The story and growth of Binance Exchange can be likened to a private university you know in Nigeria which has come to outperform the long-standing government institutions and now is among the top 100 in Africa.
Coming back to Binance, because the competition of the best crypto exchanges was fierce, they had to devise a means to stand out, and that tactics are the reason they are among the top 5 crypto exchanges today in the world with a massive turnover of “$900,000 as of 2019”.
You might ask, but what is Binance Nigeria all about? That is not the right question.
The right question is, why on earth would Binance exchange allocate Nigeria a version of its crypto exchange?
Care to know why? It is because millions of Nigerians are now into cryptocurrency business.
Some of them are making money as an exchanger, arbitraging from exchange to exchange, investing for more, and buying to hold to appreciate and all kinds of making sense of cryptocurrency and the blockchain technology Nigeria.
So you can see that Binance is not wrong to create a platform of its exchange dedicated to Nigerians which is what we are about to see today.
For instance, in one month alone in July 2020, Nigerians made a transaction worth over $10,000,000 on LocalBitcoins and Paxful crypto exchanges combined.
Now tell me, with such a staggering number of users, and when you consider that Nigeria is over 200 million people, who wouldn’t want to make Nigeria a garland of investors as far are profits and reachability are the end game, hence the question “does Binance work in Nigeria?”
In a very short space of time, we will deal with it and tell you why you need to jump at Binance if you are yet to and at the same time some of the put-offs that might not make you smile while using the crypto platform.
So without further ado, let’s jump at it.
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Binance Cryptocurrency Exchange Review in Nigeria
Below are all you need to know about the giant crypto platform.
1. What is Binance Nigeria all about?
Binance Nigeria is a dedicated version of the Binance exchange of its international users which can be accessed using the URL- https://www.binance.com/en.
For all Nigerian users, the Binance replica-exchange can be accessed using the URL “https://www.binance.com/ng”.
Just to clear any form of doubts. All the functions as available on the general Binance domain name is available on the Nigerian version.
They only did this to recognize the fact that Nigerians deserve its version of the Binance platform hence the name “Binance Nigeria Exchange”.
2. Binance Nigeria Homepage
As I stated, while the functions across all Binance exchange websites are the same, the Binance Nigeria Homepage is designed to depict Nigeria with a Nigerian flag and Naira as a major currency.
Here is how the Binance Nigeria Homepage looks like.
Look at the top right-hand corner of the image above. What do you observe when you compare it to the one below?
If you observe well, you will see that all the features are the same. Plus, I never had to log out having logged in via Binance English – Binance.com before I logged in for Binance Nigeria – Binance.com/ng.
What do I mean by that? I mean that both of them give you access to the 2 versions as far as you are signed up.
3. Binance Nigeria Sign Up & Registration
If you are yet to create your Binance trading account, click the link below and open an account that opens you up to using all the versions of Binance trading account, advanced trading facilities, instant chat, low fees, and a beginner interface to play with.
4. Binance Nigeria Login, how to access it
Upon verifying your account by clicking the link sent to your email account, you will be redirected to the Binance Nigeria login page.
To login, enter your account details, solve the captcha (if any) and log into your account which will land you on your dashboard.
The login URL can be accessed here – https://accounts.binance.com/ng/login
5. What is Binance Naira?
Since the financial institution carved out a version for Nigerian users, with this freedom, Nigerians can use Naira on the crypto exchange hence the phrase “Binance Naira”.
In other words, Binance Naira is another word for Binance for Nigerians.
For an in-depth guide, see how to deposit Naira on Binance.
6. Binance Nigeria Web address
The official Binance Nigeria web address is https://www.binance.com/ng.
The “NG” which is called TLD – top-level domain shows that it is for Nigerians only.
7. Binance trading, how possible in Nigeria?
As far as you have created a Binance account, be it Binance international [ https://www.binance.com/en ] or Binance Nigeria [ https://www.binance.com/ng ], you are open to the same crypto trading interfaces and platforms to make money trading Altcoins.
So yes, anyone in Nigeria can trade on Binance without issues.
And the good news is that any Nigerian can buy, sell, and Trade Cryptocurrency in Minutes with as little as 500NGN. That is not all.
