P2P trading is currently the best option if you are looking to buy crypto with your local currency in Nigeria directly from your iOS device.
Thankfully, Bybit is one of the most trusted P2P trading platforms in Nigeria and worldwide. According to data from Coinmarketcap, Bybit is ranked number 3 by trade volume on the spot market.
In this article, we’ll take you through the step-by-step process of buying USDT using the Bybit iPhone App.
Before buying USDT on Bybit in Nigeria
Here are two things you should consider before buying USDT on Bybit:
You must have created a Bybit account and completed the necessary KYC verification processes. Thankfully, you can now use your Bank Verification Number (BVN) for a simpler identity verification process.
When making the fiat payment from your Nigerian bank account, avoid using any crypto-related terms in the transaction description or narration.
By following these simple steps, you can ensure a smooth and successful USDT purchase on your Bybit iPhone App.
How to buy USDT in Nigeria on Bybit iPhone App
You can use the P2P trading option on the Bybit app to buy USDT on your Bybit account:
Step 1: Open the Bybit app and head to the homepage. Click on more and under the ‘Buy Crypto’ options, select P2P Trading.
Step 2: Tap Acknowledge button from the payment instructions on the popup and from the ‘Buy’ tab, enter your desired USDT purchase amount in Naira (e.g., ₦1000, ₦500, ₦30,000).
Bybit then automatically filters out merchants that want to sell with a trading limit option of the amount range you have selected.
You can further refine your options by selecting your preferred payment method (e.g., bank transfer). If you choose the bank transfer method, you will get a list of merchants that accept only Bank transfers, so, select one based on what you need.
*N.B. A merchant with an “ineligible” tag indicates they’re either out of USDT or offline.*
Step 3: Next, pick a merchant you’d like to trade with based on:
- Number of completed orders
- Percentage accuracy
- Green online indicator next to their name
Step 4: Then initiate the trade when you click ‘Buy’. You’ll be required to enter the amount you want to deposit again to see the equivalent in USDT.
*If you’re comfortable with the rates, read the merchant’s remarks outlining their transaction terms. If the rate and terms are acceptable, click on ‘Buy’.*
*N.B: In most cases, the merchant might have exceeded the transaction limit for the day but this ain’t a problem, Just go back and simply select another ad/merchant.*
Step 5: Complete the payment process from the payment page, double-check the exchange rate and copy the seller’s details. Act quickly to complete the payment within the 15-minute window provided by the app.
After transferring funds to the Nigerian account details provided, click on the ‘Payment Completed’ button before the deadline so as not to cancel your order.
Step 6: Proceed to confirm payment when you click on the ‘Contact Seller’ option. Send a message to the seller and wait to receive your crypto. Once the seller confirms your payment, Bybit will credit your account with the USDT. You may then transfer the crypto to your spot wallet to perform other trades.
We think this a straightforward and easy-to-use app but why should you choose Bybit?
Benefits of using the Bybit app to trade P2P
The Bybit mobile app for iOS is designed to provide a seamless trading experience, mirroring many of the features available on the desktop platform. Here are some of the benefits:
- Zero Transaction fees: Bybit eliminates transaction fees, saving you money on every trade.
- Security First: They take user safety seriously. Bybit utilizes features like two-factor authentication and multi-signature requirements to safeguard your assets. Additionally, they hold the crypto you’re about to receive, allowing the recipient to confirm before finalizing the transaction thereby minimizing risks.
- User-Friendly Interface: New users can navigate and trade with ease thanks to the app’s clean and intuitive design.
- Advanced Functionality: It provides advanced charting, order management, and a variety of price-level notifications that can be configured as push notifications.
- Asset Management Options: The app includes options for asset management, such as Bybit Savings and Liquidity Mining, to earn stable yields.
- Copy Trading: This feature allows users to optimize their trading by following the strategies of master traders. Additionally, Bybit has introduced a Smart Copy Mode, which simplifies the copy trading process and aims to help users secure profits from the crypto market, even without prior trading experience.
FAQs on how to buy USDT in Nigeria on Bybit
What is Bybit? A: Bybit is a dynamic cryptocurrency exchange that serves a wide range of traders. It offers a robust trading environment with a focus on derivatives and spot trading. Since its inception in 2018, Bybit has rapidly gained prominence, providing a comprehensive suite of financial products and services. The platform is lauded for its user-centric approach and innovative affiliate program.
Must I verify my account before I can buy crypto from Bybit P2P? A: Yes, you must complete at least Level 1 KYC verification to start P2P trading on Bybit. This enhances transaction security and meets regulatory standards. Selling crypto, however, requires Level 2 verification. You will: i. Upload an ID document ii. Complete facial recognition iii. Provide your address information.
How much is 1 USDT to NGN on Bybit today? A: As of writing, the rate for 1 USDT to NGN on Bybit is ₦1,163. Check Monierate.com for the latest and most reliable cryptocurrency exchange rates.
Is Bybit P2P safe?
A: Yes, Bybit employs various security measures, including 2FA and storing funds in an HD cold wallet. The platform has maintained a strong security record since its launch in 2018 and is trusted by over 10 million users. It also boasts responsive customer support. However, always conduct your research and trade cautiously.
Watch out for traders who:
- Charge extra fees
- Suggest trading off-platform
- Request coin release before payment confirmation
- Remember, informed trading is smart trading.