Today’s review is about Cashlink.
Cashlink is a fiat payment gateway on Binance.
It’s well known that naira deposits into cryptocurrency exchanges have been impossible since the CBN’s ban on crypto.
Proudly, Cashlink has overcome this barrier!
Cashlink has processed millions of naira in transactions by allowing traders to deposit and withdraw naira on Binance.
As you read further, you will learn how to deposit and withdraw naira on Binance with Cashlink.
You will also learn about the potential of making “₦400k monthly” as Cashlink’s merchant.
Post Summary
- What Is Cashlink?
- How To Deposit And Withdraw Naira on Binance With Cashlink
- How To Become A Merchant On Cashlink
- Is Becoming A Cashlink Merchant Profitable?
- FAQs
- Conclusion
What Is Cashlink?
Cashlink is a decentralized peer-to-peer fiat payment gateway for crypto.
The startup was created by Bundle Africa.
It has been integrated with Binance since 2022 to enable the deposit, trade, and withdrawal of naira successfully.
Cashlink began in Nigeria before expanding to Ghana.
Here is how Cashlink works…
Cashlink connects users to multiple merchants to complete transactions.
NB: Merchants are responsible for filling users’ orders on the platform for a small fee.
When a Binance user, for instance, makes an order to deposit naira into his account, he gets matched with verified merchants.
From the list, he can select a merchant, considering his rate and fee.
An escrow system is then employed to oversee the transaction in order to safeguard against fraud for both parties involved.
How To Deposit And Withdraw Naira on Binance With Cashlink
Making a deposit
i. Login to your Binance account and click on “Deposit”.
ii The option to deposit fiat will automatically display with NGN as the selected currency. Select your payment type and click “Continue”.
There are two payment options available: bank transfer and e-wallet. By selecting any of them, you are required to fill out your credentials, like your bank details and contact information.
iii. Next, Enter the amount you want to deposit and click “Continue”.
iv. A list of verified merchants will be displayed. Select your preferred merchant and click “Send the request.”
v. Transfer the money to the merchant’s account details displayed on the screen and click “I have paid.”
Once the merchant confirms the transactions, you will receive your NGN in your wallet. Cool!
To trade your NGN, go to “Convert” and swap it for any of your preferred cryptos. There is also a USDT/NGN trading pair via “spot.”
Sign Up For BinanceMaking a withdrawal
i. Go to ” Wallet”, select “Fiat and Spot” and click on ” Withdraw” attached to the “NGN” currency.
ii. Select the payment option and click on ” Continue”.
iii. Select your preferred merchant and click “Send Request”.
iv. Review the details of your transaction and click “Confirm”.
v. Enter your verification code and click “Submit”.
After that, the merchant processes your withdrawal and sends funds to your bank account.
It’s that simple!
How To Become A Merchant On Cashlink
As inscribed on Cashlink’s website, merchants have the potential to earn “₦400k monthly” from fees.
One of the benefits of this program is that merchants set their own fees for processing transactions.
If it seems like something you would be interested in, here are the steps to becoming one.
i. Visit Cashlink.to and click on “Become a Merchant”.
ii. Click on “Start” to begin your applications by entering your personal information.
iii. You will receive an email to complete your verification. The requirements include a BVN, selfie, utility bill, bank statement and a verified Bundle account.
iv. Click “Complete Cashlink Merchant Application” to begin the verification process.
Verification takes 3–7 days. You will receive a confirmation email if your application is successful.
So, that’s all the information you need; continue to the next section!
Is Becoming A Cashlink Merchant Profitable?
It is profitable because merchants earn fees for processing transactions, and they set these fees themselves.
Adoption, though, will significantly impact how much more profitable it can be for merchants.
One factor that I believe might stymie Cashlink’s adoption is Binance P2P.
Since most traders are already familiar with Binance P2P, Cashlink may not be worth their time.
However, in another scenario, let’s imagine Binance P2P as an ATM and Cashlink as a POS.
Traders who do not want to go through the hassle of Binance P2P will end up using Cashlink.
Also, it would be used by traders who love to trade crypto for naria directly from their Binance account.
In addition, crypto newbies on Binance would most likely prefer to trade with naira, prompting them to use it.
Overall, Cashlink will remain profitable for merchants as more traders adopt it.
Sign Up For BinanceFAQs
The team recommends a minimum of 1 to 2 million naira.
A recent three-month-old bank statement in PDF format is recommended.
Binance P2P is a crypto payment gateway for buying and selling multiple coins.
On the other hand, the former is a decentralised payment gateway for local currencies like NGN and GHS.
Also, being a Cashlink merchant does not make you a merchant on Binance P2P.
Currently (January 13, 2023), Cashlink is only available on Binance and the Bundle app.
Conclusion
My review of Cashlink has come to an end. I hope you found it insightful.
Cashlink comes in handy as one of the ways to bypass the CBN ban on crypto.
Also, it provides a new money-making opportunity for merchants.
Moreover, I believe it’s a tremendous step toward encouraging crypto adoption, as it will help newbies easily navigate the world of crypto.
But I would love to know your opinion. What do you think about this platform?
Do you think it is profitable for merchants?
Leave your thoughts in the comment box below.
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Pls I’m very happy for your insightful explanation and I’ve been using it for some time now until yesterday. It stopped working. Pls what is the problem or is there other ways we can buy 1 for 1 in binance?
Hello Philip, you can reach out to the Team about that.
For the time being, you can deposit NGN via P2P.
We gave steps on how it works here.