Peer-to-Peer (P2P) Exchange: Why Nigerian Crypto traders are looking to P2P exchanges

Following the CBN ban on Cryptocurrency based transactions, most Nigerian cryptocurrency users are unhappy about the directive and have however decided to continue using Cryptocurrencies by using methods that are harder to detect and stop…Enter P2P exchange.

Why Nigerian Crypto traders are looking to P2P exchanges

P2P exchanges offer several advantages that attract many crypto traders. A number of the notable benefits include:

1. Low Transaction Cost

It cuts out the central authorities and creates a trustless ecosystem of crypto trading. As a result, you don’t need to pay hefty transaction fees and other services charges. As P2P exchanges are simple software, the overhead costs are negligible.

2. No Government Censorship

As there are not any middlemen involved, P2P exchanges offer high resistance to transaction censorship. Government authorities can’t exploit such exchanges just like the CEXs by imposing regulations as there is no central authority. Thus, anyone can trade on a P2P exchange.

3. Privacy

Unlike centralized crypto exchanges, most P2P exchanges aren’t required to carry out AML and KYC regulations. In other words, you don’t need to share personal information like place of residence and ID number. So, your trading activity remains private. there’s also no risk of fraud.

4. Security

Security is probably the most important advantage of P2P exchanges as you don’t need to entrust your crypto coins to a 3rd party.

Cryptofully is a cryptocurrency exchange platform with a mission to make cryptocurrency less difficult and more accessible, so that everyone can use it for everyday transactions — remittances, bill payments, airtime and even commercial business purchases.

Related Post  How to Convert Bitcoin to Naira in 2021

Make sure to follow us on Instagram & Twitter for updates.

Need some help to use Cryptofully? Please reach out to us on Telegram or email [email protected]

(Visited 62 times, 1 visits today)

Leave A Comment

Your email address will not be published. Required fields are marked *