DEPOSIT NAIRA ON BINANCE: The centralized exchange giant, Binance, has been around for years (since 2017, registered in the Cayman Islands) and has since then been creating services that help users trade their cryptocurrencies securely.
More than 600 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and Binance Coin, are available for trading on Binance (BNB). Currently, there are 1395 trading pairs available on the exchange, with new listings on the way. Binance provides services related to trading, listing, fundraising, de-listing, and withdrawing cryptocurrencies, the same as other cryptocurrency exchanges.
Binance is a platform cryptocurrency enthusiasts can use to raise money through ICOs to launch their coins (ICOs). A significant number of traders and participants use Binance to trade and invest in different cryptocurrencies, and more recently, NFTs.
The main reason why Binance is so popular, asides from being around very early on, is that they provide a lot of training on how to make use of their services, and they also charge lesser fees regarding withdrawals and trading, a very simple and easy to use platform also is another reason. Binance offers additional tools, platforms, and services in addition to exchange-specific offerings. Some of these services include; Binance Earn, Binance Virtual Card, P2P Trading, Spot Trading, Margin Trading, Binance Futures & Derivatives, Staking, Liquid Swap, Crypto Loans, etc.
DEPOSIT NAIRA ON BINANCE
Binance is among the top 3 centralized exchange platforms used by most Nigerians with a very vast community, and this is simply because they offer KYC (amongst other major services) Nigerians can provide (unlike some exchanges that require a particular type of KYC). Binance allows Nigerians to use their NIN, BVN, Voters Card, International Passport, Driver’s License, etc. for verification. Some exchanges require only National ID, International Passport, or Driver’s License. These are not easily available to an average Nigerian, so alternatives have been put in place.
As mentioned earlier, Binance charges lesser fees compared to other exchanges. Any trader who doesn’t require fast fiat liquidation will find spot trading fees, which start at 0.1%, to be quite alluring. BNB holders will get an additional 25% off of transaction fees when using BNB to pay fees. BNB is the native token of Binance launched in July 2017, Binance offered 20 million BNB tokens to investors, 80 million tokens to the founding team, and the remaining 100 million tokens to the various participants through the ICO process. Deposits are free of course, aside from blockchain fees that the sender always pays.
Now, we’re going to look at how you can deposit Nigerian Naira to start trading and enjoy other exciting services available to users of Binance. Let’s assume someone had just sold off some of their bitcoin on DartAfrica for some quick naira and then sent it to you. You can deposit it in your Binance account in two main ways: Binance CashLink or Binance Peer 2 Peer.
Cashlink enables platforms (both crypto and non-crypto) that want their customers to onramp and offramp cash to easily integrate with Web3 applications and allows crypto users to get cash in and out. On-ramps allow you to leave the fiat-based monetary system and enter into the decentralized, blockchain-based financial system instead. Cashlink’s proprietary matching algorithm, which links customers and merchants using machine learning and artificial intelligence, is one of the payment channel’s most compelling features, together with an escrow system that protects the transaction until both parties have completed the deposit or withdrawal order, ensuring network security.
So, to make use of Binance Cashlink you have to follow the following steps:
- Download Binance on your mobile or make use of their desktop application, next, make sure you have an account with Binance, and also update your KYC to the highest level you can.
- Log in to your Binance account and go to [Wallet] → [Fiat and Spot] → [Deposit].
- Select [NGN] under [Currency] and choose to pay with either [Bank Transfer] or [E-Wallet]. Then click [Continue].
- If you choose to make your deposit via bank transfer, enter your bank account information and click [Continue]. Please note that the account holder’s name needs to match your verified name on Binance.
- If you want to deposit NGN via your E-wallet, fill in your wallet information and click [Confirm] to proceed.
- Enter the amount you want to deposit and click [Continue]. You’ll also see the transaction fee displayed (if any).
- A list of available Cashlink merchants shows on the next page with their name(s), the amount you will receive, their amount of completed orders and their order completion rate, and their payment timeframe. Select a merchant to complete the transaction and click [Send Request].
- You will then be directed to Cashlink’s page. Complete the transaction with the merchant by following the instructions on the screen to make payment of the required amount. Confirm your deposit amount, click [I have paid], and wait for the confirmation.
- Once your deposit order is submitted, click [View History] to check the order status. Click [continue the order] to visit Cashlink’s page again if you want to perform other transactions.
- Finally, proceed to your [Wallet] → [Fiat and Spot], you should see your NGN in your wallet.
BINANCE PEER 2 PEER
As well as offering a reliable platform for verified buyers and sellers to advertise their offers, Binance P2P also offers a cryptocurrency escrow service that guarantees the security and prompt delivery of crypto assets in every transaction. There are a lot of reasons people make use of the Binance p2p service, and some of those reasons are none other than Binance p2p charging 0 fees and high trading rates. For cryptocurrency buyers and sellers using their native currencies, Binance P2P is proving to be a terrific marketplace for people to trade. So how do you buy NGN using Binance p2p:
- As always, make sure you have a KYC-verified account with Binance before proceeding. Next, log in to your Binance App and navigate to [Trade] → [P2P]. Alternatively, you can tap [P2P Trading] from the App homepage or [Wallets] → [Funding] → [P2P].
- At the top right of the page, make sure it shows [NGN] so that all the prices can be shown in your NGN currency. Tap [Buy] and select [NGN]. You will see the available offers on the market. Scan through the available offers and tap [Buy] next to the preferred offer.
- You will see the seller’s payment information and terms (if any) and also their trade completion timeframe (the lowest is 15mins, but most trades of 15mins are always completed in less than 5mins) at the bottom. Enter the fiat amount you want to spend under [By Fiat] or tap [By Crypto] to enter the crypto amount you want to get. Tap [Buy] to confirm the order. Note that as you go down the list, the rate increases.
- After making payment, come back to the open trade and mark the order as paid, wait for the seller to confirm and they will release the NGN into your [Funding] wallet.
Express Zone is another method under p2p you can use.
- On the P2P homepage, click the dropdown arrow beside P2P at the top of the page and click [Express]. Make sure the currency at the top right is set to NGN. Tap [Buy] and select [NGN], which is the crypto you want to buy. Enter the fiat amount you want to spend (=N= 1000+), or tap [By Crypto] to enter the crypto amount you want to get. Tap [Buy with 0 Fee] to confirm the order and click [Confirm Purchase].
- Tap [Make Payment] and you will see details of the seller’s preferred payment method. Transfer funds to their account accordingly within the payment time limit. After that, tap [Transferred, notify seller]. You may tap [Chat] to contact the seller at any time during the trade.
- Wait for the seller to confirm payment. After the seller confirms your payment, they will release the crypto to you and the transaction is completed. You can view the assets in your Funding Wallet.
There are a host of other methods to deposit NGN in your Binance wallets, The above just shows a more simpler and straightforward way to do just that, and after using it for trading whatever you need to and get some other crypto you wish to sell back for NGN, you can just reverse the steps above of more easily, sign up on DartAfrica in very few easy steps and get credited directly to your local bank within seconds to minutes.