A single token that saves you money on trading, pays for your purchases, earns you passive income, and even gets you into exclusive crypto projects before the rest of the world? That’s Binance Coin (BNB) in a nutshell. If you’re looking to buy BNB with Naira in Nigeria, we’ve put together this quick guide to help you.
What Is Binance Coin
BNB is the citizen cryptocurrency of Binance, one of the world’s biggest crypto exchanges. It was originally launched in 2017 as an ERC-20 token, meaning it lived on Ethereum’s blockchain, but it later moved to its own blockchain, BNB Chain, where it became a full-blown ecosystem.
You can read more about BNB and how it works in our last blog post.
What Can You Use Binance Coin For in Nigeria?
If BNB were a person, it would be that overachieving friend who seems to have their hands in everything: trading, payments, investing, and even launching new crypto projects.
Here’s how you can put your BNB to work:
1. Trading & Investing
BNB is one of the most actively traded coins in the market. You can buy, sell, and swap it just like Bitcoin or Ethereum, but with the added advantage of lower trading fees on Binance Exchange.
Pro tip: If you buy BNB before its price rises, you could ride the wave of profits. But even if the market moves differently in the short term, history has shown that BNB has grown in value over time. That’s why having a solid crypto trading strategy that works and a long-term perspective can make all the difference.
2. Online Payment for Good & services
While Bitcoin (BTC) and Tether (USDT) are the OGs of crypto payments, BNB is catching up fast! Some merchants now accept BNB for real-world purchases, think flights, hotels, gadgets, and even fashion. Since BNB has low sending fees, moving money between wallets and exchanges won’t cost you an arm and a leg. More savings = more crypto for you!
3. Earn Passive Income (Staking & Liquidity Pools)
Why let your crypto sit idle when it can make money for you? With BNB Vault, staking, and liquidity pools, you can earn rewards just by holding BNB.
4. Play-to-Earn (P2E) Games
If you are a gamer, then good news!! BNB is a major player in GameFi, with blockchain games rewarding users in BNB and NFTs on BNB Smart Chain. If you love gaming, this is a fun way to grow your portfolio!
5. DeFi (Decentralized Finance)
If you’re using PancakeSwap, ApeSwap, or any DeFi (Decentralized Finance platforms that let you trade, earn, and invest in crypto without needing a bank or middleman) platform on BSC ( Binance Smart Chain where many of these DeFi platforms operate), BNB is your golden ticket. You’ll need it to swap tokens, earn rewards, or provide liquidity, basically, it’s your all-access pass to the DeFi party!
How to Buy BNB in Nigeria
There are two major ways to buy BNB in Nigeria: buying BNB with Naira or swapping another cryptocurrency for BNB. The easiest way to buy BNB with Naira is on Quidax.
How to Buy BNB With Naira on Quidax
You can buy and sell BNB on Quidax using these simple steps:
- Sign up on the Quidax website or app
- Complete KYC
- Deposit Naira directly from your bank account or via the Pocket (Abeg) app.
- Search for “BNB” in the “Wallets” section
- Enter the amount of BNB you want to buy and complete the transaction
How to Buy Binance Coin on Decentralised Exchanges (DEXs)
Looking to grab some BNB without going through a centralized exchange? Here’s how you can buy BNB on a Decentralized Exchange (DEX) in a few easy steps:
- Set Up a Metamask or Trust Wallet
Before you can trade, you’ll need a wallet that supports BNB and the Binance Smart Chain (BSC)
- Fund Your Wallet with USDT
- Connect Your Wallet to a Decentralized Exchange (DEX) that supports Binance Smart Chain.
- Swap USDT/BUSD for BNB
Watch Out for Fees & Slippage, Transaction fees (gas fees) apply and are paid in BNB, so it’s good to keep a little BNB in your wallet.
Slippage (small price differences due to market volatility) can affect how much BNB you actually receive. Adjust slippage settings in the DEX if needed. And that’s it! You now have BNB in your wallet, ready for trading, staking, or whatever else you have planned.
Why Choose Quidax to Buy BNB In Nigeria
Quidax is one of Africa’s most trusted crypto exchanges, and we recently secured a provisional license from the Securities and Exchange Commission (SEC), which means you can trade with confidence! But beyond that, here’s why Quidax is the best place to buy BNB in Nigeria:
1. Lightning-Fast Transactions
No waiting, no delays! When you buy or sell BNB on Quidax, your transaction is completed instantly with just a few clicks.
2. Top-Level Security
We take security seriously! Quidax protects your funds and data with advanced encryption protocols and two-factor authentication (2FA) to keep your account safe from hackers.
3. Seamless Naira Deposits & Withdrawals
With Quidax, you can deposit and withdraw naira directly, no need for third-party services or complicated processes. Buy BNB with naira or sell it and get your cash straight into your bank account in minutes.
4. Reliable Customer Support
Got a question? Need help? Our support team is always here for you!
5. Super Easy-to-Use Mobile App
Crypto trading on-the-go? Absolutely! The Quidax mobile app is designed for both beginners and experts, offering a smooth, intuitive experience so you can trade BNB anytime, anywhere.
Final Thoughts
Buying and selling BNB in Nigeria doesn’t have to be complicated. Quidax makes it effortless to stack up BNB for future gains or use it to trade. Sign up, fund your wallet, and start trading like a pro!
⚠️ Disclaimer:
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
