How to start your crypto journey in Nigeria

Investing in crypto has been a nightmare for many people especially for the non-technology savvy who find it difficult to open a Crypto exchange account such as Binance. However, this simple guide will assist you in making your journey into crypto investment hassle-free by giving you step to step guide on how to open a crypto account and deposit money using the Peer-2-Peer (P2P) option due to the recent temporary banning of cryptocurrency by the Apex Bank (CBN).

Note: Binance is a crypto exchange service that gives a level playing ground to individuals who are interested in investing in crypto as a hedge fund against inflation.

Steps in Creating an account with Binance

1. Click on the link or copy and paste this link on your web tab: On the landing page, supply your email address or phone number and your chosen password. Always make sure you use something you can always remember but difficult for other people to guess to prevent possible loss of funds to hackers.

2. Confirm your account: After successful registration, a confirmation message is sent to your email by Binance. Click on the link on the message in order to continue with your registration.

3. Verifying your account: Verification is very important on Binance as this enabled the company to carry out their Know-Your-Customer popular as (KYC). Supply every information required and upload your available document for verification such as National I.D. Card, International Passport, Voter's Card or Driver's Licence and within a couple of minutes, your account will be verified. Verifying your account is very essential as this allows you to increase your daily transaction and withdrawal.

4. Secure your account: Security is very crucial in crypto investment as a breach of security to your wallet could result in irrecoverable loss. So, securing your crypto asset via all possible security measures should be your priority before proceeding to invest in cryptos. Aside from your password which you supplied in the first step of your account creation on Binance, you're expected to secure your account 2-factor authenticator popularly known as 2FA. This feature allows you to secure your account with your mobile line. By this action, you will be prompted with One-Time-Password (OTP) each time you need to log in to your account or make a withdrawal from your account. Contrarily, this also helps prevent hackers from having access to your wallet especially when your email account becomes compromised. Additionally, to make your account safer, you'll need to activate Google Authenticator feature on your account. This works like OTP but delivers an extra layer of security to your wallet. This feature is much better as no internet or text message is required to log in to your account. To activate this service, click on the User Icon at the upper left side of your screen and scroll to security. Then, click on Binance/Google Authenticator and follow the screen prompt. Meanwhile, it should be noted that you will need to download google authenticator from Google Play store (for Andriod users)  or Authy for IOS users.

Depositing Money on Binance: Now that you've secured your account, putting your money on the exchange to enable you to transact in various available cryptos in the market comes to play. To do this, click on Funding and select P2P. Prior to doing this, add your bank account details to your profile by clicking on the User Icon to locate Payment Method options from the lists. Click on the P2P Payment Method(s) option to add your bank account details. Now that you've added your payment method. Continue with the P2P deposit. The best way to get your deposit to the exchange is by trading your fiat, that is, your naira for stable currency such as USDT or BUSD. So click either of the two coins (USDT or BUSD) after clicking on P2P from the funding options.

Then, scroll through the list of merchants and other market participants who are willing to sell USDT or BUSD and click on the one that is within the range of the amount you are willing to deposit on the exchange.

On the next page, click on Fiat and type the exact amount of USDT or BUSD you are willing to buy in your local currency and then click on "buy". Please, always take extra caution by going through the seller's bank details, their terms and conditions before proceeding to pay. Then on the next page, click on "To payment Page" to reveal the seller's bank information to facilitate your payment. Transfer the exact sum as stated on your order. Once this is done, click on "Transferred, notify the seller". Wait for the system to confirm that your fund has been received by the seller and once this is done, the USDT is automatically credited into your P2P wallet. 

Now that you have successfully purchased the USDT or BUSD, transfer the USDT from your P2P wallet to Spot Wallet and you can then proceed with your investment by using the USDT or BUSD to purchase any other assets from the numerous lists of crypto assets on the platform.


Note: This write up is for educational purposes only and not some kind of financial guide. Endeavour to do your due diligence on any crypto assets before investing in them as failure to do so may result in irrecoverable financial loss. 

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About Author

I'm a crypto enthusiast, a researcher and a writer.