If you wish to purchase bitcoin in Nigeria you are no longer able to do it directly through crypto exchanges or platforms due to the ban by the Central Bank of Nigeria on crypto platform bank accounts in Nigeria.
Cryptocurrency traders in Nigeria are turning to P2P crypto exchanges as the Naira depreciates and traders find it more challenging to invest in cryptocurrency.
P2P crypto exchanges operate in Nigeria and allow you to trade for cryptocurrencies with people willing to sell them to you.
Additionally, you avoid the fees you would have had to pay if you were to buy directly from a crypto platform or exchange by paying in Naira.
We’ll explore peer-to-peer (P2P) trading and Peer-to-peer (P2P) services in more detail, and best P2P Crypto Exchanges in Nigeria.
What is P2P (Peer-to-Peer) Trading ? AND What is a P2P Service?
A peer-to-peer (P2P) service is a decentralized platform where two individuals can interact and transact directly with each other, without the need for a third party.
P2P services or platforms may provide services such as search, screening, rating, payment processing, or escrow to its users.
Peer-to-Peer crypto trading, also known as P2P crypto trading involves people selling or buying cryptocurrencies directly from each other using p2p crypto exchanges in Nigeria – for people living in Nigeria.
Here sellers and buyers register on a P2p crypto exchange in Nigeria where they can either post local ads for cryptocurrencies they want to sell at a specific price range or seek to find the best deals from this pool to buy from.
Some of the popular P2p platforms are e-commerce platforms like eBay, Etsy, and Craigslist, where the vendor and buyer engage directly with each other to arrive at an agreed price.
However, with P2p crypto exchanges in Nigeria or anywhere else for that matter, the difference is that you are buying and selling cryptocurrencies, such as bitcoin, ethereum and other altcoins.
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What is Cryptocurrency Exchange [Trading App]?
A cryptocurrency exchange is a platform that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
Crypto Exchanges may accept credit card payments, wire transfers or other forms of payment for or cryptocurrencies.
Cryptocurrency trading platforms enable traders to deposit fiat currencies e.g., Naira in online wallets that they can then use in order to purchase their desired crypto assets.
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20 Best P2P Crypto Exchanges in Nigeria 2022
1. Luno
Luno is one of the most popular P2P Crypto Exchanges in Nigeria.
This platform is not only a crypto exchange, it’s also a wallet system for storing Bitcoin and Ethereum. It is similar to Coinbase, but slightly different.
Basically, Luno is a fiat to cryptocurrency exchange company that operates mainly in Nigeria, South Africa, Singapore, Malaysia, UK, and other 35 European countries.
Luno has one of the best and easiest user interface as the ease to using the app is second to none. It is also the first exchange to permit customers to buy and sell crypto at zero transaction fee.
They make the platform quite easy that you can link your bank account with Luno to have an instant transaction like withdrawal and deposit.
2. Binance
Binance is another prominent cryptocurrency excahnge in the world with over 100 coins actively trading on the platfom.
Recently, this crypto company has given their great support to its Nigerian users.
In 2020, Binance held their first Crpto Masterclass in Benin, Nigeria. These events was ran by local experts and aim to educate and increase awareness about Bitcoin and other Cryptocurrency.
Binance has also made it easier than ever for Nigerians to buy, sell, and trade crypto on its platform.
Currently, you can now deposit NGN directly into your Binance account using a credit or debit card, following a partnership with Flutterwave.
In addition to permitting their users to buy Bitcoin with a debit or credit card, Binance also has a peer-to-peer (P2P) marketplace, similar to Paxful or LocalBitcoins.
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3. Quidax
Quidax is an African exchange company that allows customers to buy or sell cryptocurrency with their local currency.
It was enacted in 2022 with operations in Lagos, Nigeria.
This exchange platform supports Bitcoin, Ethereum, Ripple’s XRP, Litecoin and Tether in Nigeria.
It also enables you to buy/sell Bitcoin and other cryptocurrencies instantly with the help of their Instant Buy/Sell feature or via its order book exchange.
4. Remitano
Remitano is an online peer-to-peer escrow marketplace that makes it easy to buy and sell cryptocurrencies. The cryptocurrency trading platform is designed to support the purchase and sale of cryptocurrencies with both fiat currencies and cryptocurrencies.
The platform allows users to connect with other cryptocurrency buyers and sellers to transact in a secure environment.
As an online cryptocurrency exchange, Remitano has a global reach and serves clients in more than 30 countries such as Malaysia, Nigeria, Vietnam, and many others.
While Remitano has reach in more than 30 countries, it should be noted, however, that the number of partners can vary widely depending on geography. In some geographic areas, the counterparts may be as few as a few, while elsewhere there are thousands.
The countries supported by the Remitano platform are Cambodia, Ghana, India, Kenya, Malaysia, Nigeria, Pakistan, Singapore, South Africa, Tanzania and Vietnam.
The platform supports the most popular cryptocurrencies, including but not limited to Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s XRP, and Tether.
Remitano accepts payments by bank transfer and in cryptocurrencies.
