How to Sell Crypto for RMB on Binance

Buying crypto is easy, and selling it isn't hard either, but many people find the specific process confusing when it's time to sell their crypto and exchange it back for RMB. Today, we will explain in detail how to sell your cryptocurrency on Binance and turn it into RMB in your bank card. The entire process needs to be done on the Binance Official Website or App. We recommend using the official Binance App, as operating on a mobile phone is much more convenient. Apple users should first refer to the iOS installation guide to install the app.

The Overall Process of Selling Crypto for RMB

Selling crypto for RMB on Binance involves three steps:

Sell Crypto for USDT: Sell your BTC, ETH, and other cryptocurrencies in the spot market to exchange them for USDT.
Transfer to Funding Account: Transfer the USDT from your Spot Account to your Funding Account.
Sell via P2P for RMB: Sell your USDT to merchants in the P2P market, and the merchants will pay you in RMB.

Let's go through the details step by step.

Step 1: Sell Cryptocurrency in the Spot Market

Example: Selling BTC

Assuming you hold Bitcoin and want to sell it:

Open the Binance App and tap "Trade" at the bottom → "Spot".
Search for the "BTC/USDT" trading pair.
Tap to enter the BTC/USDT trading page.
Select the "Sell" tab below.
Choose the order type as "Market" (execute immediately) or "Limit" (specify a price).
Enter the amount of BTC you want to sell (you can drag the slider to select 25%, 50%, 75%, or 100%).
Tap "Sell BTC".
Confirm the order information.
Once executed, your Spot Account will receive the corresponding USDT.

If you hold other coins (such as ETH, BNB, SOL, etc.), the operation method is exactly the same, only the trading pair is different.

Market Order vs. Limit Order

In a hurry to sell: Use a market order to sell immediately at the current price.

Not in a hurry, want a good price: Use a limit order to set a selling price you are satisfied with. For example, if BTC is currently at 65,000, and you want to sell when it rises to 68,000, place a limit sell order at 68,000.

Stop-loss selling: If you are worried about the price continuing to drop, you can set a take-profit and stop-loss sell order. For example, set a trigger price of 60,000; once BTC drops to this price, it will automatically be sold.

Step 2: Transfer USDT to Funding Account

After selling your cryptocurrency, your USDT will be in your "Spot Account". To perform a P2P withdrawal, you must first transfer the USDT to your "Funding Account".

Operation steps:

Open the Binance App → Go to the "Wallets" page.
Find the "Transfer" button.
Select "USDT" as the coin.
Choose the direction "From Spot Wallet to Funding Wallet".
Enter the transfer amount (or tap "Max" to transfer all USDT).
Confirm the transfer.

Transfers are free and arrive instantly without any delay.

Step 3: Sell USDT for RMB via P2P

This is the most crucial step: selling your USDT to merchants via P2P, and the merchants will pay you in RMB.

Enter the P2P Sell Page

Open the Binance App → Tap "Trade" → Select "P2P" → Switch to the "Sell" tab → Select "USDT" as the coin.

Choose a Suitable Merchant

The page will list all merchants looking to buy USDT. When selecting a merchant, pay attention to:

Price: The RMB price per USDT offered by each merchant varies; choosing the highest price will get you a bit more.
Limits: Ensure the amount you want to sell falls within the merchant's limit range.
Payment Methods: Check which payment methods the merchant supports (bank card, Alipay, WeChat) and choose the one convenient for you to receive funds.
Reputation: Select merchants with high trade volume and high completion rates.

Place a Sell Order

After choosing a merchant, tap "Sell".
Enter the amount of USDT you want to sell (or enter the amount of RMB you want to receive).
Confirm your receiving method (the system will show your bound bank card/Alipay, etc.).
Once confirmed, tap "Sell".

Wait for the Buyer to Pay

After placing the order, your USDT will be locked (escrowed) by the platform, and you will wait for the buyer (merchant) to pay you. You will receive a notification in the chat window or via the app when the buyer has paid.

Confirm Receipt and Release Crypto

After receiving the payment notification, you must first go to your bank app or Alipay to confirm that the money has actually arrived in your account, and then return to the Binance App to tap "Payment Received".

