Following the ban on the trading of cryptocurrency in Nigeria’s banking system, the adoption of P2P exchanges keeps increasing. People see it as the only way they can bypass the ban and trade Bitcoin securely without being flagged. Remitano, for example, records millions of Naira worth of coins being traded every day on the platform.
While the number of P2P exchange users increases daily, new users might need a guide on how to sell and buy Bitcoin using P2P exchanges.
Although every P2P platform has its unique interface and ways to sell and buy Bitcoin. However, buying and selling bitcoin on the different P2P platforms requires the same process. Before explaining the steps to sell and buy bitcoin on P2P exchanges, let’s give an insight into what a P2P exchange is.
What are P2P Platforms?
A P2P exchange is an online platform that connects buyers and sellers of cryptocurrencies. It is one of the popular ways to buy and sell Bitcoin in both small and large quantities. It is like a marketplace where buyers and sellers come to make transactions and exchange goods and services.
However, on P2P Platforms, buyers and sellers exchange fiat and cryptocurrencies. A popular example of a secure and reliable P2P platform is Remitano.
How does the P2P Platform work?
To understand how a P2P Platform works, let’s use two individuals Mr. A and Mr. B as an example. Mr. A has some cash to buy BTC and Mr. B has some Bitcoin he wants to sell. They both come to a neutral ground which is the P2P Platform. After the two parties meet and are satisfied with each other’s rate they transact.
To commence the transaction, Mr. B, The seller, transfers the agreed amount of Bitcoin to an escrow system. An escrow system is like a third party that ensures safe and secure transactions. After Mr. B has transferred the agreed amount of Bitcoin to the escrow, Mr. A will then send the agreed amount in Fiat (Naira in this case) to Mr. B. The bitcoin will be released to Mr. A, the buyer when Mr. B confirms the transaction.
In a case where infidelity is suspected from either party. The victim can appeal to customer support and the guilty will be banned. It is very secure, safe, efficient, and reliable.
As a buyer using the P2P exchange, it is very important to choose a seller with a good reputation and feedback scores.
How to sell and buy Bitcoin on Remitano P2P
Register and verify your account
- To start trading on any P2P platform, you have to create an account with the exchange and verify it.
- After verification, go to your dashboard, you will find your wallet address for bitcoin and other crypto-assets.
Choose or create Ad
- Go to the P2P section, and you will find the buy and sell option and also different buying and selling ads.
- If you are buying, check through the buying ads and choose your preferred rate and seller.
- Likewise, if you want to sell, you can check through the selling ads and select a rate that you prefer. If you can’t find a rate that suits you, you can also create your buying and selling ads.
Find seller and make payment
- Once you find a suitable rate, click on the buy or sell button, and input the amount you are willing to buy or sell. However, before buying or selling, it is important to check the profile of the person you are trading with.
- After clicking on the buy option, it will bring the details of the seller (account name, account number, and bank name).
- Ensure you make payment within 15 minutes.
- After payment is made, you wait for a confirmation from the seller. The seller would have already released the Bitcoin to an escrow system before you make payment.
- Once the seller confirms the payment, the Bitcoin will be released to your wallet. If the seller is taking time to confirm the payment you can summon him, the customer service will either call or message him.
Find buyer and release bitcoin
- If you are the seller, after clicking on the sell option, you will release the amount of Bitcoin the buyer is willing to buy to the escrow system.
- You then wait for payment, after payment is received, you can complete the transaction.
These are clear and simple steps to follow whenever you want to buy and sell on P2P Platforms. If the payment is delayed for too long, the buyer’s account will receive a low trust score and possibly suspended. Likewise, if payment has been made and the seller refuses to confirm the payment, the seller’s account will receive a low trust score and possibly suspended. Let’s briefly look at the advantages and disadvantages of using a P2P Platform.
Pros
- Very fast and reliable
- Highly secured
- Fast responsive customer support
- Favorable rates
Cons
- Possible longer trade times due to indifference of some sellers/buyers.
In a P2P exchange, measures have been put in place to ensure safe and secure transactions. However, you are fully in charge of your transactions so it is important to trade with sellers and buyers with a good reputation.
The only solution to the recent ban cryptocurrency transactions ban is to use P2P platforms for your transactions. There are many P2P Platforms that are accessible to Nigeria and the most common, reliable, and secure one is Reminato. Remitano has fast responsive customer support, the most secured, and it has a forum where users interact with one another and share advice and ideas.
Find out how to receive cryptocurrency as payment for goods and services.