Have you heard of stablecoins in the crypto ecosystem? Stablecoins are special cryptocurrencies, and one of the most popular is USDT.
What is USDT?
USDT is an acronym for United States Dollar Tether. Unlike Bitcoin and Ethereum, the value of USDT is tied to the dollar’s value. This means that 1 USDT equals 1 USD. It also means that the value of USDT is not affected by the volatility of the exchange coins; hence, the umbrella term for all cryptocurrencies like USDT is called Stablecoins. Financial analysts around the world always recommend that crypto investors with low-risk threshold should invest in USDT because the losses are always minimal. Many Nigerians own USDT because when you put the value of the naira against the dollar, the dollar is way above the naira, thereby increasing their profit margin.
If you own USDT and have been wondering how to sell them on Binance P2P, this article is for you.
Understanding Binance P2P
When anyone thinks about crypto trading, the first thing that comes to mind is centralized exchange platforms and volatile charts. What if we tell you that there are simpler ways of trading cryptocurrency? The simpler way is the Binance P2P.
Binance Peer-2-Peer is one of Binance’s most popular projects because it makes trading easier than we’ve always known it. The Binance P2P is basically a crypto marketplace where traders buy and sell cryptocurrency to each other without an intermediary or middleman. Whether you want to buy or sell USDT, the platform allows you to put up advertisements containing your rates and payment methods.
The process is completely safe as Binance uses escrow technology to safeguard the interest of buyers and sellers. This means that you can hardly record any scam when you trade USDT through Binance P2P. You can utilize more than 300 payment options depending on who you choose to sell to or buy crypto from.
If you’ve ever used Binance, you’ll know that their verification process is very thorough. It’s the same with the p2p businesses. Binance vets every buyer and seller to ensure they are legit before approving their membership. It has also been advised that you make use of the chat area to interact with buyers and sellers. Before, people insisted on taking the transaction off Binance because they might want to scam you.
How to sell USDT on Binance P2P
If you want to sell USDT on Binance P2P, you’ll need to create an account using verified means of identification like your NIN, National ID card, or driver’s License. After you’ve successfully created an account, follow the steps below to sell USDT on Binance P2P.
- Log into your account.
- Transfer USDT to the funding wallet first. If it’s empty, Binance will assume that you have nothing to sell and flag your account.
- Click on P2P trading.
- You’ll see a list of cash ads in Nigeria.
- Select your preferred cash ad and two sell. The buyer’s payment time and terms will be displayed immediately.
- Enter the amount of USDT you want to sell under crypto.
- Click on Sell to confirm your order.
- Your sell order will be automatically generated. You can now go to the store with a means of identification. Ensure that you always arrive at the store within the buyer’s time limit.
- Scan your ID and QR code which will immediately be sent to the buyer you chose.
- Once you receive payment, click “payment received” and “confirmed” so that the USDT can be released to the buyer’s crypto wallet.
- In order to prevent scams, you’ll be instructed to confirm that the transaction was successful through a 2-factor authentication.
Where to sell USDT in Nigeria
If Binance P2P is too complex for you, you can opt for East to use exchange platforms in Nigeria, like Astro Africa. Astro Africa is a prestigious and versatile exchange platform in Nigeria that allows traders to sell USDT for naira at the best rates and get paid instantly. The platform has the best security and customer services to ensure that your assets are always safe and you are never stranded. The user interface is easier than Binance, and you don’t need assistance from anyone, as one step leads you to the next! To start selling USDT on Astro Africa, you must create an account using your email address and phone number.
Once you become a registered user of Astro Africa, your become eligible for a special crypto wallet. There are other incentives available on the platform that you become eligible for after signing up.