All you need to know concerning the 4 best peer to peer cryptocurrency exchanges in Nigeria. On the fifth of February 2021, the CBN, central bank of Nigeria divulged a letter to banks and financial institutions stating the ban of cryptocurrency accord the country.
The CBN also ensured that banks and other financial institutions identify individuals or entities who transact in cryptocurrency and close the account, for this reason, crypto traders in the country have resolved to utilize peer-to-peer platforms to trade cryptocurrency.
In this article, I will be writing on the 4-best peer-to-peer cryptocurrency exchanges in Nigeria.
Peer-to-peer trading is the buying and selling of cryptocurrency directly without the involvement of 3rd party or intermediary. Usually, when you buy crypto from an exchange you don’t get to do transactions directly with the companions, you use charts and other markets aggregators to determine the bat time to purchase.
With peer-to-peer trading, you are allowed to set your price by posting ads via posted ads
4 Best Peer To Peer Cryptocurrency Exchanges In Nigeria include the following below:
Remitano places the sellers crypto in a wallet, the buy will proceed to exchange amount in fiat currency to the sellers account, remitano obtain 1% transaction fee before remitting locked coins to the buyers.
Some security features placed on the remitano platforms
- Two factor authentication process for instigating transactions
- Escrow system
- Email log in protection, using email verification
- Kyc process where sellers are identified by their government authorized ID
- Feed back scoring
Previously known as Ngexchanger, blockvila is a Nigeria based p2p cryptocurrency exchange established January 25, 2021. To purchase cryptocurrency on blockvila, you will have to sign up, you can start funding and withdrawing immediately.
If your account is yet to be verified you will need fund a limit of $500 per day, however, if your account is verified you have no limitations on withdrawal.
To verify your account, you will have upload your ID displaying your full name and a utility bill stating your home address. It takes 24-48 hrs to complete verification
They accept the following payment methods
- Cash deposit
- Internet transfer
- Arm transfer
Paxful is a USA based p2p cryptocurrency exchange established in 2015. Paxful has various range of payment options:
- Cash deposit
- Western union
- National bank
- Money grams
- Gift cards
Paxful offer some security measures to protect buyers and sellers
- Securing funds by automatically creating wallet
- Two step verification
- Reputation rankings
- Escrow services
Localbitcoins is a Finland based p2p cryptocurrency exchange available in different countries, it is the only exchange available in some particular countries. Localbitcoin is one of the best p2p bitcoin exchanges and biggest one today.
Localbitcoins payment methods
Some of the available and accepted payment method available on localbitcoins
- Face to face cash transactions
- Wire transfer
- Web money
- Western union
Localbitcoins essentially connects bitcoin buyers and sellers