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Jun 25
2020
The Complete Guide to Buy Bitcoin and Make Money with Nigerian Naira on Binance P2P


Do you want to start making money trading Bitcoin via peer-to-peer in Nigeria, but you don't know how? Keep reading this article, we tell you everything step by step in this guide!   

Whether you're interested in buying Bitcoin for the first time or you’re simply 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.

What is ahead:

How to buy Bitcoin with Nigerian Naira?

How to sell Bitcoin to NGN on Binance P2P?

How to post ads on Binance P2P?

Extra tips to make money trading with Nigerian Naira on Binance P2P

Before starting your trade on Binance P2P, you need to: 

  1. Log in to your Binance account. If you are not a Binance user yet, register for free and create one in minutes. 

  2. Complete Level 2 identity verification (also known as KYC, Know Your Customer) and add at least one payment method. This will help to create a high level of security for your investment and protect your account on the market.  

           

How to buy bitcoin with Nigerian Naira?

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. Here is how to buy Bitcoin step by step on Bianance P2P using the app.

Step 1: Specify your search criteria

  1. Open the Binance App. Click “Buy with Cash” then select P2P.

  2. Choose the Buy tab and select BTC. Click the filter icon at the top right of your screen.

  3. Select the Bank payment method and the NGN currency to buy the crypto. Then, tap on confirm.

                                   

Step 2: Start trading 

  1. Choose the offer that works best for you and enter the quantity you want to buy, select a payment method, and click on Buy BTC.

  2. 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.

  3. Make sure that you send the money to the seller and tap on Transfer next.

                                   

Step 3: Receive your Bitcoin 

  1. Tap on Confirm. Please do not click Confirm if you have not made any transactions. This will violate the P2P User Transaction Policy.

  2. The status will be updated to “ To be released” 

  3. Congratulations! You have completed a trade and get your Bitcoin! 

                                   

Still not clear? Don't miss this short video about how to buy crypto on Binance P2P via app.

How to sell Bitcoin to NGN on Binance P2P?

The best way to cash out your Bitcoins is definitely Binance P2P because you can choose among multiple buyers and there’s no withdrawal limit on P2P. Remember as we said at the beginning of this guide, you need to complete your account verification. Follow the next 3 easy steps to sell your Bitcoins.

Step 1: Specify search criteria

  1. Open the Binance App. Select Buy with Cash then go to P2P

  2. Choose the Sell tab and the BTC crypto. Then select the filter icon at the top-right part of your screen

  3. Select the Bank payment method and the NGN currency to sell the crypto. Then, tap Confirm.

                                   

Step 2: Start trading 

  1. Choose the offer that works best for you and click on Sell

  2. Enter the quantity you want to sell, select a payment method, and click on Sell BTC.

  3. Wait to get the payment in NGN in your Bank account. You can use the chat box to communicate with the buyer.

                                   

Step 3: Receive your Nigerian Naira 

  1. After you confirm the receipt of money from the buyer, tap Release BTC 

  2. Tap on Confirm to release the crypto to the buyer’s account.

  3. Congratulations you have cash out your Bitcoin

                                   

How to post ads on Binance P2P?

Here is a short video on how to post an advertisement on Binance App

Step 1: Specify search criteria

  1. Open the Binance App. Select Buy with Cash then go to P2P

  2. Click the “+” button on the top right of the P2P trading page to post your trade ad

Step 2: Setting up your ad 

  1. Set the ad type (buy or sell), crypto asset, and the fiat currency for the ad, and then select the price type. You can choose either “Floating” pricing or “Fixed” pricing.

  2. Set the total trading amount, order limit, and add at most three payment methods for your ad. 

  3. Add information to your advertisement, like remarks, auto-reply, and counterparty conditions

Step 3: Post your Ad 

  1. Pass a 2-factor authentication (2FA)

  2. Congratulations you have successfully published your ad

Extra tips to make money trading with Nigerian Naira on Binance P2P

  • Create your own local crypto trading business

Buy and sell crypto in your local market at Binance P2P, you can earn from a couple of hundred to over $ 5,000 every day. You have the opportunity to post your own ad and provide a competitive price that other traders could not resist to buy.  

  • Trade on an international market

Binance P2P is a global platform supporting more than 30 fiat currencies. You can buy crypto using your local currency, take advantage of a competitive price in your market and sell that crypto in other markets around the world where there are people willing to pay more for the same amount of crypto.

  • Take advantage of multiple payment methods 

Binance P2P has multiple payment methods that you can use. People will often pay a higher price to use a certain payment method that they prefer. You can take advantage of this buying crypto at a competitive price through a very accessible payment method and then sell it using a less accessible payment method. There will be people who are willing to pay more just to use that payment method that is harder to find.