Binance is a cryptocurrency exchange, and it also has its own tokens, which are known as Binance coins (BNB). Apart, it also allows peer-to-peer (P2P) trading as well. Since a wallet is essential for storing digital currency, Binance provides a crypto wallet for traders. Due to the international ban on credit/debit card payments, cryptocurrency trading in Sri Lanka must be done as a peer-to-peer transaction. However, there are few P2P exchanges in existence, including PAXFUL, Binance, and Localbitcoins. But Binance remains the leading P2P exchange in Sri Lanka. Therefore, we thought of presenting a Step by Step guide on how to buy Bitcoin in Sri Lanka from Binance in 10 minutes.
You have to create a Binance account by simply clicking on register. You are required to enter a valid e-mail address and a password. Verify that you are a human by matching the puzzle which is provided by Binance, which looks as below.
You will get a verification code for your e-mail and simply enter it in the relevant blocks.
When the verification processers are finished, you will be greeted with the interface shown below. What you have to do is, click on “Buy Crypto Using Binance P2P.”
Now you are back to the main interface, but now you are registered. You can start proceeding by selecting the “P2P trading option” on “Buy Crypto“, then changing the fiat type for “LKR.” Then select the currency type that you need to purchase. In this case, it is BTC. Since our expectation is to buy cryptocurrency, set it to “BUY.“
As a trading requirement of P2P, you are requested to submit your mobile phone number and identification details for verification of the availability of P2P. Simply enter the relevant data and continue the verification process for future convenience.
Now the background for P2P trading is almost completed. Your premises are clear for trading. Carefully check the prices of the sellers, their profile, number of orders, and completion percentage. When those are matched with your expectations and capabilities, you can move further by clicking “Buy BTC.“
Then you will see the below interface. The essential details are mentioned on the left side. You are able to contact the seller through messages as you did in PAXFUL. You can mention the payable prices and click “Buy BTC” to proceed.
You have to make payments to the bank account of the seller and click on “Transferred, Next.” The seller will check for the payments and release BTC for your P2P wallet provided by Binance.
Trading in Binance is secured. No seller can engage in deceptive or fraudulent behavior because the system holds the relevant cryptocurrencies in the seller’s wallet until the seller releases them. Now it is easy to buy Bitcoin in Sri Lanka! You are completed!