Binance operates the world's leading cryptocurrency exchange in daily volume and transactions (1.4 million per second).
Changpeng Zhao, better known as CZ, is the founder and CEO of Binance, the cryptocurrency exchange that managed to become the largest on the planet in just under 180 days. This Chinese-Canadian programmer, seasoned in developing high-frequency trading systems for Wall Street flash boys, knew how to redirect his experience in this field and apply it to the emerging crypto environment.
Binance presents several pros for Nigerian Crypto traders. Besides the fact that it's the world's top crypto wallet and provides many features related to the Blockchain ecosystem, it allows locals to deposit and buy tokens in Naira. This last comment means and is vital because, to purchase and trade Cryptocurrencies, you do not need to convert your funds to USD or EUR via a high-cost third party (Where you could lose 1% of your initial investment before even starting). So, let's move on to the key aspects that you should know about Binance.
The Binance EcoSystem
Beyond being the largest cryptocurrency exchange by volume, Binance offers multiple products and services; its core objective is to build a broad ecosystem in the blockchain sector. In this regard, this ecosystem consists of numerous variants. Of course, the cryptocurrency exchange stands out among them and the wallet services for its users, crypto laboratories (to launch new tokens), charity, information, and education, among many others.
Binance recently announced Binance Pay, a contactless, borderless and secure cryptocurrency payment technology. It allows users to pay and receive crypto payments from friends and family worldwide, and it is available to all Binance users.
Also, they have launched Binance Smart Chain, one more step towards achieving their decentralization goal.
Binance Crypto Offering
If you want to go ahead and buy Bitcoin, Ethereum, Cardano, or even Binance Coin, it's easy. However, you are probably searching for low cap altcoins, supposedly the ones that have a higher potential (Disclaimer: This is not financial advice, it is indeed the riskiest possible financial move, so beware and take care of your capital). If this is the case, Binance divides the coin offering into sections to make the search more accessible, so whichever "group" of coins you are interested in, you may filter them from the sea of available tokens.
DeFi: DeFi is short for "decentralized finance," an umbrella term for various financial apps in cryptocurrency or blockchain geared toward disrupting financial intermediaries. The most popular DeFi coins by Market Cap are Uniswap (UNI), ChainLink (LINK), Terra (LUNA), PancakeSwap (CAKE) and Aave (AAVE)
Innovation: This is the group of new, innovative tokens that are likely to have higher volatility and pose a higher risk than other tokens. The most popular tokens on this group are Sushi (SUSHI), 1inch (1INCH), and Bitcoin Cash ABC (BCHA).
POS: With Proof of Stake (POS), cryptocurrency miners can mine or validate block transactions based on the number of coins a miner holds. Top POS coins at Binance are BNB (BNB), Cardano (ADA), and VeChain (VET).
Polkadot: Polkadot is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Top Coin is (by far) Polkadot (DOT), followed by Kusama (KSM) and Reef Finance (REEF).
NFT: Nonfungible tokens prove ownership of a digital item – image, sound file or text – in the same way, that people own crypto coins. Unlike crypto coins, which are identical and worth the same, NFTs are unique. Top NFTs are Chiliz (CHZ), Decentraland (MANA) and Enjin Coin (ENJ).
POW: Short for Proof of Work is an algorithm used within a Blockchain network to achieve trustless and distributed consensus. In short, what started the Crypto revolution. In this group, you find the big boys: Bitcoin, Ethereum, Dogecoin, Litecoin, Bitcoin Cash, etc.
BSC: Binance Smart Chain (BSC) is a blockchain network built for running smart contract-based applications. BSC runs in parallel with Binance's native Binance Chain (BC), which allows users to get the best of both worlds: the high transaction capacity of BC and the smart contract functionality of BSC. In this group, you will find every token which runs in the Binance ecosystem.
Storage: These are tokens that provide an economic incentive to distributed cloud storage networks. The top coins in this group are Filecoin (FIL), BitTorrent (BTT) and Holo (HOT).
A view of Binance' Crypto Trading Platform
How to Open a Trading Account with Binance from Nigeria
Opening a Crypto Trading account with Binance from Nigeria is a process that is completed online and requires:
Register, and upload an ID through the Platform's App.
Once their administration team approves your account, it's time to deposit funds. The depositing and withdrawing money methods are usually Credit Cards (through Third Party Services like BANXA or Simplex), Bank Transfers, or, if you already hold Cryptos on other platforms, you may transfer them as well.
Once Binance applies your funds or cryptoassets to the account, you are ready to trade.
Is it easy to trade with Binance?
Binance allows crypto trading, straightforwardly through an optimised trading app. Designed in a way that the investor can learn and start trading very quickly, without the need for much prior knowledge, to buy, for example, Bitcoin, or the huge amount of available altcoins, you have to:
open the trading account as explained before,
Search for "Bitcoin" or "NEO" (Or whichever token you wish to acquire) on Binance Trading platform, and
press the "Buy" button.
And, done, you are officially trading in crypto assets with Binance.
Binance Minimum Deposit in Nigeria
Binance does not require a minimum deposit amount, you literally can start trading with 1 Naira. In terms of the depositing commissions, if you are going to deposit with a Credit Card, fees range from 2 to 3%. Cryptos can be transferred without incurring depositing fees.
How Can I Withdraw Money from Binance in Nigeria?
Go to Wallet and choose P2P: From your homepage, hover over the "wallet" and select "P2P" on the upper menu. Then, please choose the currency you wish to withdraw; we will use Bitcoin (BTC) in our example. You may also use USDT, BUSD, BNB, DOGE, ETH and DAI.
Change Transfer Flow and Confirm Amount: Change the transfer flow by switching from 'Spot wallet' to 'P2P'. Then, select the amount that you want to sell, and click "Confirm Transfer". You are now transferring the amount of BTC you have chosen to your P2P account.
Trade Through P2P: Once you transfer the amount to your P2P account, Go to 'Trade' and choose 'P2P' (On Binance Main Bar).
Change Currency: Again, you will have to select your desired currency. Select NGN. Also, click on "Sell". It will show you a list of people willing to Buy your BTC with their balance in Naira. You are now about to make a transaction.
Choose Bank Transfer: Choose the "Bank Transfer" payment option. There are many other options such as cash deposit to your bank account, Skrill and Western Union.
Finding the Right Peer: When you are happy with the provided exchange rate, and you have chosen the peer with the highest completion rates as they should be more reliable, click on "Sell BTC".
Choosing the Quantity: Choose the quantity of BTC you want to sell, and click "Set a Payment Method".
Add a Payment Method: Binance will now redirect you to a page where you need to add a payment method. First, choose bank transfer as a payment method. Next, add your bank account details. Be accurate as you don't want to enter wrong figures and end up stuck with this transaction.
Finalise the Transaction: After that, you will have to wait a few minutes to allow the buyer to transfer the fiat money into your bank account. Once the buyer sends the money, you will be notified that your transaction was successful. You shall then receive the amount you have exchanged in your bank account.
Binance, an international, reliable and robust crypto trading platform, provides you with live access to crypto markets, quickly and straightforwardly. Good luck and trade safely.
In the world of cryptocurrency trading, having a reliable and user-friendly platform is essential. Binance, one of the leading cryptocurrency exchanges, offers its users an impressive mobile app that combines functionality, convenience, and security. The trading app stands out as a powerful tool for traders of all levels, providing a seamless trading experience on the go. In this review, we explore the remarkable features and user experience offered by Binance.