As we all know that it is no new thing that the crypto space consists of Centralized and Decentralized platforms where each of these platforms plays a major role in making things work perfectly for crypto users.
One of the major problems faced by people buying and selling crypto is how to get money from their local currency into the crypto space, i.e., how to buy crypto with their local currency and sell crypto to get their local currency. This has been a major headache and one of the things hindering crypto adoption in so many countries, especially countries that ban crypto for their users.
It’s no news that everyone wants financial freedom and will love to get that through participating in Blockchain Technology and crypto. Now, this is why we can’t do away with centralized platforms like Binance. Binance is playing a very big role in crypto adoption by creating an easy way to buy Bitcoin and also, making p2p available to users in different countries around the world.
As a Nigerian, it is difficult to buy cryptocurrency on a normal day because buying from another individual on trust can be very risky, you may lose your money and the coin you try to buy to a stranger with no traces of retrieval, the best way to buy Bitcoin is through Binance.
- How does P2P Trading Works in Nigeria
- How to buy Bitcoin using P2P in Nigeria
- How Binance protect your Crypto in Escrow Service
How does P2P Trading Works in Nigeria
P2P trading means Peer-to-Peer, buying and selling crypto directly between crypto users, this trading gives users control over who they buy crypto from but this has to be on trust if there’s no broker, this kind of transaction is full of risk and can open one of the parties to fraud if one of the party refuses to fulfil the trade agreement. The buyer or the seller could be at risk of fraud.
This is why there’s a need for a good broker or third party to help facilitate trade and make sure all parties involved are free from fraudulent transactions.
This is where Binance P2P comes in, this is an extremely secure platform that does escrow service to protect both buyers and sellers of crypto on their platform from fraud. Users have access to trading in different local fiat currencies with zero trading fees for over 180 countries.
The following makes Binance P2P work perfectly protecting both buyers and sellers:
- Both parties decide who to trade with.
- Transaction must be confirmed by both parties for trade to be completed
- Either of the party can file an appeal if they are not happy with the trade or if they wish to cancel the transaction. The appeal is a way to involve Binance Customer Support Agent to resolve the trade differences or issue.
Now I will take you through how to buy Bitcoin using P2P in Nigeria.
How to buy Bitcoin using Binance P2P in Nigeria
Use the following steps:
- To buy Bitcoin in Nigeria, you need to create an account on Binance and you can also register here.
- Verify your Binance account by entering your personal details and completing verification with any Government-issued identification card, which could be Voter’s card, International Passport or Driver’s License.
- After your account has been verified, you can now go to your profile, add a payment method and choose a currency, for Nigeria, you choose NGN and add your bank account, making sure the account name is the same as your Binance Registered full name and enable SMS Authenticator because this would be needed to complete some of your account activities on Binance.
Please Note: To use Binance P2P, you must be ready to do a bank transfer or receive payment through a bank transfer, this is the only way you can pay the person you are buying from or get payment from whoever is buying from you.
- Proceeding to buy Bitcoin on Binance P2P, you have to visit the Binance P2P page when you are logged in to your Binance account, either through the app or web.
- Proceed to the Buy/Sell tab
- Check for the trader you wish to buy Bitcoin from or sell Bitcoin to, the seller you choose is usually the one you think have the best price for the amount of Bitcoin you want to buy or sell. It is advisable to buy from or sell to merchants for security reasons, especially if you are dealing with a bigger amount. But you can also come across other traders that are not merchants with active ads, they are verified Binance users. You can also sell to or buy from these people provided you follow the steps and do not release your coin before receiving payment
- If you are buying Bitcoin, after opening the trade advert and entering the amount you are buying in Naira, the seller’s Bitcoin is equivalent to the amount you want to buy and transfer in Naira will be locked in Escrow,
And after making this transfer, you click on Transferred, Notify Seller and then wait for the seller to confirm the transfer from their end, after confirming, you can get your Bitcoin into your Binance funding wallet.
For Selling Bitcoin
- If you are selling Bitcoin, you must have the Bitcoin you want to sell transferred from your spot wallet into your Funding account and go to the P2P sell tab.
Choose the seller that has the best price for the amount of Bitcoin you want to sell, open the trade advert and enter the amount of Bitcoin, after entering the amount of Bitcoin, you will be able to see the amount you are expecting for your Bitcoin, from here you have to select a payment method which has to be one of the bank accounts you added if you added more than 1. Click on confirm, then wait for the seller to make payment.
- After the seller has made the payment, they will click on paid and the trading page will change telling you to confirm payment. From here, all you need to do is go check your bank account to see if the seller has truly sent and if you have received the full amount.
- After payment is received and you are satisfied with the amount sent by the trader, you can now proceed to release the Bitcoin you sold to the seller to complete the trade. You will confirm that you have received the full amount for your Bitcoin and also an SMS will be sent to you for confirmation.
Please Note: Releasing Bitcoin to the trader before confirming or receiving money into your bank account can lead to you losing your funds. be sure to receive payment before confirming trade and requesting an SMS code to complete the trade.
Now, what happens when there’s an issue with your trade? how do you make the seller rectify or resolve the issue? See how Binance protects your crypto in Escrow Service.
How Binance protect your Crypto in Escrow Service
If there’s an issue with your P2P trade, they could be any;
- Payment not made
- Payment incomplete
- You don’t want to sell/buy anymore
- You are not happy with the trade
All these issues can be resolved between the two parties involved if they reach an agreement between themselves and get it sorted. But in a situation where one party is being dubious, then the parties can get support involved, since Binance Escrow Service is the third party, the coin will not be released to whoever is supposed to get it because the other party have to willingly do that.
To involve Binance Customer Support, one of the parties have to open an APPEAL and write in their complaint with a piece of evidence to back it up, whether they have sent money (when buying) or not received payment(when selling), the other party have to answer to the complaint if they have a counterclaim if this is a scammer dealing with you. The support can fix this as long as the coin has not been released to them.
These kinds of people will always cancel the trade when they see an appeal and this is Binance protection to all P2P users.
You can never get scammed or have issues buying crypto if you follow the steps on Binance P2P, and always have it in mind that you ou should never release your coin unless you have confirmed payment.
Thanks for Reading
I am Bee 🐝