All You Need To Know About Making Money With Binance Peer-To-Peer Trading In Nigeria

Binance P2P platform gives sellers of crypto the avenue to meet buyers with no hindrance and fees. It is fast becoming the preferred way to trade crypto in Nigeria.

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Nigeria is presently the second leading global center for online searches conducted for bitcoin after America according to recent Google data. The range of uses for cryptocurrencies in Nigeria includes remittance for imports, support for family and friends as well as settlement of other bills.

The unfolding scenario makes Nigeria a huge market for crypto service providers, and with Binance as a formidable global leader, we have set out in this guide all you need to know about Binance P2P, and how it works in Nigeria.

What is P2P trading?

When a trader and a seller get matched on a cryptocurrency trading platform with no intermediary taking custody of fees or value thereof, it is a Peer-toPeer setting at work. with Binance, users of the P2P platform are able to buy and sell crypto with ease using their wallets and bank accounts or agreed payment methods.

What to know before getting started?

You need to have a registered account
Provide KYC details like proof of ID, BVN, and a phone number
Binance holds on to the crypto in escrow till the seller confirms receipt of payment
The seller should not release the crypto without confirming that expected payments is received
A private messenger is available on the platform for ease of buyer to seller chat or to contact customer support.

All of these above safeguards are necessary to avoid sellers and buyers losing funds to fraud, and the process is credible if adhered to always.

How can you make money with P2P trading?

Any market where there are sellers and buyers offer a chance to make money, and Binance P2P platform is not different.

Many people are online and looking for ways to bypass the forex shortages in the country and cryptocurrencies are a formidable pathway. You can trade NGN, DAI, BNB, BTC, XRP, USDT BUSD and ETH on the platform.

1. Work with clear terms

On your sales page, state your transaction terms in simple and clear terms and be sure to abide by these terms. You can state:

Make payment to the recipient provided and send me an SMS
Or please send a private message after payment or send an SMS
Expected turnaround time is 15 minutes, please be patient

If for any reason you are not able to meet the terms, be prompt to communicate this to the buyer to avoid a dispute initiation.

2. Use a reasonable profit margin

For example, if BTC/USD is 40,000, selling at $40,500 will net you more buyers than using $42,000, this is as there are many buyers and sellers on the platform. Several transactions over a month can earn you up to $4,000 in fees instead of waiting for three months to make a single sale with a high margin.

3. In-demand payment methods are preferable

Whether it is you setting your terms or working with someone who does, you need to stick to in-demand payment methods. Do not make assumptions or vague descriptions.

Be bold to say, “Pay to XYZ Bank only” or ‘’Send cash with a money agent only”. Either way, the funds can only be sent to the account or recipient that you have provided.

4.Be friendly with helping new traders

On the platform, you are going to come across new traders, and they might not be familiar with the processes. If you come across one, be patient and provide some guidance. The Binance P2P platform has a private message function that is free of charge to use between sellers and buyers, you can message the buyer to make clarifications.

5. Be responsive

it is your personal duty to be responsive and make sure that you respond to enquiries in a timely manner to keep good ratings. If more buyers rate you poorly and line up complaints on your profile, you will lose your patronage and be out of business in no time.

How to become a verified merchant?

The process here is simple and you need to adhere to the requirements to be accepted:

Open a new account and be registered
Be KYC-compliant and at least 18 years old
Provide a utility bill as proof of residence
Have a fiat bank account in your name with at least $100 or its local equivalent
Complete and submit an application form
You also might need to shoot a small video, holding your ID card, and an inscription that is required of you in order to validate your ID.

With these steps completed above, you will be able to get an approval to become a seller in Binance P2P platform.

Are there risks in P2P trading?

There is a good chance to make money with the P2P platform and there are inherent risks too that are worth highlighting. The safeguards are also shown side by side.

