List of Best P2P Crypto Exchanges in Nigeria

If you are into crypto trading or a beginner who has the goal to complete transactions instantly with flexibility and better profit margin, then it’s best to use a peer-to-peer(P2p) exchange to meet multiple users.

What comes into your mind when you hear about P2P crypto exchanges?

However,  this article will feed you with seven best P2P crypto exchanges and why they are considered the best P2P crypto exchanges in Nigeria.

Due to the CBN ban on crypto platforms bank accounts in Nigeria, buying bitcoins directly from crypto platforms is no longer possible as such, Nigerians have turned to P2p crypto exchanges to keep trading. With P2p crypto exchanges in Nigeria, you can get connected to people willing to sell crypto currencies to you while you pay in naira compared to buying bitcoins directly from other crypto platforms where you will have to pay fees.

What do we understand by P2P crypto exchanges?

P2p(peer-to-peer) also known as decentralized exchanges is a software-based platform that involves people selling or buying cryptocurrencies directly from each other without the need of a third party using P2P exchanges in Nigeria. They can also swap cryptocurrencies for cryptocurrencies or crypto for cash.

It is confirmed that crypto currency exchanges/platforms function in different ways. Some sell crypto to you directly whilst some  will offer a P2p service where buyers and sellers can transact directly with each other in the platform, while the crypto exchange act as a supervisor to make sure that their P2p service sails smoothly and people aren’t scammed from these p2p transactions. The escrow system is used in this supervision.

An Escrow system is a system of payment where an asset/monies is held by a third party until a specified condition is fulfilled.

Here is an example: assuming Victor wants to buy bitcoin using one of the P2p exchanges in Nigeria, he decides  to go with Binance and he goes  through all the registration process and  becomes a verified user. Victor  will move to the binance P2p platform and check the pool of buyers that are available, then initiate a trade with the seller whom he likes. We will  call the seller Chris

Victor enters the amount of bitcoin (let’s say 0.1 BTC) he wants to buy from Chris. The P2p exchange (binance) will  take the 0.1 BTC from Chris and hold on to it while it gives  Victor time to make payment for the trade (like 15 mins). At this point, Chris and Victor  don’t have access to the 0.1 BTC as Binance has put it in escrow.

Once Victor makes payment to Chris(most likely to his bank account) and Chris confirms victor has made the payment. The 0.1 BTC will be released to Victor. If there are  issues from the transaction, both parties will present their evidence to the P2p crypto exchange and the BTC will be released to the rightful owner. There are pros and cons of P2P crypto exchanges or platforms.

Pros of P2P crypto exchanges:

  1. Global marketplace:
  2. Numerous payment methods
  3. Secured transactions using escrow.
  4. Zero trading fees .
  5. Instant transaction speed
  6. Customize your offers by posting ads.
  7. Live trade chat.

Cons of P2P crypto exchanges:

      1.Slow trading speed. 

       2. Low liquidity

       3. Higher risk of scam.

List of best P2P crypto exchanges in Nigeria.

We have outlined our findings of some of the best P2P crypto exchanges below:

     1.Binance – Has 300+ Payment Methods & Zero Fees

Binance is one of the best P2P crypto exchanges and margin trading exchanges in the world. It was launched in October 2019 as a P2p exchange with  over 100 payment options like bank transfer, PayPal and Chippercash that are supported on finance P2P. It allows users to purchase almost 60 types of cryptocurrencies  including Litecoin, Chain link and Dogecoin. Using binance P2P in Nigeria means that you get a zero transaction fee and make quick transactions as well as the presence of escrow service to avoid scams. Binance P2P is the most used P2P crypto exchanges in Nigeria as such it is a great place to start as P2P completion rates are very high.

The cryptocurrencies supported in binance P2P are: USDT, BTC, BUSD, BNB, ETH and DAI.

Note: The fees for P2P crypto trading vary depending on the fiat currency used. The trading fees range from 0% to 0.35%. For example, trading cryptos in US dollars incurs a low fee of 0.35% for makers but trading in euros or British pounds incurs zero maker fees.

