As the value of the Naira continues to decline, most traders have turned to the best P2P crypto exchange platforms existing in Nigeria to continue trading and investing in cryptocurrencies.
Platforms like Paxful were solving these issues rapidly alongside other P2P crypto exchange platforms in Nigeria until their recent shutdown in April 2023.
Their shutdown has caused and raised so many questions for most Nigerians in the crypto world. This is where choosing the best P2P crypto exchange platforms in Nigeria, like Paxful, comes in.
P2P crypto exchange platforms offer a more accessible and decentralized way for Nigerians to buy and sell cryptocurrencies using local payment methods such as bank transfers, mobile money, and cash deposits.
These exchanges offer higher privacy and security than centralized exchanges, often subject to hacking and other security breaches.
With these security issues in place, platforms like TransferXO stands in the gap to juxtapose this analogy. This P2P crypto exchange platform offers the best crypto security ever existed in Nigeria.
While we’ll show you reasons to trade TransferXO as one of the best P2P crypto exchange platforms in Nigeria, this article will explain nine more that can serve the same purpose.
Before we go further, let’s understand what P2P Crypto Exchange platforms are to a man in Nigeria desiring to start a journey in cryptocurrency.
What is a P2P Crypto Exchange?
A P2P (peer-to-peer) crypto exchange is decentralized that enables individuals to trade cryptocurrencies directly with one another without the involvement of a central authority or intermediary.
In a P2P crypto exchange, buyers and sellers are connected directly through the platform, and they can negotiate the terms of the trade, such as the price and the payment method, among themselves.
Unlike traditional centralized exchanges that hold users’ funds in custody, P2P crypto exchanges operate on a trustless basis, using smart contracts and escrow services to ensure the transaction is secure and transparent. The P2P crypto exchange platforms existing in Nigeria facilitate buyers with sellers and provide a user-friendly interface for executing trades.
Some popular P2P crypto exchanges include TransferXO, LocalBitcoins, and Binance P2P. P2P crypto exchanges are popular among cryptocurrency enthusiasts who value privacy, security, and autonomy in their trading activities.
What is a P2P Crypto Exchange Platform?
To a Nigerian man, P2P (peer-to-peer) crypto exchange platforms are websites or mobile applications that directly connect buyers and sellers of cryptocurrencies, allowing them to trade without intermediaries, such as banks or centralized exchanges.
However, there is more to this. You must get to understand how cryptocurrency works in Nigeria.
A P2P crypto exchange platform enables Nigerians to buy and sell cryptocurrencies using local payment methods, such as bank transfers, mobile money, and cash deposits. These platforms provide a secure and transparent trading environment, typically using smart contracts and escrow services to ensure that transactions are completed as agreed upon.
P2P crypto exchange platforms offer more privacy and anonymity than centralized exchanges, benefiting Nigerians who value their financial privacy or face regulatory hurdles in accessing traditional banking services.
Some popular P2P crypto exchange platforms in Nigeria include TransferXO, LocalCryptos, Paxful, and Binance P2P. These platforms enable Nigerians to participate in the global cryptocurrency economy and take advantage of the potential benefits of decentralized finance, such as lower fees, faster transactions, and greater financial autonomy.
If you’re eager to start trading crypto, you should pay keen attention to P2P exchange platforms in Nigeria that serve as alternatives to Paxful.
Our 2023 review of Nigeria’s best crypto exchange platforms reveals outstanding platforms like Paxful.
Let’s look through them below.
List of the Best P2P Crypto Exchange Platforms in Nigeria in 2023
Nigeria indeed has a large and growing cryptocurrency market, but many Nigerians need help to access traditional banking services due to strict government regulations on cryptocurrency and limited banking infrastructure.
With the help of P2P exchange platforms, Nigerians can now trade crypto easily. However, it’s important to note that P2P crypto exchanges come with their own set of risks, including fraud and scams, so it’s essential to be cautious and do your research before using any platform.
