Last Updated on December 16, 2022
Binance is a global cryptocurrency exchange that has the highest trade volume in the world. Binance is available in over 200 countries and regions with Nigeria being one of them.
Binance Nigeria is a version of Binance available to Nigerians. Here you can buy, sell and trade cryptocurrencies with ease using the Binance Peer-to-peer P2P exchange.
Binance P2p is one of the best P2p Crypto exchanges in Nigeria since the CBN restricted payments with crypto companies in Nigeria.
The Binance Nigeria P2P exchange is a marketplace where you can trade crypto directly with other people (Nigerians) on your own terms.
If you’re a first-timer interested in cryptocurrencies or you’re looking to start using Binance Nigeria in your crypto dealings, Binance Nigeria P2p is a great option for you.
Because with the Binance P2p exchange you get low transaction fees (no fees for buyers), flexible payment methods, trade crypto at your own prices and also protect your privacy as p2p exchanges do not collect information about buyers and sellers.
Users on Binance p2p can buy and or sell cryptos by browsing crypto ads or by posting ads of their own.
P2P merchants; are the people who sell crypto on Binance P2P for a profit by creating crypto trade ads and completing the trades. These merchants are screened by Binance to prove that they are legit.
Merchants do not only make a profit off making p2p trades, they also supply liquidity to Binance P2P. They also enjoy certain privileges on Binance like a 20% discount on trading fees.
Binance Nigeria P2P uses an escrow system to facilitate secure cryptocurrency trading between buyers and sellers. This P2p exchange supports the trading of six cryptocurrencies (BTC, ETH, BNB, BUSD, DAI, and USDT), using 60+ local currencies through over 300 payment methods.
To enjoy everything that Binance has to offer, you have to create an account with Binance Nigeria and complete an Identity Verification process to start using the crypto platform.
But before we go into creating an account on Binance and how to use Binance p2p in Nigeria, let’s answer some lingering questions first.
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Is Cryptocurrency & Bitcoin Illegal in Nigeria?
No, Bitcoin and other cryptocurrencies are not illegal in Nigeria. The Central Bank of Nigeria (CBN) has restricted financial institutions in the country from dealing with cryptocurrencies or cryptocurrency companies in Nigeria, it didn’t ban crypto or bitcoin in Nigeria.
There is no law or regulation that makes it illegal to deal in cryptocurrency in Nigeria. Financial institutions are not just allowed to deal with crypto, that is why peer-to-peer crypto exchanges like Binance Nigeria p2p are popular because they remove the need for you to use financial institutions like banks to directly deal in crypto.
Can I use Binance in Nigeria to Buy Bitcoin?
Yes, you can use Binance in Nigeria to buy, sell and trade crypto easily by using the Binance P2P exchange. If you want to easily buy bitcoin in Nigeria without hassles Binance Nigeria P2P is a great option for you.
Using Binance P2P to buy crypto you can choose among multiple buyers at your preferred price without having to worry about withdrawal limit.
How to Use Binance P2P in Nigeria
Basically, to buy crypto on Binance P2p you have to first create an account on Binance if you don’t have one already. To create an account on Binance is easy just follow these steps:
- Visit Binance and sign up or register with your email and phone number
- After which you will start the verification process. you’ll need your International passport, ID card or driver’s license for this stage.
- You’ll also be asked to take a selfie to complete face verification.
- You’ll also need to add at least one payment method.
Let’s move on to how you can use Binance p2p to buy and sell crypto in Nigeria.
How to use Binance P2P in Nigeria to Buy Crypto
Here’s how to use Binance Nigeria P2p to buy crypto in Nigeria using these steps:
- Open the Binance App, and find the P2P option
- Choose the Buy option and select the crypto you want to buy e.g BTC
- You’ll be shown a list of trade advertisements to choose from, use the filter option to find trades that suit your preference.
- Choose the Ad trade offer that you want
- input the quantity of crypto you want to buy
- Select your payment method and currency (NGN) you want to pay in and click on confirm or buy.
- Transfer the money to the seller using the seller’s payment information provided within the payment time limit. You can also use the chat box to communicate with the seller. (Note: please make sure you transfer the money from an account that matches your verified name)
- After sending the money to the seller, Tap on “transfer, next”
- Binance will then update the transaction to “Releasing”. the seller will then release the crypto after confirming you’ve paid
- If you get a notification that the crypto has been released to you, you can now confirm that the transaction is complete. Do not confirm till you’ve been shown that the transfer was completed.
- You should now have your purchased crypto in your wallet.
How to Use Binance P2p to Sell and Trade Crypto
You can use Binance P2p to sell crypto. Here is how you go about it using these steps:
- Login to the Binance app and make sure you’ve completed the Binance SMS Authentication and KYC Identity Verification processes
- Next, navigate to wallets and to the P2P option on the menu.
- Select the crypto you wish to sell (It should be in your P2P wallet) You can do this by transferring the crypto from your Spot wallet
- Then set your price, and click on ‘Next’
- Set the total trading amount, order and time limits, and payment methods for your ad. Then click on ‘Next’.
- Then add any information you think is important, auto-reply, and counterparty conditions
- Then you” need to pass the 2FA test and your ad will be published
- Then click on the Share button to send it directly to other users on the Binance P2p marketplace.
- Now you wait for buyers to make payment.
- Upon receiving payment, select ‘Confirm release’ to release the crypto to buyers and then ‘confirm’ once the buyer receives the crypto. You’ll get a notification indicating the order is complete.
Note: Floating price ad fluctuates with the market and is refreshed every minute while Fixed price Ads do not move with the market price of the crypto. Moving on, let’s see the tips that can earn you a share of those billions mentioned earlier.