Binance P2P is a peer-to-peer trading platform where users can fund their Binance account and also withdraw to a bank account or other payment method.
In Nigeria, using P2P trading on Binance is the quick solution to fund a Binance account in order to trade cryptocurrency after the CBN ban.
Therefore, this post explains how to use Binance P2P to fund a Binance account in Nigeria; how to withdraw to a bank account in Nigeria; the deposit and withdrawal limit on P2P trading and so on.
What is Binance
Binance is the largest centralized exchange platform in the world for cryptocurrency trading and investing with over 600+ cryptocurrencies available. Also, Binance is a top choice for millions of people worldwide for trading and investing – whether as an expert or a beginner in crypto.
Founded in 2017 by Changpeng Zhao, Binance is a company that cut across the blockchain ecosystem by offering various products and services apart from a cryptocurrency exchange such as NFT, Wallet, Credit Card, Research and Binance Lab. Its headquarter is in the Cayman Islands.
Indeed, Binance is one of the best crypto exchanges in the world to buy and sell Bitcoin, Ethereum and other altcoins at low trading fees.
Is Binance P2P Safe?
P2P trading on Binance is safe as all traders or merchants are verified by Binance. Also, Binance will release the crypto fund to you if a trader refuses to send it and you contact Binance customer care
However, when withdrawing funds with P2P trading, make sure you received the money into your bank account before you confirm the transaction even if the trader persuades you.
How to Fund Binance Account with P2P in Nigeria
To deposit fund into your Binance account in Nigeria, use P2P Trading. Below are the steps to fund your account:
Step 1. Open Binance App or Website
Firstly, launch your Binance App and sign in or use the Binance website. The process is the same.
So, I will use the Binance app to explain the procedure.
Step 2. Tap P2P Trading and Choose Crypto Coins to Buy
Then, on the Home dashboard, you will see P2P Trading. Tap it.
The Next page is where to choose which crypto coins to receive into your Funding Wallet
The available options are USDT, BTC BUSD BNB, ETH, NGN and DAI.
It is better to choose USDT or BUSD because they are stablecoins and it is easy to get good rates.
Step 3. Enter Amount and Pick a Payment Method
Using the filter, enter the amount you want to deposit and select the payment method option.
Bank transfer and Chipper cash payment options are the common ones on Binance P2P. So it’s better to choose between these two.
You don’t have to use the filter. However, using it will display traders that match what you want instantly.
Step 4. Choose a Preferred P2P Trader
You will see traders offering slightly different buy rates, choose the one that suits you.
Since all P2P traders are verified on Binance, the price can be your priority in choosing one. While not really bothered about the number of trades and the completion rate.
After making your choice, tap the Buy of your preferred P2P trader.
Step 5. Enter the Amount
Then, enter the amount you want to buy and tap Buy
Step 6. Pay the Amount into the Trader’s Account
The next stage is to copy the trader account details displayed and send the money. Binance put a time limit to deposit into a trader’s account, so be fast about it.
Step 7. Confirm your Payment
After making the payment, go to the Binance app and confirmed you have paid. The trader will credit your Funding account when the money is received.
Sometimes, you may need to message the trader on the app or call if your transaction is taking some minutes.
That is all. You have successfully funded your Binance account with P2P.
How to Switch From Binance Lite to Binance Pro
To use Binance P2P trading on the app, you need to switch from Binance Lite to Binance Pro. Below is how to switch:
- Tap the Profile icon at the top corner
- Tap the Binance Lite Gear
- Your Account will switch to Binance Pro
Binance Lite is best for beginners while Binance Pro caters for experts in crypto trading. However, that does not mean a beginner cannot use Binance Pro.
In fact, as a beginner who wants to learn fast, it is better to use Binance Pro because you are exposed to more coins for trading and tools rather than a few coins present in Binance Lite mode.
Is Binance Available in Nigeria and How Does it Work
Binance is available in Nigeria for crypto trading and investing despite the CBN ban on cryptocurrency transactions in banks. This is why Binance P2P has been the solution to the restriction in Nigeria.
You can open a Binance account in Nigeria and verify your account with BVN or NIN. Within minutes, your account is ready to use.
How to Open Binance Account in Nigeria
Follow these steps to open an account on Binance in Nigeria and verify it.
Step 1. Go to Binance Website or Download App
To create an account on the Binance website, click this link
Alternatively, you can download the Binance App on Google Playstore or Apple App Store to trade crypto on Binance on the go.
Step 2. Enter your Account Details
You will need to enter your details such as email address, strong password, country of residence and so on.
Also, enter the referral ID MFKQPCVJ to get a commission fee on all your trading on Binance or CPA_00YK5A9LVM to get a $100 signup bonus.
Note that there are conditions you must meet to get the bonus, click here to read about it.
Step 3. Verify your Account
You would need to verify your account before you can use Binance account.
Firstly, verify your phone number. Binance will send a code to the phone number you entered. Then, enter the code received to verify your phone number.
Secondly, verify your email address. Binance will send a verification to your email address. Open the email and verify it.
Lastly, verify your account. Binance needs to verify your identity through BVN or NIN. Enter the number and your account will be verified in minutes.
To understand better, check my post on the Binance Referral Bonus. How you can get a $100 sign bonus or commission fee on trading when you open a Binance account.
How to Withdraw From Binance P2P to Bank Account in Nigeria
To also withdraw fund from your Binance account to your bank account in Nigeria, use Binance P2P Trading. So follow these steps to withdraw:
- Open Binance App and Tap Wallet
- Select Spot and Tap Transfer
- Enter Amount and Tap Confirm Transfer
- Go to P2P Trading and tap Sell tab
- Enter Amount and Choose Bank Transfer
- Choose preferred P2P Trader and Tap Sell
- Enter the Amount and tap Sell
- Wait for Trader to credit your Bank Account
- Confirm you have received the money on the app
Binance P2P Minimum Deposit Limit in Nigeria
The minimum deposit on Binance through P2P trading is 1,000 Naira in Nigeria. Of course, you wouldn’t want to deposit 1000 Naira because the minimum trading limit on Binance is $10. Unless you want to top up your account.
Binance P2P Minimum Withdrawal Limit in Nigeria
The minimum withdrawal on Binance through P2P trading is 1,000 Naira in Nigeria. So, you can withdraw a minimum of 1000 Naira to your bank account by selling crypto on P2P.
FAQs on Binance P2P
If P2P trading is not showing on the Binance app, it may be that you are on Binance Lite. If you are, switch to Binance Pro. Tap the profile icon, and switch the Binance Lite gear
Binance does not charge a deposit fee for P2P trading. However, you can see traders selling crypto coins at slightly different rates.
Binance does not charge a withdrawal fee for P2P trading. However, you can see traders willing to buy at different rates.
Although CBN bans cryptocurrency transactions in Nigeria, it is not legally banned by the government. It is not a crime to trade and invest in crypto. This is why crypto platforms are operating in Nigeria using the P2P feature to deposit and withdraw.
Conclusion: How to Use Binance P2P to Fund Account in Nigeria
I hope by now you are able to use Binance P2P trading for funding and withdrawals in Nigeria. Despite the CBN ban, you can still open a Binance account in Nigeria and start trading and investing in cryptocurrency.
Binance is a top choice among cryptocurrency exchanges. Also, it has made the process from opening an account to verification and using the platform easy for Nigerians.
Therefore, try it and let me know your experience and also leave a message in the comment section below.
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