When one begins to ask certain questions, like; what are PAXFUL alternatives for selling Bitcoin in Nigeria, can be interpreted as so many meanings.
If you’re familiar with Paxful, you’ve probably heard about Paxful’s impending closure. This alone can prompt the above questions.
The truth is, for years, Paxful has been one of the most popular peer-to-peer cryptocurrency exchanges, but the time has come to transition to a new platform. But where should we proceed from here? Don’t worry, we’ve got this.
If you are a crypto trader in Nigeria and Paxful has been your savior in the world of cryptocurrency, looking for alternatives to Paxful should be your next goal now that they have been shut down.
TransferXO, a top cryptocurrency exchange site, is here to help you choose the best Paxful alternative for selling Bitcoin in Nigeria. TransferXO is not only a dependable and secure platform, but it also provides unique features and benefits that are not available on other platforms.
In this article, we’ll go over why TransferXO is the ideal alternative to Paxful, along with the other nine platforms, and how you can benefit from our exclusive new user campaigns.
Take Out Time to Explore the 13 Best Alternatives to Paxful in Nigeria After the Sudden Shutdown
Overview of Paxful
Paxful is a peer-to-peer cryptocurrency marketplace where users may purchase and sell Bitcoin using a variety of payment methods. Ray Youssef and Artur Schaback launched the company in 2015, and it is based in New York City.
One of Paxful’s distinguishing features is the ability for users to make their offers, choosing their preferred payment method, currency, and exchange rate. This allows users more control over the purchasing and selling process, as well as the option to locate more competitive prices.
Paxful announced their intention to cease operations on April 4th. The decision was made owing to “key staff departures” and the regulatory climate, according to the blog of the creator and CEO Ray Youssef.
According to Chainalysis’ “The 2020 Geography of Cryptocurrency Report,” Nigeria placed ninth out of 154 nations in terms of crypto acceptance and usage. Acceptance and usage of cryptocurrency in Nigeria were low until Paxful pioneered the use of peer-to-peer technology in the country, assisting in the expansion of the crypto industry.
The shutdown of the peer-to-peer (P2P) cryptocurrency marketplace Paxful has left its global membership looking for alternatives, but it looks to have had a big impact on Nigeria’s crypto ecosystem.
To compare Paxful with Binance, you can read – Paxful vs Binance: Which is Best to Use in Nigeria?
Are There Better Paxful Alternatives for Selling Bitcoin in Nigeria?
Yes. Despite Paxful’s popularity in Nigeria, there are superior alternatives for selling Bitcoin. But one stands out above the rest: TransferXO.
Unlike Paxful, TransferXO provides enhanced security measures, seamless user experience, competitive transaction fees, and swift payouts. Additionally, its integration with numerous payment options offers flexibility for the users.
Another highlight is TransferXO’s customer support system, praised for its rapid response and helpful assistance. Thus, it is highly favored by Nigerians for Bitcoin transactions.
Besides TransferXO, nine other platforms are providing great services, each unique with its offerings, contributing to the burgeoning crypto landscape in Nigeria. These alternatives make selling Bitcoin not only secure but also simple and profitable.
With that said, let’s take a look at the best ten Paxful options for selling Bitcoin in Nigeria.
To compare Paxful with TransferXO, you can read – TransferXO vs Paxful: Is TransferXO Better Than Paxful?
Top 10 Paxful Alternatives For Selling Bitcoin in Nigeria
The increasing adoption of cryptocurrency in Nigeria has led to a rise in the demand for reliable platforms for trading Bitcoin. With recent restrictions on popular platforms like Paxful, many Nigerian crypto traders are looking for alternatives.
Here, we will explore the top ten alternatives to Paxful for selling Bitcoin in Nigeria, with TransferXO being the first:
TransferXO is an ideal alternative for selling Bitcoin in Nigeria. Its distinguishing features include speed and a user-friendly interface that offers seamless trading experiences for all users.
TransferXO is known for offering tight spreads and low transaction fees, providing great value for both beginner and experienced Bitcoin sellers. Moreover, TransferXO’s security measures are top-notch, guaranteeing a safe environment for selling Bitcoin.
Users can conduct their transactions via different payment methods for convenience. Moreover, the platform’s dedicated customer support is there to handle any query at any given time.
- Provides a secure and trustworthy trading platform.
- Accepts multiple payment methods for selling Bitcoins.
- Offers a user-friendly interface suitable for both novices and seasoned traders.
- The trading fees might be higher compared to other platforms.
- Requires strict and comprehensive account verification procedures.
- The platform might sometimes experience slow customer support responses.
