Crypto is gradually becoming a big deal in Nigeria. The adoption and acceptance has no doubt grown over the years. Nigerians believe there are a lot of opportunities offered by cryptocurrency and they don’t want to miss out. This adoption continually grows by the day.
Crypto ban in Nigeria
Crypto enthusiasts and traders in Nigeria have refused to be stopped, even by the recent ban by CBN on accounts associated with crypto transactions. The general implication of this is that it is no longer possible to buy directly from crypto platforms or exchanges.
Initially, this action sparked aggressive reactions and confusion amongst crypto traders and enthusiasts as to whether it is still possible to engage in crypto transactions. A way out has been discovered and attention is now being turned to peer-to-peer exchanges in Nigeria.
The use of P2P Exchanges in Nigeria
The most common ways people buy cryptocurrencies in Nigeria used to be with Naira directly from their bank. While this is no longer possible, Nigerians now trade on P2P platforms such as HTTPS://SHIFT.MARKET. In this case, you no longer directly buy crypto with Naira through an exchange but from another user. Therefore a p2p platform serves as a marketplace where buyers and sellers transact crypto.
Consequently, the buyer locates a preferred seller, and transfers the worth of the token he/she intends to buy directly to the seller’s bank account. The seller on the other hand sends the token to the wallet of the buyer through the exchange. This way, it is impossible to be affected by the terms of the crypto ban in Nigeria.
Merits and Demerits of P2P in Nigeria
It is important to note that the P2P exchange has little-to-no control over the transaction details. They only act as the connector between buyers and sellers. This of course offers a lot of advantages. However, they are not in all regards better than the regular exchanges.
- Multiple options for payment
- Minimized operation fee
- Swift transactions
- Slower trading speeds
- Low liquidity
How to Get started with P2P Trading in Nigeria
To take advantage of the new crypto trading service, you will need to find a reputable exchange/platform like HTTPS://SHIFT.MARKET and create an account. This is a straightforward process. Depending on the platform, you’ll generally be required to input your name and email address, choose a username and password, and provide your KYC for verification.
Once this is taken care of, you’re all set to begin buying and selling cryptocurrencies. As a buyer you can go ahead and initiate a request to buy crypto. A list of traders with the preferred token will be shown to you. As this happens, proceed to choose a seller to buy from based on the exchange rate and means of payment that suits.
Buying and selling cryptocurrencies on P2P platforms such as HTTPS://SHIFT.MARKET is a seamless and straightforward process. However, since you will be dealing with another trader on the other end, the outcome of the trade is not entirely up to the crypto exchange platform. There are scammers looking to exploit new and careless users. Make sure to be careful and observe the general best practices provided by exchanges.