2.Bybit– Known for offering Guaranteed Yields

Bybit is seen as the top rated P2P crypto exchange because you can stake your crypto with a guaranteed yield on top of its P2P platform and you can earn 5.50%APYwhen you stake USD coin(USDC). Like Binance, Bybit offers zero transaction fees for either buyers sellers. However, there are some limits that vary depending on the seller’s terms.

The platforms offer crypto derivatives trading with futures, options and perpetual contracts.

3. OKX – Best P2P Exchange with Dozens of Supported Currencies.

OKX offers a vast array of services including spots & futures trading, perpetual swap, P2P etc.

It is the top-rated P2P crypto exchange for 2022. It supports advanced trading in more than 200 countries worldwide for more experienced crypto traders.

What’s obvious about leading decentralized crypto exchange is the range of payment methods supported. Totally, OKX supports more than 900 different payment methods for traders anywhere in the world and P2P traders on OKX can set rates in more than 2 dozen Fiat currencies and choose from a variety of payment methods for each currency. Just like Binance, OKX has zero transaction fees for traders.

       The following are the best altcoins available today in OKX ;

  1. Tamadoge(TAMA)
  2. Sweatcoin(SWEAT)
  3. Lingose(LING)
  4. Amazy(AZY)
  5. Ethereum PoW(EHTW)

4. Huobi – Offers 24/7 Customer Support

Huobi is also considered the best P2P crypto exchange in Nigeria. It is one of Asia’s most well-known P2P crypto exchanges which has been offered the largest platforms for crypto trading since 2019. There is quick  and responsive customer service which is comfortable in a volatile marketplace. The fact that users can access customer support 24/7 is one of the unique factors  in Huobi as the best P2P platform. This level of customer service when transactions fail or get stuck but it is rare to find in the P2P crypto platforms.

5. Paxful- Comes with a Free Bitcoin Wallet.

One of the best P2P exchanges for bitcoin purchase with zero commission is Paxful.

However, sellers of the coin which is higher than some  other exchanges get a 1% charge. You can customize your search for bitcoin offers on a paxful platform.

The users make easy, quick, and convenient trades as paxful offers 400 payment options. Some are bank transfers, cash, online wallets, etc. Paxful P2p supports only Bitcoin.

Unlike other best P2P exchanges, paxful doesn’t offer many crypto services but there is a leading provider of secure Bitcoin wallet powered by BitGo,where you get access to a Bitcoin wallet as such, you can store your crypto safely on one of the best crypto wallets available.

 6. LocalBitcoins – Known for Speed & Simplicity

It is a P2p Bitcoin exchange that focuses on buying and selling bitcoins person to person. Just like other platforms, there are zero fees except for those trading bitcoin . Localbitcoin is an escrow service that matches buyers and sellers and it offers accessible ways to buy cryptocurrency in just minutes  to users. Localbitcoin is easy, fast and private which makes it easy to use.

7. WazirX – P2P Crypto Exchange Offering Market Depth Tools

WazirX is India’s most reliable P2P crypto exchange. Unlike other platforms, WazirX only allows buying and selling of USDT and no other coins.

WazirX helps you convert your transaction instantly where it acts as an escrow for safe keeping of the transaction.


It is obvious that peer-to-peer (P2P) crypto exchanges or platforms provide greater flexibility in trading. users set their price, quantities and payment methods which allows a customized solution to trading cryptocurrency. Get started today by choosing  a suitable platform, one you like. Though there are many P2P crypto exchanges, having saved you some legwork today by reviewing the very best crypto exchanges in Nigeria, it should be easy for you to make a choice. Create an account, deposit the currency you want to trade, once that is done, you will be able to post offers  to buy or sell cryptocurrency.

   Sometimes it maybe difficult to choose a suitable P2P crypto currency exchange from the best platforms, the following ideas are given below to consider when making your decision:

  1. Regulation
  2. Tradable cryptos
  3. Sign-up offers and promotions
  4. Fees
  5. Tools and features
  6. Customer service.

Below are the features of P2P crypto exchange platform

  1. Multi-language support
  2. Multiple cryptocurrencies
  3. Dominant trading engine
  4. Payment gateway integration
  5. Crypto swaps
  6. Multi-currency wallet
  7. Admin panel
  8. Multi-factor authentication
  9. Preferred trading
  10. Automated KYC and AmL verification.