Hi there, and welcome to another epistle of crypto lessons.
Today it’s all about how to buy Bitcoin on Binance with Naira from your Nigeria Bank account, exchanging BTC/NGN on Binance, and so much more.
To start with, you need to have money in your bank account before you can think of depositing Naira on Binance. 🙂
Also, you need to verify your account using at least your BVN. And if you don’t want to use your BVN you will see another way to still fund your Binance account with cryptos.
And just in case you’ve not seen the total Binance Nigeria Review see it here.
So sit back and see the steps because it is a very simple process.
P.S – if you are reading this now from any other part of the world, kindly note the same steps follow through for you. Just replace NGN with your local currency and follow the same steps.
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How to Deposit Naira and buy Bitcoin on Binance in 5 Steps
Here are all the steps you need to deposit naira on Binance.
1. Create a Crypto account on Binance.
As a Nigerian, Binance has created a version of its main website which can be accessed via https://www.binance.com/ng/ for Nigerian users.
No need to afraid as both the English version https://www.binance.com/en and the former are the same.
So, to get started, click here to sign up for an account on Binance.
Go ahead and verify your account by clicking the verification link sent to your email account.
The verification link will land you on your Login page.
2. Login to your Binance account/Dashboard
Enter your details and log into your account. When logged in, you will land on your dashboard.
Here is your dashboard interface.
3. Click on “Fiat & Spot” to Deposit Money into your Binance account – Naira
To do this, navigate to the top right corner of your Binance account and “click on” or “hover on Wallet” if on a laptop.
- Go on and click on “Fiat and Spot”.
- Scroll down to “NGN” and click on “Deposit”
The recommended route to doing this is using Bank Transfer.
I recommend this since you have more control over the payment process. Let’s go on to see how to use it.
4. Enter the amount in Naira and transfer
The next step of action is to enter the amount you want to transfer from your Naira Bank account and click on continue.
Note: the charge for the Bank transfer (via Flutterwave) is N150 irrespective if you want to transfer more than N150,000.
I am depositing N1,000 since I already have some money in my wallet.
Click on “Continue” having filled in the amount you want to deposit.
Now is the time to transfer the money to the account as displayed. If you have a mobile app you can do that.
Let’s see because that is what I will do now – using my mobile phone.
Please proceed to your banking app to complete this bank transfer.
Make the transfer and then click on “I have made this bank transfer” when you are done.
Refresh the page or go to “Overview” and to NGN to see your new balance.
That is all. A typical guide on how to deposit naira on Binance.
5. Buy Bitcoin with the Naira deposited
Having deposited Naira to your account, go to “Trade” on top of your Binance dashboard and click on “Classic”.
Since we already have Naira, we will select BTC/ NGN – that is, we want to give Binance Naira and get Bitcoin (BTC).
When the trading interface opens up, enter the amount of Bitcoin (BTC) you want to buy.
Click on “Market” and hit buy BTC.
That is all. Your Bitcoin (BTC) will be available on your Binance account.
When done, go ahead and refresh the page and you should see the purchased BTC in your wallet.
Get started to deposit Bitcoin (BTC)
💡 To deposit your money, click here to get a Binance account and deposit any amount.
In summary, having deposited Naira into our account, you have the option to trade BTC with it else go ahead and use the Naira deposited to exchange for BTC – that way your Bitcoin wallet would have been funded.
Kindly note: you can use the same steps and purchase every other Crypto assets such as XRP, TRX, ETH, LINK, and more as available on Binance exchange.
How to Deposit Funds into your Binance in Nigeria without Verification – Part 2
Now if for any reason you don’t want to verify your account on Binance, maybe using your BVN, there is another way to go about it. And that is by using Luno exchange.
As you know, I recommend we operate a few crypto places so we can concentrate and safeguard our digital assets wholly.
To fund your Binance account through Luno, here are the steps.
#1. You first need to open a Luno account.
#2. Transfer money to the account using your Naira credit card.
#3. Use the deposited funds and get BTC on Luno, and lastly,
#4. Transfer the BTC from Luno to your Bitcoin wallet on Binance. That is all.
There you have it. As far as how to deposit money on Binance in Nigeria with Naira or exchanging your BTC/NGN on Binance is concerned, we’ve done justice to it.
At this point, we will say, go ahead and take action if you had wanted to fund your Binance account with Naira both as a verified member and non-verified.
Lastly, should you be challenged on any part to depositing Naira on Binance just comment below and I will guide you.
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