So, just like Bitbaazi.com, not all Crypto Exchange Companies offer Peer-to-Peer services to their customers. To set the record straight, the Coinbase platform does not allow the use of their accounts for a P2P exchange.
This is a common misconception amongst new crypto users, especially in Nigeria. Unfortunately, this has caused some traders to lose their accounts as Coinbase reserves the right to limit any account found violating this rule.
This article explains what the Coinbase platform is as an Exchange Company. We’ll also talk about an alternative exchange company for all your P2P transactions in Nigeria.
So, if you have any idea of using your Coinbase account to run a P2P exchange business, delete it.
I’ll show you a better option to use in Nigeria.
But first, let’s go through some details…
What is Coinbase?
Coinbase is a cryptocurrency exchange that allows you to buy and sell off typical coins (E.g Bitcoin, Etherium, and Dogecoin). You can also trade your favorite Crypto pairs (like stocks or forex) on the platform and convert your coins from one cryptocurrency to another.
The platform also serves as an online storage unit to store your digital assets, especially for Nigerians. The storage function of Coinbase allows you to keep your coins in wallets for future use.
COINBASE AS A CRYPTO EXCHANGE
Buying and selling coins on Coinbase is easy as “ABC” but, as a trader living in Nigeria, Coinbase might not be your ideal crypto exchange platform. Why? Because buying or selling crypto on Coinbase will require you to link your local bank account to your Coinbase account.
If you’re aware of the ban by the CBN (which took effect from February 2021) preventing banks from providing crypto-related services to customers, you’d know why using Coinbase is not such a good idea (Except if you don’t mind your account being frozen)
You can still use Coinbase as a storage wallet or trading platform if you reside in Nigeria. As for reliable P2P exchange companies, let me provide a more favorable solution…
P.S: The P2P platform I’m about to share with you will spare you 65% in bank charges
I’m talking about SHIFT.MARKET, the P2P trading platform for anyone living in Nigeria.
SHIFT is an online P2P Crypto exchange company in Nigeria. The company provides legal and unlimited access for those interested in buying and selling cryptocurrencies in Nigeria to perform their transactions seamlessly.
The platform has in place, all the necessary security measures to ensure that no one runs off with your assets/cash while executing a transaction.
Such measures include:
- A full KYC process
- Multiple security Options
- Time limitations for every “buy” and “sell” order
- Access to different pipelines of payment
These checkpoints are in place for you to have a stream of seamless transactions. There’s also one extra benefit of using this model…
You get to have your PRIVACY from the greedy eyes of fraudsters
If you feel this is the platform for you, check them out by clicking this link