Tether, often known as USDT, is a stablecoin that is linked to the US dollar. Being a mechanism to conduct transactions in a stable currency without the volatility of other cryptocurrencies like Bitcoin, it is one of the most extensively used stablecoins in the world and is gaining popularity in Nigeria. One of the top cryptocurrency exchanges on the planet, Binance is a well-liked marketplace for buying and selling USDT using Naira. We will walk you through the process of purchasing and selling USDT on Binance using Naira in this post.
Step 1: Create a Binance Account
Making an account on Binance is the first step in buying and trading USDT there. To register for a new account, go to the Binance website and click the “Register” option. Your email address and password must be entered in the registration form after which your email address must be verified. You can access your new Binance account after confirming your email.
Step 2: Verify Your Account
You must authenticate your account before you can start buying and selling USDT on Binance. Select “Identification” after selecting the “Account” option in the top right corner of the screen. Your name, date of birth, and address will need to be entered into a form along with other personal data. A selfie of you holding your government-issued ID, such as your passport or driver's license, will also need to be uploaded. You can move on to the following step if your account has been verified.
Step 3: Deposit Naira into Your Binance Account
You must first deposit Naira into your Binance account in order to purchase USDT on the exchange. Choose “NGN” as the currency you want to deposit by clicking the “Deposit” button in the top right corner of the screen. Bank transfers, debit cards, and P2P trading are a some of the ways that Binance lets users deposit Naira. Pick the deposit method that works best for you, then follow the on-screen directions to finish the deposit.
Step 4: Buy USDT with Naira
You can purchase USDT with Naira once you've placed money into your Binance account. Choose “Convert” after clicking the “Trade” icon in the top left corner of the screen. Choose “NGN” as the source currency and “USDT” as the destination currency for your conversion. Once you have entered the amount of NGN you desire to convert to USDT, click “Preview Conversion” to view the transaction's specifics. To finalize the conversion, click “Confirm” if everything appears to be in order.
Step 5: Sell USDT for Naira
You can utilize the same procedure you used to buy USDT when you're ready to sell it for Naira. Choose “Convert” after clicking the “Trade” icon in the top left corner of the screen. Select “USDT” as the source currency and “NGN” as the destination currency for your conversion. Enter the quantity of USDT you want to exchange for Naira, and then click “Preview Conversion” to see how the exchange will work. To finalize the conversion, click “Confirm” if everything appears to be in order.
It is quick and uncomplicated to buy and sell USDT on Binance using Naira because Binance offers a trustworthy and user-friendly platform for doing so. You may quickly change your Naira into USDT by following these instructions, and vice versa. Use two-factor authentication and other security best practices to keep your account safe at all times. You may become a profitable trader on Binance and take advantage of the many trading opportunities the platform has to offer with a little bit of practice and experience.
Converting USDT to cash
Furthermore, consumers have found that using Dart Africa's web-based platform is more convenient, secure, quick, and easy should the need to transfer the USDT back to fiat occur. Users can deposit only the quantity of USDT (min $20 among other assets) they now need to swap for fiat on this site. The equal fiat amount is credited into the user's Dart Africa wallet after the deposit and two block confirmations, and this may be withdrawn directly into the user's local bank. It's simple, secure, safe, and quick to use Dart Africa.
One of the safest cryptocurrency exchanges in the world is Binance. In order to protect user funds and personal information, it employs cutting-edge security protocols. In order to safeguard its users, Binance has put in place a number of security measures, such as two-factor authentication (2FA), email verification, and anti-phishing codes.
A Secure Asset Fund for Users (SAFU) is another feature of Binance that is intended to safeguard users' assets in the event of any unanticipated events. A portion of the trading fees earned on the site is used to support the SAFU fund, which is meant to reimburse users for losses due to unforeseen circumstances or security breaches.
In order to guarantee the security of its platform and users' assets, Binance also undergoes routine audits from outside security professionals. The independent security rating website CER.live has also given the exchange a security grade of 10 out of 10.
It's crucial to remember that even while Binance takes security seriously, users must also take precautions to safeguard their accounts. Using two-factor authentication, selecting strong passwords, and steering clear of phishing scams are all strategies to keep your Binance account and personal data secure at all times. Also, for increased protection, it is advised to store the majority of your money in a hardware wallet or cold wallet.
