Are you looking for a trustworthy peer-to-peer cryptocurrency exchanges in Africa? Search no more; This article has all the details you need to know about the best peer-to-peer exchange platform to use for your crypto trading, alongside its features, pros, and cons.
A Crypto Exchange is a company that allows its users to interchange cryptos like Ethereum, Bitcoin, Litecoin, etc., for fiat money like USD, EUR, NGN, etc.
Peer-to-peer in cryptocurrency refers to the direct exchange of assets, such as a digital currency, among individuals without the involvement of a central authority.
List of 10 Best Peer-to-Peer Cryptocurrency Exchanges in Africa
Below is a list of the 10 best peer-to-peer crypto exchanges in Africa
1. Remitano
Remitano is a product of Babylon Solutions Limited. It is one of the most frequently used peer-to-peer crypto exchanges in Nigeria. It provides an escrowed peer-to-peer platform that connects sellers and buyers so they can negotiate a price.
Remitano has a customer base of 1.5M+, is supported in more than 32 countries, and supports the following currencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Tether (USDT)
Features
- Remitano users may swap currency for currency on Remitano’s “Swap” page. Peer2Peer.
- Investors may sell and buy across the Remitano network.
- Customers may invest in Remitano-supported cryptocurrencies on a “Normal” basis or a 2x margin.
- It is a fast and easy registration/verification process.
- Facilitates quick purchases of altcoins.
Pros
- Users may contact customer support via messenger or chat. Customer support is available 24/7.
- Fiat Money: Users can withdraw or deposit fiat money.
- Remitano has more than 1.6 million customers across more than 31 countries.
- Investors can use the margin of 2x to invest in Remitano currencies to enhance earnings.
Cons
- Remitano currently only supports six cryptos for withdrawals and deposits.
- Remitano has no demo account.
- Remitano is unregulated as investors are not required to go through a verification process to access higher trading limits.
2. Binance
Binance is one of the world’s top exchanges in terms of liquidity. Changpeng Zhao launched Binance in 2017 as a platform for trading with over 500 cryptocurrency pairs.
Binance peer-to-peer was first launched on the Mobile app in 2019 and on the Web platform in early 2020. Binance P2P supports ChipperCash, Bank transfer, PayPal, and over 100 payments, and Binance P2P supported currencies are USDT, BNB, BTC, BUSD, ETH, NGN, and DAI.
Features
- Binance offers services around the listing, fundraising, trading, and de-listing or withdrawal of cryptos.
Pros
- Binance has low non-instant and instant buy fees
- Extensive crypto selection
- Many extra services
Cons
- Hiccups in the verification of account
- Binance is not available in the US
- It has a non-transparent corporate structure
3. Paxful
Paxful is an America-based company that was founded in 2015. It supports close to 300 methods of payments and serves close to 2 million users. It supports only Bitcoin.
Features
- You can buy gift cards at a lower price on Paxful; some are even selling for up to half off! You can use the gift cards to purchase items for your online store. Then, you can sell the items at an online store at a retail price. That is how you’ll get your profit.
Pros
- Paxful offers biometric verification.
- It has over 300 payment methods.
- It has a fixed trading fee.
- It has a quick and responsive support system.
Cons
- The digital currency exchange is unregulated.
- The exchange rate is high.
- Possibility of being scammed by some seller.
4. CryptoLocally
It is a non-custodial peer-to-peer exchange that was launched in October 2019. It was founded by a crypto enthusiast named Hugo Campanella and is headquartered in Hong Kong.
This platform is different from others because it is the first peer-to-peer exchange to adopt a decentralized governance system. CryptoLocally provides more than 50+ payment options and supports the following cryptocurrencies:
- BEP20 – BNB, BTC, BUSD, ETH, GIV
- BTC – BTC
- DOGE – DOGE
- EOS.IO – EOS, EOSDT, TLM, TLOS, WAXP
- ERC20 – DAI, ETH, GIV, UFT, UNI, USDC, USDT, UFT
- TRC20 – TRX, USDT, JST, USDJ
- SPL – SOL, SRM
- Stablecoins – BUSD, DAI, EOSDT, USDC, USDT
Features
- CryptoLocally uses smart contract escrow that makes instant peer-to-peer trades and confirmations possible.
