How To Trade Bitcoin or Other Cryptocurrencies on Binance P2P
Following the directives of the federal government to the banks to stop all crypto transaction people have been finding it difficult to buy cryptocurrencies.
The upsurge of bitcoin is worrisome for latecomers and a great investment for the early birds.
This article covers how to buy and sell cryptocurrency in Nigeria on Binance P2p.
Lets begin,
But wait!!!
Do you want to start making money trading Bitcoin via peer-to-peer in Nigeria, but you don't know how?
Keep reading this thread, I would tell you everything step-by-step in this post!
Whether you're interested in Bitcoin trading for the first time or you’re simply looking for a method to cash out your cryptocurrencies in an easy, fast and secure way without paying commissions, Binance P2P is the best option you can find in Nigeria and in some countries.
Before you can use Binance P2P, you need to have a verified account. You can verify your account by following the instructional steps below.
How to Register and Verify your Binance Account.
Before starting your trade on Binance P2P, you need to:
Log in to your Binance account. If you are not a Binance user yet, register for free and create one in minutes here from the link below:
Binance: https://bit.ly/Binance-SignUP
After successful registration, you need to Complete Level 2 identity verification (also known as KYC, Know Your Customer) by following the steps below.
Click the Verify button from your account dashboard.
Then click the verify to continue the verification process.
Then, select your country as shown from the screenshot below.
Then verify by either BVN or ID documen. If you choose the BVN, enter your BVN and select Submit & Continue as seen from the screenshot below.
Then, the facial verification process will begin. Click the Begin Verification.
After that, it will open a front camera to snap your head. After successful snap. Your account will show verified as seen from the screenshot below.
And your account too shows verified.
That's all for verification in Binance.
How to sell Bitcoin to NGN on Binance P2P?
You have to add at least one payment method by following the simple steps below.
Click on the profile icon as seen from the screenshot below.
Then click on Payment Methods. See screenshot below.
Then click on P2P payment Methods.
Then select a payment method by clicking the Bank Transfer. See screenshot below.
Then enter your bank details by entering your account number, name.
Then click on confirm as shown from the screenshot above.
After adding your payment method, the next step is to sell coins.
Click on p2p Trading on dashboard.
Then select the Sell Tab. See screenshot below.
Then you will see a lot of people to sell to with different minimum and maximum limits, ranging from N3,000 to N1,000,000 and above. See screenshot below.
Then select the person you intend to sell to based on the minimum and maximum limit price of the buyer.
And select good buyer based on the number of trades he had conducted successfully in the previous transactions.
There will be a count-down time, within which the buyer must transfer money to your account.
After confirming the payment from the buyer through alert, or banking app or whatever.
Then, click on confirm Payment button showing at the the bottom of the page.
Binance will then transfer your coin the buyer instantly.
Note: Only click on confirm payment when you have received your payment
That's it on how to sell on Binance p2p
How to buy bitcoin with Nigerian Naira?
One of the great advantages of Binance P2P is that you can trade wherever and whenever you need because it is available on Binance app. Here is how to buy Bitcoin step by step on Binance P2P using the app.
Open the Binance App. Click “P2P Trading” at the top menu on the app homepage.
You do see a list of vendors and their rate in different crypto. ensure you check the number of trades and percentage ratings.
Choose the Buy tab and type the amount of bitcoin you intend to buy. Most times, I buy stable coins which include USDT, BUSD OR DAI and then convert them to my desired crypto using the convert feature on binance.
Select the Bank payment method and type the NGN currency to buy the crypto.
you make a transfer to the sellers account by clicking the "Transfer the fund" as shown from the screenshot below.
Then, tap on payment made.
After the seller confirms payment, crypto would be released to you p2p wallet.
Then you can move it to your spot wallet which is your main wallet using the transfer feature on Binance.
what is a stable coin?
Stablecoins are cryptocurrencies designed to minimize the volatility of the price of the stable coin, relative to some "stable" asset or basket of assets. A stable coin can be pegged to a cryptocurrency, fiat money, or exchange-traded commodities. stable coins fluctuate between $0.9 and $1.
Examples of stable coins include USDT, BUSD OR DAI
