If you are into crypto trading or you are a fan of cryptocurrency in Nigeria, then you need to find the best P2P crypto exchange in Nigeria. Thankfully, this post will present you with a list of the top P2P crypto exchanges in the country.
Nigeria is one of the largest and fastest-growing crypto markets in Africa, with a high demand for Bitcoin and other cryptocurrencies. However, the Nigerian government has imposed a ban on banks and financial institutions from facilitating crypto transactions, making it difficult for Nigerians to use conventional crypto exchanges. This has led to the rise of P2P crypto exchanges in Nigeria, which offer a more convenient and accessible way for Nigerians to trade cryptocurrencies.
Labeling one exchange as the best P2P crypto exchange in Nigeria is quite difficult. Since there are several exchanges, we can only show you a list of the top exchanges in the country.
Best P2P Crypto Exchange in Nigeria
P2P crypto exchange, or peer-to-peer crypto exchange, is a type of platform that allows users to buy and sell cryptocurrencies directly from each other, without the involvement of a third-party intermediary. These platforms are popular among crypto enthusiasts, especially in countries where access to traditional crypto exchanges is limited or restricted, such as Nigeria.
While there are many P2P crypto exchanges in Nigeria, some are more reliable, secure, and user-friendly than others. To help you choose the best exchange for your crypto needs, we have put together a list of the best P2P crypto exchanges in Nigeria. Our list is based on their features, pros, cons, and user reviews.
Here are the best P2P crypto exchanges in Nigeria:
Binance P2P
Binance is arguably one of the world’s top crypto exchanges in terms of liquidity, volume, and popularity. This platform comes with a P2P trading service, which allows users to buy and sell cryptocurrencies with Nigerian naira (NGN) and other local currencies. On this platform, you can employ various payment methods, such as bank transfer, cash deposit, mobile money, and card payment.
Binance P2P is integrated with the main Binance platform. This means users can access a wide range of crypto products and services. Some of them include spot trading, futures trading, margin trading, staking, lending, and more. Finally, Binance P2P has a robust security system that is accompanied by a wide array of benefits. Below are the pros and cons of using Binance:
Pros
- High liquidity and low slippage.
- Access to multiple crypto products and services.
- Secure and reliable platform.
- Low transaction fee and no deposit fee.
- Advanced trading platform.
Cons
- Market volatility.
- Hacking and security breaches are possible.
- The platform is quite complex.
Remitano
Remitano is another leading P2P crypto exchange in Nigeria. This platform was launched in 2016. It allows users to buy and sell cryptocurrencies with Naira and other currencies. You can also make use of various payment methods on this platform. They include bank transfers, cash deposits, mobile money, and card payments. Remitano comes with a simple and intuitive interface, which makes it easy for beginners and experts alike to trade cryptocurrencies. One of its biggest selling points is the fast and secure escrow system. This system ensures the safety of the transactions and the funds of the users. Here are some of the major advantages and disadvantages of using Remitano in Nigeria:
Pros
- Simple and intuitive interface.
- Fast and secure escrow system.
- Competitive exchange rates.
- User-friendly platform.
- Secure platform.
- Referral program and rewards.
Cons
- Lacks demo account.
- Most of the major jurisdictions on the platform are unregulated.
Paxful
Paxful is one of the oldest and most reputable P2P crypto exchanges in Nigeria. This platform was founded in 2015 and is used in several countries including Dubai, the Philippines, the United Kingdom, Estonia, and St. Petersburg. Like the other platforms on this list, Paxful allows users to buy and sell cryptocurrencies with Naira and several other currencies. The platform also allows users to make use of up to 300 payment methods, such as bank transfer, cash deposit, mobile money, card payment, gift cards, and more. Paxful has a large and diverse user base, which provides high liquidity and competitive prices. It also presents you with a strong security system, which includes 2FA, escrow, and verification. Here are some of the pros and cons of using Paxful:
Pros
- Large and diverse user base.
- High liquidity and competitive prices.
- Over 300 payment methods.
- Convenient and very reliable.
- 24/7 customer support is available.
- Loyalty program and rewards.
Cons
- Unreliability of other users.
- Poor customer service.
LocalBitcoins
LocalBitcoins is one of the pioneer and most popular P2P crypto exchanges in Nigeria, which was established in 2012. It allows the use of different currencies to buy and sell cryptocurrencies using different payment methods. This platform has a global and active user base, which provides high liquidity and fair prices. LocalBitcoins also has a reliable and secure escrow system, which protects the transactions and the funds of the users. Here are some pros and cons of LocalBitcoins:
Pros
- Global and active user base.
- High liquidity and fair prices.
- Various payment methods.
- Reliable and secure escrow system.
- Low transaction fee and no deposit fee.
- Reputation system and feedback.
Cons
- KYC verification is required.
- A limited number of supported cryptocurrencies.
- Risk of scams and frauds.
Quidax
Quidax is a Nigeria-based P2P crypto exchange, which was launched in 2018. It allows users to buy and sell cryptocurrencies in different currencies, including Naira. This platform is quite small but it still allows the use of various payment methods, such as bank transfer, cash deposit, mobile money, card payment, and more. Quidax is integrated with the Flutterwave payment gateway, which enables fast and seamless transactions. It also has a sleek and user-friendly interface, which makes it easy for users to navigate and trade cryptocurrencies. Check below for the pros and cons of Quidax P2P exchange:
Pros
- Nigeria-based and localized platform.
- Fast and seamless transactions.
- Sleek and user-friendly interface.
- Fast approvals.
- Referral program and rewards.
Cons
- Customer service is not so reliable.
- A limited number of supported cryptocurrencies.
- Possibility of account hacks.
Conclusion
P2P crypto exchanges enable users to buy and sell cryptocurrencies directly from each other, without third-party involvements. This post has shown you the best P2P crypto exchanges in Nigeria. Are there any others we failed to mention? Kindly drop them in the comments section below.
