Best Peer-To-Peer Trading Platform In Nigeria
If you are a Nigerian (like me) searching for various ways to make more money in the cryptocurrency space, you definitely should give P2P trading a shot.
Crypto P2P trading is a very lucrative way to make money as a Nigerian. Statistics show that Nigeria has the most crypto p2p transactions in the world, with over $60 billion traded in various p2p channels within a year.
Wow!
If you don’t know what p2p trading is, don’t worry. I will explain everything you need about P2P trading and how it works.
However, if you are aware of what p2p trading is and you are looking for the best p2p trading platform to make some cool cash, look no further because I will be listing the best crypto exchanges for p2p trading in Nigeria.
Before I get into all you need to know about p2p trading, let’s understand what this concept is.
What is P2P trading
P2P trading stands for peer-to-peer trading. For p2p trading to happen, there should be a marketplace, and this marketplace is known as a p2p marketplace.
A P2P marketplace is a decentralised system where buyers and sellers meet digitally to trade any cryptocurrency of their choice directly with each other without the interference of a third party or central authority.
In simple terms, p2p trading is the immediate buying and selling of cryptocurrencies directly among individuals without the involvement of a third party or central authority.
Example: Vanessa has $100 and wants to buy the equivalent in USDT. Vanessa immediately signs into a p2p marketplace.
She is immediately matched with a seller willing to collect her fiat in exchange for the USDT. The transaction pulls through, and Vanessa has 100 USDT in her crypto wallet.
It’s that simple.
Trading crypto via peer-to-peer means you want to trade crypto directly from someone with a set price on the crypto you desire to purchase.
It is important to know that most crypto exchanges like Bybit and Roqqu, act as a P2P marketplace where buyers and sellers can meet and trade directly amongst themselves.
In these marketplaces, buyers and sellers can decide to negotiate the terms of the trade, the payment method most convenient for themselves, and the price to trade, amongst others.
A cool thing about most of these exchanges is that with the help of smart contracts and escrow services, these platforms ensure that any P2P transaction made on their platform is secure and transparent.
By providing escrow abilities, these exchanges act as custody of the crypto or fiat to be traded until both parties involved have fulfilled their part of the trade.
An excellent example of an exchange that provided this service for Nigerian crypto traders was Binance Nigeria.
Binance Nigeria was not only the first crypto exchange to provide escrow services to p2p traders but also the most used crypto exchange for peer-to-peer trading in Nigeria, thanks to how beginner-friendly it was and its security measures.
However, after Binance delisted the NGN/USDT pair and ended Naira trading for Nigerian crypto traders, crypto traders immediately took to other crypto exchanges that are as good as Binance to continue trading among themselves.
Best P2P trading platforms in Nigeria
Before listing out the best P2P crypto trading platform in Nigeria, it is essential to know that these platforms are very user-friendly and highly tested and trusted among crypto traders in Nigeria.
They provide escrow services and are also hack-proof and keep their user funds safe on their platform.
1. Bybit
Also known as Binance twin. Bybit is a crypto exchange launched in 2018 and is available in 160 countries, including Nigeria.
As a global crypto trading platform, Bybit boasts of many features and offers Nigerians the ability to trade via P2P, as well as trade in the spot & derivatives market.
Nigerian traders can trade crypto (particularly USDT, USDC, BTC, & ETH) for Naira through its user-friendly P2P platform.
Bybit also provides escrow services, making it easy for users to trade smoothly without any loss.P2P trades on the platform are free (No hidden cost).
However, to withdraw your crypto assets on the platform comes with a little charge, and this largely depends on how large the crypto amount is and where it will be sent.
2. Roqqu
Roqqu is proudly one of the best Nigerian crypto exchanges and very much meets the needs of any Nigerian crypto trader (including Ghanaian).
The crypto exchange has over 75 cryptocurrencies listed on its platform. Users can easily buy and sell USDT, BTC, ETH and many other cryptocurrencies on the platform.
With Roqqu, you can buy crypto in multiple currencies like Naira, Dollars, Cedis, Pounds, and Euros via your credit card or through bank transfers.
Roqqu also provides the ability to swap tokens, pay bills via crypto and receive payment in fiat currencies from anywhere in Africa.
Trading on Roqqu Exchange comes with minimal cost. Also, to withdraw your crypto assets on the platform comes with a little charge, and this largely depends on how large the crypto amount is and where it will be sent.
3. BitMama
This exchange is also top of my list for p2p trading in Nigeria. It’s a crypto exchange I have a special connection with because of its founder.
Bitmama is a p2p crypto exchange founded in 2017 and offers various services on its platform. It has over ten cryptocurrencies listed on its platform to trade, including BTC, ETH, USDT, XRP, etc.
Users of this crypto exchange can also get crypto credit cards on the platform, which they can use to buy crypto, buy goods from anywhere in the world, and pay for any service.
The exchange is available in almost 20 countries including in the U.K, and charges little to no trading fees.
Wrapping it up
P2P crypto trading provides an effortless way to buy and sell cryptocurrencies in a country like Nigeria, which is not so crypto-friendly.
Although it is very lucrative, getting started as a trader on these platforms mentioned above is super easy. These platforms require that you complete your KYC verification process, the process is swift, and your information is safe.
Also, remember that it is very important that you do your research really well to know which crypto platforms are best suited for you to begin your trading journey. You can also sign up to multiple crypto platforms to trade P2P at any time.