Avoid losses as a seller by refusing to take your trades outside the platform so as not to fall prey to scams. Binance provides escrow account to house your crypto till you have confirmed receipt of funds

Take an additional step to log into your banking platform to confirm your buyer’s deposit to avoid releasing crypto when payment is not made

Use a second phone number different from your bank alert phone number as unscrupulous people can send fake alerts to your phone perpetuate fraud

If a payment claim is made by a buyer and it does not reflect in your account, you can file an appeal to get come information and customer support assistance.

Tips to get more trades

You can get more trades by using these tips:

Use your referral code and share on social media
Post the link to your seller’s profile on your social media pages or crypto-themed groups
Join the Binance Africa/Nigeria Telegram group and you can win some referrals there.

How to buy on Binance P2P Platform

Binance is a cryptocurrency exchange platform that was created in 2017. It also provides cryptocurrency users with wallets to store their cryptocurrencies.

How to open a Binance account

Go to Binance and click the “Register” button.
Fill in your email address and select a secure password. If your friend gave you a referral code, you can also input it in the “optional Referral ID” space created.

Verification

Follow the steps given for verifying your account by clicking the code sent to your email address or mobile number.
You may also be required to upload an ID or document or level 2 identity verification. Please follow all the instructions given for easy verification.

Currently in Nigeria, the easiest way to buy Bitcoin on Binance is the P2P platform , which does not necessarily need you to make a deposit

How to Buy Bitcoin on Binance

Because of the regulations on cryptocurrencies trade by the Central Bank of Nigeria, a new way was devised by exchange platforms such as Binance to make buying Bitcoin easier. This new way is what is called Peer-to-peer transactions or P2P. It connects buyers to sellers directly with no transaction fee unlike other platforms on both app and website.

This method allows you to buy bitcoin from several sellers online. Below are the three steps to follow to buy your bitcoin successfully.

Step 1: Pick your preferred currency and payment method.

Click on the P2P section.
Select the Buy tab and the BTC crypto. Then click on the filter icon at the top-right part of your screen
Select your preferred method and currency. As a Nigerian, you are to select Naira and Transfer via Bank.

Step 2: Make transaction

Choose an offer from the offers displayed
Input the number of coins you want to sell, choose a payment method, and click on Buy BTC.
Thereafter, make a transfer to the seller’s account using the information provided before the time lapses. You may also chat the seller up.
Ensure that you send the money to the seller and tap on Transfer next.

Step 3: Bitcoin transferred to your wallet

Click on Confirm. Avoid doing this if you have not made any transactions. (It is a violation of the P2P User Transaction Policy).
Thereafter, the status of the transaction will display pending.
After the seller can successfully confirm, Bitcoin will be transferred to your wallet.

Start Selling and Winning

You can start selling on the Binance P2P platform with all the insights provided in this guide. Be mindful of the safeguards, and you will be able to make a decent amount of income and ROI.

Cryptocurrencies, Ethereum and The Future

The use of Ethereum in the crypto chain has been monumental, From the initial rise of ICOs to the growth of DeFi, it has become a leading bulwark. Here is the pathway to the future.

Cryptocurrencies took the world by storm in 2017 when Bitcoin reached an ATH that tethered at the $20,000 mark. Ever since, the market has posted some amazing ROI that has left other asset classes scrambling for cover.

With the initial mad rush to take a cut of the bitcoin pie simmering down by nid-2018, investors did begin to explore other crypto with potentials, While ETH was also affected by the downturn that hit the crypto market, other initiatives led to the development of DeFi markets, which largely revolved around Ethereum at the time.

In a factual assessment, with its smart contract features, Ethereum largely led the way for real world assets to be tokenized although that glaring advantage has taken a hit of late. The likes of Cardano, Tron, Stellar, and Ripple have introduced smart contract features that are giving Ethereum platform a good run for the DeFi money.

If you want to thrive in the modern market, you should familiarize yourself with the features of Ethereum that have helped positioned it a leading cryptocurrency and a global digital market frontline asset.

Also Read How Chainlink Connects Smart Contracts To The Real World And The Opportunities Therein

About Ethereum

Ethereum can be referred to as a modern technology covering vast online activities and trading. Ethereum is an online platform that aids payments and transactions globally. It provides an avenue for everyone to work online and earn money.

