Are you skeptical about the possibility of purchasing bitcoin cash right from Nigeria? Ow! that may be due to the crypto currency restriction in that region, well! there's absolutely no need to panic because this article will be guiding you on some cheap methods to purchase bitcoin cash right from your comfort in Nigeria. Before we dig deep, do this article a favour, give a thumbs up and smash on that subscribe button right below.
So, how do you choose where to buy Bitcoin cash amidst the current situation of the country? Somewhere secured where you are not scared away with the transaction fees, faced with malicious actors trying to scam you, complicated process of buying and storing your Bitcoin Cash in an easy and safe manner during and after the transaction. The solution is Binance P2P
What Is Binance P2P? Buy and Sell Bitcoin Cash On Your Terms
Binance P2P is part of the Binance Exchange which helps to address the pain points especially for countries with crypto currency restrictions, to offer you a safe, convenient, and inexpensive option to buy and sell crypto currencies including Bitcoin Cash.
On Binance P2P, you have got a wide range of verified P2P ads from all around the world but for Nigerians, you'll be carefully matched with a Nigerian in other to ease the trading process. You can buy and sell Bitcoin cash using Naira through direct transfer to matched merchants. Are you curious about transacting on Binance P2P? Let's dive in.
Setting Up Your Binance P2P Account
There are a couple of things you will be required of in order to start transacting on Binance or using the Binance P2P per say. They are;
Your Email Address
Phone Number
Identity proofs (Driver's license, passport, Bank Verification Number, or National ID)
Once all of these is done, you'll also need to enable a two-factor authentication (2FA). Wandering what that is? It's simply a more advanced security level that keeps your account secured from intruders. In that case, even if someone has access to your password, he/she can not login without passing through the two-factor authentication.
Finally, before you start enjoying the restriction free Binance, you'll need to pass through the know-your-customer (KYC) process. To get that done, you will be required to verify your identity by uploading your ID (usually a facial verification).
Setting Up Your Payment Method
Before proceeding to buying or selling a crypto currency on binance P2P, you will need to add your preferred payment method. Generally, there are over 150 payment methods on Binance but being a Nigerian, I'll suggest you just go straight to Bank Transfer, then add your naira account details.
Alright, Follow the steps below to get that done.
On the app homepage, click on 'P2P Trading', Enter 'Profile' .
Click on 'Payment Methods" and 'add a payment method'.
How To Buy & Sell Bitcoin Cash On Binance P2P
How To Purchase Bitcoin Cash Via Binance P2P Trading
On your Binance App, Tap on Wallet and select P2P, switch to Buy.
You'll notice that there is no Bitcoin Cash (BCH) in the options, so we recommend USDT or BUSD because they are stablecoins. (High volatility resistance)
Tap on P2P Trading, on the top, select "Express" for instant pairing.
Input the Amount in Naira, tap on Buy with 0 fees.
You'll be instantly paired with a Seller, displaying a Direct Transfer payment method.
Transfer the stipulated amount on the trade to the Seller then tap on Transfer once you have Successfully transferred.
With a confined timeframe, the Seller will release USDT to your P2P account.
Once the USDT reflects on your P2P wallet, tap on Transfer, choose transfer to transfer asset within your Binance wallets, the aim is to transfer to your spot wallet.
On your Spot wallet, Select BCH and click on the BCH/USDT trading pair. Click on Buy to Purchase BCH.
How To Sell Your Bitcoin Cash For Naira Via Binance P2P
First Select The BCH/USDT pair and sell of your BCH for USDT
Tap on Transfer on your Spot wallet to transfer your USDT to your P2P wallet
Head to your P2P wallet and create a Sell order under the "Express" Option for instance pairing with buyer.
Within minutes, You recieve a credit alert from the Buyer, click on confirm to release the USDT to the Buyer.
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