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.
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.
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.