Ethereum has made transactions globally easy as it covers and accessible globally. All transactions and payments will be made online with ease and no third-party issue. All that is needed is to register on the platform, secure your wallet, fund it and transact with precautions. Ethereum service is also available 24/7 customer support service if you have any issues.

Perks of Ethereum

This crypto provides an unbiased and equal opportunity for everyone. Being on the platform and obeying rules makes you entitled to benefits and profits concerning trades and activity.

It serves as a modern avenue for online development and financial breakthrough. Ethereum provides a transparent, open-source service that allows you to monitor your activities and use strategies or codes used by pros on the platform.

It makes investments much more effortless. Ethereum serves as your bank, your secured wallet, which can be accessed and used for any transaction anytime, anyway.

It is available in any quantity. You can purchase Ethereum worth any value of money you have for small investors or beginners.

A Guide on how to get started on the Ethereum platform.

After registering on the platform, here are the basic things you need to do.

Select a wallet. This wallet connects you to trading on the platform and keeps records of your transactions.

Fund your wallet. The currency of Ethereum is ETH, as the US currency is Dollars (USD $). This currency will be exchanged for any transaction with any currency on the platform. This is like a balance to avoid confusion and currency preference.

Start trading on the platform. This is essential to make profits and key to your financial breakthrough.

Frequently Asked Questions About Ethereum and its Future

Is it feasible for Ethereum to reach $2000?

Generally, every cryptocurrency is not fixed; hence rise and fall in their price. Ethereum has once been valued at $1400, though fallen now but very much feasible to exceed the $2000 worth.

Is Ethereum better than Bitcoin?

With the recent rise in Ethereum value, it is safe to choose Ethereum over Bitcoin in terms of its usability, beyond just as a crypto. Its blockchain value is growing.

Ethereum is the future, and this can be seen from the expanding use it has seen in the DeFi game.

Conclusion

Ethereum is a leading crypto with clearly marketable credentials. With steps taken to re-imagine the blockchain and make it nimble and responsive to marketplace realities, there is no doubt that it is not giving up its market lead so easily.

Leading Reward Tokens That Rule The Crypto Space In 2020

Reward tokens are awarded in the crypto space by platforms as an incentive to patrons. Here is how the market leaders have fared so far in 2020

Crypto Reward Tokens: Which platforms perform best?

The advent of DeFi automated exchanges has brought new ways to invest and earn money with cryptocurrencies. Being already interested in investments of the sort, many crypto adopters have rushed to these – particularly those programs where money can be earned by just parking your crypto in a particular exchange and in return, you earn a reward.

These tokens, often thought of as crypto reward tokens, are currently being advertised as great investments, since they’re low-risk propositions. They’re also helping to build the backbone of a global working blockchain economy that could eventually rival, or even replace, our current, banking-based economy.

You Must Read: The Attraction of Polkadot Blockchain And Here Is How It Is Making A Difference

How do they work?

As stated above, crypto reward tokens work in much the same way fixed-term deposits and savings accounts work with traditional banking. You give the bank (or in this case the DeFi exchange) your crypto tokens, it is to fund loans, and you get a percentage of the interest back after some time. There are no fixed terms, so your crypto isn’t stuck there – however, the longer it remains there, the higher the earnings you get in return.

That sounds good. Can I do this with any tokens?

Not with just any token, since you’ll have to use tokens that are supported by your platform of choice. While in most cases this means Ethereum-based tokens and stablecoins, some platforms do allow external tokens.

Still, there’s nothing keeping you from participating using one token and then converting the earnings to another, so if it’s plain earnings you’re looking for, then the lack of support for your token of choice shouldn’t be a problem.

Which ones are the best performers currently?

While there are dozens of possible offerings, each with its own pros and cons, and while it’s impossible for there to be a single one that’s best for everyone, we have reduced our list to three main tokens you should look out for and consider: Nexo, Celsius, and Crypto.com. The reasoning for our choice is as follows:

Core Features

The more features and services an exchange offers, the more likely it is to succeed in the long run. For reward tokens, this means more users, which leads to higher, more regular earnings.

