One of the ways of exchanging cryptocurrency is through peer-to-peer (P2P) trading platforms. In Nigeria, it is a common way of getting involved in crypto deals.
The Nigerian apex bank, the Central Bank of Nigeria in 2021 banned transactions involving cryptocurrency in financial institutions. P2P trading platforms have since been the way out to make deals regarding cryptocurrency.
In this article, you will know about the top peer-to-peer trading platforms in Nigeria if you’ll be involved in crypto trading.
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What You Need To Know About Peer-to-Peer (P2P) Trading Platforms
A peer-to-peer (P2P) exchange is a platform where one can exchange cryptocurrency for fiat/local currency and even another crypto asset.
Just as the name implies, peer-to-peer exchanges involve two persons one is the seller while the other is the buyer. The seller exchanges the crypto for a local currency paid by the buyer on an exchange that provides P2P services.
The trading platform that offer P2P services doe not sell or buy cryptos from its customers. It only serves as a point where buyers and sellers meet and acts as the supervisor of the transaction.
This is made possible via the Escrow system (refers to an asset/money kept in the custody of a third party until a specified condition has been fulfilled).
The seller receives confirmation of the payment from the buyer who receives his/her asset which is time bound. If any issue arises from the transaction, both parties will present their evidence to the exchange and the asset will be released to the rightful owner.
The Best 5 P2P Cryptocurrency Exchanges In Nigeria 2023
There are a number of P2P trading platforms in Nigeria. The best for buyers and sellers of cryptocurrency to deal directly with themselves are listed below;
Prestmit is one of the best crypto exchange platforms in Nigeria that offers P2P services. The platform is available both in Nigeria and Ghana. It is easy to use and gives the best rate for customers.
The cryptocurrencies supported on the platform include Bitcoin (BTC), Tether (USDT), Dogecoin (DOGE), and Litecoin (LTC). Payment options on Prestmit can be via fiat currencies (Naira & Cedis) or crypto asset (USDT). These are the reasons why prestmit is the best digital platform for crypto deals.
Remitano is the most frequently used peer-to-peer exchange in Nigeria. It provides an escrowed p2p platform that connects buyers and sellers to deal directly with themselves. Remitano supports cryptos which include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), and Tether (USDT).
Binance is one of the leading crypto exchanges in the world. Since the era of the CBN crypto ban in Nigeria, Binance also introduced the Nigerian Naira in P2P. You have the option of directly sending/receiving naira to/from the naira wallet of another Binance user. The best part of is that you are being charged minimum fees for posting offers or transacting in Binance P2P.
Paxful supports only the buying and selling of Bitcoins. It also supports up to 300 methods of payments and serves about 2 million users. Here, the escrow amount is deducted from your Paxful wallet at the beginning of the trade and is received upon the successful completion of the trade.
This is a non-custodial peer-to-peer exchange that was launched in October 2019. This platform can be used in Nigeria. It differs from other p2p platforms because it is the first p2p exchange to adopt a decentralized governance system. It supports several crypto assets such as Bitcoin (BTC), Dogecoin (DOGE), Tether (USDT), Ethereum (ETH), and many others. Cryptolocally provides more than 50 payment options on its platform.
It is important to know about cryptocurrency, crypto assets, and the exchange/platform for you to start your trading. This is necessary to avoid being scammed or investing and not having returns on investment.
Investment in cryptocurrency is no doubt a very huge risk, care must be taken to earn the benefits provided by these digital assets.
Also Read: How To Sell Bitcoin in Nigeria