HOW TO SELL BITCOIN FOR FIAT(NGN) IN NIGERIA

9 min readApr 9, 2022

09/04/2022

By Damilola Ogungbayi

INTRODUCTION

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 ADD A NEW PAYMENT METHOD ON P2P

Before you trade, you need to log in to your Binance account, and make sure that you have completed Level 2 identity verification.

This will help to create a high level of security for your investment and protect your account on the market. If you are not a Binance user yet, register for free and create one in minutes.

Here’s how you can add a new payment method:

Step 1

On the app homepage, click on “P2P Trading” to enter the P2P trading page. Click on the “···” icon in the top right corner and choose “Payment settings.”

Step 2

Click on “Add a new payment method”, and select your payment method (taking Bank Transfer as an example here).

Enter your Bank details, then click on “Confirm.”

HOW TO FIND THE BEST OFFER ON BINANCE P2P

If you’re a newbie to peer-to-peer trading, you need to know how to select the best offer, as well as what to consider when trading on the P2P platform.

1.Advertiser details:

On Binance P2P, you can see the activity of the users by clicking on the nickname. The user profile contains information such as:

Security deposit, essentially an escrow fund ensuring no cheating or wash trading. With this deposit, users don’t need to worry about suffering fiat or crypto assets loss.
Total orders, the full number of transactions made
30d orders, number of transactions completed in the last 30 days
30d completion rate, percentage of transactions that he has started and completed successfully in the last 30 days
Avg release time, how long does it usually take for the seller to release the crypto
Online ads, the offers to buy and sell that the user has online.

2.Completion rate:

Users should always check percentage of transactions that he has started and completed successfully in the last 30 days and the Avg release time, how long does it usually take for the seller to release the crypto.

3.Payment methods and transactions:

Another important factor when choosing an offer or a seller is the payment method. On Binance P2P, we have more than 60 payment methods. You can filter ads by bank transfer, wallet, etc., through the menu on the top.
Please note that when choosing an offer with payment through a specific bank, you must also have this payment method added to the “P2P Payment Method” section.

4.Choose the available price that suits you best:

The price of bitcoin on P2P at Binance is not always equal to the official market rate. The seller who publishes the ad is free to choose the selling price. This flexibility is one of the significant advantages of peer-to-peer trading.

On the Binance P2P platform, you can find incredible offers, where the selling price of bitcoin and other cryptocurrencies is lower than the official rate.

5.The minimum and maximum trade Limit:

The maximum and minimum amount that you can buy and sell bitcoin and other cryptocurrencies on Binance P2P depends on the advertiser. When you are going to make a purchase, keep in mind the limits set by the seller.

6.Read the requirements:

Users should carefully review the trading requirements of the advertiser. Each user has the right to specify the preferred trading requirements for the transaction, and the counterparty, by default, agrees to the terms by placing an order. If the conditions do not suit you, please choose another offer.

The trading terms and conditions may indicate a specific bank for the transfer, or a request for special comments when making a payment, the need for additional verification, etc.

Keep in mind that all prices in ads are final, and the advertiser is not allowed to demand to pay any additional commissions. The payment must be made using the payment method specified in the ad and the amount should correspond to the amount of the order.

Before placing an order, pay attention to the time indicated in the “Payment window”. If you buy cryptocurrency, then this is the time during which you must make a payment. If you sell cryptocurrency, then this is the time during which the buyer will have to complete the payment.

Please note: when selling cryptocurrency, you will not be able to cancel the order before the expiration of the time specified in the counterparty's ad.

7.Start the trade and chat with the counterpart:

Binance P2P allows users to communicate directly with each other through a built-in chat. The chat is available immediately after placing an order. As soon as you open an order, greet the user, make sure he is online and available for the trade.

According to statistics, a large number of orders are canceled due to the inaccessibility of the counterparty, and the inability to clarify the necessary information before making the payment. It is important to deactivate the ads if you are not available to answer the counterpart.

8.Make sure you receive NGN on your Bank account before to release the crypto:

Never release the cryptocurrency before you receive the payment. If the buyer asks to release the crypto before payment, this may be regarded as a fraud and will lead to the blocking of the Binance account.

Never ask a seller to release a cryptocurrency before you completed the payment. The platform uses an escrow system to keep your assets safe. These funds are held until your payment is completed.

HOW TO SELL BITCOIN ON BINANCE P2P WITH BANK TRANSFER:

Step 1:

First, go to the (1) “Wallets” tab, click (2) “P2P” and (3) “Transfer” the cryptos that you want to sell to your P2P Wallet. If you already have the crypto in the P2P wallet, please go to the homepage and tap “P2P Trading” to enter P2P trading.

Step 2:

Click “P2P Trading” on the app homepage to open the P2P page on your app. Click [Sell] on the top of the P2P trading page, select BTC, then select an advertisement and click “Sell”.

Step 3:

(1) Enter the quantity you want to sell, (2) select Bank transfer as payment method, and click “Sell BTC” to place an order.

Step 4:

The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.

Note:

If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click "Appeal" and our customer service team will assist you in processing the order.

BINANCE ESCROW SERVICE:

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

If you are 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.
Binance P2P is the best and reliable means of buying crypto currency such as Bitcoin with over 70+ Supported Local currencies and over 300+ Payment Methods.

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