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How to Buy & Sell Bitcoin/Crypto via P2P on Binance for Beginners (Tutorial) - YouTube
Channel: Fisayo Fosudo
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Howās it going guys, itās Fisayo here
and in this finance Friday video, Iāll show
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you how easy it is to buy and sell cryptocurrency
or the numerous tokens available on Binance
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app via the P2P method.
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This is going to be a simple straight forward
video showing you the step by step processes,
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Iāve been wanting to do this for a long
time now but here it is and weāll see how
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this works.
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If youāre new to the channel, welcome and
if youāre returning, welcome back.
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Iād love it if you could hit that like button
so more people can benefit from the knowledge
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weāre sharing here.
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You would be helping someone gain more when
you hit that like button.
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Without further ado, letās get to the video.
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First Step - Download + Giveaway
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Binance is available on the web and on mobile
but for this tutorial, Iāll show you how
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to go about it via your mobile platforms or
the mobile app.
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Itās the same process on the web.
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If youāre newly downloading it, you will
be downloading one that looks like this both
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on the Apple and Google Play Storeā¦AND guys!
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You know I wonāt just make a video without
something for you so the first 100 users who
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sign up with my link in the description below,
itās the first link and make their first
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trade of at least $100 will get $5 just like
that which is like 2,800 Naira almost 3,000
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Naira in free money, I know itās not much
but thereās more and weāll talk about
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that later.
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Essentially you get $5 for free when you download
and sign up with my link and make up to $100
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in trades.
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You canāt get this anywhere else so (pointing
down) just do it.
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What is P2P
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So first off, what is a P2P trade, what does
it even mean?
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The word P2P means Peer to Peer and P2P in
Finance means a service is decentralized.
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Decentralized means that itās not central
or there is no one power over the transaction
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or no intermediary like banks.
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Itās just you and the person interacting
directly with each other.
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It simply means, again that the buyer and
the seller are transacting directly with each
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other.
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Where Binance now comes in here is that they
give you a platform, the Binance Platform
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to trade and they donāt just do that, they
screen people who are trading, they rank them,
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show you the highest or lowest rating, positive
and negative rating or reviews and also provide
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escrow service.
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What is Escrow
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What does an escrow service mean, in simple
terms, If Iām a buyer, if I want to buy
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a stable coin like BUSD for instance or I
want to buy Bitcoin, I will put some money
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to the side, they will lock in my offer on
that money somewhere and they will lock the
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BUSD or Bitcoin of the person that I want
to buy from on Binance, they will essentially
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lock their money so until the both of you
come into agreement, the funds will not be
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released to anyone.
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So no one gets scammed until the agreement
is done very very securely and Iāve been
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using Binance for the better part of this
year.
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Alright, letās get into the app.
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How to Buy Cryptocurrency
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So the first thing weāll be talking about
is how you can go about with buying and the
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next section will be about selling and before
we begin, Iād like to mention that this
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isnāt investment advice, Iāve made multiple
videos on the personal finance on this channel
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from our Finance Friday series and Iāve
always mentioned investing a decent sized
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portion of income or that which you wonāt
be troubled by fluctuations.
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Anyway, letās get started.
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On the Binance App, you can see the current
home page here.
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On closer inspection, you can view all of
the trading options, you can also see how
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much each currency pair is performing from
BNB, Bitcoin, and Ethereum and you can see
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more when you scroll down.
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Clicking on More shows you the P2P option,
you also get the P2P trading option on the
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home page and it of course shows you the Risk
notice associated with the trading.
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Basically Binance is telling you not to believe
anyone who claims theyāre customer support,
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or anyone that convinces you to release crypto
before you have received payment.
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The instruction will appear clearly and once
you follow them youāll be fine.
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Trust me, itās super easy.
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So this is the P2P page, up top, I can see
my currency which is NGN or Nigerian Naira,
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and it is location based so right now, I can
only transfer to accounts that accept Naira
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and changing to other currency would mean
I can only trade with accounts that accept
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those other currencies.
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Iāll be using NGN or Naira as an example.
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Here is where you get to see each user and
what mode of payment, most of them here accept
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bank transfers which you already know how
to do so thatās easy.
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You can also see the name of a potential trader,
how many trades theyāve done and percentage
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of positive feedback they have.
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If you scroll left and right you can also
see other tokens you can trade as well.
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If you want to trade quicker, you can go on
the Express Option that Binance offers whereby
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you get a random and usually high rated user
who is online and you can trade quicker with
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instead of scrolling through a long list and
picking one person.
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So letās make a Buy Trade now with the Express
option.
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I want to buy 50,000 worth of USDT, when I
click Buy, it shows that I will receive 88
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USDT or basically 88 dollars at the rate of
567.3.
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Iāll click on Confirm to proceed.
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As you can see here, the person Iām buying
USDT from is a user named Iruag and the person
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is verified.
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What is highlighted here is that āBinance
is holding the sellerās crypto in the escrow
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account and they have 24/7 customer support.
