Binance P2P is the latest service of the largest cryptocurrency exchange in the world, built to make buying and selling of crypto easier. In this article, we review, Binance P2P in Nigeria and explain how it works.
Overview of the article.
What is Binance P2P?
Binance P2P is the peer-to-peer marketplace of the Binance ecosystem. P2P connects buyers and sellers directly. For instance, a buyer in Nigeria can find sellers in his country interested in selling bitcoin for a specific payment method. Binance P2P plays the role of an escrow that ensures that both buyer and seller meet all the terms of the trade.
Binance P2P is available in several regions, excluding the United States, Republic of Belarus, The Democratic Republic of the Congo, Cuba, Iraq, Iran, North Korea, Sudan, Syria, and Zimbabwe.
The major difference between Binance P2P and other platforms like Paxful and LocalBitcoins is that Binance P2P trades come with 0 fees. Further, it supports a wide range of supported cryptocurrencies, including bitcoin (BTC), binance coin (BNB), ethereum (ETH), tether USD (USDT), and binance USD (USDT).
Getting Started With Binance P2P in Nigeria
To use Binance P2P in Nigeria, you will need a Binance account. Visit binance.com to create an account (use “O4EY05O6“ as the referral code to get 10% off all your transaction fees).
After, you are required to complete level 2 identity verification, which involves providing a valid ID card and add a payment method.
You can access the P2P section on the Binance website or app. On the website, hover on the ‘Buy Crypto’ dropdown menu and select ‘P2P Exchange.’ On mobile, go to the ‘Trade’ section and select ‘P2P’ at the top left of the screen.
Also, you have to enable SMS authentication in your setting to receive notifications of P2P trades.
How To Trade On Binance P2P
Trading on Binance P2P is simple. You can access the P2P on iOS or Android via the Binance mobile app or on the web via the website. The process of buying and selling is similar. However, there are slight differences. Here is a breakdown of how it works:
How To Buy Crypto on Binance P2P
Binance P2P allows you to buy cryptocurrencies with cash online with access to several buyers. Here are three steps to follow to purchase crypto successfully:
In this example, we use the Binance mobile app to purchase bitcoin (steps are the same for the website).
Step 1: Pick a preferred currency and payment method.
- Access the P2P section.
- Choose the Buy tab and the BTC crypto. Then select the filter icon at the top-right part of your screen
- Select the payment method and currency. In this case, bank transfer and Naira (NGN).
Step 2: Trade
- Select an offer from the list of offers shown to you.
- Enter the amount of coins you want to sell, select a payment method, and click on Buy BTC.
- Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chatbox to communicate with the seller.
- Make sure that you send the money to the seller and tap on Transfer next.
Step 3: Receive your Bitcoin
- Tap on Confirm. Avoid clicking on Confirm if you have not made any transactions. (It is a violation of the P2P User Transaction Policy).
- The trades status will be updated to “To be released.”
- Bitcoin will be sent to your wallet after the seller confirms they have received the payment.
How To Sell Crypto On Binance P2P
Binance P2P allows you to exchange your crypto for cash with access to multiple buyers and no withdrawal limit. You will need to set up your account for P2P on Binance and complete your account verification. Here is how it works:
Step 1: Pick a preferred currency and payment method.
- Access the P2P section.
- Choose the Sell tab and the BTC crypto. Then select the filter icon at the top-right part of your screen
- Select the payment method and currency. In this case, bank transfer and Naira (NGN).
Step 2: Trade
- Select an offer from the list of offers shown to you and click on Sell
- Enter the amount of coins you want to sell, select a payment method, and click on Sell BTC.
- Wait till the buyer sends the payment in NGN yo your Bank account. You can use the chatbox to communicate with the buyer.
Step 3: Release bitcoin
- Confirm the receipt of money from the buyer and tap Release BTC .
- Tap on Confirm to release the crypto to the buyer’s account.
- You have successfully sold your BTC for cash.
How To Post An Ad on Binance P2P
Instead of going with current offers, you can create an ad with your own specifications to sell any of the supported cryptocurrencies of Binance P2P in Nigeria.
Here is how you can place an ad on Binance P2P: (This example is based on the mobile app).
- Click the “+” button on the top right of the P2P trading page to post your trade ad.
- Set the ad type (buy or sell), crypto asset, and the fiat currency for the ad, and then select the price type. Also, you can select either “Floating” pricing or “Fixed” pricing.
- Set the total trading amount, order limit, and add payment methods (at most three) for your ad.
- Add information to your advertisement, like remarks, auto-reply, and conditions.
- Post your Ad.
- Complete 2-factor authentication (2FA).
- You ad has now been published, wait for other traders to discover it and trade with you.
Bottom Line – Should I Use Binance P2P?
Binance P2P is a great option for buying bitcoin in Nigeria. Its zero fee structure and verification structure makes it an affordable and safer option compared to other P2P platforms. Also, you can easily move from Binance P2P to the regular exchange to trade hundreds of cryptocurrencies. This removes the usual process of using a P2P platform to purchase crypto and transferring it to an exchange that comes with a cost.
The post Binance P2P Reviewed For Nigeria (Ultimate How-To Guide) appeared first on BlockNewsAfrica.
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