HOW TO BUY BITCOIN IN NIGERIA
26/02/2022
By Damilola Olushola Ogungbayi
Key points
How to buy Bitcoin in Nigeria
- How P2P trading works in Nigeria
- How to buy Bitcoin on Binance using P2P in Nigeria
- Escrow service: How Binance protects your crypto
HOW P2P TRADING WORKS IN NIGERIA
Peer to peer trading is growing fast in the Africa market. Since the launch of the Nigerian Naira (NGN) in March 2020, Binance P2P has supported fiat-to-crypto trading for five currencies in Africa, processing a total volume of $280 million so far this year. (Editor’s note: This figure has now increased to $320 million as of February 2021.)
Binance P2P allows users in Nigeria to directly buy and sell BTC, ETH, USDT, BNB, DAI, and BUSD with zero transaction fees using their local currencies, Nigerian Naira (NGN).
How to post trade advertisements on Binance P2P
Additionally, you must choose your preferred payments methods available before posting a sell ads. You can do this from the settings tab on the p2p market.
Step by Step Guide to Posting Ads on Binance p2p:
- Go to the “P2P Trading” page, and tap the “...” button on the top right of the P2P trading page, then tap “To Advertisement mode”, to switch the P2P trading page to advertisement mode and allow posting of ads.
- Tap on “Ads” at the bottom of the P2P trading page, then tap “Post Ad”, or tap the “+” button on the top right of the screen.
- Set the ad type (buy or sell), crypto asset and the fiat currency e.g (NGN) Nigeria Naira for the ad, and then select the price type. You can choose either “Floating” pricing or “Fixed” pricing.
- Set the total trading amount, order limit and add at most three payment methods for your ad. Then tap “Next” to continue.
Please note that buyers must complete payment within the payment time limit you set, otherwise the order will be cancelled. - You can add the following information for your ad:
- Remarks: the remarks will be a reference for users before he/she places the order.
- Auto reply: the message will be automatically sent to the counterparty after he/she places the order.
- Counterparty conditions: users who do not meet with the conditions will not be able to place an order.
6. After you pass a 2-factor authentication (2FA), you will successfully post your ad.
When the ad is published, you can edit, turn your ad online/offline or close your ad. Please note that you will not be able to change an ad once you close it.
Tip: Tap on the share button on the top right of your “Ad Details” page to share your ad directly with other users.
How to buy Bitcoin on Binance using P2P in Nigeria
To start your trade on Binance P2P
1.Log in to your Binance account or Register if you are not a Binance user yet.
2.Complete Level 2 identity verification (KYC) and add at least one payment method. This will help create a high level of security for your investment and protect your account on the market.
To buy Bitcoin with Nigerian Naira:
Step 1 : Specify your search criteria.
(a) Open the Binance App. Click P2P trading
(b) Choose the Buy tab and select BTC. Click the filter icon at the top right of your screen.
(c) Select the Bank payment method and NGN currency to buy the crypto.
Step 2 : Start trading
(a) Choose your preferred offer, enter the quantity you want to buy, select a payment method, and click on Buy with 0 fee.
(b) Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chat box to communicate with the seller.
(c) Make sure that you have send the money to the seller and tap on Transferred next.
Step 3 : Receive your Bitcoin
(a) Tap on Confirm. Please do not click confirm if you have not made any transactions. This will violate the P2P User Transaction policy.
(b) The status will be updated to “To be released”
Congratulations! You have completed a trade and get your Bitcoin.
ESCROW SERVICE: HOW BINANCE PROTECTS YOUR CRYPTO
An escrow service is an arrangement in which a trusted third party handles the exchange of goods or assets between the transacting parties, ensuring safety and fair trading. Binance P2P is a peer-to-peer trading market where you can safely trade crypto in exchange for your local currency. Binance P2P’s escrow service safeguards every transaction, giving traders peace of mind.
Once the buyer places an order, the seller’s cryptocurrency will automatically be transferred from the seller’s wallet to the temporary deposit with Binance P2P’s escrow service. The cryptocurrencies will be held in the deposit guarantee until the transaction is successfully completed by both parties.
How does Binance P2P escrow service work?
Step 1: Place your order
Place an order to buy or sell cryptocurrency. The crypto will be held by Binance P2P temporarily until the operation is successfully completed.
Step 2: Start a conversation
Start a conversation with the seller or buyer. When you are trading with a counterpart that you do not know, we recommend that you use the chat to communicate with him/her. The chat history will be essential if there is a dispute with your counterpart and you make an appeal.
Step 3: Make the payment or release the cryptocurrencies
If you are a buyer, make the payment and notify the seller that you completed the payment. Click the "Confirm" button to notify the seller that you made the payment. If you are a seller, wait for the buyer’s payment confirmation before releasing the crypto.
Step 4: The transaction was successful or the counterparty was not responding
In most cases, when everything goes smoothly, the buyer pays and the seller releases the crypto, but what happens if the counterpart was not fair? In other words, the buyer did not transfer the money or the seller did not release the crypto after the buyer made the payment. In these cases, you need to open an appeal, click on the "appeal" button. Now is when the escrow service comes into play and this is why the crypto was temporarily held.
How does Binance P2P escrow service help crypto sellers?
If the cryptocurrency buyer did not make the payment, Binance P2P’s escrow service will return the cryptocurrency to the seller when the time for negotiation is over.
How does Binance P2P escrow service help buyers?
If the buyer made the payment but the seller did not release the cryptocurrency, the buyer can open an appeal to notify Binance’s customer service that the counterparty did not release the crypto. If you are the buyer, please provide as much evidence as you can, receipt of payment, or screenshots of the conversation you had with the seller, and once our customer service confirms the payment is made, we can release the crypto to your account.
Why is the escrow service so important?
The escrow service protects Binance’s users from scammers. If a user tries to convince you to make a deal outside the Binance P2P platform, ignore the suggestion and open an appeal. If you make a deal outside the platform we cannot protect you.
Imagine that you want to buy cryptocurrency and you find an offer at a competitive price but the seller seems new to the platform, with zero completed orders. How can you be sure that the seller will transfer the cryptocurrency to your wallet?
The escrow service aims to solve this type of situation, by holding the cryptocurrency in a deposit. When there is no agreement and the counterpart opens an appeal, Binance’s customer service will analyze both the buyer's and the seller's stories. If the buyer wins the appeal, the cryptocurrency will be released to his wallet. However, if he loses the appeal, the cryptocurrency will go to the seller’s wallet.
While the cryptocurrency is in the deposit, users can trade safely without the risk of losing money. Whatever amount of money you trade, all amounts are important to Binance P2P.
CONCLUSION
Buying Bitcoin for the first time or 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.
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.
To get started click the link below
https://p2p.binance.com/?ref=331234001
