Hi, just setup my Binance account and was looking to deposit funds.
I am trying P2P and paying the peer via Wise (I haven't connected Bank Account to Binance yet), as I think it won't show up in my bank transactions, but it gives error According to the regulations of your country of residence, please switch to relevant local currencies in P2P Trading., I have already set Payment Currency as AUD and Currency as AUD, can someone explain what's going on or does P2P works in Australia ????
Thanks
Lolx, I have just setup my first ever crypto account and looking to learn it slowly. I did few courses which went above my head as I had no idea about interface of exchange. I am just looking to get some idea about the exchange. Do you recommend using any other exchange instead of Binance ?
Do you have idea about my original question ? Do you use P2P or Payid for deposit ?
I did a course on udemy, but as was unaware of interface of exchange (binance), it just went over my head. I am thinking to do few more courses after playing with the interface a little bit.
I got some out last year, no problems.
I had no issues, in my account straight away?
I take it you’re trying to avoid tax obligations?
P2P is for security.
The user keeps the key to the assets.
I think there is no way you can avoid it.
Correct.
I thought that’s just what you were implying when you said
as I think it won't show up in my bank transactions
Are you doing crypto ? How do you usually deposit FIAT to exchange ?
The best way to get fiat money on-chain is to use an Australian CEX.
Convert lump sum fiat money into stable coins and Tx of the CEX to a wallet.
Split the assets in multiple wallets for better security.
Use DEXs for swaps.
Change wallets once in a while for increased security.
Only cash out to fiat money when absolutely necessary like paying taxes or Lambo.
You mean that first I shall deposit into Australian Exchange like CoinSpot and convert to stable coin then transfer that stable coin to Binance ?
I would use a local CEX (in your case an Australian CEX) that has an easy onboarding process. I won't name any names. Finding the right one is part of DYOR.
I would do everything in this post.
https://www.ozbargain.com.au/comment/12101379/redir
I don't use CEX that invades my right to privacy. Learn how to swap with DEX. It's better for your security and your privacy.
Do a 🔍 on my post and find the one where I list channels from users that has a wealth of experience dating back to OG days.
Can you give me tl:dr pls?
How to get đź’µ into D without going through C?
Yes, I use coinspot which is good, have also used btcmarkets in the past. Enjoy losing all your money!
Can you buy P2P in Australia without any issues ? Is it giving error as I haven't linked bank account to binance yet ?
I don't know why some people suggested to use other CEX when clearly you can just payid to Binance, can't get easier than that.
Go to your wallet, choose AUD, Deposit and it'll give you your payid email address.
What's the difference if I payid into wallet or if i go to Buy Crypto and make a Bank Deposit ?
Literally you are paying fees twice before even starting with the deposit….that's just retarded.
yep pay id, get the code from your account and it will hit binance in 2 days or so
swyftx is instant if its before 10pm but their spread is a little higher
Not entirely correct, the first transfer may take longer due to security in place from your bank and Binance but repeated transfers should be instant.
Not too different from some bank transfer processing time where first transfer may not be instant.
I agree with Tajid. I would suggest buying BNB coin and use your BNB coin to pay the trading fee as you receive a 25% discount. Definitely PayID is the simplest way. Also locking away your BNB coin in their Vault grants you free coins and access to cheap floats.
What are these comments..
The best way to do it if you intend to pay tax is to deposit AUD directly to Binance via PayID (INSTANT) and just convert it to whatever coin you want to buy.
If you want to avoid tax use localmonero and trade on non KYC exchanges such as KuCoin or use DEXes.
What choice do you have about tax? It would be hard to evade it without risking being caught, wouldn't it?
If you think putting money into Binance is hard, wait till you try and transfer it out 🤣