BUYING BITCOIN IN NIGERIA
Ever since the ban on trading of Cryptocurrencies with naira, people have been wondering what next to do. Thankfully P2P came along. P2P trading gives you more control over who buys your cryptocurrencies and who you buy from, the pricing and settlement time. While P2P trading gives users finer control over the process, it is vital to note that peer-to-peer transactions carry some risks when there is no third party to broker the deal. This is where an exchange like Binance P2P becomes essential for risk-conscious users.
How P2P trading works in Nigeria
Peer-to-peer refers to the direct exchange of some asset, such as a digital currency, between individual parties without the involvement of a central authority. A strictly peer-to-peer exchange of currency was the primary goal driving the creation of Bitcoin, the most widely used cryptocurrency. With P2P, you have more authority who you trade with and how you trade.
How to buy Bitcoin on Binance using P2P in Nigeria
- Login to your Binance account. Yet to have an Binance account? Open a free Binance account here.
- You can add your payment methods by selecting it in your profile.
- From the homepage, click on the Trade tab then click on P2P.
4. Scan through the different merchants selling Bitcoin and pick your most preferred. Ensure you check for some details like; the rate, previous reviews, ratings, available assets, the minimum and maximum crypto the seller is willing to sell.
5. Enter the amount of Bitcoin you intend to buy, Check the buyer’s payment method and click Buy BTC.
6. Get the account details of the seller by clicking Transfer the funds. Make sure you have sent the funds to the seller’s account before clicking Transferred, next.
7. The page then shows Releasing meaning the seller is checking on his end if the transfer has entered. The seller releases the Bitcoin once his confirmation is positive.
Voila! You’ve successfully bought Bitcoin using Binance P2P. You can always move your Bitcoin to your Spot wallet for trading or withdrawals.
Escrow service: How Binance protects your crypto
What an Escrow service? An escrow service is an arrangement in which a trusted third party handles the exchange of goods or assets between the transacting parties, ensuring safety and fair trading.
Binance P2P’s escrow service safeguards every transaction, giving you the buyer peace of mind. When you as a buyer place an order, the Seller’s wallet is automatically transferred from the Seller’s wallet to a temporary deposit all thanks to Binance P2P’s escrow service. This prevents scammers from the platform.
If eventually you made the payment but the seller doesn’t release the Bitcoin. you can open an appeal to notify Binance’s customer service that the seller did not release your Crypto despite making payment. You’d need to provide evidence such as; receipt of payment, screenshot of your conversation with the seller. Binance customer service will eventually resolve the issue as they are fast and efficient.
Closing…
Binance P2P is the most secure when it comes down to buying and even selling of Bitcoin and other cryptocurrencies. Give it a try today and you wont regret it!
Open a free Binance account with this https://www.binance.com/en/buy-sell-crypto?ref=285563460
Please let me know if you have any thoughts or questions. Thanks for reading!
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