In the opening months of 2021, the Central Bank of Nigeria ordered banks to close all accounts associated with cryptocurrency trading. Since then, you can’t purchase or trade cryptocurrency directly from your bank account or using your bank card.
This is why P2P exchanges are now the norm in Nigeria. P2P (Peer To Peer) trading involves buying and selling without any intermediary. In other words, you don’t buy your BTC from the exchange itself, but from other users like yourself.
Here are the best P2P crypto exchanges in Nigeria that you can use:
Paxful is a peer-to-peer exchange platform founded in 2015 to ease Bitcoin access. The website enables a direct exchange for cryptocurrency buyers and sellers.
The buyer deposits funds to the seller’s Paxful account using a prepaid VISA, Gift Card Code, or Western Union. The vendor releases bitcoins to the buyer once Paxful’s escrow service confirms payment.
Over 300 payment options and 85% of overseas buyers are accepted by sellers. Paxful is global and has a $10 minimum purchase. Users simply need their email addresses to use the marketplace, unlike centralized exchanges.
2. Binance P2P
Binance P2P accepts over 150 payment methods, including bank transfers, cash, PayPal, M-Pesa, and e-wallets.
Takers pay no trading fees on the platform, whereas makers pay a modest fee every time an order is placed. We promise the lowest P2P costs in all markets.
On Binance P2P, you can purchase or sell crypto from existing offers or post your own trade ads. You can buy crypto on Binance P2P after completing identity verification and adding payment methods.
First, browse the market’s offers. Second, acquire crypto using the seller’s preferred method. Get your crypto from the seller after you confirm your payment on Binance P2P.
LocalBitcoins is an online marketplace that matches buyers and sellers who are close to each other based on the user’s location.
As a result, anyone looking to purchase or sell Bitcoin does not need to look far or interact with individuals that are located far away from the buyer or seller. LocalBitcoins searches for and matches you with bitcoins that are “locally” situated, hence the name.
After a trader confirms that your payment has been received, your Bitcoin will be taken out of escrow and put into your LocalBitcoins wallet right away.
Remitano is an online platform for escrowed P2P crypto trading. Users can purchase and sell cryptos with crypto or fiat currency. With this platform, you get a secure way to connect with other investors.
The platform was founded in 2016 by Babylon Solutions Limited in St Vincent and the Grenadines. Remitano’s Escrow service secures network trades.
Remitano’s supports Nigeria and also Vietnam, Malaysia, India, South Africa, Singapore, Cambodia, Kenya, Ghana, and Pakistan among other countries.
Remitano accepts BTC, BCH, ETH, LTC, XRP, and USDT.
5. BuyCoins Africa
BuyCoins is the first exchange site in Nigeria that allows Nigerians to purchase and sell cryptocurrencies instantaneously with their local bank account or debit card. BuyCoins was created by the Y Combinator Summer 2018 program.
After the CBN banned banks from working with cryptocurrency exchanges, Buycoins offered P2P (peer-to-peer) deposits and withdrawals by matching user deposits with withdrawal requests.
Coincola is a cryptocurrency marketplace and exchange offering rapid, secure trading at low fees and exchange rates.
Using Coincola, you can buy and sell Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), Tether (USDT), and Ripple using FIAT currency.
For the P2P service, you can post free ads and pay 0.7% of the exchanged amount as a trading fee.
WhalesHeaven is a P2P crypto exchange for traders wishing to create rapid auctions. For trading flexibility and security, this peer-to-peer crypto exchange incorporates different currencies and multi-signature wallets.
You can swap tokens from several blockchains on a safe network using WhalesHeaven without fear of losing your money. Also, you may create instant auctions and acquire Bitcoin from other users after registering on their user-friendly website. There are no charges for withdrawing money.
LocalCoinSwap is a fantastic peer-to-peer exchange that allows you to purchase and sell a variety of crypto assets in a decentralized but secure environment.
The exchange supports up to 250 different payment methods as well as 25 different cryptocurrencies. On the exchange, there are no costs for buying or selling.
LocalCoinSwap makes bitcoin trading a fast, secure, and private experience by using an escrow service to protect both parties during the transaction.
Although no identity verification is necessary, you may be asked to produce identification by select merchants if you use a bank transfer.
9. Hodl Hodl
Hodl Hodl is a global P2P Bitcoin exchange that eliminates the intermediary. It was launched in 2017 and has swiftly become a significant crypto exchange.
Hodl Hodl doesn’t hold any money during trades, which is one reason why it’s preferred. A seller simply puts Bitcoin into a multisig escrow address, a buyer sends vendor cash, and then the seller releases the bitcoins.
Airtm is a Mexican peer-to-peer exchange that was created in 2015. As a result, it is particularly active in Latin America, with the majority of its customer base based there. Nevertheless, you can use it in Nigeria without any problems.
This wide range of options makes it extremely adaptable. However, because there is limited demand for some trading pairs, like BCH to USD, waiting times can exceed an hour.