Binance recently added Naira deposits to its exchange platform, making it easy to use Binance in Nigeria. In this guide, we look at how to use binance in Nigeria.
The steps involved in using Binance in Nigeria include:
- Sign up to Binance.
- Confirm your identity.
- Deposit Naira.
- Begin to trade (buy/sell bitcoin).
- Add extra security to safeguard your account.
Signing Up to Binance and Confirming Your Identity
Most importantly, to use the binance platform as a new user, you will have to sign up and confirm your identity. On the other hand, readers who have already gone through this process should scroll to the next steps.
Firstly, visit binance.com and click the “Register” button to register an account. During this process, you will then be asked to provide your email, password and referral ID (use “10863029“, our ID if you want to support our work).
In addition to this, you will have to agree to the terms and conditions of the platform. Remember that to use Binance you must be 18 years or above.
After this, you will receive an email to confirm your registration.
Secondly, you will have to confirm your identity as mandated by Know-Your-Customer (KYC) and Anti-Money Laundering (AML) laws globally. You will have to provide an identification card during this process. For example, a Nigerian National ID or Passport will pass.
This process may take a few minutes or an hour. Subsequently, you will be verified and ready to move to the next step.
Adding Funds To Your Binace Wallet
After successful verification, you are ready to trade. That is to say, you can buy or sell bitcoin. To make this possible, you will first have to add funds to your wallet. Depending on whether you are buying or selling bitcoin (or any other cryptocurrency) the process is different as stated below.
How To Buy Bitcoin on Binance in Nigeria
To buy bitcoin in Nigeria on the binance platform, you will have to deposit Naira (NGN). You can make this deposit through debit or a credit card.
This recent feature came in an announcement indicating that Binance has added Naira deposits through a partnership with Flutterwave.
In order to deposit, visit your account and select the wallet. Enter NGN, the Naira currency code in the search bar to get the results below.
Click on deposit to add funds to your wallet.
Visit the trading tab and find the NGN/BTC trading pair to place your buy order. Your order will get filled depending on your bid price and the market at the time of your purchase.
How To Sell Bitcoin on Binance in Nigeria
To sell bitcoin in Nigeria on the binance platform, you will have to deposit bitcoin.
In order to deposit, visit your account and select the wallet. Enter BTC, the Naira currency code in the search bar and click on deposit next to the BTC bar.
Visit the trading tab and find the NGN/BTC trading pair to place your sell order. Your order will get filled depending on your sell price and the market at the time of your purchase.
How To Secure Your Binance Account
Here are some steps you can take to ensure that your Binance account safe.
- Use a secure and unique password.
- Activate authenticator
- Set an Anti-Phishing Code
Using Binance in Nigeria has become easy due to the addition of Naira deposits. If you run into any problems, hit us up on Twitter with your questions.