Binance is one of the largest cryptocurrency platforms in the world, offering a wide variety of trading options and features. For traders in Pakistan, converting cryptocurrencies like USDT (Tether) to PKR (Pakistani Rupee) is a common task, especially for cashing out profits or managing funds. This guide will walk you through the steps to change your USDT to PKR on Binance.
Step 1: Log In to Your Binance Account
To begin, log in to your Binance account. If you don’t have one, you must register and complete the necessary KYC (Know Your Customer) verification process. This ensures secure and legitimate trading on the platform.
Step 2: Access the P2P (Peer-to-Peer) Trading Section
Binance supports direct conversions to PKR through its P2P trading platform. Here’s how to access it:
- On the Binance homepage or app, navigate to the P2P Trading section.
- On the web: Go to “Trade”> “P2P”.
- On the app, Tap “P2P” under the “Trade” menu.
- Select Sell at the top of the P2P interface since you’ll convert USDT to PKR.
Step 3: Filter for PKR and USDT
- Set your Fiat currency to PKR by selecting it in the dropdown menu.
- Choose USDT as the cryptocurrency you want to sell.
- Use filters to find buyers offering reasonable exchange rates, reliable payment methods (e.g., bank transfer, Easypaisa, or JazzCash), and high completion rates.
Step 4: Select a Buyer
Browse through the list of buyers and choose one that fits your preferences. Pay attention to:
- Exchange Rate: The PKR amount offered per USDT.
- Payment Method: Ensure the buyer supports a method you can use.
- Reputation and Completion Rate: Higher ratings and completion rates indicate trustworthy buyers.
Click Sell USDT on your chosen buyer.
Step 5: Enter the Amount to Sell
Enter the amount of USDT you wish to sell. Binance will display the equivalent PKR amount based on the buyer’s rate. Confirm the details and proceed.
Step 6: Confirm and Release USDT
- The buyer will pay to your specified PKR account (e.g., bank account, Easypaisa, or JazzCash).
- Once you receive the payment, verify the amount in your account.
- After confirming the payment, click Release USDT to transfer the cryptocurrency to the buyer.
Step 7: Complete the Transaction
Once the USDT is released, the transaction is complete. Binance will notify both parties, and your PKR will be in your account.
Tips for a Safe and Smooth Transaction
- Verify Payments: Always check your bank or wallet account before releasing USDT.
- Choose Trusted Buyers: Stick to buyers with a high reputation score.
- Avoid Off-Platform Deals: Only communicate and trade within the Binance platform to avoid scams.
- Stay Updated: Keep track of PKR exchange rates and market trends to get the best deal.
Following these steps, you can easily convert your USDT to PKR using Binance’s P2P platform. This method is secure, fast, and efficient for Pakistani traders who want to cash out their crypto earnings.