The Binance exchange is by far one of the absolute best contenders for the title of the most popular crypto exchange in the world. The platform is so popular thanks to a number of factors, which include its availability, broad range of trading instruments, wide offering of traded tokens, and a powerful marketing machine. This combination of factors is the reason why many crypto users in Nigeria look for answers about how to buy crypto on Binance in Nigeria.
The Binance platform is a rich treasure trove of services and interesting features for any crypto enthusiast and offers a number of considerable advantages over its main competitors. Apart from providing round-the-clock trading and a favorable exchange rate for its many traded assets, the platform also gives benefits and significant discounts for the use of its native BNB token. The combination of such benefits not only slashes commissions and provides a certain degree of passive income through staking and rebates on trading commissions, but also extends the use of Web3 beyond cryptocurrencies. That is why the Binance exchange is an absolute favorite among traders who are both serious and elite in their trade.
Though extremely popular in the world, Binance was ordered to halt its operations in Nigeria in July of 2023, after being deemed illegal. This made the exchange inaccessible for the majority of Nigerians, many of whom had considerable assets stored on the platform. As a result, Nigerians lost access to one of the most attractive trading venues on the market, opening up yet again the question of how to buy crypto on Binance. In this material, we will explore the situation and shed light on some alternatives that Nigerians can opt for in their desire to keep using Binance.
How to Buy Crypto on Binance in Nigeria
The trouble with Binance started in Nigeria long before the order to halt operations, which came on July 31st 2023, since the company – Binance Limited, was neither registered, nor allowed to conduct operations in the country. The national securities and exchange commission ordered the world’s largest exchange to exit the Nigerian market as a result of a seeming solicitation by the exchange’s local unit towards investors in an attempt to attract funding.
There have always been troubles with cryptocurrency operations in Nigeria ever since the local central bank ordered all local financial institutions to stop facilitating any operations with digital assets. The move was a desperate attempt by the country’s government to curb the rampant use of cryptocurrencies in light of the falling value of the local naira. A true upsurge of interest about how to buy Bitcoin with naira on Binance among the local population resulted in heightened interest towards the exchange.
The desire to buy Bitcoin with naira and how to buy on Binance brought Nigerians to the platform and other exchanges, resulting in an outflow of capital and the spread of cryptocurrencies. This made cryptocurrencies an essential competitor to the local currency, and with the use of naira leaning on how to buy Bitcoin on Binance, Nigerians started transacting with digital assets.
But with the ban on trading on the platform, using naira on Binance is ineffective, so Nigerians need to learn how to buy Bitcoin with other currencies and on other exchanges. Luckily, it is easy to find many instructions online about how to buy Bitcoin on Binance in Nigeria, but few of them will be effective, since there are now only two ways to do it:
- Using a VPN service;
- Opening an account outside the country to trade incognito.
In order to buy Bitcoin on Binance in the country and how Nigeria can be bypassed, Nigerians need to either have friends abroad or go abroad. But there are many easier ways to get the job done with the same result.
Other Ways to Buy Bitcoin in Nigeria
Buying cryptocurrencies with naira is still possible in Nigeria on other platforms that do not involve Binance or banned exchanges. The spot trading market is still thriving in the country despite the illegal nature of Binance, since there are plenty of local exchanges that cater to the needs of Nigerians.
The p2p crypto exchange is the go-to place for an instant operation with cryptocurrencies. Such venues are ideal in terms of privacy and decentralization, since they act as intermediaries that connect users and allow them to negotiate on the prices of digital assets on a peer-to-peer basis. This makes it possible to agree on some transactions that would otherwise have been charged with heavy commissions by centralized exchanges by Binance.
Using p2p services is just as simple as using Binance, since many of them come with complete guides and FAQ sections that outline in detail how the procedure should be conducted in complete safety and security. Such platforms act as guarantors of transaction execution and often act as arbiters for dispute resolution. As such, users can always be confident that their trades will be completed and they will receive the assets they wanted to buy.
Key Takeaways
Binance was banned in Nigeria for a number of reasons, leaving behind Nigerians without the opportunity to directly interact with the largest exchange in the world. However, such a move by the nation’s financial authorities will likely have little impact on the engagement of Nigerians in cryptocurrencies. With the options of using a VPN service or opening an account abroad to work with Binance, Nigerians can always use p2p crypto services or local exchanges for their daily cryptocurrency needs.
