P2P Merchants: Facilitating Freedom of Money in Africa
Peer to peer trading is growing fast in the Africa market. Since the launch of the Nigerian Naira (NGN) in March 2020, Binance P2P has supported fiat-to-crypto trading for five currencies in Africa, processing a total volume of $280 million so far this year. (Editor's note: This figure has now increased to $320 million as of February 2021.)
Binance P2P allows users in Africa to directly buy and sell BTC, ETH, USDT, BNB, DAI, and BUSD with zero transaction fees using their local currencies, Nigerian Naira (NGN), Kenyan shilling (KES), South African rand (ZAR), Egyptian pound (EGP), Moroccan dirham (MAD), and Ghanaian cedi (GHS).
Africa is a blockchain continent, and the tremendous success of Binance P2P on the market is due to our local merchants. They are the heroes behind the exponential growth of P2P trading. They play a key role in providing liquidity and trading services for our users and facilitate crypto adoption in Africa.
Whether you want to make some extra money or create your own crypto business and make a living, you have many opportunities for Binance P2P. Our Merchants in Africa can earn between $30 and $350 per day. To give you some insights into kickstarting your journey as a P2P trader, we asked our merchants in Africa to share their stories about how becoming a P2P merchant on Binance can help bring a successful change your finances.
Robacoin: P2P gives me the flexibility to convert my crypto to fiat and make a profit in the process
Robacoin is a P2P merchant who lives in Kenya. He is currently completing his university degree, “I solely rely on P2P trading as the main source of my income. With P2P trading, I can sufficiently meet my needs and bills. The best thing is that I can trade at my own time and any place”, said the Binance P2P merchant.
He started trading on Binance P2P on 29 august due to the addition of multiple local payment methods. His first trade on Binance P2P was smooth. “I only had to confirm the payment and finalize the trade. The ability to finalize a trade within 2 minutes made the trading experience much better. Binance P2P gives me the flexibility to convert my crypto to fiat and profit in the process. The platform has 0% fees, which means I get to keep all of the profits,” says Robacoin.
He would like to participate in building crypto projects geared towards empowering his community. Robacoin decided to apply to be a verified merchant “to increase my limits and verify my brand. Being a merchant also meant the P2P trading volume would be included in my spot trading volume. Moreover, I would have access to the personal support team through telegram”.
Robacoin shared some tips for beginners “P2P trading is like any other business. The beginner should create a brand; for instance, Robacoin is my brand, and my clients can easily identify me. This being a business, there are records, risks, and opportunities to be assessed. P2P trading has a very steady cash flow, and therefore you don’t need a lot of capital”.
He also gives some recommendations to avoid scams, “not everyone is a scammer until you give them an opportunity. As a beginner, never accept private trades or “trust” that the client has or will send you the funds. It is advisable to confirm the payment independently”, says Robacoin.
Awesomette: P2P just makes my work lots easier by exposing me to more volumes
Awesomette is a P2P merchant from Nigeria. He started trading in 2018. Now he makes a living from peer-to-peer trading. His goal is to have financial freedom and make money to take care of his family. “My main use of crypto is to earn a living. However, I also use it to make payments in some online stores. I also use it to send money to other countries,” says Awesomette.
He heard about us from his fellow traders. He joined Binance P2P because “ it is smooth and trade gets completed faster than other existing peer-to-peer exchanges. The seamless ways trades gets completed, and the free fee makes Binance P2P my favorite”. After joining Binance P2P, he decided to be a merchant to handle more volumes of trades. Trading cryptocurrencies is his job, and he acknowledges that P2P makes his job way easier by exposing him to more volumes.
His advice to beginning merchants is to never make payment to a separate account, “no different from the one provided, also never release trade without confirming the payment in your bank account,” says Awesomette.
Anasmotek: P2P is helping by bridging the gap between sellers and buyers and increasing trust
Anasmotek, a peer to peer merchant from Ghana, came across Binance P2P just a month ago, but he started buying and selling crypto in 2015. “It was very hard to get a seller and also a buyer back then. I think P2P platforms are really helping a lot by bridging the gap between sellers and buyers and increasing trust”, says Anasmotek.
His goal in cryptocurrency is to become an expert trader. Having more insight into blockchain technology and using it to solve real-time problems.
Anasmotek believes that fiat and crypto are two sides of the same coin. Crypto has opened a new horizon to people to have much control of their money.
He says that being a Binance P2P merchant is a big step forward in buying and selling cryptocurrency since the platform already has a large user base—no need to struggle or have trust issues with customers. The Binance P2P platform is simple, self-explanatory and all you need is to follow the rules.
Anasmotek also shared some useful tips for beginners. He recommends to new users to trade with verified merchants, “though trading on Binance P2P is very safe, you should always choose a verified merchant when trading. They will have time to guide you even when you are doing the wrong thing,” says Anasmotek.
Create your own crypto business and earn money through Binance P2P.
We are actively looking for more traders from Africa to join the Binance P2P platform. On Binance P2P, you can earn a profit margin varying from 0.5% to 5%, depending on the markets. This would be a good business opportunity with zero costs as we do not charge any transaction fees or advertising fees. You can enjoy more benefits, including VIP trading fee discounts and exclusive customer support.
If you have previous OTC or P2P trading experience, as well as a reliable source of crypto and fiat currencies (Kenyan shilling, Nigerian naira, South African rand, Egyptian pound, Moroccan dirham, and Ghanaian cedi) to trade, we would love to have you become a Binance P2P merchant.