How to buy Bitcoin in Nigeria using Binance P2P

  • 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.

  • 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.

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.
  • 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,

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.
  • 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.

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

Thanks for Reading

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