Out of these three, Nexo is the one closest to a standard banking operation – as it is both licensed and regulated. It is backed by Deloitte, giving it the much-needed industry approval. Its main offering as a platform for customers is both savings accounts (that net you rewards) and a loaning platform. Interests are given daily and all transactions are insured. Nexo supports fiat currencies, and a few other exchanges do. same

Celsius offers much the same as Nexo, although it isn’t as tightly regulated. Celsius also offers their loans without requiring credit checks, which expands its audience at no risk to you, as all loans are insured. Interests from Celsius are awarded weekly.

Crypto .com also offers savings accounts and loans. However, their main draws are support for a large range of currencies and, more importantly, its crypto-backed debit cards that allow you to make purchases using your saved cryptocurrencies without having to go through exchanges.

Safety Features

Wherever money is handled, safety is paramount. While all three of these exchanges are considered safe, their features vary.

Nexo insures all wallets for up to $100m. Moreover, deposits are kept in cold storage under a third-party custodian, as per EU/UK regulations. Its security and management systems have been heavily audited and are considered top-of-the-line.

Celsius, like Nexo, has all wallets insured and kept in cold storage by a custodian – BitGo, the same one behind Nexo. Its mobile app offers two-step authentication. There’s no web app to speak of.

Unlike its other two competitors, Crypto.com doesn’t list third-party insurance or custodians among its features. However, the company and its holdings are insured by the FDIC and all user deposits are kept in cold storage.

Ease of Use

This is the point where there’s more variation among all three companies. Although ease of use and access should be paramount, it’s common for crypto-based companies to sometimes falter in this regard.

While Nexo offers both web presence and a mobile app, there’s no way to buy or exchange cryptocurrencies from it – with the app serving mostly as a tool to check what you already have there. It is generally simple to use and has support for different types of accounts, including business ones.

Celsius has no web presence whatsoever. It also only offers its highest interest rates if you choose to be paid using its own cryptocurrency, which can be problematic for some users.

Crypto.com, for all of its available services, has one flaw: Not all territories are supported. Most particularly, the crypto exchange and credit lines aren’t available for US residents (however, the crypto-backed debit cards are.)

Recent Performance

Since it’s not uncommon for exchanges to offer their best rates if you allow them to pay you using their native cryptocurrencies, the recent performance of said tokens is an important metric to consider.

Nexo’s performance on this regard has had its highs this year, and few lows. While the price of the NEXO token is only 30% higher than back in January, over the year it has seen peaks that have led it to over 100% ROI vs January. It also hasn’t seen huge lows – meaning it’s a relatively low risk currency.

Celsius is easily the biggest performer among these three. The CEL token has gone from $0.14 at the beginning of the year to an all-time high of $1.43 as of this writing – reporting a 1000% price increase. It’s hard to argue against a performance like this.

Crypto.com’s performance is close to that of Nexo, in that it’s had a few highs (none as high as Celsius’) and few lows. The MCO token did have a sharp price drop during March, but it recovered quickly in a bull run that had the token go from roughly $2.5 to $5.5 within a month. Its price as of this writing sits roughly 30% higher than in January.

Recommendation: Despite The Marketplace Twists,Thorns and Thistles, Here Is How USDT Has Weathered The Storm

In Rideshare Disruption, Here Is How Cryptocurrency Payments Can Boost Local Economies And Make The Greater Good Possible

Rideshare is becoming the norm in many parts of the globe. It is a chance to promote the greater good in local communities. Here is how this can happen with crypto payments

When blockchain appeared nascent, not many people gave it a chance to make a difference. However, keen tech watchers knew that like the Internet, it was sure to stand the test of time. Cryptocurrencies have emerged as a major face of what blockchain tech can do.

Utilizing the idea of crypto payments for rideshare is basic. One great side to crypto adoption is the inevitability of decentralization. To couple the benefits of breaking down centralized systems in transportation and payments for services can be a game-changer.

