If you are a P2P crypto trader in Nigeria and Paxful has been your saving grace in the world of Cryptocurrency, seeking an alternative to Paxful should be the next target with their current shutdown.
Yes, the global cryptocurrency community desperately seeks alternatives after the peer-to-peer (P2P) marketplace Paxful shutdown, but the Nigerian crypto community was particularly impacted.
It is obvious the Paxful platform has become very popular among Nigerians because it allows them to buy Bitcoin with Naira at competitive rates. However, many other P2P cryptocurrency exchanges are alternatives if you want to trade your Naira for crypto coins or vice versa.
In this article, we will explore some of these alternatives so that you can decide which platform works best for your needs now Paxful has just closed.
Has Paxful Shut Down?
Yes, Paxful, one of the most potent p2p exchange platforms, is officially shutting down. This was a great shock when the co-founder and Chief Executive Officer, Ray Youssef, disclosed this news in a blog post on Tuesday, 4th April.
This was his exact word; “Paxful will be halting its marketplace today,” he declared. We are still determining whether it will return.
In the same blog, founder and CEO Ray Youssef stated that this choice was made because of “key staff departures” and the regulatory setting.
The closure of Paxful has devastated its user base worldwide, but it has had a tremendous impact on Nigeria, where it was a pioneer in P2P cryptocurrency use.
A few days ago, TransferXO observed from the testimony of several cryptocurrency users from Nigeria told TransferXO that Paxful’s closure felt like “the loss of a loved one” because the exchange was instrumental in making their first $100,000.
Are there Alternatives to Paxful in Nigeria?
Yes, several alternatives to Paxful in Nigeria offer similar services. But one stands out amidst them all; TransferXO.
The platform is so easy to navigate that it lets you buy and sell cryptocurrencies securely and efficiently. With the Paxful shutdown, there’s no better time to use fast and secure trading for your P2P Exchange than now.
You can get a virtual card that grants you easy access to online shopping without exposing your real credit card information. This indeed stands out among all P2P platforms in Nigeria.
TransferXO has also integrated a Bill Payment service where you can pay all your bills online anywhere. This way, you cannot miss any payment even when stuck in “Lagos traffic.”
Nigeria is blessed to have platforms that explore all aspects of Cryptocurrency exchange, like peer-to-peer. Interestingly, these platforms offer similar services to Paxful and are popular among cryptocurrency traders in Nigeria.
While TransferXO stands out, we’ll be stating other alternatives you can explore after using TransferXO; if need be.
Take out time to read through: How to Make Money on Crypto Exchange: 10 Best Practices for Crypto Traders
Best Alternatives to Paxful in Nigeria: 2023 P2P Exchange Platforms that Works in Nigeria
However, it’s essential to research and chooses a platform that best meets your needs and preferences.
Here is our 2023 review on the best P2P Exchange Platforms that can be the best alternative to Paxful:
#1. TransferXO – Best Rated Alternatives to Paxful in Nigeria
TransferXO is Nigeria’s best P2P cryptocurrency platform and is the best alternative to Paxful in crypto trading. It has a wide range of services, including Virtual Cards, P2P Exchange, Bill Payment, Fiat Agency, and Over The Counter (OTC), all designed to make your life easier.
This cryptocurrency trading platform is like Beyonce in the world of cryptocurrencies: it’s well-liked, strong, and has considerable followers. This exchange platform is well-known for its user-friendly interface, which makes trading Bitcoin and other cryptocurrencies simple for newcomers and OG traders.
The most important aspect of this platform is that its services are not only for Nigerians; you can replicate this in Ghana and Kenya.
Regarding style, sophistication, and staying on the cutting edge, TransferXO is like the James Bond of the cryptocurrency industry.
On TransferXO, you may buy and trade Bitcoin without worrying about the security of your money. TransferXO’s products and services are accessible to its thronging clients thanks to a mobile app available on the Google Play Store and the Apple Store.
We’re certain you’ll be startled when you learn about their amazing features.
The pricing, quality, and safety of services determine the notable distinctions among the more than 500+ cryptocurrency exchanges that allow investors to trade in Bitcoin, Ethereum, and other digital assets.
This is where TransferXO comes in. They stand out with great P2P crypto exchange features discussed below:
At TransferXO, you can buy, sell, and swap multiple cryptocurrencies in a secure, seamless, and swift way. Choosing TransferXO grants you access to Zero limits, Multiple exchanges, and cryptocurrency coins with very low transaction fees.
On TransferXO, you can easily pay bills with your digital assets with their intuitive bill payment feature while enjoying fast and low-cost transactions. Simply connect your wallet to your bills account and pay as you go!