Make sure to only trade with trusted and verified users and never send your cryptocurrency or payment before receiving the assets you are purchasing.
Also, it’s worth noting that each of these platforms has its own pros and cons, and it’s important to do your research and choose the one that best suits your needs. Factors to consider include fees, security, payment options, and customer support.
There are several P2P trading exchange platforms available in Nigeria that offer services similar to Paxful. Here are some options that you may consider:
#1. TransferXO – The Best for Peer-to-Peer (P2P) Trading Platform in Nigeria
Probably the best of all time, TransferXO is Nigeria’s best P2P cryptocurrency exchange platform, performing almost the same features as Paxful with other added features. We can also say it’s one of the best trading platform in Nigeria.
The platform is renowned for its low fees during crypto exchange with many cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and many more altcoins.
The fees charged by TransferXO are also quite low, with a maker fee of 0.75% and a taker fee of 0%. Also, there are 0.0% deposit fees, 0.0% withdrawal fees, and 0% volume-based pricing. 0.001 BTC is the minimum transaction value, and over 100,000 people are using blockchain wallets right now.
Anybody wishing to purchase and trade cryptocurrencies fast, safely, and affordably should consider using TransferXO. It is a fantastic option for both seasoned and inexperienced cryptocurrency traders due to its low costs, wide selection of cryptocurrencies, and simplicity of use.
Unique Features Of TransferXO
The noticeable differences among the more than 500 cryptocurrency exchanges that give investors the choice to trade in Bitcoin, Ethereum, and other digital assets are determined by the services’ pricing, quality, and safety.
With the outstanding P2P cryptocurrency trading features listed below, TransferXO stands out.
You may securely, easily, and quickly buy, sell, and trade different cryptocurrencies at TransferXO. You can access several exchanges, zero limitations, and cryptocurrency coins with extremely low transaction fees by selecting TransferXO.
With the help of TransferXO’s user-friendly bill payment tool, you can effortlessly pay bills with your digital assets while taking advantage of quick and affordable transactions. Pay as you go by simply connecting your wallet to your bill account!
How to Use TransferXO in Nigeria
- Step 1: You must create an account with TransferXO, complete the account registration process, and go through the 2FA verification process. If you don’t already have one, register here to get a free TransferXO account right away. With TransferXO, registering an account is simple and cost-free. Click “Sign Up” on the home page to register.
- Step 2: Choose “P2P Exchange” on the TranxferXO app’s home page. When you get to this page, look for “P2P” under “Trade.”
- Step 3: Ensure that NGN is selected as your currency on the P2P page (Naira).
- Step 4: Go to the page’s Bitcoin section.
- Step 5: To define the criteria for your transaction, click the “Filter” icon.
- Step 6: Enter the quantity of Bitcoin you wish to purchase on this screen (in Naira).
- Step 7: Next, pick the payment option you prefer.
- Step 8: You can choose sellers from a particular nation or area. Choose Nigeria if you only seek sellers from that country. Swipe back to the main P2P page after that.
- Step 9: A list of sellers will be generated based on your filters. By selecting any seller from the list, click the “Purchase” button.
- Step 10: The seller’s page will appear next. Before continuing, make sure that you are comfortable with their terms. Please return to the home page and choose another seller if you disagree with the present seller’s terms.
The first P2P marketplace made available to cryptocurrency dealers in Nigeria was LocalBitcoins, and it is still awesome—at least if you are solely interested in Bitcoin.
The first peer-to-peer exchange, LocalBitcoins, was established in 2012 and now operates in more than 200 nations, including Nigeria. It can accept up to 30 different payment methods. An escrow service that connects buyers and sellers of Bitcoin is called LocalBitcoins. Users can promote trades for any accepted payment method in exchange for Bitcoin.
It is one of Nigeria’s most trustworthy peer-to-peer cryptocurrency exchanges for covertly buying cryptocurrencies. Users can publish ads for buying and selling Bitcoin on LocalBitcoins by specifying the exchange rate and mode of payment.
