Early 2021, the highest banking institution in Nigeria, the CBN, placed a restriction (or better said; ban) on the sale and purchase of crypto via banking channels which rendered some of the best wallets like Luno, which made it easier to sell and buy crypto, almost useless to Nigerians except for storage.
In this article, I will be revealing my top pick; the best crypto wallet for Nigerians to buy and sell crypto directly with their bank accounts. Most people are not familiar with this particular app but its range of features and versatility makes it the best option.
Binance (not Binance US) has a LITE mode for first-time or inexperienced users which is what we will be mainly focusing on. It allows you to buy or sell crypto with your bank account vi secure P2P trading. Yes, Paxful also has P2P trading but in my opinion, Binance does it better.
Binance holds the seller’s assets while the trade is going on even after you tap on the ‘Transferred, next’ button after you make the payment, and if the seller fails to release your crypto, the support team will do that for you if payment has been verified. The seller’s phone number and name are also made available to you.
Same goes for buying of crypto, the buyer has to make the payment first while the your assets are frozen until you confirm the completion of the trade by releasing the crypto. The P2P trading on Binance has 2 options with the express mode being the only one available in LITE mode. The express mode gets you the best offer available at the time to sell or buy your crypto.
Unlike Paxful, the risks of getting scammed here are extremely low here since assets are frozen until payment is confirmed and there is a 24/7 support team to resolve issues. Binance also saves you the transaction fees you would have have to spend if you had to sell to another vendor outside Binance, Binance charges 0 fees for selling or buying crypto.
And as if the P2P wasn’t already good enough, Binance’s ‘convert’ and ‘deposit’ feature supports all token networks (ERC20, BEP2, BEP20 & BSC) and allows you to receive from and on any of these networks with your own personal wallet address for each, it also allows you to send out on any network you need, eg. You could receive ETH in BEP20 and send to an ERC20 wallet without having to swap it to the ERC20 network, even wallets like Trust won’t allow you do this.Their convert feature also allows you to swap from any token to the other without any fee (eg. You could swap from ETH to BNB). Binance also has support for a wide range of currencies such as AAVE, DOGE etc.
What do you think about Binance if you already use it? Was this article helpful? Let us know in the comments below. Subscribe for more content like this.