- Multi cryptocurrency support
- A smart contract enables trading in CryptoLocally
Pros
- Easy to use
- Lower trading fees
- This platform provides more than 50+ payment options
Cons
- Poor customer service
5. OKEx
OKEx is a company founded by Star Xu in 2014 and is headquartered in Malta. OKEx offers a vast array of services, including Perpetual Swap, Spot and Futures trading, P2P, etc. Nigerian users can buy ETH, BTC, and USDT for NGN using the bank Transfer payment option on its peer-to-peer platform.
Features
- Supports a wide range of cryptocurrencies
- OKEx offers a vast array of services, including Perpetual Swap, Spot and Futures trading, P2P, etc.
Pros
- It has an extensive range of pro trading options
- It is a high-level trading platform
- Its fee is relatively low
- It supports over 100 cryptocurrencies
Cons
- Poor customer services
- It doesn’t support enough fiat currency
- Weak security
Read also:
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6. Blockvila
Brockville is an exchange that was founded in 2016 as a broker exchange and is headquartered in Port Harcourt, Nigeria.
Brockville services include peer-to-peer exchange, wallet, swapping, cashback services, etc. It allows its users to make payments via Paytm, Bank Transfer, and UPI and provides support for the following currency:
- BTC
- ETH
- USDT
- VILA
Features
- The user interface is easy to navigate
- Multiple crypto support
- Instant crediting and withdrawal
- It has an excellent support system
Pros
- Blockvila allows you to swap coins for another
- Its interface is easy to navigate
- Users are allowed to use any payment method of their choice
Cons
- It has no mobile application
- It is only used in Nigeria
7. Bivalve
Bivalve is a renowned peer-to-peer platform that Konstantinos Berrios founded.
Features
- Interaction is carried out directly on this platform
- It analyzes transfers on behalf of its users
- A global marketplace
Pros
- No additional fees or trading commissions
- People from all over the globe can interact on this platform
- Multi crypto wallet
Cons
- The platform has a slow and rigid process
- This platform has weak information security
8. Redeem
Redeem is one of the safest peer-to-peer exchanges founded in 2018 by Mike Townsend and Kyle Hill from Los Angeles, California.
It is a peer-to-peer platform that buys and sells over 30 gift cards for Bitcoin at the best rate. This platform does not allow direct interaction between sellers and buyers to ensure maximum safety and anonymity.
Its services include P2P and Gift cards, and for payments, it accepts only the supported cryptocurrencies and gift cards.
The supported cryptocurrencies are Bitcoin, Litecoin, Bitcoin Cash, Dogecoin, STEEM, Dai, Ether, Dash, EOS, Ether Classic, Tron, NEO, Sai, Monero, and ZCash.
Features
- It is a peer-to-peer platform that buys and sells over 30 gift cards for Bitcoin at the best rate
- It supported cryptocurrencies are limited
Pros
- This platform does not allow direct interaction between sellers and buyers to ensure maximum safety and anonymity
- It is one of the safest peer-to-peer exchange
Cons
- It accepts only the supported cryptocurrencies and gift cards.
9. LocalBitcoins
LocalBitcoins was the first peer-to-peer exchange that was founded in 2012. This platform allows its users to post advertisements stating the exchange rate and payment methods for selling and buying Bitcoin (the only supported crypto).
Its services are available in more than 201 countries, including Nigeria, and it supports up to 31 payment methods.
Features
- It offers a simple user interface that allows sellers and buyers to trade and communicate locally with each other
- This platform provides a mobile application for traders to carry out trade
Pros
- Easy and quick online transaction
- It supports multiple fiat currencies
- The interface is easy to use
Cons
- It supports only Bitcoin
- This platform is not recommendable for high volume professional trade
10. Coincola
Coincola is a Hong-Kong based exchange that broke into the Nigerian market in 2019. This platform supports up to 14 methods of payment, exchange of gift cards for Bitcoin, and the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum’ (ETH)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Dash (DASH)
- Tether (USDT)
- Ripple (XRP)
- Gemini dollar (GUSD)
- EOS (EOS)
Features
- This platform has a strong security
- Support multiple cryptos
- It allows you to sign up for free with no hidden charges
- The platform is easy to navigate
Pros
- It allows users to purchase cryptos using fiat money
- You can trade on the platform irrespective of your country and currency
- The likelihood of being scammed on this platform is low
Cons
- Poor customer service
A peer-to-peer cryptocurrency exchange refers to the direct exchange of assets, such as a digital currency, among individuals without the involvement of a central authority. Above is a list of the best peer-to-peer cryptocurrency exchanges in Africa.
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