
This will help to ensure that only legitimate advertisers will be on the platform.
Be very careful of scams
However, there are still extremely high risks involved when trading P2P.
There have been reports of scams on Binance’s P2P platform, which can still occur if you are not careful.
As such, you’ll have to pay extra attention, especially when you’re selecting an advertiser!
I would also suggest not to trade very large volumes (>$1k) on the platform.
In the event that you do fall prey to a scam, the loss would not be so painful!
Even if you want to buy a large amount of crypto with your SGD, it may be better to split up the transactions.
In this way, you would not lose your entire investment amount at one shot!
Binance P2P provides a very attractive method for Singaporeans to buy cryptocurrencies.
Moreover, you can use these currencies in the trading platform to buy altcoins that are not found on other platforms that support SGD!
It also helps you to save costs when you want to transfer currencies from another platform to Binance.
When you have the currency already on Binance’s platform, you can start trading immediately.
The only main concern that I have is the legitimacy of the advertisers on the platform. Although Binance has introduced some measures to curb scammers, they may still be lurking around.
If you wish to use this platform, you’ll need to pay extra attention to the people you’re trading with!
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