Binance is a renowned global cryptocurrency platform that serves as a powerful alternative for selling Bitcoin in Nigeria. It is preferred by users for its extensive market depth and liquidity, offering competitive rates for Bitcoin sales.
Its robust security protocols, including two-factor authentication, ensure that transactions and digital wallets remain secure. The Binance platform also provides different trading options for users, catering to both the needs of beginner traders and experienced investors.
Furthermore, it supports a wide variety of digital currencies, enhancing its versatility. Lastly, the platform provides in-depth analysis tools to help users understand the market and make informed selling decisions.
- It accepts a large variety of cryptocurrencies and trading pairings.
- Offers high security and implements KYC for user protection.
- Features a high-performance matching engine that supports real-time trades.
- Customer service could be more responsive.
- Binance’s advanced features could be complex for novice traders.
- May experience occasional system overloads during peak trading times.
Remitano is a leading peer-to-peer Bitcoin marketplace that offers an easy-to-use platform for buying and selling Bitcoin in Nigeria. Unlike Paxful, it’s embedded with an Escrow feature that safeguards transactions and prevents scams, thus building trust between traders.
It features instant transactions, allowing users to exchange their Bitcoin quickly and conveniently. The platform supports a wide variety of payment methods, including bank transfers, cash deposits, and online payments.
Additionally, Remitano provides responsive customer service available 24/7, giving immediate support to users when necessary. Furthermore, it facilitates trading in other popular cryptocurrencies, making it a preferred alternative to Paxful for Bitcoin traders in Nigeria.
- Provides an escrow service, reducing the risk of fraud.
- Supports various payment methods for user convenience.
- Also supports trading for other popular cryptocurrencies.
- Trading fees are higher than on other sites.
- The verification process can be time-consuming.
- Limited customer support availability.
BuyCoins is a Nigerian-based cryptocurrency exchange that allows users to buy and sell Bitcoin effortlessly. As an alternative to Paxful, BuyCoins simplifies the buying process by eliminating the need for buyers and sellers to scout for each other, thus providing a more convenient and efficient transaction.
It ensures high-level security through 2FA and cold storage for funds, offering reassurance to its users. Another striking feature is the speed of transaction as BuyCoins can complete trades in less than 5 minutes.
Moreover, BuyCoins has zero transaction fees for buyers and offers its mobile app that allows trading on the go. These features make it an appealing choice for Nigerian Bitcoin sellers.
- Instant transactions with no need for a third party.
- User-friendly interface, ideal for beginners.
- Also supports other cryptocurrency trading.
- Limited to users in Nigeria.
- No advanced trading features for experienced traders.
- Limited payment options.
Quidax is a popular alternative for selling Bitcoin in Nigeria. This cryptocurrency exchange provides users with an accessible platform for buying and selling various cryptocurrencies including Bitcoin, Ethereum, and others.
Quidax boasts a secure and user-friendly interface, with multiple trading options, giving users the ability to trade manually or opt for automated trading. With Quidax, you can instantly deposit or withdraw Naira directly to and from your Nigerian bank account.
Quidax also offers 24/7 customer support and advanced security measures, ensuring users’ digital assets are well protected. It’s a top choice for Nigerians interested in cryptocurrency trading due to its competitive rates and impressive service delivery.
- It supports multiple cryptocurrencies and payment methods.
- It offers 24/7 customer support.
- Its wallet service is safe and secure.
- It charges relatively high trading fees.
- The platform occasionally experiences technical glitches.
- It’s largely confined to the Nigerian market, limiting global trade.
CoinCola is a Hong Kong-based cryptocurrency exchange that serves the Nigerian market as an effective Paxful alternative. CoinCola offers an OTC (over-the-counter) marketplace for trading Bitcoin and other popular cryptocurrencies.
It provides users with a platform to sell their Bitcoin directly to buyers and receive payment in Nigerian Naira. One significant feature of CoinCola is its robust security system, which guarantees the safe transactions and secure storage of users’ assets.
Moreover, it offers an affiliate program that enables users to earn extra income. CoinCola prides itself on offering relatively low transaction fees and ensuring speedy processing, which makes it attractive for Bitcoin sellers in Nigeria.
- It supports multiple cryptocurrencies and numerous payment options.
- The OTC feature allows large-volume transactions to be handled seamlessly.
- CoinCola prioritizes the security of its users’ assets.
- It has limited customer support.
- It may not be suitable for beginner traders as it requires some understanding of OTC markets.
- For beginners, the UI may be a little complicated.