TransferXO Over the Counter (OTC) service is designed for high-volume traders who need to buy or sell large amounts of cryptocurrencies. Enjoy easy and secure trading with this OTC service.
From TransferXO, you can get virtual cards you can use for all your online transactions, including online shopping, without having to expose your real credit card information.
What better security do you seek than the one TransferXO offers? With TransferXO, you can be certain to run all your P2P exchange without hindrances.
#2. Binance P2P
If you’re looking for a platform that will give you more control over your assets, Binance is a great choice because of its sophisticated features like margin trading, futures trading, and staking.
Binance is a cryptocurrency exchange that offers services similar to Paxful. It allows users to trade cryptocurrencies for other cryptocurrencies and fiat currencies, such as US dollars or euros.
Payment options include bank transfers, credit/debit cards, and cash deposits. Moreover, Binance features a mobile app that enables trading while on the road.
Binance also offers its coin called BNB (Binance Coin), which can be used on the platform to pay for fees and trade discounts. The exchange has low fees compared with other exchanges and offers competitive rates for buying and selling cryptocurrencies.
The main drawback of using Binance is that it does not accept credit cards as payment methods, so you’ll need a bank account or another form of funding before you can start trading on this site.
CoinCola is a peer-to-peer cryptocurrency marketplace in Nigeria and other countries. Users can buy and sell bitcoins and other cryptocurrencies using various payment methods, including bank transfers, cash deposits, and online wallets.
This exchange specializes in over-the-counter trading and accepts several payment options, including gift cards, mobile money, and bank transfers.
With a user-friendly design, CoinCola allows you to trade various cryptocurrencies, including Ethereum, Litecoin, and Bitcoin. Also, it provides a referral program that pays you for referring friends to sign up.
Remitano is another peer-to-peer cryptocurrency exchange that allows you to trade Bitcoin for Nigerian Naira. It’s one of the most secure and popular platforms, with over 2 million users worldwide.
Remitano has a shallow fee structure: 0% deposit and withdrawal fees, 0% listing fee (if you want to sell your coins), and 0% trading fees (for buyers and sellers). You can also use their escrow service, which protects both parties from transaction fraud.
The main downside of Remitano is its limited number of payment options available for depositing funds into your account—you’ll have to go through an intermediary like Perfect Money or Payeer if you’re not using cryptocurrencies already.
BitBargain is a peer-to-peer Bitcoin exchange that allows users to buy and sell cryptocurrency in Nigeria. The platform was launched in 2017, making it one of the newest options available for Nigerians looking to buy Bitcoin or altcoins with naira, and serves as another perfect alternative to Paxful.
BitBargain has a simple interface that makes it easy for anyone, including first-time buyers, who may need to become more familiar with cryptocurrency trading platforms.
The site also offers some unique features not found on other sites like Paxful or LocalBitcoins, such as:
- A built-in escrow service where buyers can send their payment directly into an account controlled by BitBargain until sellers confirm delivery of goods or services before releasing funds from escrow accounts back into buyer’s wallets (this prevents fraud).
- An option for sellers who wish only to sell small amounts of bitcoin at any given time rather than large quantities; this allows them more flexibility without having too much money tied up at once while still being able to make sales quickly when needed.
Coinmama is a cryptocurrency exchange that allows you to buy Bitcoin, Ethereum, and other cryptocurrencies with credit or debit cards.
It’s one of the oldest cryptocurrency exchanges in Nigeria and stands to serve as another best alternative to Paxful, having been founded in 2013.
Coinmama’s services include:
- Buying and selling of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin
- Instant delivery of your coins (within two minutes) after payment confirmation by their support team
LocalBitcoins is a peer-to-peer (P2P) Bitcoin exchange that allows you to trade bitcoins for fiat money or vice versa. It’s one of the most popular P2P exchanges, with over 1 million users worldwide.
LocalBitcoins offers services in many countries around the world, but not Nigeria. If you’re looking for an alternative to Paxful in Nigeria, LocalBitcoins may be an option depending on where you live and the availability of sellers nearby.
However, the site has a rating system where traders rate each other based on their experience buying or selling Bitcoin through LocalBitcoins. This helps ensure that you’re dealing with someone verified by other users and won’t rip you off.
The fees are higher than Paxful’s at 7% per transaction, but they’re still lower than most banks’ fees for international transfers—and if you want to buy large amounts of bitcoins quickly, this might be the best option for you!
#8. Mycelium Local Trader
Mycelium Local Trader is a peer-to-peer marketplace that allows users to buy and sell Bitcoin. It’s a mobile app you can use on your phone or tablet.
