You must have seen the circular from Central Bank of Nigeria directing banks in Nigeria to block the account of cryptocurrency exchanges. Doing this will stop us from depositing or withdrawing money to and from our favorite exchanges.
Little did they know that we will always have a way out.
The way out is making use of Peer-2-Peer trading option on Binance.
What is Peer-2-Peer trading?
This is a kind of cryptocurrency trading where buyers and seller can send or transfer money to each other directly. And in this, Binance act as the middleman.
How is it done?
- First, create an account with Binance and verify your identity. Click here to register
- Navigate to the P2P section and add your payment option.
- When you want to buy coins, you will choose a vendor of your choice and pay to his/her account and then the coins will be in your Binance wallets. When you sell, the money will be paid to your local bank by the buyer.
Watch the video on how to do Peer-2-Peer trading on Binance
How to set up payment method
How to transfer your coin/fiat from p2p to Spot Market
Now that you have bought your coin or fiat, the next thing to do is transfer it to your spot market so that you can trade with it. To do this, follow the simple steps below to transfer coins from P2P to your spot market.
Disadvantage of Peer-2-Peer
The only demerit there is sellers set the price they want to sell their coins and the transaction will take 5 minutes to some hours depending on availability of the seller.