Binance has come to top up the crypto trading business for Nigerians, by creating different poisble channels to buy and trade your Cryptocurrencies from your Bank to Binance acct or from Binance account to your Bank account.
This page covers every step you need to follow if you want to buy any cryptocurrency of your choice at a very cheap rate. less commission charge, fast and secured.
Before making out time to write this piece of information, I had used several Crypto wallets to purchase and it wasn’t funny. They were charging by percentage, which means the higher money you try to deposit the higher percentage it attracts.
Before this method I’m about to teach became available, I’ve had to pay as high as N1,200 in transaction fees to purchase Bitcoin with Naira (Nigerian fiat money). It was painful but I had no other option.
With Binance, those ugly experiences are over.
Binance Transaction Fee (Charge Rate)
You can then imagine the joy and satisfaction I had when Binance introduced fiat purchase for Nigerian cryptocurrency traders.
It has saved me a lot of money on transaction fees because the direct deposit fee for each purchase is pegged at N150.
Let me show you examples with screen shots:
From the image above, you could see that a deposit of N80,000 attracts charge/transaction rate of N150.
Let’s show you more…
This is a deposit of N1,000,000 and you can see that the charge rate remains N150.
So understand that no matter the amount, N150 remains the charge.
How to Fund Your Binance Wallet account with Naira and less charges (N150 only)
The steps below show you login/sign up for Binance account process, funding, and then converting your Naira to the Cryptocurrencies of your choice.
Follow the steps and instructions.
Logging In or Creating Binance Account
- Use a browser on a PC or your phone.
(Please note: Do not use the Binance app for this procedure)
- Visit Binance main page (here @ www.binance.com) to Login or Create a new account for free
- Then log into the account
- Activate your 2FA security (Google authenticator) through the security setting.
- Verify your identity via the setting section. This will require your driver’s license or international passport. This level of verification is needed for Naira transactions on Binance. Your ID verification may take some moment to be approved.
You can skip the above steps if you had already set up your account. Now proceed to No. 6 to start buying cryptos through Bank transfer
Depositing Cash Into Your Binance Account With Naira
- Go to “Wallet“
- Then “Spot Wallet”
- Then “Deposit”
- Then “Fiat“
- Chose the Bank transfer payment method which charges only N150.
(Please note that Card deposit charges more – by percentage).
- Then Binance will provide you an account number you can make a mobile transfer of the amount you specified into and get your Naira loaded into Binance.
- Then click “I’ve made this bank transfer” when you are done.
- The amount hits your Binance account in few minutes.
Buy Bitcoin or any Cryptocurrencies with your Funded Naira on Binance
- Go to “Markets”
- Then “FIATS” and select BTC/NGN pair (or any pair you want to buy – but must have the NGN (Naira) at the end of it) and purchase your Bitcoin with the loaded Naira (NGN).
Hope this tutorial helps you?
Feel free to ask questions through the comment box below, if you need further clarifications.
Also check out our other articls on how you can sell your cryptocurrencies in Binance and have your Naira sent directly into your bank account almost instantly.