Topic: Why Binance Dey Successful Pass Oda Exchanges for Naija? (Read 143 times)

At the onset when I registered on Binance, I had no idea about other CEX, except for Kucoin whose KYC verification process proved difficult.
Within my colleagues and friends who understand cryptocurrency, Binance is all we talk about and use, and it is for fact of its Peer to peer function.

Except for recently when that lawsuit against Binance U.S became news, and investigations into Binance Naija by other agencies discovered it isn't a legal entity of the original Binance, I had no doubt about using it till date.

Binance de recognition no be only for Naija, but all over the world. The CEO of Binance, Changpeng Zhao de do good job to maintain better gap against other exchanges. No b today work o, e take Changpeng Zhao plenty time before e set everything we de enjoy from the binance exchange. The plain truth and the major reasons why binance get plenty customers and are ranked #1 on the exchanges chart na because their security, modes of operation, fast interms of replying to their customers and satisfying customers complaint with ease, na all these attributes de keep them ranked first till now.

@OP, Yes, everything has already been said about Binance in the country of Nigeria, and truth be told, Binance is a very large exchange that never only focuses on one country; Binance is in a lot of countries that don't ban Bitcoin, and just as Charle-Tim has said, I think Binance became more popular after the CBN banned cryptocurrency and there was no direct means of receiving direct payment to a Nigerian bank account unless through P2P trade, and since Binance offers the P2P service and it was working efficiently, people citizens that deals on crypto decided to mainly relay on Binance.

No be only for Naija wey Binance dey successful pass other exchanges, dem dey very successful for any country wey dem dey offer their services. Binance sabi promote their exchange and their owner sabi work against competitors, so if that competitor fall, many of their customers go begin dey trade for Binance. Dem get this dubious means of trying to control the crypto market and to make many people believe that na their exchange safe pass. Even if you think say Binance safe, no go leave your crypto for inside their exchange, as you trade finish carry you funds send into your non-custodial wallet.

Binance is a centralized exchange. Any centralized exchange can be hacked at anytime. Do not leave your coins on centralized exchanges.

There are other well reputed exchanges too.

It is not different from those like Huobi, Bybit, Kucoin, OKX. There are other exchanges that support naira exchange and Nigerians are exchanging naira ⇌ crypto on the exchanges.

Binance na the number one interms of security and na the exchange de top for chart when e concern crypto exchange followed by coinbase. Before binance list coin on their exchange, dem de make sure say the project na prominent one, imagine say binance wey de ranked first just get only 387 coins compared to Gate.io wey de #9 position with over 1704 coins, una see say the matter no clear at all. Binance de see customers wella for naija because the CEO of Binance, Changpeng Zhao try e best wella to meetup the complaints and needs of e customers, e de carry their matter for e head, e no de use dem play at all. One features wey I like about dem na their P2P trading, e de very fast, and their community strong wella.

To attract people to an exchange na very simple tin to do sef. As I said before sef. Na just to reduce di buying price and increase di selling price den u no go collect buying and selling transaction fee from the customers. And if Dem do like that na di customers go advertise the exchange company for their friends to use. And another thing the company must keep customers privacy. Why binance dey lead the exchange business is because dem know weti di customers need and Dem dey deliver di service.

Binance na exchange wey the owners get sense well well based on how them just understand the Naija people and know how to make the needed services and features available for the average naija. Among many tins I for like talk about binance na about their strong security, never we don hear say Dem hack Dem unlike other exchanges. Even for their p2p sef them no dey charge for transactions and the pattern of their p2p system you nonfot lose your money be you buyer or seller ontop with better exchange rate join.etc.

True true I no think say any statistics support say binance na number one exchange for naija, but everybody wey I know for cryptocurrency matter de use binance, for dem exchange matter. Another reason wey make binance de for di top be say dem de innovative and dem don build good record for di whole world. Everybody wey don advice me about bitcoin, before I join don market binance as the first choice for exchanges. Better product de market imself. 

I believe the major reasons why binance was able to penetrate the Nigeria Crypto market was the marketing strategy they used. They gained prominence through their exchange pairs at first ie direct trade or exchange with the Nigeria naira which made Nigerians embrace them speedily but before then, KYC verification was a problem between Nigerians and other exchange which was making it difficult for Nigerians but binance came in and resolved it with ease through easy verification and requirements process and that alone made them the number Crypto exchange in Nigeria.
 
Lastly, i believe binance operates with a team of seasonal financial experts because so far, I have never seen any exchange that can counter binance opetational measures not to talk of near competing with them.

Oboy Binance know di business strategy o. If you look at di thing very well, Binance dey buy and see with better price and Dem no dey cut money for the p2p transaction. Busa wey dey for naija for exchange dey cut pesen neck like sae na Dem get Cryptocurrency. Binance price to see Bitcoin e dey high pass all di other crypto companies. Binance is customer friendly. I can also see dat there are lot of exchanges in Nigeria but binance dey on top. Na plus to dem. If any exchange like to attract customers they should do like Binance. Binance e no dey take transaction fee and their price is good to sell.