How Rideshare tech works

Open the application and press the find button to locate a driver. Drivers in the zone will get a notification, and when a driver acknowledges, the rider and the driver can be linked up using the Geo-find feature.

The success of a rideshare innovation is such that municipal governments, businesses and individuals can leverage it for the betterment of the local economy. Employment opportunities for the people in the locality can be boosted and productivity will be on the upswing.

Be that as it may, paying with cash could sometimes be a limitation., as it does not offer the sort of recognizable proof confirmation that other methods offer. Also carrying cash around might be dangerous due to the crime rate in the area. Due to this factor, the rideshare can get integrated into the blockchain innovation.

Why an outright prescription in payment method could be a limiting factor in some areas, the open customizable nature of blockchain tech allows for preferences.

The developments along these lines shows that forerunners in the rideshare business are losing out in market share for far-flung areas by centralizing operations in cities. Therefore, local organizations and companies can explore options so that ride share be accepted globally beyond (beyond city centers.)

The above is a win-win situation for everybody such that the rideshare companies make more money, and it helps in the ease of transportation within those areas, also providing employment opportunities to people of the region.

Business and Social Boost

Utilization of blockchain innovation is for all intents and purposes necessary in the use of rideshare apps, and it is extremely positive to see a few organizations attempting to induce this idea into their various plans of action. Some of these have already started seeing the positive side of this blockchain invention in their ride-sharing application. The ride-sharing economy is increasing rapidly and consolidating intense types of innovation which will prompt future advancement.

With regards to understanding the idea of ridesharing, the essential objective is to reduce the number of vehicles on the road. As opposed to including new vehicles on the streets. Some of these organizations hope to benefit as much as possible from the operating system of ridesharing and are also looking at how they can benefit from blockchain-based rideshare apps.

Rideshare organizations like Uber and Lyft are handling this issue also, although they are in full control of the clients. But for clarity, it is necessary to understand that an open-source innovation is viable. This will help to increase their appeal to the public and give people an edge with the many possibilities of blockchain technology.

Better Credibility

Decentralizing transportation is not an amazingly easy task, but the presentation of blockchain innovation makes a lot of difference. The consideration is beyond the ease of settling cost by individuals, and as credibility is boosted considerably.

An area of benefit is that this development would encourage record keeping in transactions that are being made, thus encouraging transparency among the drivers. Furthermore, the appropriated record innovation would enable the organization to take correct payment percentages from their drivers.

It is sure that these ridesharing companies would make more money wherever they choose to operate. Also, companies can avoid claims of driver exploitation as both parties would have relevant records and receipts to fall back to in the case that this leads to a legal issue.

Better Employment Numbers

Another advantage of this in all regions of the country is that most drivers are scared to work in regions that are dangerous and known for the high crime rate. But once the rideshare app is being incorporated into the blockchain, it would limit the amount of cash that a driver would have in hand, hence it would discourage criminals from trying to rob the car.

Last Words

The basic idea behind crypto payments for rideshare is that non-cash payments is less prone to theft. On the flipside, once ridesharing is decentralized, the regions of high crime rate may experience a reduction in crime rate. This basis for this optimism is that some criminal activities are caused by lack of adequate employment in the area.

With the decentralizing of rideshare, this would give employment opportunities to the people that stay in these regions. This is an especially important advantage of the global acceptation of ridesharing.

Must-Read: Why Supporting a Local Economy is a Boost For Entrepreneurial Efforts

3 High Performing Cryptocurrencies To Look Out For in 2020 Q4

The crypto market is in a spring right now, and here are three high-performing tokens to watch.

So far, 2020 has been a year of ups and downs in the financial market, especially since the advent of the coronavirus, with stocks jumping all over the place. Cryptos have also had their fair share and are in no way left out. Regardless, the financial market ecosystem has continued to seek out alternative liquidity investment plans and are rapidly turning to high performing cryptos and stocks.

In this guide, we’ll examine three (3) high performing cryptocurrencies, their market value and activity, historical performance, and what to expect in the remainder of 2020. Without much ado, let’s get started.