LocalBitcoins is a popular peer-to-peer Bitcoin exchange that operates in many countries worldwide, including Nigeria. Its main feature is that it enables users to trade bitcoins directly with each other, with the platform acting as a secure escrow service.
Traders can post ads with their desired price and payment method for buying or selling bitcoins, and the platform also allows face-to-face meetups for trade.
Besides, it offers diverse payment methods including bank transfers, PayPal, and more. It is worth noting that while using LocalBitcoins, it is essential to be aware of potential scams and only trade with reputable users.
- Peer-to-peer transactions allow direct interaction between buyers and sellers.
- Various payment methods are available.
- The platform has an escrow service for secure transactions.
- The prices can vary significantly based on individual negotiations.
- The risk of encountering scammers is present, as it relies on user trust.
- There is a possibility of price manipulation.
NGexchanger is a Nigerian Bitcoin exchange platform that allows users to buy and sell various cryptocurrencies including Bitcoin. It supports several payment methods including bank transfer, Perfect Money, and Payeer.
With a focus on the African market, NGexchanger provides a local solution for Bitcoin traders, offering competitive rates and a user-friendly platform. The platform offers instant transactions once payments are confirmed and it maintains a high level of security with two-factor authentication.
One notable feature of NGexchanger is its 24/7 customer support that aids users with any queries or issues. With NGexchanger, Nigerian Bitcoin sellers can have easy and secure transactions.
- It offers an easy-to-use interface for hassle-free transactions.
- Instant funding and quick withdrawal features enhance efficiency.
- The platform provides excellent customer support.
- The platform’s liquidity may be lower compared to international exchanges.
- Exchange rates may not be as competitive as other platforms.
- Their service is mainly focused in Nigeria which may limit their global reach.
Patricia is an alternative platform for selling Bitcoin in Nigeria, with impressive features that ensure a secure and smooth transaction process.
Known for providing easy and instant exchanges between Bitcoin and Nigerian Naira, Patricia supports different transaction methods such as debit cards, bank transfers, and more.
It utilizes a high level of security encryption to protect user data and transactions. With an easy-to-use interface, the Patricia app also allows users to keep track of their transactions and current market trends.
Moreover, the platform offers 24/7 customer service, providing round-the-clock assistance to its users. The swift processing time coupled with its accessibility makes Patricia a preferred choice for many Bitcoin traders in Nigeria.
- It offers swift transactions with a user-friendly interface.
- It provides secure transactions with strong anti-fraud measures.
- They have excellent customer service with a 24/7 support system.
- Transaction fees might be high for some users.
- They lack an advanced trading platform for experienced traders.
- They have limited crypto trading options.
One of the oldest Bitcoin exchanges, Kraken, is an international platform that also services clients in Nigeria. Kraken is a highly reputable platform recognized for its advanced security measures, high trading volumes, and liquidity. The exchange supports multiple cryptocurrencies, offering versatility to its users.
A distinguishing feature is its Margin and Futures trading, catering to the more experienced traders. For users seeking additional privacy, Kraken allows funding the account via cryptocurrencies directly.
It offers a seamless interface that suits both beginner and expert traders, along with round-the-clock customer service. Despite being a global exchange, Kraken supports local payment methods making it more accessible to Nigerians, contributing to its popularity as a go-to platform for selling Bitcoin.
- High liquidity makes it suitable for both beginners and expert traders.
- Kraken is known for its security, ensuring user’s digital assets are safe.
- Their comprehensive customer service allows swift resolutions of customer complaints.
- It requires complex identity verification which could be strenuous.
- For users who wish to make direct deposits, it could be costly.
- Its interface may be complex for new users.
To find out more about Paxful alternatives, read – 13 Best Alternatives to Paxful in Nigeria After Sudden Shutdown in 2023
Criteria For Selecting Alternative To Paxful
Here are some criteria that may help you select the best alternative exchange platforms to Paxful in Nigeria
1. Security Measures
An excellent exchange platform uses blockchain technology and has top-tier security features. Some crypto trading platforms have a common spread of security flaws in the crypto market. As a result, we focus on obtaining platforms that provide the best fund protection for their users when trading.
As a result, you must select systems with suitable protection that scammers or fraudulent suppliers cannot use. So, one of the requirements for choosing an alternative to Paxful is to look for secure platforms with adequate security measures.
2. Charges & Fees
Another factor to consider while selecting an alternate trading platform to Paxful is the transaction costs on the rival platforms. You should evaluate the pricing on different platforms and look for any hidden costs.
