HOW TO SELL BITCOIN FOR NAIRA IN NIGERIA
Introduction
Since the event of the government policy placing restrictions on direct transactions between banks and cryptocurrency trading in Nigeria, Binance has made an alternative to buying and selling (especially) cryptocurrencies in exchange for their Fiat values.
For example, Mr. Paul can now sell His Bitcoin without having to withdraw directly to his bank account.
You are wondering how already? Take a deep breath as I walk you through the steps on how to sell your Bitcoin for Nigerian Naira whilst avoiding some tricky pit falls and ensuring a safe, fast and effective way to trade your digital assets (Bitcoin).
How to add a new payment method on P2P
Log in to your Binance account by supplying your email address and password, complete the two step verification as well.
If you are yet to have an account, click here to register for free.
- From the home page, click on the Trade tab (a dialog box will appear)
- Click on P2P in the selections (the P2P page would load afterwards)
3. On the P2P page click on the more tab
4. On the more tab select payment methods
5. On the P2P payment Methods page click on “Add a payment Method”
6. Select bank Transfer or more for other forms of payments.
7. Fill in your details and cross check to confirm that they are all inputted correctly.
8. Click on confirm.
9. Complete the security verification that pops on the screen. You will be sent a verification code on your registered mobile phone number via SMS. Input it and click submit.
Great! You have successfully added a payment method.
How to sell Bitcoin on Binance p2p with Bank Transfer payment method
Selling Bitcoin for Naira in Nigeria is very easy with Binance and security of crypto and your funds are guaranteed.
Here are some tips while trading your crypto with Binance P2P.
Check out for availability: This is the total volume of crypto that the merchant has available to exchange.
The limits too are very important to note, there are two limits here, the lower or minimum and the upper or maximum limits. This is very important as you need a merchant whose lower limit is not above the total amount of crypto you want to sell or one whose upper limit is lower than the amount of crypto you want to sell.
The order and completion rate of the merchant must be considered as this gives a record of their previous transaction and gives a glimpse of what to expect while trading. Be sure the percentages are good and high enough to enjoy a smooth trade.
Users profile and reviews also are a record of how the merchant has faired in their past transactions.
Once these things are properly checked you can then go ahead with creating an order. An order? You may ask. An order contains all information about your transaction (the amount of crypto you want to sell, the currencies etc.)
Ensure that you read the requirements and understand them, then you can start the trade and ensure you are in touch with the other party using the chat box.
Never should you click on the release crypto button before confirming that you have received the payment from the counter party in your local bank.
Do not deal with the other party outside the Binance space to protect your funds and Crypto.
Binance P2P 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, with Binance P2P you can safely trade crypto in exchange for your local currency. Binance P2P’s escrow service safeguards every transaction, giving traders peace of mind and optimum security of funds.
Once the seller places an order, the seller’s cryptocurrency will automatically be transferred from the seller’s wallet to the temporary deposit with Binance P2P’s escrow service. The cryptocurrencies will be held in the deposit guarantee until the transaction is successfully completed by both parties. Then the seller can release the Crypto as soon as they are credited by their local bank or via other preferable payment modes.
Conclusion
Binance P2P is one of the safest ways of trading your crypto for your local currencies, follow the tips above and you are up for a successful and safe scam free transaction.
Thank you for reading, do let me know if you have any questions as I am always here to answer them.
Happy trading 😊
references…
https://www.binance.com/en/blog/all/how-does-binance-p2ps-escrow-service-work-421499824684900825
https://www.binance.com/en/support/faq/360039384951
https://www.binance.com/en/blog/all/binance-p2p-buy-bitcoin-in-kenya-via-mpesa-421499824684900890
