Between 2017 and 2024, Nigerians adopted cryptocurrency and gift cards. Despite the government’s restrictions, the market keeps expanding, and there are now many crypto platforms to trade.
According to a statistical report from Statista on cryptocurrency in Nigeria, revenue from crypto is expected to reach US$1,555.0m, the number of users will reach 25.86m, and the user penetration rate will be 11.02%, all in 2025. This shows that 2025 will be a busy year in the crypto trading space.
One effect of this is that newbies and existing traders will search for the best P2P exchanges in Nigeria in 2025, which would serve as our topic today. Alongside that, we would be looking at its features, how they differ from centralized exchanges, and their advantages over them.
Before that, we will explain what P2P is if you do not know.
What Does P2P Mean?
The term P2P stands for peer-to-peer. In the crypto context, it refers to a system whereby at least two people meet to trade their coins to each other on agreed-upon terms like the rate and mode of payment and a platform without a third party. This p2p is an alternative to direct trading with centralized exchanges.
In Nigeria, P2P services became popular and more patronized when the government, through its Central Bank, restricted banks from processing crypto transactions directly. Since then, the use of P2P has become inevitable and on the rise as many crypto exchanges rose to replace the banks that restricted crypto in Nigeria.
Best P2P Exchange in Nigeria in 2025
From 2024 to 2025 in Nigeria, the p2p platforms discussed here stand out for various reasons, such as security, transaction costs, a wide range of payment options, and more. Here they are and why they stand out;
- Paxful allows cross-border transactions and offers bank transfers, credit/debit cards, mobile money services, affordable fees, and an escrow feature.
- Gate.io Accepts Nigerian Naira, offers competitive rates, provides a seamless trading experience, is accessible via VPN, and uses escrow services for user protection.
- Bitget: offers competitive rates, provides a smooth trading experience with a high transaction completion rate, is a popular choice due to the constant availability of naira, and continues to operate without abandoning Naira support.
- NoOnes: Offers USDT and other cryptocurrencies trading with Naira. It is an easy-to-use app with global P2P access and bank transfer options. It is reliable for Nigerian traders due to regular Naira trading availability and an escrow feature for easy trading.
- Prestmit: This platform supports trading Bitcoin, Litecoin, USDT, and apps compatible with Ghanaians. It has low trading fees and provides a good user experience.
- Remitano uses an escrow feature, provides reliable customer service, is easy to navigate for new users, has multiple deposit methods, and supports trading of popular crypto tokens.
Difference Between P2P and Centralised Exchanges
These are the differences between P2P and centralized platforms:
| Aspect | P2P (Peer-to-Peer) Exchanges | Centralized Exchanges |
| Control | It is decentralized; you trade directly with others. | The company manages it. |
| User Control | Greater control over price and payment methods. | It is easier to use, especially for beginners. |
| Privacy | It has a higher privacy | It is subject to regulation and interference. |
| Payment Options | Supports wider payment methods. | Limited to traditional options like bank transfers. |
| Fees | Lower transaction fees. | Higher fees due to platform services. |
| Risk | Higher risk of scams and fraud. | Stronger security measures but the risk of platform failures. |
| Liquidity | It may have lower liquidity. | Higher liquidity and better price execution. |
| Security | Users are responsible for their security. | The exchange protects the user |
| Regulation | It has little or no regulation. | There are strong regulations in place. |
| Failure Risk | Lower platform risk but higher personal transaction risk. | Single point of failure – hacking or bankruptcy risk. |
Key Features of a P2P Crypto Platform
Every P2P platform has these features:
- User-to-User Trading: In p2p, the transactions are between buyers and sellers without a third party.
- Escrow Service: Your funds are held in escrow until you receive your crypto to reduce the chances of fraud.
- Multiple Payment Options: P2P supports payment methods like bank transfers, mobile money, and gift cards.
- Price Negotiation: You can set prices or negotiate with other traders.
- Low Transaction Fees: P2P charges lower fees than centralized exchanges.
- Privacy and Anonymity: You and others can trade anonymously here.
- Rating and Review System: You can rate and review trading partners.
- Dispute Resolution: Platforms assist in resolving conflicts through their customer service.
- Global Access: P2P allows you to trade across borders with fewer restrictions.
- Wallet Integration: The p2p platforms give you secure wallets for storing digital assets during transactions.
Why P2P Exchanges Are Better
You might find P2P exchanges appealing because they offer lower trading fees, giving you more of your hard-earned crypto. You have more control over the trading process, allowing you to negotiate rates directly with other users, choose your preferred payment methods, and set your trading terms. Since you’re trading directly with people, you have greater access to a global market with fewer restrictions. Plus, P2P exchanges do not really need your personal information, which helps you maintain your privacy and cuts the risk of your data being compromised.
Challenges With Using Exchanges in Nigeria
These are the challenges you might face with P2P exchanges in Nigeria:
- Risk of Scams and Fraud: Some traders might try to scam you, especially if you don’t verify them properly.
- Slow Transaction Times: Trades can take longer if the other person delays payment or confirmation.
- Price Volatility: Prices can change a lot between traders, making it harder for you to get the best deal.
- Limited Dispute Resolution: Even if the platform helps with disputes, the process can be slow or ineffective, leaving you at risk.
- Lack of Liquidity: You might struggle to find someone to trade large amounts of crypto with, especially during quiet times.
- Regulatory Uncertainty: Government crypto rules can change, affecting the platform you use or limiting your trading options. The most
Tips for Choosing the Best P2P Platform
Here are some tips to help you choose the right P2P platform:
- Security Features: Your platform of choice should offer escrow services and two-factor authentication (2FA) to protect your funds.
- Read Reviews and Ratings: Look for user reviews and ratings to see if the platform has a good reputation and settles issues well enough.
- Compare Fees: Check the platform’s fees for trading and withdrawals to avoid unexpected charges.
- Look at Payment Options: Choose a platform that supports payment methods you are comfortable with, like bank transfers, mobile money, or gift cards.
- Check User Activity: A platform with many active users can help you trade faster and get better prices.
- Test Customer Support: Go for reliable customer service platforms if you have any issues.
- Know the Dispute Resolution Process: The platform you choose must have a clear process for handling disputes if something goes wrong during a trade.
The End
As a cryptocurrency trader in Nigeria, you need to choose the correct P2P exchange. While P2P platforms give lower fees and greater control over your trades, you should still take caution to be safe. To pick the right p2p platform, do these 3 things; Research, check different platforms, and always use escrow to protect your money. Being cautious and selecting the right platform is important. It will allow you to enjoy the benefits of P2P trading in Nigeria and help you avoid the risks.