As a Binance user in Nigeria, you have the option to trade more than 740 cryptocurrencies and NGN Fiat pairs, including Bitcoin, Ethereum, and BNB with Binance Spot.
For the easiest trading platform on Binance, here is how it looks like.
You just select the crypto you want to sell/trade for the other.
And to the classic trading interface, here you can make use of the chart for technical analysis, see the outlook.
Read in-depth – how crypto trading on Binance works and doing it well.
8. Binance Nigeria office
Binance does not have a physical office here in Nigeria but you have the free access to join other Binance Nigeria communities in case you want to ask questions for proper communication.
The best way to reach out to Binance is via instant chat, the Nigerian Binance telegram group, or its international support desk.
9. Binance Nigeria verification
When once you open a Binance account, if you want to go further to deposit money using your bank account and other benefits, you will have to verify your identity.
There are levels of verification but my level 1 verification has been enough to manage my account ever since.
10. What is the Binance Nigeria customer care number?
Again, Binance Nigeria does not have any displayed customer care number. The same for international users.
Should you want to get any support, the best way is via the customer support center or open an instant chat with them. Check out the support page here.
11. The Pros and Cons of Binance Nigeria
The Cons with using Binance Nigeria
1. BTC withdrawals of funds are high. This is maybe unavoidably due to the Bitcoin network and not solely Binance.
To address this you want to opt to withdraw your earnings using ETH instead of BTC which is way cheaper. Another option might be to withdraw using other altcoins like Litecoin, Ripple, or fiat – Naira.
2. Transaction fees are far lesser when you hold BNB. Even though we can’t really say that the transaction fees on Binance are on the high side except using BTC as a withdrawal method, the good thing nonetheless is that you will enjoy more benefits with BNB fee deductions if you hold up to 500BNB coin in your coin.
3. There is no physical Binance office in Nigeria. I don’t know if this is a major con but if you think you deserve to walk into the Binance office in any part of Nigeria then you can take this as a con about Binance Nigeria.
Apart from these 1 or 2 con(s), I can’t say I have had any challenge as a user.
And note that I noticed the high BTC withdrawals about 2 months ago, so, it wasn’t a thing of concern ever since – the BTC withdrawal fees increase with the price of BTC in the market/competition to process transactions.
The Pros with using Binance Nigeria
1. There is instant support – normally, I like to work with companies that offer customers instantly and live chat in case clients run into problems, and with Binance Nigerians that is what you get.
2. Many Funding Options. On Binance you have over 5 ways to fund your account. Plus both deposits and withdrawals are enabled on Binance Nigeria using fiat and altcoins.
3. Trading fees are low and competitive or free based on the payment option For instance, no matter your deposit amount, the maximum you can be charged using your card is 1.4% (Capped at N2,000).
For Bank Deposit, 150NGN only. And the withdrawal fee stands at N300 only.
4. Flexible and beginner-friendly platform for all users. Binance has made the platform simplified for beginners to trade using its instant or simple trading interface and also sections for advanced users.
5. Lots of investment facilities for users. Just as found on Binance International, on Binance Nigeria, you have the option to lend your crypto for-profits, stake, trade, and do a host of other things.
6. Security measures are at their peak. From the moment you sign up for an account on Binance, you will be presented with a host of security measures with the popular one being 2FA. Others include email and device detection/authentication, and hardware key integration – like Yubikey.
7. Instant crypto purchase with a Credit Card. Isn’t it amazing that you can now buy cryptocurrencies on Binance using your credit cards? Amazing, right? Yeah.
8. All Nigerian Banks are supported on the Binance Nigeria platform.
And lots more. There are many more advantages to using Binance because I can’t list out all of them as they are an embodiment of an innovative
Let’s see more features as available for you on the Binance crypto website.
12. Binance Nigeria Careers and Jobs, How to Join the Team
So far so good, over 50+ nationals are working together to make Binance what it is today.
Early April 2020, there was Binance Nigeria recruitment for anyone that was interested.
Normally, to join as a worker, you will go through a 2~4 week interview process with 4 interviews.
