Crypto trading in Nigeria is a profitable business venture which anyone can do this year. Before you can start trading in cryptocurrencies such as Bitcoins, Ethereum, litecoin, Dash, Dogecoin, Ripple etc; you will have to acquire the business services of a crypto exchanger to get your crypto tokens. Cryptocurrency trading is booming in other parts of the world; there is a high probability and potential that the cryptocurrency business would excel in Nigeria.
In today’s post, we would look into two common crypto exchange platforms namely; Remitano and Paxful. Both platforms are available for clients and crypto traders in Nigeria. We would get to compare the services offered by both platforms so as to know the best exchange which suits your demands.
Paxful and Remitano are online mediums of buying and trading crypto coins. Remitano accept Nigerian cryptocurrency traders in their platform. Paxful supports all the countries in the world but the only region where it doesn’t function is the New York in the United States because they haven’t obtained a BitLicense to provide cryptocurrency trading services in the country.
Fees and Charges
Remitano places a 1% transaction fee on bitcoin and crypto purchases made in its platform; Paxful doesn’t require the buyer to make any fee but it charges a 1% transaction fee on sellers when they sell crypto coins on its platform.
The exchange rate of the Nigerian Naira (NGN) and the United States Dollar (USD) is not really favorable for many Nigerians, especially the cryptocurrency traders. Remitano and Paxful doesn’t have a fixed exchange rate, but rather, the exchange rate is fair and it varies with the country and timezone.
As at the period of writing this article, the top seller at the first position on the Remitano sells at 1,388,728.06 NGN and the buying rate is 1,373,199.98 NGN per BTC. Paxful sells 1BTC for NGN 1400648.09 which is $3876.69.
Paxful doesn’t deal directly with cryptocurrency buyers and sellers; instead, it connects and unites buyers and sellers from different parts of the world to trade bitcoin. Also, it uses an escrow service to checkmate and examine the trading activities under its platform.
Remitano has a payment method built on Bank transfers but Paxful has many methods of payments; they claim to have over 30 methods of payment ranging from Credit/Debit Card, Paypal, Western Union, OneVanilla Gift Card, Amazon Gift Card and other methods of payment.
Paxful also has a great customer care support team which listens and responds to the queries of its customers. Remitano on the other hand offers a great customer support which is very fast in replying its customers. Although the customer care support of both platforms are good, Remitano has a better customer support compared to Paxful.
Cryptocurrency trading is risky because you can get scammed if you are not careful. Since you don’t deal directly with other crypto traders and buyers under the Paxful exchange, it is better for you to use their escrow system so as not to lose your money or crypto coins.
Also, ensure that you activate the 2 Factor Authentication on your account. Remitano is a trusted platform and Paxful is a legit platform, if you follow these security precautions, you will not get scammed.