How To Buy & Sell Cryptocurrency In Pakistan?
You want to start your crypto journey but you don’t know where to start. Is it right? If YES. You are at the right place to know about all the stuff that how to get yourself into the crypto market & how to buy & sell cryptocurrency in Pakistan. We will cover all the minor & major details for you. So buckle up your seat belts as we are going to start our blog.
At the very first you have to know that crypto is not legal nor illegal in Pakistan. You cannot buy cryptocurrencies through your bank cards as they don’t allow you to buy cryptocurrencies in Pakistan. So what’s the solution? There are multiple solutions like you can ask any friend or relative outside the country to buy crypto from their card on your behalf. As we are not here to discuss this method. We will cover the P2P method provided by different exchanges.
We will cover the P2P method to buy & sell cryptocurrency in Pakistan provided by one of the world’s top exchanges called Binance.
But what is P2P?
P2P means peer-to-peer or person-to-person which means a P2P bank transfer is simply a transfer of funds between your bank account and the bank account of another individual. The transaction is initiated and completed by the two people exchanging funds without the intervene of a third party.
Now follow the simple steps to buy & sell cryptocurrency in Pakistan:
Step-1: Make An Account On The Binance Exchange
You can create an account on Binance Exchange through App or their official website.
If you are an android user you can simply search Binance on Play Store.
The same is the case for iOS users. Simply go to your respective App Store according to your OS and download the app and signup.
Step-2: Sign In And Go To Funding Wallet Option In Binance App
After successful registration, log in to the app and follow the instructions mentioned below:
1) Click on the Wallet.
2) Now go to the Funding option.
3) Now click on P2P Option.
4) USDT is selected by default. If not, then select USDT.
5) Here comes the tricky part. Every seller has set their limit to sell USDT. For example, some sellers only sell their USDT if you want to buy a specified amount set by the seller. Every seller has its unique specified limit like in the image below seller only sells his USDT when someone at least wants to buy USDT of 100,000 PKR. Like the image below.
If you want to buy lower like someone wants to buy USDT of 10,000 PKR only in that case you have to filter the sellers according to your needs. You can choose the payment methods of your choice as well as the amount you want to spend on USDT.
6) Once you find the seller of your choice. Click on Buy & type the amount in PKR or your local currency.
7) Now you have to click on the Buy With 0 Fee button.
8) Now your order has been created & the next step is to make payment to the seller account.
9) Clik on To Payment Page.
10) Now you have to copy the suited payment method given by the seller. For example Bank Account, JazzCash or EasyPaisa.
11) Most important step. After making payment to the seller account through your bank or any payment method you must click on the Transferred, Notify Seller button.
12) Now wait for some time & let the seller verify your payment and then release your USDT within a few minutes. That’s it you can buy & sell cryptocurrency in Pakistan every time by following the same procedure.
FAQs About P2P or Most Asked Questions About P2P
Many people ask is it safe to buy USDT through P2P option?
What happens if we make the payment to the seller and it ran away?
What happens if the given time has been completed & the seller did not release your payment yet?
The Answer Is Simple
YES, it’s totally fine to make purchases through P2P method. The reason for that is Binance Exchange freeze the USDT in the seller account as you placed the order. For example, you want to buy 500 USDT and you placed an order on Binance. The Binance Exchange freeze the 500 USDT in the seller account. If the seller is not releasing your USDT you can contact customer support and provide the proper evidence that you have made the payment. They will resolve the issue as soon as possible.
Other Reasons For Late Payment or No Payment By The Seller:
There are many other reasons for the late payment or no payment of USDT by the seller like:
- Sometimes payments did not receive by the seller due to your Bank, JazzCash, or EasyPaisa issue. In that case, your payment can be delayed. But there is no need to panic. Seller will release your USDT as soon as they get the amount sent by you.
- Sometimes you made an account on Binance with a different name and your Bank account, JazzCash or EasyPaisa made it on a different name. In that case, your payment could be delayed.
Important Point: Please read the seller’s instructions carefully. As I have discussed earlier that most sellers did not send you the USDT if your Bank account name & Binance account names are different. Many sellers don’t like that if payment comes from different account names and the Binance account username is different. They mentioned it in their instructions.