Generally, Bitcoin is the most popular cryptocurrency in the world. However, data from Google Trends reveal that USDT is the most popular stablecoin in Nigeria. As the value of the Naira continues to decline, many Nigerians have turned to USDT to help them beat inflation and facilitate smooth international transactions.
Binance is a popular crypto exchange where users can easily buy and sell cryptocurrencies. Although there are many crypto exchanges in the world, Binance remains the biggest and the most popular.
This crypto exchange platform was founded in 2017 and is now the world’s leading crypto trading platform. It offers a wide range of services, such as peer-to-peer (P2P) trading, allowing people to buy and sell cryptocurrencies directly with others on the platform.
Continue reading to learn more about USDT, and you can sell it for Naira on Binance.
Understanding USDT
USDT is a type of stablecoin whose value is tied to the US Dollar. This means that one USDT token n is equivalent to one US Dollar.
Nigerians love USDT because it helps them protect their money, unlike the Naira, which has an unstable value and can’t be used in most international transactions. USDT boasts a market capitalization of over $143 billion. It is one of the highest-traded cryptos in the world.
The USDT token is issued by Tether. This company keeps one US dollar in reserve for every USDT token issued, ensuring that the value of USDT will always be equal to the value of USDT. This is why many people refer to USDT as the digital version of the US dollar.
What’s more, USDT transactions are fast and cheap, making them convenient for traders. I prefer to pay with USDT whenever I can because of this convenience. Another reason for USDT’s popularity is that it doesn’t have the same investment risk as regular cryptos like Bitcoin.
Why Choose Binance to Sell USDT to Naira?
The exchange to use when involved in cryptocurrency is very important in crypto investment. Binance is a safe and secure platform to buy and sell cryptocurrencies.
There is a long list of cryptocurrencies to trade on Binance which has made it the largest based on volume. Users of the platform can easily buy crypto assets using a wide range of payment options. This include bank transfer, credit or debit card, and cash
Binance also accepts a wide range of currencies and makes it easy for you to buy crypto. The list of fiat currencies USD, EUR, CNY, AUD, INR, RUB, NGN, etc.
Notably, using the Binance P2P for your trade is similar to trading USDT on Paxful, which is another P2P platform.
How to Sell USDT for Naira on Binance
The first thing you need if you want to start selling USDT for Naira on Binance is a verified Binance account. You also need to link your bank account to it. If you currently don’t have a Binance account, simply go to the Google Play Store or Apple Store to download the app.
Complete your registration and verify your account through your registered mail. After that, you can proceed to the following steps. If you have an existing Binance account, skip the steps and go straight to these steps
Step 1: Go to Binance P2P
Visit the “Spot” section on the Binance app and select “P2P (peer-to-peer).” You will be redirected to the P2P trading section.
Step 2: Choose a Buyer
Click on the “Sell” option and choose USDT as the crypto you want to sell. A list of available buyers and the amount of USDT they want to sell will be displayed. Choose a buyer whose range matches the amount you wish to sell.
Step 3: Enter Your Selling Details
After you’ve chosen a buyer, enter the details of the amount you want to sell in USDT or Naira. Always review the details carefully to avoid mistakes.
Step 4: Approve the Sale
The last step is to approve the sale after entering your selling details. Simply click on “Sell USDT*” to confirm the transaction. The buyer will transfer the money, which will be credited to your bank account.
Binance Fee Structure and Processing Time
When you buy or sell crypto on Binance, you’ll be charged a small percentage as a processing fee. There is a maker fee of 0%, meaning that if you place orders that aren’t immediately matched, you won’t be paying any fee. However, the taker fee is between 0.2% to 0.35%. This applies only if you place orders that are matched.
In addition, payment fees usually vary based on the type of payment method you choose, such as bank transfer or others
Transactions on Binance P2P are fast and reliable. Most of the time, you’ll get your payments instantly or, at most, within 30 minutes if you use payment methods like PayPal or Payoneer. However, other payment methods, such as bank transfers, can take a bit longer than that. Remember that your payment method is a big factor in how long it takes to process your money to your account.
Safety Tips for P2P Trading on Binance
1. Verify Buyers and Sellers
You must always prioritize the safety and security of your funds when trading on Binance. This means you have to trade only with verified buyers and sellers. Don’t trade with unverified users for any reason because unverified users are more likely to scam you.
2. Review Trade Terms Carefully
Don’t rush to close sales. Read the terms carefully to avoid mistakes. Understand the attached price, payment method, and other conditions before proceeding with your trade. Always ask the buyer or seller for clarification if you’re not sure of something.
3. Use Secure Payment Methods
Choose a secure payment method to receive your money. Due to their strong security architecture, I highly recommend payment methods like bank transfers or online payment methods like PayPal. Using unreliable payment methods may put your money at risk.
4. Beware of Scams and Phishing Attempts
Never share your account details or other personal information with anyone. If you receive any suspicious mail, you should delete it immediately and reach out to Binance customer service for immediate assistance. Do not click on any link that looks suspicious or you can’t verify its source.
5. Follow Binance Guidelines
Binance provides guidelines and rules for users to follow. Ensure you follow these rules to avoid issues like scams or penalties.
Frequently Asked Questions (FAQs) About Selling USDT For Naira On Binance
How long does receiving Naira after selling USDT on Binance take?
It usually takes 30 minutes to 1 hour to receive Naira after selling USDT, but the time may vary depending on your payment method.
Is it safe to sell USDT on Binance?
Yes, it is. Binance has a strong security system to protect your funds and personal information.
What happens if I encounter a problem selling USDT on Binance?
If you have any issues, contact Binance customer service for assistance.
Conclusion
More Nigerians are embracing the use of cryptocurrencies daily. While some are crypto traders, others prefer keeping them as a value store. If you have a lower risk appetite but still want to trade or invest in crypto, consider a stablecoin like USDT.
USDT is backed by the US Dollar, which protects it against price volatility. Selling USDT for naira is easy. All you have to do is follow the instructions in the guide, and you can start selling!
