Binance is one of those platforms with high earning potential. I’m sure you know one or two individuals cashing out on the platform. There is no cause for alarm if you don’t. This guide is written by one–me.
Binance has solidified its reputation as a dependable platform. It is an easy-to-use platform where you can trade cryptocurrencies and earn profits. The best thing is that you can earn millions of naira with your Binance account while sitting peacefully in your own home.
However, it will only be a pipe dream if you don’t know precisely how to make money on Binance in Nigeria. You might waste your time or, worse, lose your entire investment.
Fortunately, you’ve found this guide, which will provide you with all the knowledge you need. In the following sections, I will cover how to become a trader, get approval, and profit from Binance.
Binance is undoubtedly a viable source of income in Nigeria. Binance is a big and trustworthy cryptocurrency exchange where Nigerians can get involved in the exciting world of digital currencies. It’s a popular choice for trading cryptocurrencies and making profits.
Binance offers a safe and easy way for Nigerians to trade cryptocurrencies. You can trade cryptocurrencies for short-term gains or hold them longer for more profit.
The site offers trading in a large number of cryptocurrencies. This lets you diversify your investments and explore different opportunities. Binance also has low trading fees, so you can keep more of your profits.
Binance has different trading options. These include spot trading, futures trading, or P2P trades that have become even more popular since cryptocurrency was banned in Nigeria but remained available on Binance.
Most notable here is the safe haven provided to many individuals through its trusted P2P system.
Why go through the trouble of setting up online listings or selling items in person when you can host your virtual yard sale through the Binance Peer to Peer (P2P) trading feature? Cryptocurrencies such as Bitcoin, Ethereum, Binance Coin, USDT and more are all up for grabs thanks to this convenient selling option.
With P2P trading on Binance, every user has full control over their trades. They dictate the prices at which they’d like to sell their crypto and engage with interested buyers just like at a standard yard sale. Plus, every transaction is overseen by an escrow system that delivers fairness and transparency.
Even payment options are made easy through P2P trading. Over 300 payment methods across 60 currencies ensure that buyers and sellers can effortlessly negotiate trades without fuss.
Last but not least – whats a yard sale without the potential for profit? Thanks to price fluctuations in cryptocurrencies over time, users can sell their holdings for more than what they originally paid. It’s just like selling items at a traditional yard sale – but with these profitable possibilities in mind!
But remember, the prices of cryptocurrencies can change, just like how some items at the yard sale might be more popular than others. To boost your chances of success, staying updated and making wise decisions is vital.
How To Become A Merchant On Binance P2P
To become a merchant on Binance P2P and buy crypto, you must create an account on Binance. Creating a Binance account is simple. Simply follow the instructions below:
Go to the Binance website and register by providing your phone number and email.
Once you’ve signed up, you must go through the verification process. You’ll need your international ID card, passport, or driver’s license for this step.
Verify your identity by taking a selfie.
Additionally, you’ll need to add at least one payment method to your account.
Fisayo Fosudo explains the process of getting your Binance account set up and verified in the video below.
Let’s now discuss how to utilize Binance P2P in Nigeria to purchase and sell cryptocurrency.
To buy cryptocurrency in Nigeria via Binance Nigeria P2P, follow these steps:
Access P2P Option: Open the Binance app and locate the P2P option.
Choose Cryptocurrency: Select the ‘Buy’ option and choose your preferred cryptocurrency (e.g., USDT). Use the filtering tool to narrow down suitable trade ads.
Select Deal & Quantity: Pick your preferred trade deal and enter the desired amount.
Payment & Fund Transfer: Click ‘confirm purchase’ and transfer funds to the seller. Once done, mark the trade as complete, then wait for the seller to confirm.
Confirm Receipt: After the seller receives the payment and releases the cryptocurrency, confirm the completion of the transaction only when you’ve verified the successful transfer.
Congratulations! You should now have your purchased crypto in your wallet.
How To Start Trading on Binance P2P in Nigeria
Aside from creating an account and funding your wallet, you must do a few things before trading on Binance P2P. These include
Choosing assets to leverage on Binance P2P is similar to picking products to resell.
Just like a reseller selects popular and profitable items, you want to choose assets with high trading volume and liquidity. This ensures easy buying and selling.
