Peer-to-peer (P2P) trading is a great way to invest in cryptocurrency markets. According to experts, it has revolutionalized how crypto traders interact with each other. With this growing trend, local exchange platform, Binusu exchange has launched its Binusu P2P platform to present its users with a new experience as the new month begins.
The official announcement was made on October 31st, 2022, live on a Twitter spaces chat that hosted different industry experts including Ronald Arinde, Business momentum manager at Binusu exchange, Derrick Ochago, an avid crypto trader, and Brindon Bamwiine, founder of Skill Haven. The crypto experts discussed how P2P trading works and how crypto traders and enthusiasts can benefit from it.
Enlightening us about his P2P journey, Derrick Ochago emphasized that P2P is about seizing the opportunity. He said, βWhen it comes to crypto P2P, it’s really about opportunity. You see an opportunity and then you decide. “I’ve been fortunate that by virtue of the nature of my work, I have been exposed to getting to see various cryptocurrencies and also getting to understand the limitations and opportunities that are available.”
Speaking about how one can earn money from P2P trading, Derrick emphasizes that it is about understanding the basic principles of trading such as being able to know when and at how much you can buy and when to sell.
“Let’s say you realize that Bitcoin is selling for a certain price, you buy it really quickly and then you notice that in a place like Uganda, people are looking to buy that Bitcoin. You then come back and create an account and then you attempt to sell that Bitcoin at a slightly higher price.”Β
He further stated that one has to maximize the demand, however, one has to make sure that oneβs price is competitive so as to get buyers more often and the more orders you get, the more profit you earn.
According to Ronald, the Binusu P2P product is not exclusively designed for crypto traders and investors, it is also for novice crypto enthusiasts.
Brindon Bamwiine also pointed out that the P2P platform will simplify how trading works especially for beginners.
He said, βNot only does it allow you to buy or sell cryptocurrency directly with another person, but it also lets you avoid some of the transaction fees that come with traditional exchanges. Additionally, Binusu will avail mentors that can guide you through the process making it easy for learners to participate in P2P trading.β
The Binusu P2P platform comes with an advantage of 0% commission on all trades for the whole month of November.
Since its inception, Binusu exchange has been on a mission to offer the best user experience for crypto traders in Uganda. The exchange platform introduced new product features at the beginning of August including Binusu v1.5 (OTC) platform, trading platform v2.0, DeFi services, and a USSD platform among others.