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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.

What is Binance P2P?

slp to php binance - binance p29

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

Why Trade My SLP with PHP Using Binance P2P?

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.

1. No Fees Involved

One great benefit of trading SLP with PHP using Binance P2P is that no fees will be collected from you. This is because you won’t have to pay for an intermediary or third party to facilitate the trade.

2. You Can Personalize Your trading

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.  

3. The Platform is Secure

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.

Read more: What You Need to Know Before Investing in Cryptocurrency in the Philippines

How to Deposit SLP to Binance P2P?

slp to php binance - How to Deposit SLP to Binance P2P?

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:

  1. On your Binance dashboard, click “Wallet” and select “Fiat and Spot.”
  2. Type “SLP” on the search bar. Then, click “Deposit.”
  3. Select a network. For this deposit, choose “Ronin.”
  4. Copy the deposit address.
  5. On a separate window, log in to your Ronin account.
  6. On your Ronin dashboard, select SLP, then paste the deposit address.
  7. Input the amount of SLP you want to deposit into your Binance wallet.
  8. Click “Next” and follow the prompt to finish the process.

How Do You Sell SLP via Binance P2P?

Basically, you have two options for trading and converting SLP to PHP on Binance P2P. Check out the following:

Direct Selling via P2P Method

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:

  1. On your Binance dashboard, hover over “Trade” and select “P2P.”
  2. On the next page, click “Sell.” Make sure that your fiat currency is set to PHP.
  3. Then, click the “SLP” tab.
  4. You’ll be then presented with buyers, their price offer, limit, and preferred payment method.
  5. Once you’ve decided on a buyer, click “Sell SLP” and follow the prompt to finish the sale process.

Selling via Express Sell Mode

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.  

  1. On your Binance dashboard, hover over “Trade” and select “P2P.”
  2. On the next page, click “Express Sell.”
  3. A Buy/Sell panel will appear at the center of the page. Click “Sell.”
  4. Under the “I want to sell” field, set the crypto to SLP. Then, input the amount that you want to sell.
  5. Click the “Sell with 0 fee” button. You’ll be then directed to a page showing the options on payment methods. On the same page, you’ll see the best sell offer.
  6. Select your sell offer then click the “Confirm Sale” button.

NOTE: To minimize risk, only sell your SLP to verified Binance users.[2] Verified traders have a yellow badge beside their username.

How Can I Cash Out My Earnings from Binance P2P?

slp to php binance - cashing out

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.

What’s the SLP to PHP Conversion Rate?

As of this writing, one SLP is equal to ₱0.92. 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 to PHP conversion rate on trusted crypto tracking websites, such as the following:

  • CoinMarketCap[3]
  • CoinGecko
  • Live Coin Watch
  • CoinCodex
  • CryptoCompare

Related reading: Play to Earn: Make Money While Having Fun with These 21 Crypto Games

Final Thoughts

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.

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