20 Most Asked Questions About The Cashlink Fiat On-ramp and Off-ramp Gateway

2022-12-22

Main Takeaways

  • Cashlink offers a fiat on-ramp and off-ramp gateway through a peer-to-peer (P2P) system of verified merchants.

  • The Cashlink fiat gateway is available on Binance for depositing and withdrawing local fiat currencies like NGN, with other emerging and frontier markets in view.

  • Cashlink offers a swift and safe, one-for-one fiat gateway, with an easy-to-follow process.

  • Cashlink merchants are verified and earn commissions for processing orders on the platform.

Depositing and withdrawing NGN on Binance via Cashlink is swift and simple. But there are some frequently asked questions about Cashlink. Keep reading to find out what they are and how the answers may help you.

As part of our mission to expand crypto and accessibility, Binance has established an NGN on-ramp and off-ramp gateway with Cashlink. Binance users can directly deposit to and withdraw from their Binance accounts through a P2P payment network of verified, reputable merchants.

To help Binance users in Nigeria understand this fiat gateway, Binance has been holding various events, such as the Binance Cashlink Live Masterclass, to educate users on Cashlink and why it’s an excellent method of deposit and withdrawal on the Binance platform. 

During these events, we have been taking questions and addressing concerns about this service. We’ve now compiled them into a list of frequently asked questions and included their answers in this article.

  1. How is Cashlink different from Binance P2P?

On Binance P2P, you buy or sell crypto to fiat and vice versa, while Cashlink is a one-to-one fiat on-ramp and off-ramp gateway. With Cashlink (using NGN as an example), you would be depositing your local fiat NGN for digital NGN, i.e., “1NGN for 1NGN”. This also applies to withdrawals.

  1. Is Cashlink free?

While Cashlink is not free to use, Cashlink merchants help to fulfill your deposit or withdrawal requests on Binance for just a small fee.

  1. How long does it take to carry out a transaction?

A Cashlink transaction can be carried out within five minutes.

  1. Is the Cashlink platform safe?

Yes, Cashlink is safe. We verify all users and also have an escrow system that ensures each transaction is completed before any money is released.

  1. Where is Cashlink available?

Cashlink is currently available in Nigeria, with other emerging and frontier markets in view.

  1. Do I need any experience before using Cashlink?

No; anyone can learn how to use Cashlink with our educational series. Watch our Live Cashlink Masterclass, listen to our Cashlink Twitter Space session, and read our blog on how to deposit and withdraw on Binance via Cashlink.

  1. Does Cashlink have any relation to USD or USDT?

Cashlink only deals with local fiat currencies like NGN, KES, GHS, etc.

  1. Is there a transaction limit when using Cashlink?

For users, there is a daily limit of ₦5 million, and a transaction limit of ₦2 million.

  1. Who are Cashlink’s merchants?

Cashlink’s merchants are the liquidity providers or intermediaries on Cashlink who help you to either deposit or withdraw from Binance.

  1. What are the requirements for becoming a Cashlink merchant?

You must be at least 21 years old and have a phone number and valid identity card for identity verification (KYC).

  1. What do I need to become a Cashlink merchant?

To earn money by becoming a Cashlink merchant, all you need is a smartphone, and spare cash (i.e., “float”) to process transactions.

  1. What are the benefits of being a Cashlink merchant?

You earn fees for helping users process deposit and withdrawal requests.

  1.  How long does it take to become a verified Cashlink merchant?

It takes three to 14 working days, depending on the number of applications received per cohort. For those on the merchant waitlist, it takes 30 days.

  1. Can a beginner become a Cashlink merchant?

Yes, a beginner can become a Cashlink merchant provided they meet all the criteria. Cashlink also provides the necessary training to help new merchants thrive.

  1. What’s the minimum amount you need to become a Cashlink merchant?

Generally, we advise a minimum of ₦2 million. However, we make concessions for lesser amounts such as ₦1 million, provided the necessary proof of funds is submitted.

  1. Does being a Cashlink merchant also make you a  merchant on Binance P2P?

No, being a Cashlink merchant does not also make you a merchant on Binance P2P.

  1. After application and verification to be a Cashlink merchant, when will I be invited to begin merchant training?

Within 10 days of being enlisted. After your enlistment as a merchant, we also send a training video and our merchant handbook to successful applicants.

  1. How recent should my bank statement submitted for proof of funds be?

You are required to upload a statement that bears proof of funds starting three months prior to the date of application.

  1. In which format should I upload my bank statement? 

PDF format is recommended. Screenshots are not acceptable.

  1. If I have applied using a single-page banking statement, do I need to reapply with the complete banking statement even if I haven't been notified of my application progress?

Yes, you must re-apply with the full PDF document(s) of your bank statement.

Start exploring Cashlink on Binance. Read the following articles below to learn more about Cashlink.