Before the advent of cryptocurrency, we all relied on our local currencies for all financial transactions despite the rules and restrictions that came with them. When cryptocurrency began to gain traction with its shiny new attire, we quickly saw it as a way out of the shackles of local currencies and their shortcomings. Even now that it has gained massive popularity and some countries have banned it, like Nigeria, cryptocurrency continues to flourish through the Binance P2P. You’ve probably heard about it before and wondered what it is all about, or maybe you heard about it, read about it, or still couldn’t understand the processes involved. Whichever the case, this article discusses how you can make money on Binance P2P in Nigeria using clear concepts.
What is Binance P2P?
P2P means Peer-to-Peer, which had existed since the beginning of time, even before the internet was created. When you go to the market to buy foodstuff and haggle with the seller for prices, that is called peer-to-peer trading. It’s the same idea with the Binance P2P, only that it has been digitized and involves cryptocurrency.
The Binance P2P is an innovative product of Binance that allows cryptocurrency owners in Nigeria to interact with each other and complete transactions without a middleman or third party involved. The interaction is usually between a buyer and a seller, and they must agree before the transaction is completed.
As we’ve seen with most Binance products, the processes involved are seamless. Binance does not interfere in any transaction; it only provides protection and security through escrow for both parties to prevent scams and loss. The security mechanism of Binance for sellers and buyers involved in the P2P trade is that keep the seller’s cryptocurrency intact until the seller confirms that the buyer has paid in full. Upon confirmation, the buyer will be sent the crypto volume requested.
Even more, Binance never chooses a seller or buyer for you. You are responsible for going through the list of available merchants and buyers and making your choice. It’s like an online marketplace that makes it easier for Nigerian crypto traders to sell their Bitcoin, Ethereum, and other cryptocurrencies without stress.
Using the Binance P2P, you’ll find it faster than traditional ways of buying and selling crypto on exchange platforms in Nigeria. Binance P2P removes the stress of conversing with the exchange rates as each merchant has their own rates, which can be negotiated. The Binance P2P allows you to choose your preferred payment method and currency. This means you can sell Bitcoin or Ethereum and get paid in Naira.
Binance P2P strategies to earn quick cash in Nigeria
There are three strategies to earn successfully from Binance P2P in Nigeria, and they are listed below.
Create competitive ads
The Binance P2P has a feature that allows you to post ads about your rates on the platform. Interested buyers and sellers can easily reach you through the ads and start transactions. The best way to get your crypto off the market is to incentivize crypto traders, who are always looking for the best rates. Research the current rate of the cryptocurrency, monitor the rates of other sellers, then set your rate accordingly. Make sure your rates are competitive so that buyers can easily approach you.
Increase your payment options
The more payment methods you add, the more customers you attract. If your only payment method is PayPal, only PayPal users will approach you for a trade-off. However, if you add bank transfers, Alipay, and WeChat, you’ll attract more buyers. You can also earn money by selling Bitcoin to other merchants that use different payment methods.
Always complete transactions
As you trade on Binance P2P, a record of your completed transactions is kept in percentage. The transaction will reflect if you’re always falling out with customers or merchants. It is very easy to have a perfect transaction score; all you must do is complete transactions. When sellers and buyers approach you for a trade and see a 100% transaction score, they are more likely to trust you and proceed with the transaction.
Also, if you know you’re not going to be an active trader for a while, take down your ads so that you don’t lose your customers.
With these strategies, there’s no way you would make profits from Binance P2P.
How to sell Bitcoin with Binance P2P
Follow the steps below to sell crypto with Binance P2P.
- Create an account if you don’t have one.
- After account creation, you’ll be redirected to your dashboard.
- Select P2P from your wallet dashboard.
- Transfer Bitcoin to your P2P wallet.
- Click on P2P trading.
- Input the amount of crypto you want to sell and select your preferred payout method.
- Click on sell.
- Immediately you receive payment, click on “payment received.”
- A notification indicating your transaction completion will be sent to you.
How to exchange crypto for local currencies on Dart Africa
Dart Africa is one of the few exchange platforms in Ghana and Nigeria that is living up to its name. The platform has aimed at providing an easier way to trade cryptocurrency for local currencies and succeeded without doubt. Their customers have continued to testify to how seamless they’ve made trading for everyone including old and new crypto traders. But what have caught our attention and that of other traders are their exchange rates.
Dart Africa is very intentional about providing the best exchange rates for its users by always trying to match the rates on the exchange market. Dart Africa supports USDT, Bitcoin, Ethereum, and USDC. The platform has a rates calculator that keeps its traders abreast on the current prices of crypto assets in Nigerian Naira and Ghana Cedis. If you want to experience crypto trading at its finest, use Dart Africa. You can start by creating an account using your email and phone number and start trading immediately.