LocalBitcoins is another peer-to-peer Bitcoin exchange platform that operates in Nigeria. It allows buyers and sellers to connect and trade Bitcoins directly with each other.
The platform offers a range of payment methods, including bank transfers, cash deposits, and online wallets.
How to Use LocalBitcoins in Nigeria
- Step 1: Register an account with LocalBitcoins.
- Step 2: Search for advertisements.
- Step 3: Select an advertisement. …
- Step 4: Pay the seller.
- Step 5: Mark payment complete.
#3. Binance P2P
Binance is a popular cryptocurrency exchange platform offering a P2P trading service in Nigeria.
A well-known cryptocurrency exchange with reasonable costs and a large assortment of digital assets is Binance. With maker and taker fees that are 0.1% and 0.2%, respectively, it boasts some of the lowest prices on the market. It also provides futures and options trading with up to 125x leverage depending on the asset.
Beginner cryptocurrency traders can get help navigating Binance, a safe and user-friendly platform. Binance is one of the top exchanges in the world thanks to its low fees, broad assortment of digital assets, and various services.
Binance is one of the most well-known exchanges in the world, with an average daily trading volume of over $76 billion. It offers users a variety of functions and supports over 500 cryptocurrencies.
The platform supports multiple payment options, including bank transfers and mobile money, and offers a user-friendly interface that makes it easy for buyers and sellers to trade cryptocurrencies.
How to Use Binance P2P in Nigeria
- Sign in to your Binance account if you already have one, or create one if you don’t.
- Finish your identity verification to validate your Binance account.
- Enter your payment options, and the Binance P2P platform will be ready for you to purchase cryptocurrency.
- Visit the Binance P2P website via the mobile app or browser app to browse all the offerings that are currently being offered in the P2P market.
- Order your cryptocurrency, and then pay the vendor using their recommended payment methods. You’ll have a limited window of time to send the money.
- After you send the money and have Binance P2P confirm your payment, you can then obtain your cryptocurrency from the vendor.
- Your cryptocurrency will be deposited in your wallet when you make a payment.
Remitano P2P is another reputable and well-known peer-to-peer cryptocurrency exchange platform in Nigeria where users may buy and sell bitcoin or other cryptocurrencies. With the possible exception of fraud issues, this platform can readily match buyers and sellers without the need for a middleman.
You can trade cryptocurrencies in Nigeria using Remitano P2P without getting flagged or prohibited by the CBN. Remitano has a sizable trading community, so if you utilize its peer-to-peer platform to acquire cryptocurrency, you’ll undoubtedly have a wide range of attractive prices to select from.
The platform offers a secure and easy-to-use trading platform that allows buyers and sellers to trade cryptocurrencies directly with each other. It supports multiple payment options, including bank transfers, mobile money, and online wallets.
Remitano P2P is simple to use for both novice, recreational, and experienced crypto traders.
How to Use Remitano in Nigeria
- You must create an account with Remitano, complete the account registration process, and go through their verification process.
- Register on Remitano If you haven’t already logged in, scroll down the page of sellers to find one you like, then click “Purchase.”
- Enter your Bitcoin address and the amount of Bitcoin you wish to purchase.
- Click “Buy Bitcoin” to start the transaction.
- You can pay the seller via bank transfer after viewing the buyer’s payment information.
- Confirm your payment has been received before waiting for the seller to confirm it.
- The seller’s BTC held in escrow will be immediately released to your BTC address after the seller verifies receiving your transfer.
#5. Dart Africa
A platform for Bitcoin exchange called Dart Africa provides quick, dependable, and open services.
Dart Africa upholds this confidence by utilizing cutting-edge security procedures. The platform uses a safe mainframe to safeguard user funds and wallet data, providing complete security.
The best conversion rate for Bitcoin in Nigeria is provided by Dart Africa. The best exchange rate is always available to consumers because rates are automatically updated. This implies that when traders trade with Dart Africa, they might obtain more for their money.