Mycelium Local Trader has been around since 2014, but it’s still a relative newcomer compared to Paxful. The exchange is based in Helsinki, Finland, and there are no fees for buying or selling Bitcoin through their platform (although some fees are associated with using their wallet).
You can also use Mycelium Local Trader as an escrow service if you want someone else to hold your funds until the transaction goes through successfully. However, this is optional if both parties trust each other enough not to need one!
Bitpesa is a Kenyan company that offers remittance services to customers in Kenya, Nigeria, and Tanzania.
Bitpesa provides an alternative to traditional money transfer companies like Western Union and MoneyGram by offering lower fees and better exchange rates for its customers.
These features alone give the platform an edge to serve as one of the best alternatives to the cryptocurrency exchange platform like Paxful.
BitPesa charges a 1% fee on all transactions, which is lower than what Paxful charges (3%). The exchange rate for Bitcoin on BitPesa is also better than Paxful’s, so you’ll get more Naira for your money if you use this platform instead of Paxful.
BitPesa also offers excellent customer service and a secure platform where you can trade your digital currencies without worrying about getting scammed by other users or hacked by cybercriminals.
Paybis is a global cryptocurrency exchange that allows users from many countries, including Nigeria, to buy, sell, and exchange cryptocurrencies.
Paxful and Paybis are cryptocurrency exchanges allowing users to buy, sell, and trade cryptocurrencies. However, they differ in some aspects.
What stands out for this exchange platform is that Paybis supports various payment methods for users in Nigeria, including bank transfers, credit/debit cards, and other payment methods, depending on the country you are in.
Suppose you want to use Paybis as a P2P exchange platform in Nigeria. In that case, you may want to consider factors such as the fees charged by the platform, the supported cryptocurrencies, and the verification requirements.
Ultimately, the best alternative to Paxful for you will depend on your individual needs and preferences.
NairaEx can be your exchange if you’re based in Nigeria and want a simple-to-use local exchange.
With various payment options to meet your needs, this exchange specializes in buying and selling Bitcoin and other cryptocurrencies using the Nigerian Naira.
Even those who are completely new to the market can purchase and sell cryptocurrency with ease, thanks to NairaEx’s user-friendly platform.
The exchange also offers a referral program where you may earn prizes for bringing in new members.
Patricia has introduced the first Bitcoin debit card in Africa. The site is an alternative payment method that enables users to pay bills, purchase gift cards, and purchase foreign airtime using Bitcoin.
Patricia offers various trading commissions as well as a virtual card that may be used to withdraw money from Bitcoin ATMs.
The cool kid on the block, BuyCoins is young, trendy, and always in style.
This Nigerian exchange provides a simple platform for purchasing and selling Bitcoin and other digital currencies.
It accepts various payment options to enable you to enjoy the comfortable life you so well deserve.
You can start your journey towards the free global financial system with Buycoins.
Tips for Selecting the Best P2P Exchange Platforms like Paxful
Here are some tips that may help you select the best P2P exchange platforms in Nigeria like Paxful:
Reputation: Look for P2P exchange platforms with a good reputation. You can research the platform’s history, read reviews from other users in Nigeria, and check if the platform has had any security breaches or other issues in the past.
Supported Cryptocurrencies: Consider the range of cryptocurrencies supported by the platform. If you are interested in trading specific cryptocurrencies, make sure the platform offers those cryptocurrencies.
Fees: Compare the fees charged by different P2P exchange platforms in Nigeria. Fees can vary depending on the payment method, currency conversion fees, and other factors. Check the fees for the specific transactions you plan to make.
Security: Look for platforms with strong security measures, such as two-factor authentication, encryption, and storage for user funds. Additionally, consider if the platform has any specific security measures for users in Nigeria.
Verification Requirements: Consider the platform’s verification requirements. Some platforms require more extensive verification than others, affecting the speed and ease of transactions. Additionally, consider if the platform has any specific verification requirements for users in Nigeria.
Customer Support: Look for platforms with good customer support, including available support in Nigeria. This can be important if you have any issues or questions during the transaction process.
User Interface: Consider the platform’s user interface. A user-friendly platform can make it easier and more convenient to complete transactions. Additionally, consider if the platform has any specific features for users in Nigeria, such as local language support.
Ultimately, the best P2P exchange platform in Nigeria for you will depend on your individual needs and preferences. It may be helpful to compare multiple platforms and consider factors such as reputation, supported cryptocurrencies, fees, security, verification requirements, customer support, and user interface before deciding.
It’s worth noting that cryptocurrency exchanges can be subject to regulatory requirements in different countries, so it’s essential to ensure you comply with local laws and regulations.
