It’s been months since the Central Bank of Nigeria prohibited cryptocurrency transactions, It has made many Nigerians unable to withdraw their crypto directly to their local bank account all because of the fear of having their bank account shut down.
We’ve seen lots of Nigerians opt into P2P trading ever since this incident. P2P trading is the act of buying and selling cryptocurrencies directly between users, without a third party or intermediary. P2P trading gives you more control over who buys your cryptocurrencies and who you buy from, the pricing and settlement time.
P2P trading is popular to use most especially in Binance and even as it gives the traders more control over who buys their cryptocurrencies, some are still sceptical about making use of it because of the idea of getting scammed one way or the other. As for those who make use of it, in the long run, you might find out that you’ve been getting lower rates for your cryptocurrencies than expected. Well, all of that stops today!
There are lots of ways you can sell your crypto, not with P2P at good rates. I’ve shown you how you can do that and withdraw straight to your bank account in one of our previous articles. This article would be no different. We’ll be covering how you can buy, sell cryptocurrencies at a good rate, and additionally, withdraw to your bank account if the need arises. We’ll be using a well-known app for this, Chipper Cash.
Chipper Cash is a Pan-African online transfer service that offers instant no-fee local and crosses cross-border money transfer, discounted airtime purchase and zero charges on bill payments. We can add buying and selling cryptocurrency to that list.
How to buy, sell, and withdraw cryptocurrency to a Nigerian bank account
Download and install Chipper Cash from Google Playstore or Apple Store. Launch the app, and sign up for an account if you don’t have one yet. Sign up with your phone number or email address (a phone number is more preferable for signing up) then select your country, e.g Nigeria. Try to verify your Chipper Cash account by providing the necessary items. To buy or sell Bitcoin, Ethereum and USDC on Chipper:
Click on the “Invest” tab
Read the disclaimer carefully and click on “I Understand, Continue” once you’ve read and understood the disclaimer
Click on either “Buy” or “Sell” depending on whether you want to buy or sell Bitcoin, Ethereum or USDC.
Enter the amount you want to buy or sell and confirm the transaction.
Your transaction will be completed instantly.
You can view your Crypto balance or buy and sell history on the “Invest” tab. The price of Bitcoin, Ethereum and USDC is set by global demands and not by Chipper Cash. Additionally, buying and selling Bitcoin, Ethereum and USDC is a highly speculative activity as the prices of cryptocurrency can be volatile. There is no guaranteed profit or interest when buying and selling Bitcoin, Ethereum and USDC.
The “Invest” tab on your Chipper Cash App is where you can buy, sell, or hold Bitcoin, Ethereum and USDC in your Chipper wallet. Currently, this feature is available in Uganda and Nigeria.
If you have a Ugandan or Nigerian Chipper Cash account and you don’t see the “Invest” tab, please visit the App Store/Play Store to update to the latest version of the Chipper Cash App.
How to buy bitcoin with Chipper Cash on Binance
- Click on “Buy with Cash” then “P2P” on the app homepage to enter the P2P trading page. Click on the “···” icon on the top right and choose “Payment settings”.
- Click on “Add a new payment method”. Choose “Chipper Cash” from all the available payment options, and click to enter your detailed payment information. Then click on “Confirm”.
- Open the Binance App. Click “Buy with Cash” then select P2P.
- Choose the Buy tab and select BTC. Click the filter icon at the top right of your screen.
- Select the Chipper Cash payment method and the KES/ZAR/NGN currency to buy the crypto. Then, tap on confirm
- Choose the offer that works best for you, enter the quantity you want to buy, select a payment method, and click Buy BTC.
- Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit. You can use the chatbox to communicate with the seller.
- Make sure that you send the money to the seller and tap on Transfer next.
- Tap on “Confirm”. Please do not click “Confirm” if you have not made any transactions. This will violate the P2P User Transaction Policy.
- The status will be updated to “To be released”
- Congratulations! You have completed a trade. Now, get your Bitcoin!
After selling your cryptocurrency, simply click on the Profile button below your screen if you wish to withdraw. On the Profile page, scroll down a little bit until you see Cash Out, tap on it, Add amount > Choose your bank and proceed to cash out.
It shouldn’t come as a surprise if few or even most of you reading this now have an idea of it. The feature has been available for some time and I feel like bringing it to the notice of many people as I can. I hope this article helps you in the long run. If you benefit from this, do not hesitate to share it with your friends who need it.