The rise of cryptocurrencies and non-fungible tokens (NFTs) in the Philippines is unstoppable. One obvious testament to this is the popularity of Axie Infinity not only among gamers but also with investors. While seemingly technical, the game's actually simple and quite inclusive. In fact, it’s so inclusive that it's appealing even to senior citizens.[1] But the biggest draw of Axie Infinity is the earning potential. You can earn not just by waiting for the value of the Smooth Love Potion (SLP) to rise but also by trading them on peer-to-peer marketplaces, such as Binance P2P. Binance P2P is one of the best platforms for selling your SLP because of its simple trading procedure. If you want to explore how Binance P2P works in line with your investment plans, here’s a comprehensive guide worth checking out. Binance P2P is a platform that facilitates crypto trading using your preferred currency, price, and payment method. It’s basically an online marketplace where you buy and sell crypto from and to your fellow crypto investors. As such, all transactions are direct and don’t require a third party. In contrast with traditional crypto exchanges, Binance P2P doesn’t have technical charts. This means that you’ll need to rely on intuition coupled with personal research to ensure that you’ll make money. Read more: 5 Essentials for Cryptocurrencies: Get Started Now There are many reasons you should consider trading and converting your SLP to PHP using Binance P2P. But the bottom line is that you get to save money. Using Binance P2P doesn’t require you to pay humongous fees just for the transaction. According to Binance, takers won’t have to pay anything while makers will be charged a small amount of fees in every completed order. You have the full authority over your trading, which means you can choose how to sell your crypto and who to trade with. When it comes to payments, Binance P2P has more than 300 methods and over 150 local currencies to choose from. Binance P2P assures traders that its platform is safe and secure. One measure that the company implements is the use of an escrow service. This means that once you find the right buyer, the crypto is just temporarily deposited until you confirm with Binance that the funds are already in your bank account. Probably the best thing about P2P exchanges is that you have the freedom to trade your crypto at your desired price. Other than buying or selling assets on Binance P2P, you can also make your own advertisem*nts to set your own prices. Before you trade and convert SLP to PHP via Binance P2P, you need to deposit your crypto to your Binance crypto wallet first. Here’s how to do it: Basically, you have two options for trading and converting SLP to PHP on Binance P2P. Check out the following: Through this method, you’ll be choosing a suitable buyer from the set of traders presented to you. Here’s how to sell your SLP if you take this route: Binance’s P2P express mode allows you to place an order by simply entering the fiat amount (PHP in this case) that you want to buy or sell. Here’s how you can trade or convert your SLP to PHP via this Binance P2P method. NOTE: To minimize risk, only sell your SLP to verified Binance users.[2] Verified traders have a yellow badge beside their username. You can receive the proceeds of your sale via the payment method that you've nominated previously. The most popular ones are GCash, PayMaya, and Unionbank. After selling your SLP, check if the funds have already reached your bank account. As of this writing, one SLP is equal to ₱0.27. It’s a lot lower compared to the rates in the past years, which were sometimes pegged at around ₱20. But that was during the height of Axie Infinity. Note that this conversion rate changes drastically and usually without prior notice. As such, you need to monitor the SLP value from time to time. To guide you with your trading, you can always check the SLP price or the SLP to peso conversion rate on trusted crypto tracking websites, such as the following: Related reading: Making Money While Having Fun? It’s Possible with These 30 Play to Earn Crypto Games Still got questions regarding the conversion of SLP to PHP on Binance, SLP value, and a few important things related to P2P trading? Read through the following, and you may find the answers that you’re looking for: Because SLP is a crypto, its behavior is determined by a set of factors that also affects the value of other cryptocurrencies. Much like fiat or real-life money, the price of cryptocurrencies is heavily influenced by supply and demand. For instance, the SLP value may get higher the more people get into the game. A cryptocurrency’s quality of being overbought or oversold is dependent on a lot of things. For instance, if a coin is deemed useful, many people will definitely want it in their arsenal. Endorsem*nts by well-known