How to create and fund a Binance account in Nigeria despite the Government ban on Cryptocurrency
As we all know cryptocurrency is the new big thing currently dominating our internet space, evidenced in its numbers and peak in recent years. To invest in cryptocurrency you need a place to buy it and a place to put it. The most popular place to purchase cryptocurrencies is cryptocurrency exchanges. There are several exchanges around you can choose from, these exchanges allow you to purchase currencies like Litecoin, Ethereum, and Bitcoin and with most popular currencies, including Bitcoin, you can buy fractions of a coin, so you don’t need to have thousands or millions of dollars before investing in cryptocurrency.
In this article, you’re going to learn the step by step process to create and fund your Binance account in Nigeria. Binance is the most popular choice for P2P trading. Binance P2P interface is simple to use but there are a couple of things you need to know as a beginner or you could get lost on the way (or make mistakes that could make you lose your fund).
Funding your crypto wallets used to be easy in Nigeria as you could use your debit card until the governments Ban on cryptocurrency. Now you can only acquire cryptocurrency through P2P (Peer to Peer). P2P service is a decentralized platform where two individuals interact directly with each other, without intermediary by a third party but for safety reasons could use an Escrow.How To Create And Fund A Binance Account In Nigeria Despite The Government Ban On Cryptocurrency Click To Tweet
Disclosure: Please note that some of the links below are affiliate links and at no additional cost to you, I’ll earn a commission when you purchase a product or service using my affiliate link, I’m compensated, which helps make content like this free of charge to you. Know that I only recommend products and services I’ve personally used and stand behind.
Why You Should Open A Binance Exchange Account
Binance is one of the most advanced exchanges in the world right now, it growing at an astonishing rate with support for international traders with hundreds of currency trading options.
Additionally, the Binance platform is user-friendly and offers less cost compare to other platforms. Binance has over 500 cryptocurrencies for trade and is one of the cheapest exchange platforms to use for all coins/tokens.
Binance is a well-known exchange platform massive altcoin list, with more than 500 choices available for international traders aside from the US. So, if you need to trade on any coin other than Bitcoin Binance would be the recommended choice of exchange due to its large trading volume, which would equate to better prices and a higher probability of your buy/sell orders being filled. Now let’s dive into:
How To Create And Fund A Binance Account In Nigeria
How To Create Binance Account
Step 1: Visit the Binance Official Website
BINANCE is the global leading exchange of cryptocurrency trading, with their platform averaging 2Billion plus in trade volume daily. You may need to bookmark the page, as there have been many cases of phishing sites that mirror the actual site. As a precaution, ensure the website address is spelt correctly as seen in the image below “binance.com”
Step 2: Complete the Sign-Up Process
Click on the “Register” button tab in the top right-hand corner of the Binance homepage and enter your valid email and password, you can as well decide to use a phone number instead of an email address. Keep in mind to enter a strong password that you can remember to better secure your account.
Create the free account by clicking the “Create Account” button to proceed to the next stage.
Step 3: Security Verification
A pop-up will appear on the screen once you click create account button asking you to slide to complete the puzzle. Just move the puzzle to the correct position and you are good to go.
Step 4: Account Verification
On this page, you will be asked to provide a 6-digit code sent to the email provided when creating your account initially. Check your email inbox for the message sent by Binance and place the code within the email into the box provided for account verification as seen in the image below.
Step 5: Account Verification
Now that your account has been created, you need to harden your account security by enabling a 2 Factor Authentication Code (2FA). A pop-up should appear on the screen the first time you log in to your dashboard, click on either phone verification or Google Verification to increase your security. For the purpose of this article, we will use Google Verification. Click on Google verification and follow the steps to secure your details.
Step 6: Identity Verification
This is necessary because it gives Binance details about you and enables you to make deposits and withdrawals without any hassle. In other words, it is known as KYC (Know Your Customers).
On the dashboard click on “Verify” button next to your user ID as seen in the picture below
Once you have clicked the verify button, you will be taken to a page where you will need to verify your personal details and address verification. Click on verify in front of personal details and a page will pop up as seen image below. Enter your detail such as BVN for verification.
How To Fund My Binance Account In Nigeria
On the Binance home page, click P2P trading, then you‘d see an option to buy different currencies including the NGN and also sell too.
For some reason, I prefer to buy USDT on P2P and swap it for the currency of my choice instead of buying BNB or BTC directly.
Look for a suitable offer and click buy (the cheapest ones are usually at the top) Inputs the amount you want to purchase and click buy USDT.
Click on the payment method, copy the seller’s account number and make a transfer of the exact amount in naira to the seller.
When your transfer is successful click on ‘’Transferred Next’’ (Do not forget to click this. This is the only way Binance knows you‘ve sent the money). Wait for a few minutes and the seller will release the crypto to you.
Transferring From P2P Account Into Spot Wallet
After your crypto is released to you, you won’t find it in your SPOT WALLET. Your crypto will still be in your P2P account. You will need to move it to your SPOT WALLET
Click on Wallet and at the top, you will see P2P. Select P2P
Click transfer and a window pop up with “Send or Transfer” click on BTC and Change to USDT. Click Max to transfer all and confirm the transfer, your fund will be transferred to your spot wallet from P2P.
You can monitor your profit and loss from your spot wallet, swap USDT to any cryptocurrency of your choice and also send it to other wallets.
How To Deposit Or Transfer Coin From Other Exchange To Your Binance Address
Under Fiat and Spot, search for the coin that you want to deposit and press the “deposit” button. Make sure you only click the “deposit” button that is specific to the coin that you’re going to deposit. For instance, if you’re depositing Bitcoin (BTC), make sure you click the “Deposit” button only for Bitcoin (BTC). This is because the address for each coin is different. You can just search for the coin in the search field to get to the coin directly.
Once you have seen your coin of choice, click the “deposit” button and the coin address will be generated for you as seen in the image here.
The address generated can be used to accept BTC or any other coin as a payment from anyone For instance, if you select BTC the address will be generated for BTC alone and you can use the same address generated transfer BTC from your wallet or from other exchanges to Binance, this will be the address you send your BTC to.
How to View Your Deposits and Withdrawals History
The history of your deposits and withdrawals transactions can be found under overview in Transaction history.
The cryptocurrency market is evolving massively with high speed, and investing in crypto is the wise thing anyone could do because cryptocurrency is the future. You can buy and hold crypto for the future, holding crypto is one surest and safest investment because it will definitely grow especially when you buy coins with a big market share and future. And you can as well buy and trade crypto on Binance. Just how much you invest depends on how much risk you are willing to take, and how much you can make with your trading.
There are countless ways of making money online one of them being cryptocurrency investment. What is your view on Cryptocurrency and trading on Binance? Let me know in the comment section.