How to Buy Crypto On Binance With P2P
Binance is a world-leading cryptocurrency exchange with the largest daily trading volume of cryptocurrencies in the world. Binance’s 24 hour trading volume has increased significantly over the years, from $3 billion in 2017 to over $76 billion at the time of writing, with an annual trade volume of over $7.7 trillion, according to Coinmarketcap data.
Binance is the only cryptocurrency exchange that has more than 30 million registered users worldwide. Let us now move on from statistics to the main topic of this article, “How to Buy Crypto On Binance With P2P”
It’s no secret that the Central Bank of Nigeria barred Nigerian banks from Crypto transactions on February 5, 2021, and ever since, Nigerians have found it difficult to buy crypto with their bank cards or accounts, so they opted to buy crypto within the restriction via peer-to-peer payment.
What exactly is P2P (Peer to Peer)?
The act of buying and selling cryptocurrencies directly between users without the use of a third party or intermediary is known as peer-to-peer trading.
When you buy or sell cryptocurrencies on a traditional exchange, you do not have the option of transacting directly with the counterparty. Instead, you use charts and other market aggregators to figure out when it’s best to buy, sell, or hold cryptocurrencies.
The exchange will arrange the transaction on your behalf, and the market price will determine your final price at the time of the transaction. P2P trading gives you more control over who buys and sells your cryptocurrencies, as well as the pricing and settlement time.
While P2P trading gives users more control over the process, it is important to note that peer-to-peer transactions are risky because there is no third party to broker the transaction. This is where an exchange like Binance P2P comes in handy for risk-averse users.
Binance P2P is the most popular P2P platform where Nigerians buy Bitcoins and altcoins. The Binance P2P marketplace is vast, with many vendors eager to buy and sell their cryptocurrencies to Nigerians.
Note: Although the Binance P2P platform is not limited to Nigerians, this article focuses on the country.
This article will teach you everything you need to know about Binance P2P, including “How to Sell Crypto on Binance P2P in Nigeria,” “How to Buy Crypto on Binance P2P in Nigeria,” “How to Use Binance P2P in Nigeria,” “How to Post Ads on Binance P2P in Nigeria,” “How to Become a Merchant on Binance P2P in Nigeria,” and many other topics.
What is Binance P2P?
Binance P2P is a peer-to-peer marketplace where you can trade cryptocurrency with other Binance users directly.
Binance P2P enables you to transact in cryptocurrency using your preferred payment method, local currency, and price. To access the P2P trading platform on Binance, users must first complete the Know Your Customer (KYC) process. Even if you don’t have the KYC, you can still deposit tokens into your account.
How does Binance P2P work?
The Binance P2P marketplace connects cryptocurrency buyers and sellers. During this transaction, the seller’s funds will be held in escrow by the Binance P2P wallet until the seller confirms receipt of payment from the buyer and confirms payment by releasing the crypto to the buyer.
What cryptocurrencies can I trade on Binance P2P in Nigeria?
You can currently trade five different cryptos and one fiat currency on the Binance P2P platform in Nigeria: USDT, BTC, BUSD, ETH, DAI, and NGN. The most popular crypto that is traded in Nigeria on Binance P2P is USDT.
How does one get started with Binance P2P in Nigeria?
To begin using Binance P2P, you must first be a registered member of the Binance exchange and complete KYC. If you don’t already have a Binance account, create one now by clicking this link.
How to use Binance P2P in Nigeria?
There are currently two ways to use Binance:
- Verified User (Post buy/sell ads and 0.1% fees)
- Verified Merchant (Post buy/sell ads, no fees, profit of 0.5 – 5%)
Being a verified User allows you to post ads on the Binance P2P marketplace, but you will be charged 0.1 percent fees on all maker and taker transactions. While being a merchant increases your earning potential with no fees and numerous other advantages.
How to buy crypto on Binance P2P in Nigeria?
- Open the Binance app.
- Go to the home page and select “P2P Trading.” On the P2P page, click the “Buy” tab, then the crypto you want to buy (for example, USDT), and finally select an ad and click “Buy.”
