Before 2021, P2P trading was present but not common in Nigeria. Crypto traders bought and sold their assets directly on crypto platforms through local banks. Then, in February of that same year, The Central Bank of Nigeria (CBN) under Godwin Emefiele issued directives to banks that prohibited the trading of cryptocurrencies.
This action automatically banned cryptocurrency in Nigeria. To bypass the ban, Nigerians turned to peer-to-peer trading, which allows you to trade with other vendors and requires no third party.
Multiple P2P platforms sprung up at this opportunity, and the existing Crypto trading platforms adopted this feature. Ever since then, the volume of transactions Nigerians have carried out with it has been on the rise.
In 2023, Nigeria had the highest record of P2P trading volume worldwide.
In this article, we will show you the top p2p trading platforms in Nigeria with the lowest rate and factors to consider before choosing a platform. Before that, let us look at the meaning of P2P and its structure.
What Is the P2P Market?
Peer-to-peer, or P2P, is a system or avenue where two people meet to trade their crypto assets or gift cards at an agreed price. This transaction is between the buyer and the seller and does not need a third party to complete the process.
P2P markets are decentralized, but platforms that adopt them can put in some measures in place to prevent scams and ensure a smooth transaction between the buyer and the seller. One of such measure is the Escrow service.
Escrow services act as a middleman in a transaction. They hold the money until both parties meet the terms of the agreement and then release it to the buyer.
Features of the P2P Market
These are the features that are common with all Peer-to-peer platforms.
- The p2p market does not have a central authority because the transactions happen only between users.
- The terms of buying and selling are set between users.
- P2P markets adopt smart contracts and escrow services to reduce fraud.
- It has little to no transaction fees.
- This market is accessible to all with internet access.
- You can trade anonymously on a P2P market.
- All forms of payments are accepted on the P2P market, which makes it flexible to use.
- Most transactions on the P2P markets are transparent.
Top P2P Trading Platforms in Nigeria With the Lowest Rate
These are some of the best P2P trading platforms in Nigeria today that you can patronize.
- Remitano
Remitano is a rising peer-to-peer platform that is quite well-known in Nigeria. It has an escrow feature and a reliable customer care service, and new users can easily navigate it. You can deposit funds here in numerous ways. Remitano supports trading many popular crypto tokens and is available to iOS and Android users.
- Prestmit
Prestmit is another good peer-to-peer platform for Nigerian crypto traders. It supports trading other tokens, such as Bitcoin, Litecoin, and USDT, and the Prestmit apps work for Ghanaians as well. Its trading fees are low, and its app gives a good experience. This app is available on the Google Play and App Store.
- Binance P2P
Binance P2P is well-known as a cryptocurrency trading platform with the biggest user base globally. It is pretty complex and decentralized. It has advanced features such as order books, price charts, and strong security measures. Its P2P trading fees are low but, its user interface might confuse you as a newcomer, and customer service can be tricky.
- Paxful
Paxful is a peer-to-peer platform that allows users to trade gift cards and cryptocurrency. The app deposits and withdraws via bank transfers, credit/debit cards, and mobile money services. It connects traders all over the world to allow cross-border transactions. Its trading fees are quite affordable, though the platform’s decentralized setup has its risks, such as fraud. It uses the escrow feature to ensure a smooth transaction. Despite this, you should also watch out for scams.
- Bybit
Bybit is a popular crypto exchange in Nigeria and the biggest at the moment. It has a wide peer-to-peer platform for Nigerian traders to purchase and sell cryptocurrency. Even with fears over the Naira’s delisting at any moment due to the crackdown, Bybit remains a go-to choice for P2P transactions.
- Gate.io
Gate.io is another known platform that accepts Nigerian Naira for P2P transactions. Although the platform faces some restrictions in Nigeria, traders can still access it via VPN. Once you connect, Gate.io provides a seamless trading experience with competitive buy and sell rates. Many Nigerians continue to use Gate.io because of its longevity and vibrant trading community. Gate.io is stable and accessible, which makes it an excellent choice for P2P transactions with Naira. It also uses escrow services to protect users on its platform.
- Bitget
Bitget is a trusted platform for Nigerians to do peer-to-peer transactions. It has a large number of active dealers and offers competitive rates. You get a smooth trading experience with a high transaction completion rate using this app. Bitget is a popular choice for Nigerians because the naira is always available to trade with. It continues to operate without signs of abandoning Naira support, providing reassurance to those looking for alternatives.
- NoOnes
NoOnes is a P2P platform that people trust and has lasted for a while. With it, you can buy and sell USDT and other cryptocurrencies with Naira. The NoOnes app is easy to use and has various functions, such as global P2P access and bank transfer possibilities. Nigerian traders like NoOnes’ regular availability of Naira trading makes it a reliable platform that is unlikely to delist the Naira anytime soon. Many traders rely on the app since it is simple and reliable and also uses the escrow feature.
Essential Tips for Safe P2P Trading
Put these factors into consideration before picking a p2p platform to trade with:
- Rates can fluctuate: The actual prices you’ll see depend on factors such as market demand, payment methods, and the trader you’re working with.
- Compare the rates: Always compare rates from other platforms before making a trade to guarantee you get the best deal.
- Security: Put security first when selecting a platform. Look for platforms that offer key security features like two-factor authentication (2FA) and escrow services.
- Research: Before you decide to trade with someone or a p2p platform, look at each platform’s features, fees, and customer reviews.
- Thorough Review: Go through trading history, reputation score, and completed trades of those you want to trade with. Avoid new accounts with incomplete profile details.
- Red Flags: When you see unusual rates, pressure, or requests, avoid and report them to admins.
Conclusion
Peer-to-peer trading platforms have helped Nigerian crypto traders by providing them with a means to bypass the central bank’s limitations. We looked at the major P2P platforms in Nigeria, their strengths and weaknesses, and some key considerations to consider when selecting them.
Remember that security should be your main focus. Look for systems that offer escrow services and two-factor authentication to ensure safety. Also do your research, before going in, platform’s features, fees, rates and reviews to get the best trading experience.
