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How to Buy and Sell Bitcoin on P2P Exchanges in Nigeria

Buying and selling Bitcoin and other cryptocurrencies is not that complicated as it may seem.

There are numerous wallet services and exchanges available that let users trade cryptocurrencies in an easy to use manner.

In recent times, most governments around the world have frowned on cryptocurrency transactions and have put policies and regulations in place to stifle cryptocurrency adoption.

The answer to this is simply P2P trading!

What is P2P Trading?

P2P trading is simply the buying and selling of bitcoin and other cryptocurrencies between individuals in a secure and mediated environment. It is a private transaction between the individuals.

There are many existing P2P exchanges available today. You can check out P2P TradeHub by Cryptorize.

How does it work?

We will use an example to describe how P2P platforms work:

John has 0.005BTC that he wants to withdraw to fiat currency (USD, NGN, GHS etc). However, John uses a wallet platform that doesn’t support NGN withdrawals due to government restrictions and policies.

John is introduced to P2P exchange service. So how does John go about it?

Here’s how:

John visits the P2P exchange and puts up a sell offer to sell his 0.005BTC. He is asked to enter the price he wants to sell at and his bank account details in order to receive NGN when a purchase is made from a buyer.

John’s sell offer is broadcasted to everyone on the P2P network.

Jane is a smart lady looking to buy some Bitcoins. Jane receives John’s broadcasted sell offer and decides to buy from John.

She enters the amount she wants to buy or all the BTC John has indicated to sell (0.005BTC).

John receives Jane’s buy request and accepts. He sends his 0.005BTC to the P2P Escrow service as confirmation to sell. Jane is notified that John has agreed to sell and the Bitcoin is now held in Escrow. She is then asked to pay the Naira amount to John’s bank account provided earlier.

Once John receives the Naira, the Bitcoin is released from Escrow to Jane. Jane confirms receipt of Bitcoin and the trade is completed with smiles!

See? It’s that simply!

Hold on, not so fast. There are measures a P2P exchange must put in place to ensure all trades are secure and genuine to protect its users from scams and fraud.

  • Escrow system: This ensures that the cryptocurrency asset exists and the seller can be trusted to trade with.
  • Payment Confirmation: This ensures that the buyer has truthfully transferred the funds to the seller’s account.
  • Scoring and feedback: Ensures that all users are scored based on how well the traded.
  • Dispute resolution: An efficient process to resolve any issues that arise during the trade.

Now that you get the idea, you can get started on Cryptorize’s P2P TradeHub. Join other traders on the network in buying and selling Bitcoin.

P2P TradeHub by Cryptorize

Why P2P TradeHub on Cryptorize?

Here are some cool features you get:

  • We ensure that the buyer can only see the seller’s bank account details only if the seller has confirmed and sent funds to the Escrow system.
  • Wallet agnostic. This means you can buy and sell Bitcoin using an wallet service of your choice. (Binance, Luno, Roqqu, and whole lot more). This is especially useful for people who have their funds in various wallets. As a seller, you transfer cryptocurrency from your wallet when and only when you have received a buy request. For buyers, you can simply enter a receiving address to have Escrow send funds directly into you wallet of choice (Binance, Luno etc).
  • Zero fees! Yes, we charge nothing to buy and sell on the P2P TradeHub. Some exchanges charge as high as 2%!
  • Oh, and you get free bonus Bitcoin when you sign up on the Cryptorize app!

Great! So now that you’ve gotten a good idea of what P2P Trading is all about and how you can go about it, it’s time to start trading!

Visit Cryptorize.co to learn more and download the Cryptorize app from Google Play Store here.

Happy trading!

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