While some cryptocurrency and gift card trading platforms offer a minimal cost, others may charge up to 5% of your transaction. As a result, you must evaluate fees among platforms to determine the ideal platform for you.
3. Customer Service Assistance
Customer care assistance is one of the most important factors to consider when selecting an alternative site like Paxful. The greatest sites like Paxful offer a good customer care system on their platform.
This particular functionality is critical for every trading platform. Always look for alternatives to Paxful that provide quality and active customer support.
4. Trading Options and Liquidity
An ideal alternative should provide diverse trading options like futures, options, spot trading, etc. It should also offer an extensive selection of cryptocurrencies for trading. High liquidity is essential as it ensures speedy transactions and less price volatility.
5. Availability of Popular Cryptocurrencies
If you’re seeking an alternative to the Paxful trading platform, look into sites that offer various types of cryptocurrencies.
Daily, over 20,000 cryptocurrency assets are traded on the crypto market. Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), and other major cryptocurrencies are listed here. Before you choose a crypto trading platform, always check for the availability of these digital assets.
To find out the best crypto exchange platform in Nigeria, read – Quidax vs Paxful: Which is Best to Use in Nigeria?
How to Sell Bitcoin in Nigeria on TransferXO
In the age of cryptocurrencies, Bitcoin has made its name as one of the most sought-after investments. Due to its growing popularity and increasing value, many are seeking ways to buy and sell Bitcoin, and for Nigerians, TransferXO is a trusted platform to do this.
Here, we’ll be explaining how to sell Bitcoin in Nigeria on TransferXO.
1. Create a TransferXO account
Before anything else, you must first sign up on the TransferXO website. Fill in all the required fields with the necessary information and verify your email to finish your registration.
2. Verify your Identity
Just like with other financial institutions, it is necessary to go through the Know Your Customer (KYC) procedure on TransferXO. This process usually requires the provision of an ID document, a proof of residence, and sometimes, a picture of yourself holding the said document.
3. Deposit Bitcoin
Once your identity has been verified, log in to your TransferXO account and deposit your Bitcoin into the given TransferXO Bitcoin wallet address.
This process may vary depending on where your Bitcoin is currently stored. Generally, you will be asked to go to your Bitcoin wallet, choose the send or withdraw function, enter the provided TransferXO wallet address, specify the amount, and finalize the transaction.
4. Sell Bitcoin
After depositing your Bitcoin into your TransferXO account, go to the ‘Sell’ tab. Enter the amount of Bitcoin you wish to sell, then choose the preferred local currency (in this case, NGN – Nigerian Naira) and payment method (bank account, for example).
After reviewing all the details and ensuring they are correct, you can proceed with selling the Bitcoin.
5. Confirm Transaction
Once the selling process is complete, TransferXO will transfer the agreed amount in your local currency to your specified account. Be sure to double-check your banking details to ensure that there are no delays in receiving your money.
After the transaction has been confirmed, your money should arrive within a few hours or up to a couple of business days depending on your bank.
By following these steps, you can conveniently sell your Bitcoin in Nigeria on TransferXO. However, always remember that cryptocurrency transactions should be conducted wisely and securely to avoid any unnecessary issues or losses
Frequently Asked Questions
Are there any advantages to using these alternatives?
The advantages depend on the particular platform. For example, some platforms like Binance offer lower transaction fees than Paxful, while others like LocalBitcoins are renowned for their advanced security features. CoinCola offers the benefit of multiple cryptocurrency options, while Remitano has a very user-friendly interface.
How safe are these alternatives?
The safety of these alternatives also depends on their specific features. However, platforms like Binance and Kraken are widely considered very secure due to their stringent security protocols, including two-factor authentication, cold storage, and encryption. Always do thorough research about a platform’s security measures before making your decision.
Do these platforms allow you to trade directly with other users?
Some platforms, like LocalBitcoins and Remitano, operate on a peer-to-peer basis, similar to Paxful, where you can trade directly with other users. Other platforms, like Binance, operate on a different model, matching buy and sell orders on the platform instead.
While Paxful remains a popular platform for selling Bitcoin in Nigeria, there are numerous viable alternatives.
Websites like TransferXO, LocalBitcoins, CoinCola, and BuyCoins provide robust security, easy navigation, and fast transactions. There’s also Quidax that caters specifically to Africans.
These alternatives cater to different needs and preferences, presenting multiple channels for Nigerians to conveniently sell their Bitcoins.
Therefore, despite the unique features Paxful offers, exploring other platforms can open doors to better rates, added convenience, and enhanced security in your Bitcoin trading activities. It’s all about finding the platform that best suits your unique cryptocurrency needs.