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The topic of cryptocurrencies has been popular in Nigeria for a number of years. Even if you have not been keeping up with trends, you have most likely heard someone talking about them. Here is a complete step-by-step guide on how to buy bitcoin in Nigeria with Binance if you are considering investing in cryptocurrency there.
This article will explore cryptocurrencies in Nigeria, the best methods for acquiring some of those virtual assets, and how to buy Bitcoin in Nigeria with Binance.
Where Cryptocurrencies Stand Today in Nigeria
Even though Nigerians are currently free to do everything they want with cryptocurrencies, including buying and selling, they are unable to do so using their local banking machine.
In February 2021, the Nigerian Central Bank (CBN) announced that all commercial banks are forbidden from carrying out any cryptocurrency transactions.
For brand-new traders, bitcoin exchanges are the typical method of collecting cryptocurrency. Among the exchanges that operate in Nigeria are Breet, Binance, BuyCoins, Quidax, and Patricia.
For instance, you may instantaneously buy Bitcoin in Nigeria with Binance using your bank account or debit/credit card by logging into your Binance account. However, due to a law that the CBN established, such transactions are illegal and put your bank account at risk of being frozen.
Bank accounts in Nigeria presently forbid the exchange of cryptocurrency through bank accounts.
If your financial institution believes you are using your account to buy or trade cryptocurrency, they may then restrict the features of your account or close it entirely.
So, Are Cryptocurrencies Prohibited in Nigeria?
You might think that using cryptocurrency in Nigeria is entirely forbidden. It isn’t. The CBN opposes purchasing and selling cryptocurrencies through bank accounts, not cryptocurrencies themselves. The use of cryptocurrencies is not expressly prohibited in Nigeria.
As a result, P2P (peer-to-peer) trading has been the emphasis of Nigerian cryptocurrency exchanges. Here is a description of how these interactions operate: Suppose you put 1,000,000 Naira into USDT. Making a trade request is all that is necessary. On the platform you use, you can identify and connect with people who want to sell USDT in Nigeria up to that amount.
At this meeting, you and the Seller will exchange information that will benefit both of you. From the bank, you transfer one million Naira to the buyer’s bank account. Following that, the seller pays bitcoin to your wallet. Just that!
In such transactions, avoid using the word “crypto” or any other term associated with cryptocurrency as a narrative. Your account may be restricted or suspended, as well as the recipient’s account.
Crypto trading is becoming safer and easier thanks to some crypto trading platforms. For instance, Quidax makes use of its P2P transfer specialists. You transact with these representatives. Also, Breet enables users to quickly sell their cryptocurrency without having to use a P2P system or any party, it’s entirely fast and very easy to exchange your crypto for cash. Fraud risk is considerably diminished as a result.
How to Buy Bitcoin in Nigeria With Binance
Binance P2P is a good alternative you can discover in Nigeria, regardless of whether you’re interested in Bitcoin trading for the first time or you simply need a way to buy Bitcoin in Nigeria in an easy, quick, and safe manner without paying commissions.
Complete Guide on How to Buy Bitcoin in Nigeria With Binance P2P
The fact that Binance P2P is accessible through the Binance app means that you can trade wherever and whenever you need to. Here’s a step-by-step guide for purchasing Bitcoin in Nigeria through the app on Binance P2P.
1. Register for a Binance account. If you haven’t signed up for Binance yet, you may do so for free in a matter of minutes.
2. Complete KYC (Know Your Customer) level 2 identity verification and add at least one payment method. By doing this, you may increase the security of your investment and safeguard your trading account.
3. Define your search parameters. Activate the Binance App. Select P2P after clicking “Buy with Cash.”
4. Select BTC under the Buy tab. On your screen, click the filter icon in the upper right corner.
5. To purchase Bitcoin, choose the Bank payment option and the NGN currency. After that, click confirm.
6. Begin trading. Select the offer that best suits your needs, input the number of bitcoins you wish to purchase, choose a payment method, and click the Buy BTC button.
7. The algorithm automatically locates a seller whose ad most closely fits your requirements when you make a buy order. Here is where you can discover instructions on how to send money. Please click [Transferred, Next] to continue after the transfer is finished.
8. Choose a seller to buy Bitcoin from the market list.
9. Based on the seller’s payment details delivered during the payment window, transfer the money immediately to the seller. To communicate with the seller, use the chat window.
10. Make sure the vendor receives the payment before selecting Transfer next.
11. Click Confirm. Please refrain from clicking Confirm if you haven’t made any purchases. The P2P User Transaction Policy will be broken by this.
12. The merchant checks the payment confirmation and transfers the cryptocurrency to your wallet. The condition will now read “To be released.”
Congratulations! You’ve finished a transaction and received your Bitcoin!
Once you’ve bought the Bitcoin, you may either hold it in your Binance account or save it in your personal cryptocurrency wallet. For additional passive revenue, you can trade it for other cryptocurrencies or stake it on Binance Earn. Check out Trust Wallet, which supports millions of assets and blockchains, if you wish to trade your Bitcoin (BTC) to a decentralised exchange.