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Do you remember what I talked about regarding
Escrow, well this is it.
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So their money is held and when you transfer
to this person and the person confirms, it
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is released to you.
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So itās not like you can make a transfer
to the person and the person just runs away,
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their USDT is being held so if the person
runs, you get the money anyway.
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You can also see that youāve got about 14
minute time limit to make the transaction
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work.
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A few things I still try to double check here
are by checking the userās profile.
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So when I click on this personās name, I
can see that theyāre verified, theyāve
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done over 3956 trades almost 4,000 trades
in the past 30 days at a 97.7% completion
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rate which is fair.
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They also have 6,701 feedback which 99% is
positive and you can also see the average
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time it takes for this person to pay which
is 4.5 minutes and his release time is 4.7
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minutes.
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All of which is fair and okay to me.
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One thing I also do is that I message the
merchant or whoever Iām trading with to
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confirm if theyāre online.
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Iāve done a trade where I nearly transferred
but the personās status showed online and
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didnāt respond at all even when the time
limit ran out.
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so I always message them before anything.
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Iāll just type āare you onlineā
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For this person, it took around 5-6 minutes
to get back to me so once I got confirmation
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that they were online.
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I just made a transfer to their normal bank
account that was shown.
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Then I just message the person that I have
sent it, with a snapshot of the proof of payment.
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The seller who is supposed to give me the
USDT for the money Iāve just sent will now
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release the payment to me.
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He also has a timelimit to release it as we
can see here.
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Now as you can see the seller has released
the USDT to my wallet and thatās pretty
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much it about Buying.
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I can simply rate the person Positive or Negative.
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Of course, I didnāt have any issues so Iāll
rate them negative.
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Uh, Positive, Iāll rate positive.
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Thatās about it for buying, as you can see
in the Transfer section of the App, that money
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is in your wallet and if you want to use this
USDT for instance to buy other tokens like
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Bitcoin which most people do, then you can
move it to your Spot Wallet and begin trades,
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you can see your available balance here.
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But for now, Iāll leave it in my normal
Wallet.
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Also, if youāre find this video useful,
do consider hitting that like button and you
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can leave a comment below if you have any
questions at all.
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Selling
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Now How about Selling?
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Well itās pretty much the same process with
Buying except you are the one receiving the
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Transfers to your bank account and Binance
is holding your Tokens or Crypto to release
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it to the person transferring to you.
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Just like theirs was held in the buying section
we just covered.
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Okay so letās go, on the P2P section when
we click Sell, we get the exact same options
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like the Buy Page.
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We can also do Express Selling which is what
Iāll do now so instead of picking the buyers
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or sellers one by one, I just let Binance
pick a random and highly rated buyer or seller
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that is online.
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Now I want to sell $80 or 80USDT which is
the same thing.
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Once I hit sell.
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I can choose which of my bank accounts I want
the money sent to.
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Then I click to confirm the sale.
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As you can see here the Buyer now has a time
limit as well.
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I usually click on the Chat section to see
if thereās any message for me and sure enough.
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This person has asked that I release the coin
once I receive payment.
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Obviously, Anyway, I reply with an āokā
aaaand I wait to receive the transfer.
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So right now, Binance has told me that this
person has marked the order as paid.
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Keep in mind that Binance is holding my $80
in escrow so until I receive the payment and
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I click accepted, no one is getting anything
and thatās what I like about P2P trading.
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As you can see, I have indeed gotten the payment
and Iāll just need to confirm that I have
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received it.
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Thereās also a warning message that says
you should check your bank app very well to
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be sure you indeed have received it.
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I can then click on Confirm.
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What Binance does for further security is
that they send a 6 Digit Code to be absolutely
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sure because itās money, if a hacker wants
to move your money, theyāll need to steal
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your phone for that so that extra layer of
security is embedded and even if your phone
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gets stolen youāll need to block your SIM
card immediately.
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Once I type in the code.
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I get a confirmation message saying I have
sold my $80 on Binance for 45,000 Naira cash
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into my bank account.
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Itās that easy.
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Basically like a normal transaction or a transfer
between two people.
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One thing to keep in mind is that for security
purposes and so oneās account doesnāt
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get flagged, people donāt have to write
crypto currency as the reason for transfer.
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They can just put a generic word there like
Payment or something.
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That is when theyāre transferring with their
banking apps.
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Anyway, I always recommend leaving a positive
review or rating and thatās pretty much
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it on how to buy and sell tokens or crypto.
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You can do this with almost any cryptocurrency
on Binance like Bitcoin, Ethereum, BNB, BUSD
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and the likes.
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Itās all the same process and these tokens
are one way many people store their cash assets.
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Again guys, do download the Binance app to
get your free $5 when you deposit $100 to
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trade with,
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If you found this video useful, you can simply
hit that like button, make sure youāre subscribed
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to the channel and comment below if you have
any questions, Iāll be sure to reply and
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have a chat with you.
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Thank you so much for watching and Iāll
see you in the next one.
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