Fun fact: Did you know that Nigeria has the highest all-time trading volume of crypto-related transactions valued at $1.5 billion?
Of course, this shouldn’t come as a surprise to you. Since the CBN closed the doors to direct access to cryptocurrency, Nigerians made the switch to P2P.
The change turned out to be more advantageous for Nigerian traders in more than one way and, this is what we will capture in this article. So, take notes as you read.
What is P2P trading?
P2P means Peer-to-Peer trading. In the crypto world, it represents a marketplace where there’s the exchange of digital assets (Cryptocurrency) for cash (fiat currency) between a buyer and a seller (The peers). In this form of Crypto Exchange, there are no intermediaries or middlemen.
This type of transaction does not require a bank’s assistance to facilitate the transfer process, rather, the exchange takes place through the help of a P2P exchange platform.
Note: P2P is not an illegal means of exchange as the popular P2P companies in Nigeria are registered legal entities. They act as an alternative medium of exchange.
ADVANTAGES OF USING PEER-TO-PEER PLATFORMS IN NIGERIA
The notable perks of using P2P Exchange companies include:
- Security: With the absence of intermediaries, you’re less likely to lose money because no third party has access to your assets
- Cheap transfer fees: Unlike trading wallets such as Binance and Coinbase who charge expensive transactional fees to deposit or withdraw assets, P2P platforms are more economical to use
- Multiple Payment methods: Much like a typical marketplace, you can pay or be paid through more than one means.
- Privacy: Privacy is one of the sweetest advantages of using P2P platforms; you get to enjoy anonymity. Your personal data cannot be breached by any other entity, thus enabling you to enjoy the benefits of using cryptocurrency without worry.
Despite all these juicy advantages, you must be wary of fake websites that claim to offer P2P services. Folks in Nigeria have fallen victim to such scam websites because they didn’t do their due diligence before doing business.
So, to avoid this, I’ll recommend that you use a tested and trusted platform for all things P2P in Nigeria. I’m talking about the SHIFT crypto exchange.
This P2P exchange has a reliable and user-friendly interface that allows everyone (including newbies) to buy and sell their crypto assets without worry. The only requirement for this P2P exchange is an internet connection and an authentic means of identification (for Verification purposes)
In conclusion, the switch to P2P Exchange has enabled buying and selling of crypto in Nigeria to continue flourishing despite the ban from the CBN. However, users should be on the lookout for scams by cybercriminals.
Only make use of trusted platforms such as SHIFT.MARKET for all your crypto exchange.
Hope you learned something from this article. Feel free to drop your questions and comments below.