So my crypto journey has been a little over a year and I have never really explored how to get money out and into the real world. Last year I helped a friend make an investment in Blurt by selling him some blurt directly and he sent me the funds on paypal but that is a little different.
This time I needed a bit of money to top up my mobile money so I can make a purchase on jumia to make some advancements on my farm. I am installing an electric fence to keep some goats and pigs. I have most of the fence materials but I needed a small solar panel a charge controller and then a few things for my irrigation project.
I needed about $100 so I went to HIVE engine and swept up a lot of tokens that are collected from my Beeswap liquidity pools I am in. I also pulled liquidity out of the bxt:swap.hive pool I was in as the apr has dropped and the bxt rewards is very low these days.
I swapped everything over to HIVE and sent it over to Binance which so far to date has been the only place that I have been able to make it through the KYC as my situation of being an American citizen in Ghana usually makes things difficult. This time I just claimed to be Ghanaian and used my Ghanaian IDs to keep things simple. HIVE also gave a warning that this exchange has been known not to refund peoples funds. I dont know what they meant by that if it is in regards to issues when transfering to them or what. But I did just 10 HIVE to start and then did the remaining 120 after it went through ok.
On binance I then did a market trade with the Hive to USDT.
I then proceeded to the P2P echange on binance and looked for a buyer that will deposite the funds into MTN mobile money for me. I found one at 7.73gh to the $. The headline exchange rate on google today is 7.52, so that is pretty good. I then went to add my mobile money account and had to jump through a couple of hurdles for authentication and had to download another app for dual factor authentication. I then found that my USDT balance was not in the wallet used for P2P transactions so I had to go back and fund the proper wallet.
I then finally made it through all the challenges and initiated the trade. In about 10 minutes I got a text with the the funds in my MTN mobile money. I then had to confirm in the app that I got it. All went well and I have a new faith in my crypto holdings.
Didn't look too stressful for a first timer. Binance is massive in Africa and I reckon it's one of the exchanges with user-friendly interface.
Nigerians have problem of exchanging theirs to local currency because of government regulation enforced through commercial banks. They still find a way to get it done though.
Glad to finished the transaction without much hiccups.
Does the P2P not work in Nigeria. No bank needed there just needs to be someone willing to mobile money the seller at the end of the day. Seems like a good way around the regulations.
P2P section works for Nigeria but the Money has to go from bank to bank.
Receiver's bank details has to be on record. The sender will also send from bank account.
By the end of the day, if they trade smartly by rounding up the Naira value to nearest whole number (that's omitting decimals) and also avoiding any description that may relate to Crypto, the trade will be a successful one.
But, some people never get it right. When they are paired to pay Naira, they add stuff like "Crypto Exchange" or "Binance trade" in description. Once banks get those keywords, both bank accounts will be frozen automatically and owner will be subject to being arrested.
It's a crazy world out there for Crypto enthusiasts.
A very nice and amazing strategy from you @leifasaur , it is a good initiative of trying a trade with little balance before putting all the crypto holding to it so it will serve as a good approach for newbie in the space
It is always good to change holding to Fiat when in need of funds
A nice successful trading to you
Yes we all need a payday every once in a while.
Wow that's great. I was nervous when I made my first cryto exchange to fiat last year. But now, I am very comfortable doing it, and I'm very vigilant too cos p2p trades cannot be 100% trusted. I confirm the payment from my bank app not just buy the bank alert SMS which could be forged or faked by anyone.
Congratulations on your successful trade.
Thank you, yes you make a valid point that you can not rely just on the sms message. It is good practice to log into your wallet and confirm that way also.
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Yeah, even binance sucks, best to be your wife ;-)
How honest you are sir! You describe things that people don't want to reveal. It tells about your frankness and believe in blurt friends. You have explained your first exchange experience nicely.
P2P is very simple to do. May I suggest that next time if you don’t want to have to go through the difficulty of having to provide ID authentication, you could use Poloniex Exchange. It has just two downsides in my opinion: one is that they don’t have market orders, only limit orders(you might not understand what this is) but it basically means that your order will take a while to fill. The other downside to using poloniex is that they do not offer P2P service like Binance does. Everything else is okay. They have no withdrawal charges for USDT so you can pretty much move your assets to Binance with ease if you need to do a P2P transaction for Fiat.
To do first everything is smooth and nervous feeling. When I experienced my first exchange, it was nervous moment. But it gave me experience to proceed in this field.
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Though I have binance account but I all I use it for is just to save my little crypto tokes so I haven't done the p2p trade before even though I have an idea of what it's about. I have really lost alot of money into the coins so I wouldn't want to sell my tokens any time soon.
Congratulations on your successful trade sir.