Equally, it’s always a good idea to research the reputation of a cryptocurrency exchange before using it to ensure that it is safe, reliable, and meets your specific needs.
Will Paxful Return Users Peer-to-Peer Money Before Shutting Down Completely?
As Paxful is shutting down, it needs to be clarified what the company’s policy would be regarding returning users’ peer-to-peer money.
Generally, when a company shuts down, it plans to return any funds held on behalf of users. However, this would depend on the specific circumstances and the terms and conditions of Paxful’s user agreement.
With the reputation Paxful has built over time, they’ve made the statement about refunding all affected Paxful users. He stated, “Celsius funds will be available in Paxful Wallet later this week.”
Meanwhile, we’ll always advise, it’s always a good practice to withdraw your funds from a platform as soon as possible to minimize the risk of losing your money during a shutdown or other unforeseen circumstances.
Effect of the Sudden Shut Down of Paxful in Nigeria P2P Exchange Platforms
Paxful is a peer-to-peer Bitcoin marketplace allowing users to buy and sell Bitcoin. In the event of a sudden shutdown of Paxful, the most immediate effect is a disruption in the Bitcoin market in Nigeria.
As Paxful is one of the largest Bitcoin marketplaces in Nigeria, the sudden shutdown of the platform could lead to a decrease in liquidity, making it more difficult for users to buy and sell Bitcoin in the short term. However, there are other Bitcoin exchanges and marketplaces in Nigeria, and users may be able to turn to these platforms to continue trading.
Furthermore, the impact of a sudden shutdown of Paxful would depend on the reasons behind the shutdown. If the shutdown was because of a security breach or another significant issue, this could damage the reputation of different exchange platforms in Nigeria, leading to decreased trust in the overall market.
However, the impact on other platforms may be less significant if the shutdown was because of temporary technical issues or other non-critical reasons.
The truth remains that the sudden shutdown of Paxful could have short-term effects on Nigeria’s exchange platforms. Still, the impact would depend on various factors, including the duration and cause of the shutdown.
FAQs on the Best Alternatives to Paxful in Nigeria
What are some popular alternatives to Paxful for buying and selling cryptocurrency?
Some popular alternatives to Paxful include TransferXO, LocalBitcoins, Bisq, Kraken, Binance, and Coinbase. These platforms offer various features and services that cater to different needs and preferences among cryptocurrency traders.
How do the fees on Paxful alternatives compare?
Each platform’s fee structure can vary depending on transaction volume and payment methods. For example, TransferXO typically charges a 0.75% fee for its services, while Binance and Kraken offer lower fees based on the user’s trading volume.
Are there any decentralized alternatives to Paxful?
Yes. TransferXO is a decentralized, peer-to-peer cryptocurrency exchange allowing users to trade without a central authority or intermediary. This offers increased privacy and security compared to centralized platforms.
How do the verification processes for Paxful alternatives like TransferXO differ?
Verification processes vary among alternative platforms. For example, LocalBitcoins requires users to verify their identity for certain payment methods, while Binance and Kraken have tiered verification levels depending on the user’s trading activities. TransferXO, being decentralized, relies on a trustless system and does not necessitate identity verification.
Can I use the same payment methods on TransferXO as on Paxful?
TransferXO which is one of the best Paxful alternatives supports a variety of payment methods, including bank transfers, credit/debit cards, and various online payment services. However, the availability of specific payment methods may vary depending on the platform, user location, and local regulations.
How secure is TransferXO, an alternative to Paxful?
The security of alternative platforms like TransferXO depends on their individual features and measures. Centralized exchanges like Kraken and Binance invest heavily in security and compliance, while decentralized platforms like TransferXO offer enhanced privacy and security through their peer-to-peer design. It’s essential to thoroughly research each platform’s security measures before choosing one for your trading needs.
Are there any country-specific alternatives to Paxful?
Yes, there are several country-specific alternatives to Paxful. For example, TransferXO is an excellent choice at the moment in Nigeria, Bitpesa is a popular choice in Kenya, and BitKan is a popular option in China. These platforms cater to users’ unique needs and preferences in their respective regions, offering localized payment methods and support.
It can be difficult for anyone to select the best crypto P2P exchanges to sell Bitcoin in Nigeria, especially for crypto beginners.
These ten alternatives listed above provide a variety of features and services that can make it simple for you to sell your Bitcoin, regardless of your degree of experience or understanding of the cryptocurrency world. Remember to conduct due diligence and select an exchange that matches your needs.
Currently, Paxful has several rivals that can perform far better than the goods and services it provides. TransferXO is among the best options in this regard.
On TransferXO, you may start trading Bitcoin at the highest rates because we constantly strive to be the best among our peers.