Since our last article in March 2021, a lot has changed in Myanmar, and sadly not in a good way. The COVID outbreak and the military coup hit severely the economy and Myanmar Kyat has lost 50% of its value in just a few months.
Restrictions on cash withdrawals triggered major concerns about the security of people’s savings in banks. People are seeking opportunities to save their money in foreign and digital currencies.
Unfortunately, the new US sanctions have a severe impact on Myanmar people’s capabilities to use international credit cards such as VISA and Mastercard. It is no longer possible to use Myanmar prepaid cards to buy cryptocurrencies on Binance for instance.
Buy Crypto with Binance P2P
Luckily, Myanmar people still have the opportunity to buy crypto with Myanmar Kyat by using Binance P2P.
Binance P2P is the largest peer-to-peer exchange platform for crypto in the world. It allows you securely buy or sell crypto directly from/to a Binance user.
Binance P2P includes an escrow service to ensure the safe and timely delivery of digital assets.
The process to buy or sell crypto using Binance P2P is extremely simple.
The first thing you need to do is of course subscribe to Binance via the following link.
Once you are registered, you must complete the KYC to access Binance P2P.
What is KYC?
KYC is the acronym for “know you customer”, which is the mandatory verification of a customer’s identity, usually by a financial institution like Binance. Binance has three tiers of verification: [Verified], [Verified Plus], and [Enterprise Verification]
To complete KYC, Binance customers will be required to provide a copy of a government-issued document that proves that the personal information shared during the registration process is correct.
Once you have completed the KYC, simply click on “Buy Crypto” and select “P2P Trading”.
Buy Crypto with Myanmar Kyat (MMK) using Binance P2P Trading Platform
Now you need to decide which crypto you want to buy. You can choose a stablecoin like USDT or BUSD, or buy BTC, ETH, and BNB.
Note that Binance gives you the capability to exchange crypto to crypto at an extremely low rate. Hence, it does not really matter which crypto you choose to buy from Binance P2P. We would recommend selecting the crypto with the most offering and the better rate.
Once you have selected your crypto, go through the filter to select the amount you wish to buy in FIAT and the FIAT currency you plan to use.
In our case, we are going to select Myanmar Kyat “MMK” and 10,000 as the amount for our first trade.
Based on your filters, Binance will list down advertisers that are currently offering crypto against MMK. The list includes useful information such as the number of orders and transactions completed by each user. You can also find out the payment details.
In Myanmar, most of the advertisers support KBZ Banking, Kpay, Perfect Money, CB Bank, Aya Bank, or Yoma Bank transfers.
Once you have chosen one advertiser, click on Buy USDT.
You can now fill in the amount of FIAT you wish to spend and you will see instantly the amount of crypto you will receive in return.
If you are satisfied with the exchange rate, simply click on Buy and you will be redirected to a page with the payment details to make the payment in FIAT.
You usually have a fixed time to make the transaction.
Go to your bank account and make the wiring to the seller for the agreed amount and come back to Binance and click on “Transferred Next”.
The advertiser will be informed that you made the transfer and will be required to send you the cryptocurrency. The seller also has a fixed amount of time to send the crypto.
Once the transfer is done, you should receive an SMS informing you that the transfer was completed.
Now that the transfer is completed, the cryptocurrency will not appear directly on your spot wallet.
Go to Order –> P2P order –> completed and click on the transaction number on the right to see the order detail.
You can now see the details of the transaction and you can click on “transfer to spot” to transfer your crypto to your spot account.
What is a spot account?
A spot account on Binance is the account you will use for your daily trade and exchange. This is the equivalent of your “current” bank account. This account does not generate any yield and is simply used to trade.
After clicking on “transfer to spot”, select the currency you wish to move to Spot and click on transfer, select the direction and the amount and validate.
That is it, you are now settled to start trading cryptocurrencies on Binance!