Southeast Asia is one of the largest and fastest-growing markets for peer-to-peer (P2P) trading. Since the launch of Vietnamese Dong (VND) trading in January, Binance P2P has supported fiat-to-crypto trading for six currencies in Southeast Asia, processing a total volume of $300 million so far this year.
Our local P2P merchants are the heroes behind the exponential growth of P2P trading. They play a key role in providing liquidity and trading services for our users, and facilitate the crypto adoption in Southeast Asia.
We talked with three of the top P2P merchants in Southeast Asia to learn how they successfully built their local P2P business on the Binance P2P platform.
VipTrade: Getting Close to Financial Freedom through Binance P2P
VipTrade is one of the first Vietnamese merchants on the Binance P2P platform. He has completed over 10,000 orders on Binance P2P since he joined in January 2020.
VipTrade started trading cryptocurrencies in 2017. Before he joined as a P2P merchant, he had used Binance for his daily crypto trading activities. When he learned that Binance P2P added support for VND, he immediately signed up for the Binance P2P Global Merchant Program using the merchant nickname “VipTrade”.
VipTrade’s daily trading desk
For VipTrade, being a P2P merchant is a great business opportunity to earn money while bringing crypto access to many people. “I have a lot of customers who want to invest in cryptocurrencies but don’t know where to start. I help them invest and convert crypto into fiat money, and then I make money.”
He spends more than 12 hours a day on P2P trading. To stay competitive and popular with users, he completes over 200 orders each day. He also keeps his crypto release time shorter than 10 minutes per order.
Through hard work and dedication, he was able to make a comfortable income. “I am very close to financial freedom,” said VipTrade. He suggested that new P2P merchants should start trading in small amounts, and then increase their trading input once they get familiar with the P2P trading.
BloomX: First Philippine Merchant to Trade $1 Million Within a Month
Founded in 2015, Bloom is a reputational crypto trading firm in the Philippine crypto community. They officially joined the Binance P2P platform under the name of BloomX in June 2020. In their fourth week of trading on Binance P2P, BloomX reached a total trading volume of 1,000,000 USD, becoming the first Philippine merchant to achieve the milestone.
The BloomX team attributed their success to their capability to provide a very professional trading experience at the most competitive prices. Their daily trading schedule on Binance P2P is set from 9 AM to 9 PM, and they expect to extend to a 24/7 fully automated operation with upcoming improvements on Binance P2P.
BloomX’s trading desk
In BloomX’s opinion, compared with other P2P marketplaces, Binance P2P is a more open platform for them to connect with all types of users and explore more business opportunities. “The most exciting thing about Binance P2P is that we are able to suddenly reach all corners of the local crypto community. Previously, we only traded the BTC/PHP pair. The addition of USDT, BUSD, BNB, ETH, and EOS has opened up some interesting business opportunities and has revealed to us just how big the Philippine crypto community has actually become,” said BloomX.
BloomX also shared some useful tips with new P2P merchants. For young merchants, offering the lowest prices is the most straightforward way, but also an unsustainable strategy. As Binance P2P supports more payment methods, various pricing tiers will emerge, and it would be smarter for new traders to seek for and carve out their niche market at different tiers. Young merchants also need to be creative with their operational approach to sustain their market share, they added.
AYOUNGCHANGER: P2P Trading is a Decent Business in Indonesia
AYOUNGCHANGER joined Binance P2P as an Indonesian Rupiah (IDR) trader in April, and within three months he has completed over 1,200 orders with a 99% completion rate.
Getting his first Bitcoin in 2013, AYOUNGCHANGER is an early Bitcoiner and reputable P2P trader in the Indonesian crypto community. When he got the merchant invitation from the Binance team, he recognized it as a bigger opportunity and immediately signed up to be a Binance P2P merchant. “I have used Binance for a long long time. With Binance being the world’s No.1 exchange, I know I can serve many more Indonesian users on Binance P2P, and I am really excited to be one of the first IDR merchants. Binance P2P is simpler, more user friendly and secure so I feel it’s the right move to trade on Binance P2P.”
AYOUNGCHANGER highly values his reputation on P2P trading business. Processing over 25 orders per day, he tries to keep the crypto release time as short as possible. “The faster you release the crypto, the better, ” he said. “The crypto release time is a key metric to measure your service and reputation. Make sure that you complete an order within 10 minutes.”
Currently, the profit margin in the IDR market is between 1% and 1.5%. AYOUNGCHANGER gets a minimum monthly income of 26MM IDR from his P2P business, which is 10 times as the average monthly salary in Indonesia.
Earn Money Through Binance P2P
We are actively looking for more traders from Southeast Asia to join the Binance P2P platform. On Binance P2P, you can earn a profit margin varying from 0.5% to 5%, depending on the markets. This would be a good business opportunity with zero costs as we do not charge any transaction fees or advertising fees, and you can enjoy more benefits including VIP trading fee discounts as well as exclusive customer support.
If you have previous OTC or P2P trading experience, as well as a reliable source of crypto and fiat currencies (Thailand Baht, Philippines Peso, Indonesian Rupiah, and Vietnamese Dong) to trade, we would welcome you to become a Binance P2P merchant. Once you apply, our team will contact you within 48 hours.
