More Nigerians are buying Bitcoin than ever previously. This is a trend mirrored across Africa. Peer to peer cryptocurrency exchange Paxful has recently reported 20% growth among African users. However, for Nigerians looking for the best Bitcoin to Naira prices, peer to peer exchanges are rarely the best option.
NairaEx Vs Peer to Peer Exchanges
At present, Nigerians commonly use peer to peer cryptocurrency exchanges because they feel forced to. International exchanges like Coinbase don’t serve Nigerian users. Sadly, peer to peer exchanges often take advantage of this fact.
- Bitcoin to Naira prices on peer to peer exchanges are typically 20% to 30% higher than current cryptocurrency trading prices.
- Scams on peer to peer cryptocurrency exchange platforms are commonplace.
- Peer to peer exchanges like Paxful have been accused of freezing the accounts of Nigerian users for no reason.
Peer to peer cryptocurrency exchanges also only allow users to buy Bitcoin in small increments. As a result, most only allow users to buy a maximum of $300 (USD) worth of Bitcoin (at premium prices) in a single transaction.
Why Should Nigerians Buy Bitcoin at NairaEx?
Unlike peer to peer exchanges like LocalBitcoins and Paxful, NairaEx is Nigerian owned, operated, and regulated. More importantly, NairaEx allows users to buy Bitcoin at regular trading prices.
- NairaEx does not add 20% to 30% premiums to Bitcoin buying prices.
- Easy and secure local payment options are available, and transactions settle almost instantly.
- Unlike on peer to peer exchanges, NairaEx users can buy Bitcoin and convert Bitcoin they already own to local Naira.
NairaEx is also the only exchange which Nigerians can use which does not store Bitcoin on behalf of users. When you buy Bitcoin, coins are delivered to your personal wallet address. This means that we can never freeze or confiscate Bitcoin you own like peer to peer exchanges.
Which are the Best and Worst Peer to Peer Cryptocurrency Exchanges?
NairaEx isn’t as well known as peer to peer exchanges like Paxful. However, this is only because peer to peer exchanges currently pay millions of dollars to market to West African users.
Because of increased security and better Bitcoin to Naira trading prices, we believe that Nigerians are always better served by NairaEx. However, if you are planning to use a peer to peer exchange it is worth knowing which are the most reliable.
LocalBitcoins – LocalBitcoins is based in Iceland and was the world’s first peer to peer Bitcoin exchange. At present, LocalBitcoins can also be argued as the best peer to peer exchange to buy Bitcoin. However, scams when selling Bitcoin are commonplace.
Remitano – Remitano is one of the world’s newest peer to peer cryptocurrency exchange platforms. Based in the Seychelles in the Indian ocean, Remitano is not regulated. However, Remitano does benefit from LocalBitcoins like security. This makes buying Bitcoin relatively safe. However, selling Bitcoin should be considered high-risk.
Paxful – Paxful is a long-established Estonia based peer to peer cryptocurrency exchange. Paxful is also the world’s most popular. However, Nigerians should note that Paxful was recently accused of indiscriminately freezing some Nigerian user accounts.
In every case, peer to peer cryptocurrency exchanges claim to make buying and selling Bitcoin easy. However, users will always pay more for Bitcoin than at NairaEx. NairaEx is also the only place where Bitcoin can be easily, safely, and quickly exchanged back to local Naira.