Extremely important reminder: Make sure the money has actually reached your account before releasing the crypto! Some scammers may send you a fake transfer screenshot, but the money hasn't actually arrived. Once you tap to release the crypto, the USDT is transferred to the other party, making it extremely difficult to recover.

Transaction Completed

After confirming the release, the transaction is complete. The RMB is in your bank card or Alipay, and you are free to use it.

Timing Your Crypto Sales

Set a Selling Plan

Don't rush to sell out of panic, and don't hold on indefinitely out of greed. It is recommended to set a selling plan in advance:

Take-profit target: For example, "I'll sell half when BTC hits 80,000."
Stop-loss line: For example, "I'll sell to cut losses if it drops more than 20%."
Regular selling: For example, sell a portion of your profits every month.

Sell in Batches

Just like buying, selling is also recommended to be done in batches. Selling everything at once might mean selling exactly at a low point. By selling in multiple batches, you can achieve an average price.

Costs of Selling and Withdrawing Crypto

Fees involved in the entire process of selling crypto for RMB:

Spot Trading Fee: When selling BTC/ETH for USDT, the fee is 0.1% (can be lower if paid with BNB).
Transfer Fee: Transfers from the Spot Account to the Funding Account are free.
P2P Platform Fee: Binance P2P charges zero fees.
P2P Spread: The selling price of USDT in the P2P market is usually slightly different from the real-time exchange rate; this spread is your withdrawal cost.

Security Precautions During the Selling Process

Anti-Scam Key Points

Always complete the transaction within the Binance platform; do not trade privately outside the platform.
Confirm the money has arrived in your bank account before releasing crypto; do not just look at screenshots.
Do not trust anyone claiming to be "Binance Customer Service" contacting you via WeChat or QQ.
Check if the payer's name matches the merchant's verified real name.
For large withdrawals, split them into multiple smaller transactions to reduce the risk per transaction.

Bank Risk Control

Receiving P2P payments carries the risk of bank risk control. Methods to reduce this risk:

Use a dedicated bank card for receiving funds.
Control the frequency of receiving funds.
Avoid receiving large amounts of transfers from many different people in a short period.
Keep all transaction records.

Tax Compliance

Once you withdraw funds to your bank card, the money enters the traditional financial system. Please understand and comply with your local tax regulations.

Express Sell

If you find the above steps too cumbersome, Binance also provides an "Express" sell feature. You can directly sell cryptocurrencies like BTC or ETH for RMB, and the system will automatically match you with a merchant to complete the P2P transaction.

Operation path: Home → P2P Trading → Express → Select Coin → Enter Amount → Confirm → Wait for Payment → Confirm Release.

Express selling is more convenient but the price may not be the optimal one. If you are sensitive to price, it is still recommended to follow the complete process above to choose a merchant yourself.

Frequently Asked Questions (FAQ)

Q1: How long does the entire process of selling crypto for RMB take?

Selling spot crypto for USDT is instantaneous (a few seconds). Transferring to the funding account is also instant. The P2P selling time depends on the merchant's payment speed, usually taking 5 to 30 minutes. Therefore, the entire process can normally be completed within half an hour.

Q2: Is there a minimum limit for selling USDT via P2P?

Yes, it depends on the minimum limit set by the merchant you choose. It usually ranges from a few dozen to a few hundred RMB.

Q3: How long does it take for the RMB to arrive in my bank card after selling?

After the merchant transfers the money via bank card, the arrival time depends on the bank. Transfers within the same bank are usually instant, while interbank transfers generally arrive within a few minutes. Alipay and WeChat receipts are also instant.

Q4: Can I directly sell BTC for RMB without converting to USDT first?

There are merchants buying BTC directly in the P2P market, but there are far fewer of them compared to USDT merchants, and their price quotes may not be as good. It is still recommended to first sell BTC for USDT in the spot market, and then sell the USDT for RMB via P2P; this route typically incurs lower costs.

Q5: What should I do if the merchant doesn't pay after I sell?

If you placed a P2P sell order but the merchant hasn't paid for a long time, don't worry. Your USDT is locked by the platform but will not be lost. If the merchant fails to pay within the specified time, you can cancel the order, and the USDT will be returned to your funding account. You can also file an appeal to have platform customer service handle it.