I think this thing na something, wey been happened since 2018 when binance over power bittrex wey been be the top exchange that time, like this eh I still dey wonder the magic them use take enter Africa... The opportunity so fast and since other exchange no get that ability so binance come become the Oga of it all because them dey very easy to use even small pickin fit use the exchange. Even with the ban self people still no panic we still dey make use of am.

Binance gain ground for the country by first conquering the whole world, you think if binance no be dey over successful generally dem for fit get ground for Nigeria? As dem be the most popular exchange globally na so dem carry trapped Nigerians as we sabi follow follow and since Binance noticed a lot of Nigerians were using their platform dey decided to capitalize on the Nigerian market. Make I shock you, binance never do any major promotion for Nigeria, na we dey promote binance ourselves. Our top influencers for the crypto world they worship Cz feet na him dey invite them to all the shows wey binance dey sponsor for free and as him dey get those influence in locked na so dem dey promote am. Also Binance begin offering services wey go encourage Nigerians to use theirs platforms as Charles dun outline.

Binance success na because dem sabi seize opportunity when dem see am. Before Binance we get other exchanges both home and abroad wey dun stand ground for Nigeria but dem no survive because dem no get international backings (like dem no popular globally) and we Nigerians we sabi value oyinbo package pass our own. Binance no too strong like dat for other African countries and dem dun try wan enter the market and conquer Africa as a whole. Them be follow among the last sponsors of AFCON and dem dey steadily support projects then wey get to do with cryptocurrency for the continent and Nigeria been the largest mean say dem go get interest from many people for this side to they use their exchange as na the exchange wey dem dey see be dat.

I don't know how you arrived at the conclusion of Binance being the most successful exchange in Nigeria but I must admit that a lot of people I know in crypto uses Binace, even the person that introduced me to crypto.

I have equally seen the flexibility and accessibility, especially the p2p functionality, that Binance offers and I think this should be the reason for the acceptance. However, I feel that the p2p aspect of Binance that makes a lot of Nigerians go for it still have it's associated risks.

@charlse-Tim said everything.Binance's global prominence has made it one of Nigeria's most successful exchanges. I believe the reasons are those stated by @charlse-Tim has laid out, which includes p2p, which allows users to safely trade BTC and USDT direct to Naira without worry of losing money due to their terms and conditions.

Although there are other exchanges with similar features to Binance, Binance's global reputation has made it one of the main exchanges, if not the leading one, in Nigeria. Although there is no statistics to support it, given the way people are using Binance in Nigeria, it seems likely that it will be the main exchange with the most trading volume in Nigeria.

There are limited data that can make us know that Binance is the most successful exchange in Nigeria. Or if anyone can provide the data needed by showing each crypto exchanges trading volume from Nigeria, that will be good. Although, Binance is the largest exchange in the world.

One of the reasons Nigerians are using Binance is because on most crypto exchanges as at then, to convert directly to naira was difficult or not possible, but Binance made it easy.

When CBN banned bitcoin and other cryptocurrencies in Nigeria, many exchanges that Nigerians were using suspended operation for a while, example is Luno and Quidax (not recommendable). Because of that, some Nigerians look for other exchanges at the time, Binance P2P has been existing at that time. P2P market price was better than time too, than on some exchanges like Luno and Quidax which later found a way to continue to operate in Nigeria.

Another reason are the altcoins that Binance accepted. People just like altcoins and new new projects, even as dangerous and risky like gambling as they are. Centralized exchanges that are supporting bitcoin along with altcoins are the ones existing now. You can see some like Localbitcoins stopped operation.

Binance is advancing with the latest crypto advancement existing. They do not slow to adopt what are the latest, like the time of altcoins, blockchain tokens, NFTs. I have heard that Binance started Ordinals and BRC-20 token marketplace or something. I may not be totally correct about Ordinals and Inscriptions because I have limited knowledge about it and not following the latest new about it.

Trading fee on Binance is kind of cheaper and also withdraw is kind of cheap. Binance follows the way to attract people in the world and Nigerians were among the people because they know how Nigerians are interested in cryptocurrencies. Binance make crypto more accessible to those that wants to buy with naira.

Binance support BTC/NGN, USDT/NGN, and P2P NGN which nearly all other exchanges are not supporting up till now.

Abeg my pipo una well done. E get one question wey I wan ask and I go like if sabi pipo give me answer.
How did binance achieve so much success in Nigeria? I sabi say oda crypto exchanges dey wey dey try penetrate the Niaja market just like binance but e dey too difficult for them to find any success? Do you feel that one of the reasons is because binance was very patient, had a good strategy and team in place or because say binance na one of the first crypto exchanges to take enter Naija ? Abi na becasue say them get plenty money?
What do you guys really think becasue I hear say one crypto exchange like that Bitget don close their Nigerian and their African team office. Dem tell dem say make everybodi vamoose becasue dem nor see any success for the Naija market.

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I no sabi how true the news be sha but things like this dey happen - https://twitter.com/CryptoDefiLord/status/1672143316492713985