The Dart Africa platform is intuitive and simple to use. The website is effectively constructed to handle several transactions at once. This makes it simple and hassle-free for traders to purchase, sell, or exchange bitcoins.
How to Use Dart Africa in Nigeria
- Step 1: Download the app and, if you’re a new user, register.
- Step 2: Create your transaction pin so it may be used for all withdrawals.
- Step 3: Enter your bank information and generate a transaction pin. Your withdrawals will need to be approved using this pin.
- Step 4: Decide which coin to sell. To sell the coin, enter the desired price and click “Sell coin now.”
- Step 5: The system will create a wallet address, copy the address, and deposit your funds there.
- Step 6: Your money will show up in your wallet after confirmation. The next step is to make a withdrawal to your bank.
In 2014, OKX, formerly known as OKex, was established. This platform provides a wide range of services, such as spot and futures trading, perpetual swaps, peer-to-peer lending, etc.
One P2P cryptocurrency exchange in Nigeria where users may purchase BTC, ETH, and USDT with Naira (NGN) via the bank Transfer payment option is OKX.
Similar to TransferXO, OKX does not charge a fee to use its P2P feature because you only purchase at the price set by the seller you selected.
Escrow is a feature that is utilized by OKX P2P to guarantee all users have a positive trading experience. The cryptocurrency from the seller’s wallet is automatically transferred to OKX Escrow and locked until the P2P exchange is finished when the trade is initiated.
How to Use OKX in Nigeria
- Step 1: Sign up for a free OKX account: To buy crypto, first create an OKX account for free in just a few minutes with your email, phone number, Telegram, or Google account. Then, complete the identity verification to begin trading.
- Step 2: Buy crypto with NGN: Buy crypto with NGN or your preferred currency among over 90 options. OKX accepts Visa, Mastercard, bank transfer, Apple Pay, and more.
- Step 3: Trade, hold, or earn from crypto: After buying crypto with NGN, you may choose to trade crypto using OKX’s trading terminal to benefit from its short-term price action.
- Step 4: Secure your crypto: When you buy crypto on OKX, your assets are securely kept, ready to be sold or transferred as required. You can also store your crypto in OKX’s Web3 wallet to access DeFi platforms and DApps.
A global P2P marketplace where you may buy and sell cryptocurrencies is called Bitpapa. The transactions take place between two peers, and Bitpapa ensures trade execution by keeping the seller’s coins in escrow until the transaction is complete.
When you open a safe transaction and make internal transfers, no commission is taken. We only collect fees from ad owners.
A unique escrow account is used for all transactions.
Founded in 2018, Coindirect is one of Nigeria’s most reputable and safe peer-to-peer cryptocurrency exchanges, allowing you to buy, trade, and store cryptocurrencies including Bitcoin, Ethereum, and more than 40 others. However, on the P2P marketplace of CoinDirect, only bitcoin can be used for both purposes.
Other services offered by Coindirect include Wallet and Currency Exchange. This cryptocurrency exchange accepts payments by credit/debit cards and more than 30 different coins.
You can utilize Coindirect’s conversion service (from the ‘Wallets’ section) or its P2P Marketplace (‘Buy Coins’ page) to purchase cryptocurrencies.
Cryptocurrencies including Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum, Ripple, and USDT are supported by Coincirect.
How to Use Coincirect in Nigeria
- Step 1: Create a Coindirect account
- Step 2: Verify your identity
- Step 3: Coindirect can facilitate local bank transfers and PayPal in Nigeria.
One of the most well-known peer-to-peer cryptocurrency exchanges in Nigeria, Buycoins Africa was founded in Lagos in 2017.
Buycoins provides a P2P Exchange, a crypto Wallet, and a service that enables immediate crypto buying and selling.
BTC, ETH, LTC, and NGN are all supported on the Buycoins P2P exchange. Bank transfers and Visa/MasterCard are both accepted as payment methods.