Cosmos

Cosmos (ATOM) is simply a double-layer network that comprises of a lot of independent, yet interoperable blockchains referred to “Zones” which operate based on the Byzantine Fault Tolerance (BFT) consensus algorithm. It facilitates the exchange of assets, tokens and data between blockchains.

Historical Performance

At the start of 2020, Cosmos had a market cap of $802.5 million and an average market price of $4.3. At the time of writing (August ³¹ 2020), it’s now ranked 19^th with a market cap of about $1.18 billion, a market price of $5.7, and a 24-hour trading volume of about $321 million. That’s a 47% growth in market cap and a 32.6% increase in market price over 8 months.

Core Area of Usefulness

Cosmos partners with OmiseGo, IRIS, Loom Network, FOAM, Theta Toe, etc. to provide solutions to blockchain scalability, sovereignty and complexity.

What to Expect

Cosmos has an average market cap of about $1.2 billion, and a surge is expected in the nearest future. Based on trends, crypto enthusiasts can expect Cosmos attain a market price of $10 by December 2020.

VeChain

VeChain is a blockchain-based crypto platform specifically designed to enhance business models and supply chain management with the aid of DLT. It aims to champion a distributed and trusted business ecosystem that ensures greater transparency in the flow of information, an ultra-swift transfer of value and efficient business collaborations. This project has numerous practical examples and is highly appreciated and recognised by Deloitte, BMW, PICC, PwC, H&M and lots more.

At the turn of the year 2020, VeChain was ranked 30^th with a market cap of about $332.4 million and traded at $0.005643. Fast forward to today, it ranks 21^st with a market cap of over $1.1 billion, and trading at an average $0.018553. That’s a bullish 258% growth in market cap and 228% surge in market price.

Core Area of Usefulness
Automobile data tamper-proof – Renault and BMW are currently partnering with VeChain. Data such as driver’s habit, repair history, registration, and insurance are made immutable.
Product Anti-duplication: this is executed with the aid of smart chips which ensures that products are not adulterated. Certain luxury brands have already signed up for this.
Cold-chain logistics via IoT sensors that automatically interface with the blockchain.
Carbon Credits: carbon emission tracking and rewards schemes for friends of the earth.
Provide solutions to the traceability of digitalized clinical trials.

What to Expect

The surge in the market activity and demand for VeChain is driven by its integration of IoT into supply chain management models. According to cryptoground, VeChain is expected to attain $2.58 by December 2020, although a little unrealistic.

To attain the $2 mark, VeChain would have to match Bitcoin’s market capitalization – that’s a difficult one. However, a more realistic prediction would peg VeChain at about $1 by the end of the year.

Chainlink

Just like the two cryptos mentioned earlier, Chainlink is also doing exploits, and it has achieved new market prices multiple times already in 2020 – its token is LINK. A Chainlink solution, Oracles, make it possible to aggregate real-world data, payments and events into the blockchain as smart contracts. Plus, this project finds application on DeFi platforms and is gradually making waves in the pharma space.

Historical Performance

As the time of writing, Chainlink is ranked 5^th with a market cap of over $6 billion, and a 24-hour trading volume of over $1.8 billion, according to coingecko. Chainlink started at $1.8 in January 2020, with a market cap of $642 million, but today, it’s trading at $16.7 – that’s a bullish 828% rise in market price.

Core Area of Usefulness
Retrieval and verification of external data on smart contracts and blockchain network.
Decentralized Finance (DeFi) platforms

What to Expect

Price predictions are becoming a bit more difficult, especially with the look of the financial market. This might be different for Chainlink as it’s already outperformed several predictions this year on many occasions, and is currently trading above the $5-10 mark forecast.

According to an AI-enabled algorithm from Crypto-Rating, Chainlink is predicted to trade at about $20 by the end of 2020, towards the turn of 2021. This is pretty much realistic and it an only get better with this project.

Disclaimer: This is clearly the opinion of the author and not a piece of financial advice. Endeavour to dig deep before you make any investment in cryptocurrencies.