The crypto market is not so cryptic nowadays, at least in Nigeria. It is the new open secret. A 2020 Statista estimate read that: “of the top 10 countries for cryptocurrency trading volumes, Nigeria ranked third place after the US and Russia, generating more than $400m (N160.5bn) worth of transactions.”
In fact, because of the high volume of crypto assets available to trade, the crypto business in Nigeria has moved on from regular centralized exchanges to peer-to-peer (P2P) exchanges between individual crypto merchants which offer more privacy and convenience.
With so many platforms available for these P2P transactions, and offering different levels of this much-vaunted privacy and convenience, getting the best P2P crypto exchange in Nigeria has never been harder.
Although bitbaazi.com makes itself an obvious choice among the throngs of P2P crypto exchanges available because of the unrivaled ease and security it provides, let us examine what truly makes any platform the best P2P exchange, especially in Nigeria.
What makes a P2P platform a good one?
While privacy and convenience top the list for most traders, that’s not all a P2P platform should be all about. In fact, the following are indispensable considerations for any P2P crypto marketing:
- Customer support
- Platform user interface
- Capable escrowing system
Trust is a rare quantity, and not just in Nigeria alone but the world over. It is even rarer than some of the more expensive coins. That is why you want your P2P exchange to be on a platform that is financially and cyber secure. Such security can be ascertained from customer reviews and testimonials. Carry out an online search yourself. Customers don’t lie.
P2P transactions can get laggy because of an inevitable network huddleor the other. In those moments of anxious suspense and with crypto assets on the line, imagine how reassuring it will be to have a responsive customer care team. A good platform doesn’t just have an email. They should have social media handles and a traceable address as well.
Ogbedie, a Secondary School teacher and P2P crypto trader in Nigeria who uses bitbaazi.com says that “…their (bitbaazi) customer support is what differentiates them from the rest.”
Platform user interface
If the P2P exchange website or app leaves you feeling frustrated because of how unintuitive it is, that is a very good sign of a very poor platform. An ideal crypto exchange should at least mirror a real-life P2P transaction. Go for an exchange site that simulates a face-to-face transaction as closely as possible.
Capable escrowing system
After initiating a trade, one of the peers in this P2P exchange puts his assets out and waits for the accruing exchange in cash or equivalent assets from the other peer. This asset put out is escrowed by the exchange platform and paid out to the peer when the exchange has been satisfactorily completed and documented.
A good exchange platform has a strong escrowing system that pays out fast and validates payments swiftly for maximum convenience. Some exchange platforms choke on huge sums or expensive coins. They simply aren’t that buoyant. Avoid such platforms.
In conclusion, P2P transactions and the next best thing on the crypto market landscape. Choose a solid platform like bitbaazi.com to enjoy all of its goodness.