Binance is one of the most popular and trusted cryptocurrency exchanges in the world. When you visit their website, they offer a variety of payment or Transaction methods for people from all over the world. However, not every country has access to these same methods that are available on Binance. One question that frequently comes up around this topic is what are the Payment or Transaction methods for Pakistan? We’ll answer your questions below.
There are a few workarounds that you can use to get started trading on Binance. The first option is to use a third-party payment service like Jazz Cash or Easy Paisa. You can also use a wire transfer to any bank account in Pakistan. All the methods work only on the P2P section. There is no direct market access for Pakistani in Binance as the State Bank of Pakistan does not allow to purchase of crypto via any Bank Account.
What is P2P in Binance?
P2P stands for Peer-to-peer. When it comes to cryptocurrency, Binance offers a separate p2p exchange. This means that you can buy and sell cryptocurrencies directly with other users on the platform. There are many buyers and sellers available on P2P for Pakistan for Ethereum, Bitcoin, and other cryptocurrencies.
How does P2P Transaction work in Binance?
Let’s suppose you want to sell some Ethereum. To begin, open the Binance app and log in. Click on the “BTC” tab at the top of the screen, and then type “P2P” in the search bar. This will bring up the P2P Exchange page. On this page, you can see information about current offers, as well as your own offers and transactions. To make a new offer, click on “Create Offer”. In the window that pops up, enter the following information:
- The price you want to sell it for
- Your Ethereum wallet address
Click “Create”. Now, other users who are looking to buy Ethereum can see your offer and choose to accept it if the price is right. When a user accepts your offer, he or she will send money via EasyPaisa, Jazz Cash, or Wire Transfer. The transaction will be completed automatically. You’ll receive your Ether in your wallet once. It must be noted that Binance will hold the Ethereum until you approve that the payment, and then will release it to the seller.
In case you want to buy any cryptocurrency via P2P in Binance in Pakistan, you need to provide payment information. The seller will release your crypto once he or she receives the money from you and verifies it’s been sent.
Please note that Binance does not allow users in Pakistan for now as there is no direct market access with Pakistani Rupees, but those who wish to trade on decentralized exchanges under 0x protocol.