Due to the restrictions placed on crypto transactions in Nigeria, Nigerians have been forced to look for alternatives to exchanging crypto without their bank accounts being banned by the Federal Government of Nigeria.
Now you can easily trade cryptocurrencies in Nigeria without the fear of being banned. This method that allows Nigerians to trade cryptocurrency is called P2P trading, or Peer to Peer trading.
P2P trading allows you to have greater control over who buys your cryptocurrencies and who you buy them from, as well as the pricing and settlement time. While P2P trading provides consumers in Nigeria more control over the process, it is important to highlight that peer-to-peer transactions are risky since there is no third party to broker the transaction.
Shift is a secure P2P trading platform in Nigeria that allows Nigerians to easily and quickly buy USDT securely.
But before you buy, you have to go through the registration process.
- Click create new account.
- After filling in your information and signing up, you will have to verify your email address.
- After verification, select your security preferences.
- Submit your KYC and wait till verification to trade.
- Go to Account Settings > Payment Options > Add your Bank Account or UPI.
- Now you can buy and sell USD using the “Buy” and “Sell” forms to buy or sell USDT from NGN.
- To buy or sell directly from open/available orders, click on any open orders to buy or sell at that price and quantity. And click on Buy or Sell button respectively to place an order.
Shift provides a secure platform to Nigerians where you can easily trade crypto assets, and here are some exciting benefits of trading on Shift:
The Central Bank of Nigeria (CBN) has directed banks to shut cryptocurrency-related accounts and banks have cut ties with cryptocurrency exchanges. As a result of this, Nigerians are increasingly turning to P2P exchanges since no government action can halt trade on P2P exchanges.
Shift’s P2P exchange is a suitable alternative to regulatory censorship. This is due to the fact that we exchange links between the two merchants in Nigeria directly. Both merchants have the option of settling payments in cash or via direct bank transfers. Such government rules have no effect on our P2P transactions since there is no central entity engaged.
Centralized exchanges need the participation of middlemen who must be compensated.
Aside from that, these exchanges require personnel to manage the activities. All of this adds up to the exchange’s operational expense.
This makes the user pay these expenses in the form of transaction fees.
But trading with Shift eliminates the need for a third party, therefore automatically matching the traders. As a result, the cost of the transaction is kept to a minimum, and Shift’s P2P exchange customers in Nigeria pay lower costs than traditional exchange users.
The Nigerian government banned crypto in the country. As a result, crypto aficionados like you find it hard to trade. However, Shift has provided a secure platform that allows peer-to-peer exchange, which allows for quick, efficient, and cost-effective trades.