5. Paxful
Paxful is an online marketplace that allows buyers and sellers to meet online and exchange Bitcoins. Like LocalBitcoins, Paxful allows a wide range of payment methods and purchase options that cannot be found on traditional exchanges.
Paxful offers users the ability to buy Bitcoin with almost any payment method imaginable. The user experience is extremely intuitive.
Paxful also offers a payment processing service for websites, making it easy for merchants to accept a wide variety of payment methods.
If you buy Bitcoin on Paxful, you won’t have to pay any fees on the site. However, different sellers may charge a fee or a premium, depending on your payment method, as I mentioned above.
Paxful sellers pay a 1% commission to the business.
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6. BuyCoins
BuyCoins is a cryptocurrency exchange that was previously called Bitkoin Africa, launched in 2017 and renamed BuyCoins Africa in 2018.
Based in Lagos, Nigeria, BuyCoins was founded by Timi Ajiboye and other software developers.
BuyCoins allows its users to buy and sell cryptocurrencies such as Bitcoin, Ethereum and Litecoin on the platform, you can buy directly from BuyCoins or from other users of the platform.
BuyCoins is a peer-to-peer exchange, this means that BuyCoins brings together sellers and buyers of cryptocurrencies while acting as an intermediary by providing an escrow system where users can trade safely.
It provides secure wallet services for all your supported cryptocurrencies, which means that you will not need to use external wallets to complete your transactions and BuyCoins wallets provide transparent payment methods.
7. LocalBitcoins
LocalBitcoins is one of peer-to-peer P2P Crypto Exchanges marketplace that allows buyers and sellers to communicate and exchange Bitcoins directly.
Unlike most exchanges that manually link buyers and sellers, LocalBitcoins allows users to communicate directly. It is like Craigslist for buying and selling Bitcoins. Its sellers offer a wide variety of payment options and the integrated trust provides greater security to the buyer.
Simply put, LocalBitcoins is a good place to buy Bitcoin when you can’t find your requested payment methods anywhere else.
However, the prices are usually higher on this platform and you should do your due diligence to avoid being scammed.
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8. NairaEx
One of the websites that has focused on a specific market is NairaEx.com. The website is focused on the Nigerian market, so its motto is part of the site’s name. Starting with the word “Naira”, the website accepts currency in exchange for Bitcoin.
At NairaEx.com, they calculate the average market price from multiple exchange sites for USD and then multiply it by the Naira / USD exchange rate.
Basically, NairaEx accepts two deposit methods. This would come from a Naira or Perfect Money bank account.
To name a few banks that accept, we have Citibank Nigeria, Diamond Bank, Ecobank Nigeria, Enterprise Bank, Fidelity Bank, First Bank of Nigeria, and First Bank of Nigeria to name a few.
9. Kraken
Kraken, based in San Francisco, California, claims to be the largest Bitcoin exchange in terms of volume and liquidity in euros.
The platform operates in the United States (except New York due to BitLicense), Canada, and Africa, Nigeria inclusive as well as the European Union and Japan.
The exchange itself launched in 2013 and has since raised more than $ 100 million, with the last closing in February 2019. Basically, Kraken boasts of its high liquidity, industry leading, and 24-hour live customer support. / 24 and 7 days a week.
Howver, Kraken offers its clients an advanced trading platform that includes points and for more experienced users.
Most importantly, Kraken’s interface offers a lot of options, but it’s not the most beginner-friendly, something to consider if you’re new to crypto.
Meanwhile, Kraken’s fees are among the lowest of all the major bitcoin exchanges. The fees you pay depend on the trading volume of your last 30 days. In general, the rates are based on the buyer by the manufacturer.
Manufacturers, who add limited orders to the exchange, pay a lower fee than buyers, who fulfill existing orders.
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10. Changelly
Changelly is a fast and relatively anonymous cryptocurrency exchange service that allows you to trade almost any cryptocurrency.
Most importantly, Changelly allows you to exchange cryptocurrencies instantly and without registering for any exchange or verifying your identity.
Also, users can quickly and easily trade between cryptocurrencies based on their needs. A 0.5% transaction fee in cryptocurrencies is not outrageous; it’s actually quite cheap for such a convenient product.
However, the company can be a bit more transparent about its activities. The main thing to remember is not to use Changelly for fiat transactions, as the exchange rates are ridiculously high.
11. Buycoins
Buycoins Africa is one of the most popular P2p crypto exchanges in Nigeria that was actually started in Lagos in 2017.
Buycoins offers a service that lets you buy/sell cryptos instantly, a P2P Exchange, and a crypto Wallet.
The Buycoins P2p exchange supports BTC, ETH, LTC, and NGN. You can make payments using visa/Master cards and also bank transfers.
Buycoins uses an escrow service, so you can be sure that its P2p marketplace is secure
Users can buy or sell bitcoin on Buycoins P2p by creating or responding to trade postings – these are advertisements created for buying or sell bitcoin.