personalities and media recognition may contribute to a crypto’s high demand. In the case of Axie Infinity, word of mouth has somehow driven the SLP value. A lot of Filipinos during the pandemic were looking for an extra income stream and have stumbled upon the game through recommendations and gossip. This caused both gamers and non-gamers alike to flock to the game, thus increasing the NFT and SLP value. Two years after the Axie Infinity craze, the SLP value has undeniably gone down. This can be attributed to a variety of reasons. For one, the demand for the game might have dwindled. When more people are less interested in the asset, the asset’s price falls. Purchasing items at the Axie Infinity Marketplace requires SLP. If you have SLP in your Binance account, you can transfer it to your Ronin wallet. Here’s how: When you’re trading SLP to PHP on Binance P2P, keep in mind that the SLP to PHP prices established between you and your buyer or seller are considered final and non-negotiable. As such, you need to be careful when naming or agreeing on a price. Binance explicitly says on its P2P User Transaction Policy that using multi-accounts to trade on P2P is forbidden. When such accounts have been detected, Binance has the right to block all linked user accounts from trading. According to Binance, the platform is not a party to the transaction between traders on P2P. As such, the disputes between the P2P traders will have nothing to do with Binance. This is because the platform neither has the rights or obligations to fix or help resolve such disputes. Moreover, it’s not obliged to assume obligations, whether they’re financial or non-financial in nature, to the parties involved. Trading SLP to PHP on Binance P2P may be convenient, but keep in mind that you’re dealing with a real person here. As such, some problems may arise. In which case, Binance advises traders to keep their lines of communication open at all times via the email or phone number that they registered on the platform. Also, remember that Binance is not a party to the P2P transaction, which means that it has no obligation to resolve disputes between traders. It’s been discussed earlier that your access to Binance P2P will be blocked if you're detected using multiple accounts. But there are other grounds for the restriction, suspension, or termination of your P2P account. Here are some of them: Remember that Binance can restrict, suspend, or terminate your account without notice and for a period at the platform’s absolute discretion. Binance P2P is a secure platform by default. Nevertheless, it has some important guidelines that will help you enhance the protection of your account. These are also included in the P2P User Transaction Policy. Trading currencies has been around since time immemorial. It has certainly evolved and became much more inclusive, thanks to cryptocurrency. What’s amazing about the modern-day trade is that it encompasses many interests, such as gaming. If you’re an Axie Infinity player or manager, you may consider trading and converting SLP to PHP on Binance P2P as another means of making money. However, always factor in the types of risks and weed out the cryptocurrency scams that are involved in this endeavor. After all, you’re dealing with real people on this platform. Sources:What is Binance P2P?
Why Trade My SLP with PHP Using Binance P2P?
1. Transaction Fees are Considerably Lower
2. You Can Personalize Your Trading
3. The Platform is Secure
4. You Can Name Your Price
How to Deposit SLP to Binance P2P?
How Do You Sell SLP via Binance P2P?
Direct Selling via P2P Method
Selling via Express Sell Mode
How Can I Cash Out My Earnings from Binance P2P?
What’s the SLP to PHP Conversion Rate?
FAQs About SLP to PHP on Binance
1. What affects the SLP price or value?
2. How can I transfer my SLP from Binance to my Ronin wallet?
3. Are prices on the P2P platform final?
4. Are multiple accounts allowed on Binance P2P?
5. I have a dispute with my seller/buyer. Will Binance help me resolve it?
6. I have an uncompleted order with the buyer. What should I do?
7. What are the grounds for being terminated from Binance P2P?
8. Are there other ways to strengthen the protection of my Binance P2P account?
Final Thoughts
FAQs
How to Trade and Convert Axie SLP to PHP via Binance P2P? ›
1) On the Axie Infinity account dashboard, sync your SLP. 2) Go to https://bridge.axieinfinity.com and transfer your SLP from Ronin to MetaMask. 3) Transfer the SLP from MetaMask to your Binance SLP Address. This will put the SLP to your Binance's Spot Wallet.
How to convert SLP to PHP in Binance? ›1) On the Axie Infinity account dashboard, sync your SLP. 2) Go to https://bridge.axieinfinity.com and transfer your SLP from Ronin to MetaMask. 3) Transfer the SLP from MetaMask to your Binance SLP Address. This will put the SLP to your Binance's Spot Wallet.
