Last updated on December 9th, 2024 at 10:29 am
If you’re looking for an alternative to Binance P2P to help you sell your crypto and withdraw to a local bank account in Nigeria. Here are 7 top Binance P2P alternatives for Nigerians and are well secured exchanges you need to use right now.
Recall that the Nigerian government had earlier banned Binance from offering P2P services in Nigeria. Check why Binance isn’t working in Nigeria. No matter what, cryptocurrency remains a desired asset to most Nigerians, but it’s faced with fierce resistance from the financial authorities, and this has halted the full adoption of crypto in Nigeria. Recently, OKX crypto exchange disabled its P2P functions for Nigerian users, citing local market requirements.
We’re going to discuss how the P2P marketplace has become important in buying crypto with Naira:
What is a P2P crypto exchange?
A P2P crypto exchange is a decentralized platform that facilitates direct cryptocurrency trading between individuals without involving an intermediary or centralized authority to hold funds. Instead, the exchange itself acts as an escrow agent to ensure a smooth and secure transaction between the buyer and seller.
Key Features of P2P Crypto Exchange:
Direct Trading Between Parties:
Buyers and sellers engage in personalized transactions, negotiating terms such as price, payment method, and trading volume.Escrow Services for Security:
The platform temporarily holds the seller’s cryptocurrency in escrow. This ensures that the buyer’s payment is verified before the cryptocurrency is released. If the transaction fails, the seller’s coins are returned.Flexibility in Choosing Counterparties:
Users can select their trading partners based on pricing, reputation, and preferred payment methods. This contrasts with order book-based exchanges, which automatically match buy and sell orders at the best available price.Payment Method Versatility:
P2P exchanges often support a wide range of payment options, such as bank transfers, PayPal, mobile wallets, and even cash payments.User-Set Pricing:
Traders can set their prices for cryptocurrency, allowing for better control over trade terms compared to instant-swap services. Instant-swap platforms dictate the rate, which may differ from the market price.
Factors That Influence the Choice of P2P Platform
It’s pertinent that users check to see if any platform meets these criteria before using them.
1. Security
A P2P crypto exchange must have a high level of security that ensures the protection of user’s accounts from fraud.
2. Ease of Use
A user-friendly platform tends to align more traders to navigate the platform interface easily without hassles.
3. Multiple Payment Support
Multiple payments help ease receiving and paying to anyone. This can be a masterpiece to offer and receive local currency, gift cards, and crypto as payment.
4. Low or Zero Transaction Fees
It will be helpful if the platform charges low fees since it trades among users on the platform.
5. Strong Customer Support
Customer support is important to review user’s complaints or disputes among traders.
How Does an Escrow System Work?
Escrow is money kept in the custody of a third party until specified terms and conditions are met.
Here’s a brief explanation of how escrow services work.
For instance, Paul initiates a transaction with Janet using the P2P system.
Paul needs to enter the exact amount of BTC he wants to buy from Janet.
The exchange acting as a third party to protect the integrity of the transaction will hold on to Janet BTC, and it will be inaccessible for both parties.
Mind you, the time for payment by Paul is counting, and after payment, he can indicate that he has done so within the stipulated timeframe; otherwise, the transaction will be closed.
Then the platform will wait for a confirmation of payment from Janet before the assets are released to Paul. Check out this video for further explanation by Remitano.
Top Binance P2P Alternatives
Let’s discuss some of the top Binance P2P alternatives to trade in Nigeria:
1. Bybit
Bybit Exchange is a crypto exchange that was founded in 2018 by Ben Zhou. This exchange launched its P2P option in 2022 and offers different features such as spot trading, derivatives, NFT, and staking.
Bybit P2P supports these coins:
BUY SECTION SELL SECTION
USDT. USDT
USDC. USDC
ETH. ETH
BTC. BTC
NIBI
It also provides payments for more than 60 fiat currencies.
2. CoinW
CoinW is a cryptocurrency exchange that was established by Mingguo Bai in 2017. The headquarters of the company is located in Abu Dhabi, UAE. With some important locations in Dubai, Singapore, Turkey, South Korea, Japan, the Philippines, Malaysia, Australia, Vietnam, India, Nigeria, Canada, and Russia.
CoinW exchange supports over 30 fiat currencies and offers multiple payment methods with a “Quick Buy” section that offers up to 12 coins, including BTC, USDT, ADA, and ETH. But for Nigerians, investors can only trade USDT at the moment.
3. Bitget
Bitget is a Singaporean exchange that was launched in 2018. It started as a spot exchange but has expanded to include other features. Bitget launched its P2P in 2022 and supports the following coins:
BUY/SELL SECTION
ETH
BTC
BGB
DAI
WLD
USDC
USDT
To trade on the platform, investors must complete identity verification to trade on its P2P marketplace. Bitget also supports more than 67 fiat currencies, and payment options are available depending on the fiat currencies used.
4. Remitano
Remitano exchange is one of the most sought-after peer-to-peer exchanges in Nigeria. This exchange provides an escrowed P2P system for traders to directly buy and sell crypto assets. This platform has the following cryptocurrencies:
BTC
LTC
ETH
BCH
XRP
USDT
5. Prestmit
Prestmit is one of the top crypto exchanges in Nigeria that offers the best rate with an easy-to-use interface. It also supports payment of fiat currencies (Naira and Cedis). This platform supports the following cryptocurrencies:
BTC
DOGE
USDT
LTC
6. Noones
Noones is a world-leading peer-to-peer Bitcoin marketplace and supports over 250+ payment options, including cash payments. Buying on Noones is easy and streamlined. Traders send the funds and then wait for the seller to send you crypto.
Conclusion
P2P has seen a surge in prominence since the CBN ban in 2021. Although the ban on Binance P2P caused panic among investors, they can use these top Binance P2P alternatives to meet their trading needs. Also read Protect Your Crypto Assets: How to Securely Store Cryptocurrency on a USB Drive to learn to protect your crypto assets off exchanges.
FAQ
How can P2P Exchanges influence the Future of Trading Values?
Sure P2P is the future of trading because crypto is stored on the marketplace to enforce trade terms.
Is P2P the Only Way to Buy Crypto?
No, you can also buy crypto on traditional, orderbook-based exchanges and with instant swap services.
Is It Safe to Trade In P2P?
It’s safe, provided you’re diligent with research and also use established exchanges or marketplaces like the ones reviewed in this article.
What is the Difference between P2P and OTC Crypto Exchanges?
P2P offers are public, while OTC (over-the-counter) on the other hand, are private and brokered by the exchange as a personalized service.
is P2P banned in Nigeria?
No, but Central Bank of Nigeria believes that P2P trading is use to manipulate the Naira via pump and dump strategy.