- Enter the quantity you wish to purchase, confirm the seller’s payment method, and then click “Buy USDT.”
- Transfer the funds directly to the seller using the payment information provided by the seller within the payment time limit, and then click “Make payment.” Tap the payment method to which you transferred funds, then click “Transferred Notify Seller,”.
Please keep in mind that selecting a payment method on Binance does not guarantee that the funds will be transferred directly to the seller’s account when you click “Transferred” You must complete the payment directly to the seller via bank transfer or another third-party payment platform using the payment information provided by the seller.
- If you haven’t made any transactions, please don’t click “Transferred,.” This would be a violation of the P2P User Transaction Policy.
- The status will change to “Releasing.” The transaction is complete once the seller has released the cryptocurrency.
- You can check the crypto you purchased in your fiat wallet by clicking “Wallet” at the bottom and then “Fiat.” You can also transfer the cryptocurrency to your spot wallet by clicking “Transfer.”
- If you do not receive the cryptocurrency within 15 minutes of clicking “Transferred, next,” contact the seller by clicking the “Phone” or “Chat” icon at the top.
- Alternatively, you can click “Appeal,” choose a “Reason for Appeal,” and then “Upload Proof.” Our customer service representatives will assist you in processing the order.
How to sell crypto on Binance P2P in Nigeria?
- Sign in to the Binance app.
- On the app’s home screen, select “P2P Trading.” Tap “Sell” at the top of the P2P trading page, then select a coin (in this case, USDT), an advertisement, and the Sell button.
- Enter the amount you want to sell, choose a payment method, and then tap “Sell USDT” to place an order.
- The transaction will now be marked as “Pending Payment.” When the buyer makes a payment, the transaction will show “Payment Received.” Please ensure that you have received payment from the buyer via the payment app/method you chose. After you confirm the buyer’s payment, tap “Payment received” and “Confirm” to release the cryptocurrency to the buyer’s account. Again, if you have not received any funds, please do not release cryptocurrency in order to avoid financial losses.
Note: If you encounter any problems during the transaction, you can contact the buyer via the chat window at the top right of the page, or you can tap [Appeal], and our customer service team will assist you in processing the order.
How to Post ads on Binance P2P in Nigeria?
- To switch the P2P trading page to advertisement mode and allow the posting of ads, go to the “P2P Trading” page and click the “…” button on the top right of the P2P trading page, then click “To Advertisement mode.”
- To create an advertisement, go to the bottom of the P2P trading page and click “Ads,” then “Post Ad,” or click the “+” button at the top right of the screen.
- The ad type (buy or sell), crypto asset, and fiat currency for the ad are all defined first, followed by a choice of price type. You have the option of selecting either “Floating” or “Fixed” pricing.
- Set the total trading amount, the order limit, and the maximum number of payment methods for your ad in the settings. Then press the “Next” button to proceed.
- You should keep in mind that buyers are required to complete payments within the payment time limit you specify, or the order will be cancelled.
- You can include the following information in your advertisement:
- The remarks will be used as a reference for users before they place their order.
- Payment information:
- Auto reply: The message will be sent to the counterparty automatically after he or she places the order.
- Counterparty conditions: Users who do not comply with the conditions will be unable to place an order with the exchange.
- Your ad will be successfully posted after you have successfully completed a 2-factor authentication (2FA).
- After your ad has been published, you will have the option to edit it, make it online or offline, or close it. Please keep in mind that once you have closed an advertisement, you will not be able to change it.
- Use the “Share” button located at the top right of your “Ad Details” page to send your ad to other users without having to go through Facebook.
How to become a Binance P2P Merchant in Nigeria?
- Log in to Binance and then select “Become a Merchant” from the drop-down menu.
- If you are qualified, the Binance P2P team will review your application and contact you within a few days if you have been accepted or rejected.
Binance P2P Guide: Conclusion
Thanks for reading the article I hope it answers the basic questions about Binance P2P in Nigeria. Of you have questions or suggestions kindly drop your comments in the comments section.