How to earn money from the binance p2p merchant account?
A Binance P2P merchant account is a great way to earn money with Binance. Thousands of Pakistanis and millions of other people are earning through Binance Merchant. It is a reliable platform.
How to Create Binance P2P Merchant Account? What is Binance? Complete How To Create Binance P2P Merchant Account Can I earn through a merchant account?
What Is Binance P2P Merchant?
Binance is peer-to-peer, meaning that Binance allows users to buy and sell cryptocurrencies directly with each other without the need for a central exchange. Binance provides an opportunity for different people to trade cryptocurrencies directly with each other without any verification through P2P. Since these transactions are done directly between people i.e. decentralized systems, no verification process is required.
Whereas Binance deposits cryptocurrency in merchant accounts to secure people's transactions so that no one gets cheated. Since P2P transactions are person-to-person, there are no fees for trading on the Binance platform. Do many people ask what is Binance P2P Merchant? The answer is that it is a new platform to make it easier for people to trade cryptocurrencies.
Just like many people buy cryptocurrencies. Similarly, for selling cryptocurrency, Binance has given an option of merchant mode, which can be applied and sold cryptocurrency after receiving it. This is called Binance P2P Merchant. Binance P2P has a feature called "Merchant Mode" that allows users to act as a merchant and sell cryptocurrency to a large audience. How to create a Binance p2p merchant account and any user to use this feature.
One needs to enable "Merchant Mode" on their SIMPLE account and specify the cryptocurrencies they want to sell on their merchant account. And along with that, their preferred payment methods have to be specified. Once merchant mode is enabled, other users will be able to view the user's offers and buy cryptocurrency from them.
Now we will tell you how to shift your Binance simple account to a Binance merchant account.
How to become a merchant on binance p2p?
First of all, you have to open any of your search browsers. And there you have to open your Binance verified account. So that we can proceed to create our merchant account.
After you open an account, click on the “Trade” option in the “Main Menu” and then select “P2P”.
Then you have to open it after clicking “P2P User Account”.
As soon as the new window opens in front of you, you have to solve this problem first, How to change my nickname?
For this, you have to click on the pencil icon next to your profile, and then create a good name for your merchant account. This is the name that you read from sellers when you buy cryptocurrency. Details are in the photos.
Now we are moving to our main task which is to create our merchant account. "Become Merchant" will be written in yellow color on the right side of your laptop, click on it and open it.
After that, the Binance Merchant application will open.
When your account application is approved. So Binance gives you special facilities which are:
- Advanced ad management
- Verified gives an orange tick.
- The third facility with this is “Exclusive Customer Support”. If you face any issue, Binance resolves the issue on a priority basis.
Binance P2P Merchant Program Requirements?
Here are the three biggest requirements for the merchant program.
1. First of all, you have to turn on the "SMS and Email Authentication" of your account while creating an account.
2. The second requirement is "advance identity verification". The method to accomplish this is slightly different. Click on the verify button for this.
After clicking on verify you have to do “Personal Verification”. Your verification will be verified only. Now we have to "verify plus" it. The information you have provided to verify your SIMPLE account. You have given the same information in Verified Plus. For this click on “Start Now”.
The Next window will open "Proof of Address". First, you have to select your "Country".
After that add “Residential Address”.
Add a postal code to your box.
Write your current city in the fourth box. As my city is "Nawan Jandanwala". After that click on continue.
In the next window, you have to verify yourself through a document. This document should be in the name of the person in whose name the Binance account is verified. Otherwise, your merchant account application will be rejected. I will complete document verification with the electricity bill. Upload the image of your bill in JPG or PNG format. If you click on continue, then your second step will also be verified.
Binance P2P Merchant Security Deposit or Fee?
3. The third and final requirement is 5000 BUSD. 5000 BUSD should be in your account. If not, then click on Deposit and buy the desired BUSD from the market. Then your security deposit will be verified. This BUSD is held by Binance as security, and you cannot spend them.
When all three requirements are fulfilled, then you have to click on "Apply Now".
- In the next window, you have to give your Telegram username to Binance. So that the Binance team can contact you on Telegram in case of any problems.
- After that, in the next section, you have to mention that you are working as a merchant in some other place other than Binance. Then click on upload to upload the image. This will help in getting the Binance Merchant account approved.
- The last and most important thing in this section is that you create a video under 100MB. In which you have to hold your ID card on one side of your face.
- In the video, you have to mention that your name is ETC.
- I want to trade in these cryptocurrencies.
- I promise that my funds are legitimate.
- These funds of mine will not be used for illegal activities. I am responsible for all my actions. After that click on upload file and upload your video.
- After that, you have to "submit" your application. Important note you can apply only three times within three months.
Conclusion
To become a Binance P2P merchant you must first sign up for a Binance account, and complete your identity verification process. And you have to select the cryptocurrency you want to sell. You will then need to set your preferred payment method and price for the cryptocurrency merchant. And then wait for a buyer to place an order. After placing an order, you can complete the transaction according to your chosen payment method and issue the cryptocurrency to the buyer once the payment is received and verified. Therefore, it is important to read and understand the Terms of Service carefully before using this platform.
FAQs: commonly ask a question about binance p2p merchant
1: How much does Binance charge for P2P?
Binance charges a 0.1% fee for P2P transactions. Except for some payment methods that may incur higher fees. The exact fee depends more on your location and the payment method you choose. Please read and understand the Terms of Service carefully before using the Binance P2P Platform to ensure that you pay the fees accordingly.
2: How do Binance merchants make money?
Binance traders earn money by charging fees for trading on their platform through Binance merchants. And at the same time, they make money by offering margin trading services and by collecting interest on loans given. In addition, they can earn income by listing and selling new cryptocurrencies and tokens, thereby increasing the trading volume on the platform.
3: Can an individual be a merchant?
Yes, an individual can become a trader by selling goods or services to customers. But for this, you have to spend a lot of money. An individual can also become a merchant by fulfilling all the requirements of Binance. And can earn money too.
4: What is the difference between a trader and a merchant?
A trader buys and sells cryptocurrencies for profit. When a common trader buys a currency, he buys and sells at a higher price than a merchant. Apart from this, there are also advantages of merchant accounts. A trader focuses more on buying and selling, while a merchant takes a more comprehensive approach to the currency they sell.
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