12. CoinDirect
Started in 2018, Coindirect is one of the reliable and secure p2p crypto exchanges in Nigeria that lets you buy, sell and store Bitcoin, Ethereum and over 40 other cryptocurrencies. However, it is only bitcoin that can be both on CoinDirect’s P2P marketplace.
CoinDirect provides other services like Wallet and Currency Swap. This crypto exchange supports over 30 coins and credit/debit card payment options.
Coindirect lets you either buy cryptos from its P2P Marketplace( ‘Buy Coins’ page) or you can use its Conversion service( from the ‘Wallets’ section).
Coindirect supports cryptos like Bitcoin, Bitcoin Cash, Dash, Litecoin, Ethereum, Ripple, and USDT.
13. Coinola
Coincola has been available to Nigerians since 2019. It’s one of the p2p crypto exchanges in Nigeria that supports the gift card exchange for the Bitcoin payment method and there are over a million users on Coinola.
This crypto platform has over 14 payment methods like PayPal, Amazon gift card, iTunes gift card, steam wallet gift card. Coincola also offers a secure bitcoin wallet as well.
The following cryptocurrencies are supported on Coinola; Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dash, Tether, Ripple, Gemini dollar.
Coinola offers BTC and USDT as base currencies and supports crypto-to-crypto pairs with Ethereum, Bitcoin Cash, and Litecoin. It serves about a million users and has its fees stated on its fees page.
This Hong-Kong based OTC (over the counter) cryptocurrency exchange allows you to also exchange another cryptocurrency for bitcoin in over 140 supported countries.
14. OKEx
OKEx was founded in 2014 and is headquartered in Malta.This platform offers a vast array of services including Spot &Futures trading, Perpetual Swap, P2P, etc.
OKEx is one of the P2p crypto exchanges in Nigeria that people can use to buy BTC, ETH, and USDT using the Naira (NGN) via the bank Transfer payment option.
Just like Binance P2P, OKEx charges no fee for using its P2P feature since you only buy at the price fixed by the seller you chose.
OKEx P2P uses an escrow service that ensures a great trading experience for all its users. When a P2p trade is initiated, the cryptocurrency from the seller’s wallet is automatically put into OKEx Escrow and is locked until the completion of the transaction.
15. Breet
Breet is an OTC cryptocurrency exchange platform that allows anyone in Nigeria to sell their crypto and receive cash straight to their Naira bank account, and one of the p2p crypto exchanges in Nigeria
Breet is the most convenient mobile app to sell off your bitcoins for Naira in minutes.
All crypto proceeds are automatically converted to your default fiat currency and paid to your bank account, and guess what? No transfer fees.
16. Flitaa
Flitaa is one of the best p2p crypto exchanges in Nigeria.
With Flitaa, you will buy and sell as you wish without hassles, and even withdraw your payment to your Nigeria bank account.
17. Coinbase
Coinbase has emerged as a popular crypto exchange in recent years. It became the first crypto-based company to launch an IPO listing on the Nasdaq exchange in 2021. The platform serves as a broker bringing buyers and sellers in a single platform.
Coinbase is noted for its user-friendly interface and is a great option for beginners just getting to know cryptocurrencies.
The platform is also one of the safest and uses a strict selective process before listing crypto assets on its exchange. At the moment (May 2021), users in supported countries can buy, sell or trade over 30 cryptocurrencies on Coinbase.
Coinbase, when compared to Binance, lacks a presence in Nigeria. This means that as of May 2021, Nigerians cannot register for Coinbase and there are no naira (NGN) trading pairs or P2P platforms for Nigerians to exchange naira for cryptocurrencies. It should also be noted that transaction fees on Coinbase are significantly higher than Binance.
18. Bundle Africa
Bundle Africa is a social payments app for cash and cryptocurrency. Founded in 2020 by Yele Bademosi, a former Director at Binance Labs, the app was specially built to serve the need of the typical native African user who prefers “financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches.
The bundle makes it easy and fun to make payments with cash as well as for cryptocurrencies like Bitcoin, Ether, BUSD, and BNB. The bundle has over 100,000+ downloads on Playstore
19. Patricia
Patricia harnesses the power of cryptocurrency to create alternative solutions to financial infrastructure, digital payments and global E-commerce.
The platform allows you to securely buy or sell Giftcards and Bitcoin of any value, store them in a BTC or Local Currency Wallet and smoothly switch between the two for everyday transactions like airtime, data and cable subscriptions. Patricia has over 100,000+ downloads on playstore.
20. Paybis
Paybis is a popular cryptocurrency exchange. They serve 180 countries and 48 US states and are registered with FinCEN, making them a more trusted, regulated exchange.
Paybis offers incredibly high limits and super fast payouts, not to mention 5 minute ID verification and nearly perfect review scores on Trustpilot.
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CONCLUSION
There are many cryptocurrency exchanges available on the market today, which can make selecting the right one challenging.
There are a bunch of reasons you might want to buy bitcoin in Nigeria.
You may want to use it to hedge against inflation in the Naira, or you may want to hold it as an investment asset and sell it once it is profitable.
Our top picks for the platforms to buy bitcoin and altcoins in Nigeria offer great services and market-friendly prices.