Week 1 is the Application Review
Week 2 is the Interviews
Week 3 is the Offer
Week 4 is the Onboarding
In case this is something you might want to apply for in the next batch, follow up with the Binance Blog.
Just to state a few, here are the top Binance Career field and jobs available for Nigerians:
- Business Development
- Customer Support
- Data Analytics & Research
- Editorial & Video
- Finance & Administration
- Legal & Compliance
- Product & Design
- Quantitative Strategy
- Talent Acquisition
For prompt assessment of what might be required of you, check out its new openings for Nigerian Binance users.
Also, follow the Binance Nigeria announcement room on Telegram.
13. Binance Nigeria Salary
As a company that makes millions of dollars in profits per month, and as a blockchain startup, the salary structure for her workers will be fat but unfortunately, there is not a place that the Binance Nigeria salary structure is inscribed.
Be it as it may if you want to get the latest information on this, follow her announcements page and contact the career team.
14. Binance Nigeria Telegram Group
Binance Nigeria telegram group is a room dedicated to Nigerian/Binance crypto users.
As of the time of writing, the number of members exceeds 20,000.
Well, the Binance Nigeria telegram group is quite popular because when you sign up for an account on Binance you will be given a link to the telegram group for Nigerian users.
To join the telegram group for free, click here.
15. Binance Labs Nigeria and how to access it
Still in its process to empower the decentralized web, what Binance Lab Nigeria does is to invest in technical teams that build and support the decentralized web.
Specifically, Binance Labs identifies, invests, and empowers viable blockchain entrepreneurs, startups, and communities, providing financing to industry projects that help grow the larger blockchain ecosystem.
If you think you have what it takes or the team to join Binance labs, click here to do so and apply.
16. Binance P2P Nigeria
Peer-to-peer or better known as Person-to-person is a type of trading with an escrow to oversee the transaction.
The Binance 2p2 for Nigerians is a platform where crypto users can trade cryptos with the supervision of the escrow – which is Binance.
What happens is that if I have cryptos to sell, I can offer a comfortable price wherefore a seller comes in to buy my cryptos (if interested) and the transactions will be overseen by the p2p company as an escrow.
Below is a Binance P2P platform where Nigerians are showcasing their crypto portfolios.
One way to avoid unscrupulous sellers is not to trade outside of Binance.
According to Binance Terms of service, I quote.
To avoid becoming a victim of scammers, NEVER transfer cryptocurrency before actually receiving the payment!
Don’t believe anyone who claims to be a customer support and convinces you to complete the transaction before you receive the payment – they’re scammers.
Once the seller confirms the order and transfers the assets to the buyer, the transaction is considered completed and cannot be disputed.
Binance does not take any responsibility for transactions made outside of the platform.
So, when using any p2p platform for transactions be curious and cautious of the seller.
I recommend you, first of all, learn how to use the platform before jumping at it plus, use only verified and trusted sellers.
To access Binance p2p Nigeria, open an account and navigate to the p2p section.
FAQs about the Binance Nigeria Platform
Q. Does Binance work in Nigeria?
A. Yes, Binance is available in Nigeria. By extension, Binance as a crypto company has created the version of the site for Nigerian users which can as accessed here – https://www.binance.com/ng.
Q. Can I use Binance as a beginner in Nigeria?
A. Yes, you can. In fact, Binance has a wealth of information you can learn and get yourself enlightened on what is next in the crypto dynasty.
Plus, if you want to go into trading, they have interfaces for beginners to trade. You can check out Binance Academy.
Q. is Binance among the best crypto trading platforms in Nigeria?
A Yes. To be frank, not just that Binance is among the best crypto trading websites in Nigeria, the thing is, it is the best and most robust place to trade altcoins since it offers both beginners and advanced users the interfaces and facilities to use the platform and make money.
Q. How can I get started with Binance in Nigeria?
A. Get an account by signing up as a user. Getting started was my question some years back but today, having used Binance for years now, I can say that this is a super-friendly crypto place for everyone in crypto.
Over to you.
Did you know that Binance was available for Nigerian users with her dedicated domain name?
All in all, what are your thoughts if you’ve used Binance before now?