Similarly, you should also consider the market demand and sentiment for the asset. Research the price history, news, and market trends to make informed decisions.
It is also beneficial to analyze other traders’ offers and prices to understand the asset’s fair value and negotiate better deals.
When creating your P2P advertisement, you have two options for pricing: fixed or floating.
If USDT is currently worth 1.10 USD, for example. To earn a 3% profit, you would set a fixed price of 1.13 USD.
Alternatively, with floating pricing, the price adjusts according to the market. You can specify a floating price margin of 100% if you wish to purchase USDT at market value. So, if USDT is valued at 1.10 USD, the floating price would also be 1.10 USD.
You can specify a pricing margin of 98% if you want a lower price. Using the same example, the floating price would be 1.08 USD (1.10 USD x 98%).
To be successful in P2P trading, make sure your offer stands out. Offer a range of payment options and set reasonable pricing for your services. Some users will pay extra if you support less common payment options.
To appeal to a larger audience, share your advertisement on the Internet. This way, you can connect with users beyond the Binance P2P platform and attract more potential customers.
Once you’ve started trading on Binance P2P, there are a few techniques you can employ. These will help you reduce risks and maximize profit.
To build trust and attract customers, prioritize completing transactions. Cancelling transactions frequently can damage your reputation and customer base. If you aren’t available for trading, remove your ads to prevent losing potential buyers due to slow response times.
It’s crucial to always keep an eye on your ads when trading crypto for profit on Binance P2P. Give them the attention they deserve and regularly check for new requests. Failing to monitor your trades can cause you to miss out on selling opportunities and potential profits.
Additionally, be prompt in responding to inquiries. Quick responses can help you convince customers to buy Bitcoin from you exclusively.
You can make use of crypto arbitrage to earn profits. Arbitrage is the practice of trading assets on many markets and profiting from minute price variations.
Here’s how it works:
- Find cryptocurrencies you can buy and sell on P2P and Binance Spot market.
- Compare the prices of each currency to identify a profitable price difference.
- Once you find a suitable price difference, it’s simple—buy at a lower price and sell at a higher price.
For example, let’s say BTC’s price on the Spot market on Binance is around 43,117 USDT. On the P2P market, there is an offer to sell BTC at approximately 43,841 USD. You can buy BTC at around 43,117 USDT on the Spot market and then sell it at around 43,841 USD on the P2P market to make a profit.
Binance Liquid Swap lets you join liquidity pools, exchange crypto with minimal slippage, and earn interest. By depositing stablecoins like USDT or BUSD, you contribute to market liquidity and get rewarded with additional crypto.
Stake your tokens on Binance to earn rewards. You help the network safeguard its digital ledger when investing in a staking pool. In exchange, you receive additional crypto as staking rewards. It’s an easy way to earn crypto without trading actively.
You can earn interest on stored crypto with Binance’s savings products. Flexible savings lets you deposit and withdraw anytime, while locked savings offers higher interest rates for locking your crypto for a specific period. Participate in growing your holdings and earning free coins from Binance’s generated yields.
DeFi is popular in crypto, and Binance offers staking for DeFi projects. Stake tokens like BNB, USDT, BUSD, and DAI to earn up to 60% annual yields. It’s a way to profit from DeFi’s popularity without actively trading.
You can also use Binance Launchpool to earn new crypto tokens. All you have to do is deposit BNB, USDT, or other supported cryptos and join token farming. You contribute your assets to a liquidity pool and receive new tokens.
How to Make Money on Binance in Nigeria – FAQs
The minimum deposit you need is 1,000 Naira. But here’s the thing, if you only deposit 1,000 Naira, it might not be enough to meet the minimum trading limit on Binance, which is $10. Unless you plan to add more funds later, you might want to consider depositing an amount that meets or exceeds the $10 trading limit. After doing this, you’ll be ready to begin trading on Binance without restrictions.
To make money on Binance daily, you can trade actively based on market trends, engage in day or swing trading, and utilize margin or futures trading. You can also stake cryptocurrencies, participate in dividends or airdrops, or explore arbitrage opportunities. Remember to research, strategize, and manage risks effectively.