How do I convert AXIE SLP to cash? ›- Overview.
- Step 1 – Claim SLP into your Ronin Wallet.
- A - Log into the Axie Marketplace using Ronin Wallet. ...
- B - Claim your SLP. ...
- Step 2 – Transfer SLP from Ronin Wallet to Binance.
- A - Get your Binance Address. ...
- B - Send your SLP to your Binance Account. ...
- C - Convert your SLP to Fiat.
- To get started with Binance P2P, follow these simple steps👇
- The first step is to register on Binance if you haven't already. ...
- After registering, navigate to the P2P trading section on the Binance website. ...
- Choose the cryptocurrency that you want to buy or sell and select the trading pair.
This guide will show you how to buy P2P by connecting your crypto wallet to a decentralized exchange (DEX) and using your Binance account to buy the base currency. There are several crypto wallets to choose from within the Ethereum network and Trust Wallet appears to be the most integrated.
How to compute slp to PHP? ›Conversion tables
The current value of 1 SLP is ₱0.16 PHP. In other words, to buy 5 Smooth Love Potion, it would cost you ₱0.78 PHP. Inversely, ₱1.00 PHP would allow you to trade for 6.37 SLP while ₱50.00 PHP would convert to 318.64 SLP, not including platform or gas fees.
The price of converting 1 Smooth Love Potion (SLP) to PHP is ₱0.1926 today.
How to withdraw SLP from Axie Infinity? ›Axie Claim Tokens page. Withdrawal can be initiated inside the game by clicking the AXS/SLP amounts on top, then clicking the Withdraw button. The withdrawals will be reviewed, and will be available for claiming after approximately 3 days on the App. Axie Claim Tokens page.
Is Binance still working in the Philippines? ›The Philippines Securities and Exchange Commission (SEC) said it is working with Google and Apple to remove the Binance app from their app marketplaces for Filipino users, according to an April 23 statement.
How to make $100 a day on Binance? ›To make $100 a day, you would need a large and active referral network. Binance occasionally offers educational campaigns where users can learn about specific cryptocurrencies and earn small amounts of those cryptocurrencies as a reward. While the earnings are not typically substantial, they can accumulate over time.
Is P2P still working on Binance? ›
Although the P2P feature is gone, you can still withdraw by using the merchant option instead. Just convert your currency to NGN and withdraw. To exchange your USDT to NGN, head over to the trade section.
Is P2P safe on Binance? ›P2P trading platforms such as Binance P2P have implemented advanced security measures, helping users reduce risks and improving the convenience and safety of transactions.
How much does Binance charge for P2P? ›Binance P2P charges a fee of 0.1% on every trade. If you trade frequently, the fees can add up to a significant amount. To make money from trading fees, you can become a Binance P2P affiliate and earn a commission on every trade made by the users you refer.
How to withdraw from Binance P2P? ›Withdrawing from Binance using a USD P2P wallet is a fairly simple process. First, you'll need to head to the "Funds" section of your Binance account and select the "Withdrawal" option. From here, you'll need to select USD as the currency you want to withdraw, and then enter the amount you want to withdraw.
What are the benefits of using Binance P2P? ›- Industry-leading security.
- Buy and sell with low fees.
- Customize your trading.
- Select an asset(s) to leverage.
- Strategize your pricing.
- Promote your services.
- Publish buy and sell ads.
- Take advantage of crypto arbitrage.
Connect your crypto wallet to a preferred DEX. On the exchange, select SLP (SLP) and enter the amount of crypto you'd like to trade. Verify the details before confirming the transaction.
How much is 10 000 SLP in PHP? ›You can convert 10000 SLP to 1,797.97 PHP. Live SLP to PHP calculator is based on live data from multiple crypto exchanges.
Can you still sell SLP on Binance? ›Smooth Love Potion (SLP) can also be traded for other cryptocurrencies on the Binance Exchange. Live SLP price is updated in real-time on Binance.