Welcome back to Daft Shootings! Today, I’ll guide you through the straightforward process of converting your Bitcoin to Naira using Binance, right here in Nigeria.
How to sell Bitcoin to Naira on Binance in Nigeria
Selling Bitcoin in Nigeria using Binance’s peer-to-peer (P2P) platform is a straightforward process. This guide provides a detailed, step-by-step approach, covering everything from account creation and security setup to finding buyers, negotiating terms, and safely completing transactions. Whether you’re new to Bitcoin or an experienced trader, this guide will help you navigate the process with confidence.
1. Create a Binance Account:
- Go to the Binance website and click on “Register.”
- Provide your email address, create a strong password, and verify your email.
- Complete the necessary KYC (Know Your Customer) verification, which includes providing personal information and potentially uploading identification documents.
2. Secure Your Account:
- Enable two-factor authentication (2FA) for enhanced security. This adds an extra layer of protection to your account.
- Use a strong, unique password.
- Regularly check your account activity for any suspicious logins.
3. Understand Binance’s Features:
- Familiarize yourself with the Binance platform, including the trading dashboard, available payment methods, and escrow system.
- Learn about the different types of offers and how to create your own.
4. Create a Sell Offer:
- Click on “Sell Bitcoin” and specify the amount of Bitcoin you want to sell.
- Choose your preferred payment method (e.g., bank transfer, mobile money).
- Set your price (consider the current market rate and any fees).
- Write a clear and concise offer description, including your terms and any specific requirements.
5. Find a Buyer:
- Browse existing offers to see what other sellers are offering.
- Wait for buyers to respond to your offer.
- Communicate with potential buyers to clarify terms and build trust.
6. Negotiate Terms:
- Discuss the payment method, exchange rate, and any other conditions with the buyer.
- Ensure you both agree on the terms before proceeding.
7. Start the Trade:
- Once you and the buyer agree, start the trade on Binance.
- The Bitcoin will be held in Binance’s escrow until the payment is confirmed.
8. Receive Payment:
- Wait for the buyer to send the agreed-upon payment.
- Verify that you have received the payment in full before releasing the Bitcoin.
9. Release Bitcoin:
- Once you’ve confirmed the payment, click the “Release Bitcoin” button on Binance.
- The Bitcoin will be transferred to the buyer.
10. Provide Feedback:
- Leave feedback for the buyer to help build your reputation on the platform.
- Report any issues or disputes to Binance’s support team.
In summary, to sell Bitcoin on Binance in Nigeria, you’ll need to create an account, find a buyer, and agree on terms. Once the buyer sends payment, you release the Bitcoin.
Tips for Success:
- Be responsive: Respond to buyer inquiries promptly.
- Be clear: Provide clear and accurate information in your offers.
- Be patient: Transactions can take time, so be patient and communicative.
- Check buyer reputation: Review the buyer’s feedback before trading.
- Use escrow: Always use Binance’s escrow service to protect your Bitcoin.
By following these steps, you can successfully sell Bitcoin on Binance in Nigeria.
