The Best P2p Crypto Exchange In Nigeria (2024)

Cryptocurrencies have gained significant popularity among the people of countries facing high inflation rates, such as Nigeria. However, the financial authorities in these nations are not as enthusiastic about the use of crypto. Despite the challenges imposed by these authorities, cryptocurrencies remain a sought-after investment asset for many Nigerians. In this article, we will discuss why peer-to-peer (P2P) marketplaces have become the preferred option for buying crypto with the Nigerian Naira and explore some of the best P2P exchanges available in Nigeria.

MEXC .COM offers a wide variety of cryptocurrencies to trade, and it has a high volume of trading

What Is a P2P Crypto Exchange?

A P2P crypto exchange, also known as a P2P marketplace, allows direct trading between buyers and sellers. Unlike traditional orderbook-based exchanges, P2P exchanges offer personalized trades where users can choose their counterparty regardless of the price order. This provides more control and transparency during the trading process. Additionally, P2P marketplaces act as escrow agents, ensuring the secure execution of trades by holding the seller’s coins in escrow until the buyer makes the payment.

Advantages of P2P Marketplaces for Nigerian Users

In Nigeria, where the central bank prohibits local financial institutions from processing crypto-related transactions, P2P marketplaces have become a lifeline for crypto enthusiasts. While crypto ownership and trading are not outright prohibited, many global exchanges have withdrawn from the Nigerian market due to the restrictions. However, there are still some workarounds available.

Binance P2P

Binance P2P is a popular choice for Nigerian traders. It allows users to trade the Nigerian Naira directly for Bitcoin and USDT. With its global reputation and high trading volume, Binance P2P offers liquidity and competitive prices for Nigerian users.

LocalBitcoins

As one of the first P2P marketplaces for crypto trading, LocalBitcoins remains a reliable option for Nigerians. While it primarily focuses on Bitcoin trading, it offers high liquidity and trusted trading options for users.

OKX P2P

OKX (formerly OKeX) is primarily known for its spot market, but it also offers a P2P marketplace where users can trade USDT and Bitcoin with the Nigerian Naira. While liquidity may not be as high as other options, OKX P2P provides a reliable platform for trading.

ByBit P2P

ByBit P2P is another option for Nigerian users looking to trade crypto with the Naira. Although it currently doesn’t offer BTC trading with Naira, it provides liquidity and competitive prices for trading USDT.

Bitpapa

Bitpapa is a dedicated P2P marketplace that offers trading options for Bitcoin, USDT, Ethereum, Toncoin, and Monero. With reliable liquidity and a variety of trading options, Bitpapa is a trusted platform for Nigerian users.

When choosing a P2P marketplace, it’s essential to consider factors such as liquidity, available cryptocurrencies, and the marketplace’s reputation for security and trustworthiness.

Why Choose P2P Marketplaces Over Traditional Exchanges?

P2P marketplaces offer distinct advantages over traditional exchanges, especially in countries like Nigeria. These advantages include:

1. Access to Crypto: P2P marketplaces provide a way for Nigerians to access cryptocurrencies even when local financial institutions are restricted from processing crypto transactions.
2. Secure Trading: P2P marketplaces act as escrow agents, ensuring the smooth and secure execution of trades. This protects buyers and sellers from fraudulent transactions.
3. No Dependence on Financial Institutions: P2P trading eliminates the need for intermediaries, allowing users to trade directly with each other. This is particularly beneficial in countries where financial institutions are reluctant to support crypto transactions.
4. Flexibility and Choice: P2P marketplaces allow users to choose their preferred counterparty and negotiate prices, providing more flexibility and choice compared to traditional exchanges.

Conclusion

In Nigeria, where crypto trading faces restrictions from financial authorities, P2P marketplaces have emerged as the preferred option for buying cryptocurrencies with the Naira. Platforms like Binance P2P, LocalBitcoins, OKX P2P, ByBit P2P, and Bitpapa offer liquidity, security, and a variety of trading options to Nigerian users. When using P2P marketplaces, it’s crucial to prioritize safety, choose reputable platforms, and consider factors like liquidity and available cryptocurrencies. P2P marketplaces empower Nigerians to continue their crypto journey despite the challenges imposed by financial regulations.

FAQ

Q: Why P2P Exchanges Could Be the Future of Trading Values?
A: P2P exchanges eliminate the need for trust between peers and provide escrow services, making trading more secure.

Q: Is P2P the Only Way to Buy Crypto?
A: No, besides P2P exchanges, you can also buy crypto on traditional, orderbook-based exchanges or use instant swap services.

Q: Is It Safe to Trade In P2P?
A: It is safe to trade on established P2P exchanges or marketplaces that have earned the trust of the global crypto community.

Q: What is the Difference between P2P and OTC Crypto Exchanges?
A: P2P offers are public, while OTC (over-the-counter) exchanges provide private and personalized trading services.