You can trust that Buycoins’ P2P marketplace is secure because it makes use of an escrow service.
By producing or replying to trade ads, which are adverts for buying or selling bitcoin, users of Buycoins P2P can purchase or sell bitcoin.
How to Use BuyCoins in Nigeria
Since Buycoins is a centralized exchange, they make it very simple for you to get access to cryptocurrency.
Simply create an account, confirm it, and add Naira to it. After that, you’ll be able to send or transmit any cryptocurrency or stock, store it in your Buycoins wallet for any amount of time, or exchange it.
Nigerians can now purchase CoinCola as of 2019. There are more than a million members on CoinCola, one of the peer-to-peer (P2P) cryptocurrency exchange platforms in Nigeria that facilitates the exchange of gift cards for the Bitcoin payment method.
This cryptocurrency platform offers more than 14 payment options, including PayPal, gift cards from Amazon, iTunes, and Steam Wallet. In addition, CoinCola provides a safe Bitcoin wallet.
On CoinCola, you may use the following cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Tether, Ripple, and Gemini dollar.
CoinCola provides crypto-to-crypto pairs with Ethereum, Bitcoin Cash, and Litecoin and offers BTC and USDT as base currencies. It has its fees listed on its fees page and serves around a million users.
Advantages of P2P Crypto Exchange for Nigerian Users
Peer-to-peer (P2P) cryptocurrency exchanges offer several advantages for Nigerian users, including:
Decentralized Control: P2P crypto exchanges are decentralized, meaning users have complete control over their funds. This eliminates the need for intermediaries such as banks, which can be slow and costly.
Lower Fees: P2P crypto exchanges typically charge lower fees than centralized exchanges. This is because they don’t have to maintain expensive infrastructure or comply with regulatory requirements, which can be costly.
Increased Privacy: P2P crypto exchanges offer increased privacy as users don’t have to provide personal information such as their name, address, or government-issued ID. This can be particularly important for Nigerian users, who may be concerned about government surveillance or censorship.
More Payment Options: P2P crypto exchanges offer various payment options, including bank transfers, mobile money, and gift cards. This can be especially useful for Nigerian users, who may need more access to traditional banking services.
Faster Transactions: P2P crypto exchanges facilitate more secure transactions as users can trade directly with each other without having to wait for a centralized exchange to match orders.
Overall, P2P crypto exchanges offer Nigerian users a more efficient, cost-effective, and private way to trade cryptocurrencies. However, users should always exercise caution when using P2P exchanges and ensure they only trade with reputable and trustworthy counterparties.
In addition, P2P crypto exchanges provide opportunities for Nigerians to earn income through trading cryptocurrencies and offer a way to protect against currency devaluation and inflation.
Indeed, P2P crypto exchanges can be a valuable tool for Nigerians looking to participate in the global cryptocurrency economy and overcome the challenges of traditional financial systems.
Why Value Investing in the Future May Rely on P2P Exchanges?
P2P doesn’t require peer trust, and the marketplace that offers escrow services just stores cryptocurrency (enforces the trade terms).
Is Crypto Buying Limited to P2P?
No, you can also purchase cryptocurrency using instant swap services and conventional order book-based exchanges.
Is P2P Trading Secure?
That is, provided you choose a reputable exchange or marketplace like the ones this article has examined.
What distinguishes P2P from OTC cryptocurrency exchanges?
P2P offers are open to the public, whereas OTC (over-the-counter) offers are private and handled by the exchange as a custom service.
While most P2P cryptocurrency exchange platforms in Nigeria let you buy and sell cryptocurrency directly, only a few of them provide a peer-to-peer (P2P) exchange service.
In this case, a marketplace is created on the exchange platform for buyers and sellers of crypto assets so that they can come there and transact directly with one another.
The exchange platform acts as a supervisor to ensure that the P2P system is operating properly and that people aren’t being scammed through these p2p transactions. Escrow is used to do this.