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How Nigerians Buy and Sell Bitcoin Making Money Through P2P Markets in Nigeria.

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Last updated on August 30th, 2020 at 01:11 am

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If you’re interested in earning a living through Bitcoin but you have no knowledge on how to make it happen then this write-up is for you. You will get to learn how to make profits through buying and selling Bitcoin on P2P markets in Nigeria.

It doesn’t matter whether it’s your first time in the crypto world or you’re just searching for a platform to buy Bitcoin or to sell Bitcoin with Naira. You’re already covered.

If there is a place around the world where cryptocurrencies show an increased adoption then it has to be in Africa, precisely in Nigeria. Significantly, Nigeria has the highest number of persons searching the word cryptocurrency on Google search trends. 

The largest economy in Nigeria is currently at the highest economic crisis of all time shifting the attention of the government from oil exports, expanding into financial services, new technologies and information technology sectors. 

The age range covering most of these tech savvy persons are the youths, who are looking for ways to stay out of impending poverty and crisis ravaging the region. Many of these youths are moving into the Bitcoin trading business and looking for ways to get started, of which P2P Markets is one of the tools available for starters. 

It is now becoming easier to buy Bitcoin in Nigeria with different service providers including Quidax, Luno, Paxful, OKEx, Bundle Africa alongside others.

What do you get to learn from this article

1. How to purchase Bitcoin with Nigerian Naira

2. How to trade Bitcoin to Nigerian Naira.

3. Tips and Tools For Setting Up Your Bitcoin    Business in Nigeria

4. Extra Tools and the Best P2P Market To Use.

Before you begin your Bitcoin trading business in Nigeria, you are meant to have done the following:

  • Have a Good Internet Enabled Mobile Phone.
  • Open a Trading Account on P2P Markets Like Binance P2P.
  • Be part of a good community of traders.
  • Verify your P2P account with BVN / Government ID Cards to protect you against fraud.

How to purchase Bitcoin with Nigerian Naira

One of the benefits of P2P Markets is that you get to trade with verified merchants. You are also open to a stream of cryptocurrencies and the processing time is fast and swift.

We have published a step by step guide on how you can use the Binance P2P to buy and sell Bitcoins with Nigerian Naira.

Tips and Tools For Setting Up Your Bitcoin Business in Nigeria:

A Bitcoin trader or an aspirant into this sector or area is expected to have a full grasp of these five facts for Bitcoin Trading Business in Nigeria before getting started.

Moreover, the aspiring Bitcoin merchant is expected to learn all the basic knowledge required of him before onboarding into the cryptocurrency space in Nigeria.

Another thing you should know is that as an aspiring Bitcoin trader or merchant. You are expected to be operating on many cryptocurrency exchanges in Nigeria. 

We have a lot of exchanges in Nigeria offering the buying and selling of cryptocurrencies like Bitcoin, Ethereum alongside others in Nigeria.

P2P trade on Binance has zero fees making it one of the best out there on which you can easily get verified on and start trading instantly.

Extra tips to make money with Nigerian Naira on P2P Markets

Trade in the International market: 

On P2P markets like Binance P2P you have the opportunity of trading against many other international fiat currencies like the Chinese Yuan, Kenyan Shillings etc. Trading on this P2P provides you with the leverage of buying and selling foreign currencies and redeeming payments worldwide with the supported payments method.

Bitcoin P2P markets provided by Binance gives you access to a basket of more than thirty Fiat currencies.

Taking advantage of multiple options:

Buying Bitcoin with your debit cards can give you a discount compared to what you can get  on just trading Bitcoin against Naira. 

Using any platform like Quidax etc can help you to buy Bitcoin at a cheaper dollar value than when you deposit Naira to buy Bitcoin. 

For example: When you use your MasterCard from GTBank to buy Bitcoin through Binance. GTBank will charge you around N390 per $1 compared to what you will buy on Binance via N474 per dollar. 

When you buy with your MasterCard, you can sell the Bitcoin you purchased at profit to a buyer on Binance P2P. 

Again, you can leverage on the different payment methods listed on the P2P market to buy Bitcoin in Nigeria. 

How Does It Work?

There are different payment methods on the Binance P2P, you can provide access to all of them and leverage them to provide different options to vendors against competitive prices. 

You can use this advantage to buy crypto at a competitive price through a very accessible payment method and sell it using a less accessible payment method. 

There will always be people who are ready to pay you extra money or an increased rate per $1 to Naira just to make use of that payment that is hard to find.

Purchasing cryptocurrency online, most times requires the buyer to pay electronically, using “traditional” payment methods such as a bank transfer or credit card. 

Other African countries like Kenya allowed M-Pesa while in Zimbabwe it’s Ecocash. In Nigeria it’s bank transfer or debit cards which will require BVN verification to process.

Millions of Nigerians will definitely benefit from the freedom of money offered by Cryptocurrency in the Country which has started gaining wider adoption of recent.

About The Author

By Tony Chimdiuto

Content Developer | Blogger | SEO Manager | Web Administrator | Web Designer | Copyrighter | Journalist|

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