Over the last few years, Binance P2P has been widely known to be the favourite marketplace for Nigerian traders, until the Nigerian government in 2023 disrupted their operations by declaring it illegal.
This disruption led to Binance halting P2P services in Nigeria.
The once trusted and popular P2P marketplace was no more active in the country, leaving many traders in despair and longing for a platform that can mirror the excellence they enjoyed while using Binance P2P.
The halting of Binance P2P in Nigeria, paved the way for other platforms that were already operating and new platforms as well in the Nigerian P2P space.
Let’s now dive in further to see top 7 alternatives to Binance P2P in Nigeria.
Related:
- Does Binance Work in Nigeria? (2025 Update)
Why Nigerians Use P2P Platforms
Nigerians use P2P platforms for a number of reasons to enable them interact with the crypto market.
Let’s look at some of them before we dive in deeper to see top 7 alternatives to Binance P2P in Nigeria.
- Restriction of direct transfer from local banks: The Nigerian government through central bank, placed a ban on cryptocurrency transactions through local banks in 2021, and this ban made P2P the best option for traders to get money in and out of their crypto wallets and accounts.
- Exchange rates: P2P offers users the opportunity to see a wide range of rates that they can select from to maximise profitability and better capitalise on the price volatility of the Naira.
- Multiple payment options: P2P offers traders the opportunity to explore a good number of payment options. Unlike using local banks for transactions alone, traders can transact with gift cards, through skrill, zelle, payoneer, and other payment channels with P2P.
Top 7 Binance P2P Alternatives in Nigeria
Let’s now explore Binance alternatives in Nigeria, and why they are among the very top!
- Breet
- Paxful
- KuCoin P2P
- Bitget P2P
- Bybit P2P
- Luno
- MEXC P2P
1. Breet
Breet takes out the P2P stress and allows you sell your crypto without dealing with marketplace scams.
Breet is an over the counter crypto platform where traders can sell Bitcoin, USDT, and other supported crypto assets.
It leverages an automated system that provides instant naira payments under 287 seconds.
Designed for the African market, Breet is currently operational in Nigeria and Ghana.
The platform stands out as a top alternative to Binance P2P in Nigeria, offering even better Naira settlement than Binance with zero transaction fees, and a seamless trading experience.
Why Breet Stands Out:
- Instant Crypto to Cash: With Breet, you don’t have to wait to be connected to a buyer like traditional P2P platforms, once your transaction is initiated, the automated system gives you the best rate and you get payment directly to your bank account.
- Focus on Nigerian Users: Breet focuses on Nigerian and Ghanaian users, as the platform supports both Naira, and Cedis settlements.
- Fast Transaction Speed: With Breet, transactions are executed under 287 seconds, making it one of the fastest platforms to sell your crypto asset in Nigeria.
2. Paxful
Paxful is a globally recognized P2P platform in Nigeria. It has been known to be one of the platforms that advanced crypto adoption in Nigeria.
Paxful has an escrow feature that helps to safeguard crypto assets during transactions between buyer, and seller.
The assets are kept in escrow until the transaction is completed and confirmed from both the bye and seller.
Cons
- Higher fees for other payment methods like gift cards.
- Limited number of cryptocurrencies available for trading
3. KuCoin P2P
KuCoin has gained popularity and traction in the Nigerian crypto space over the last few years, and it’s P2P platform has continued to connect Nigerians to the market.
KuCoin supports over 300 crypto assets.
Their P2P platform allows you to buy a wide variety of them directly including BTC and ETH.
Cons
- KuCoin’s P2P marketplace has a small user base compared to platforms like Bitget
- Users must complete KYC before using the P2P platform, which may slow down trading
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4. Bitget P2P
Bitget is a fast growing centralised exchange that has a P2P platform that has provided succor to Nigerian traders ever since Binance stopped their P2P operations.
Bitget also has a strong security infrastructure like 2FA, cold storage of users asset, and a 24/7 customer support to safeguard user’s assets.
- Minimum withdrawal, and purchase is a bit high compared to other platforms
- Limited cryptocurrencies available for P2P trading
5. Bybit P2P
Bybit has been known for it’s derivatives trading, but upon the Binance P2P ban, they also launched their P2P platform which has attracted lots of Nigerians.
Bybit P2P also has a clean, and interactive interface that is easy to navigate for beginners and pro traders as well.
This makes their P2P platform a go-to for Nigerian traders.
Cons
- Users are mandated to complete KYC before transacting on their P2P platform which ultimately slows down trading
- Compared to binance P2P, Bybit P2P platform supports a limited number of payment method
Related:
- Bybit Review: Is it the Best Exchange for You in 2025?
6. Luno
Luno has been a household name in the Nigerian crypto space for quite a while now.
It’s ease of use, and local integration makes it a viable platform for transactions.
With Luno, transactions can be processed to users bank directly without the need for an intermediary.
Cons
- Lower trading volume
- Limited number of cryptocurrencies available for trading.
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- Roqqu vs Luno: Which is Better in 2025?
7. MEXC P2P
MEXC is another fast growing crypto exchange that is widely known for listing low new crypto tokens, and offering liquidity.
MEXC has a fast growing P2P platform for Nigerian users with swift customer support, and multiple payment options including bank transfers.
Cons
- Lesser liquidity compared to Binance P2P
- Although KYC is not required for trading, bigger transaction may be interrupted for KYC verifications, which may slow down trading
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Why P2P Crypto May not be Best for You
Although and crypto P2P and Binance P2P in Nigeria have gained traction, there are certain risks and challenges associated with it. Let’s discuss some of them.
1. Risk of Scams and Fraud
P2P platforms are known to have both real and fake people on it.
The buyer or seller you’d be transacting with only has a digital identity that you can see, you don’t know them in real life, and so scammers also capitalize on this loophole to perpetuate scam activities and fraud.
2 Time-Intensive Process
While P2P helps traders to get money into the crypto account, and also sell their assets for cash, the process of selecting a buyer or seller with a good rate and verified history may delay buying or selling time which may affect users.
3. Lack of Regulation and Oversight
Most P2P platforms are not regulated, and loss of funds to scams and frauds may not be recoverable.
This is a huge risk for traders, and Breet solves that dilemma with their OTC automated cash system that eliminates third parties and delivers your funds right to your bank account.
Comparison of Top Binance P2P Alternatives
| Platform | Transaction Type | Best Suited For |
|---|---|---|
| Breet | Over-the-counter (OTC) | Beginners and Pro traders |
| Paxful | Peer-to-peer (P2P) | Pro traders |
| KuCoin | Peer-to-peer (P2P) | Beginners and Pro traders |
| Bitget | Peer-to-peer (P2P) | Pro traders |
| Bybit | Peer-to-peer (P2P) | Beginners and Pro traders |
| Luno | Orderbook-based exchange | Beginners |
| MEXC | Peer-to-peer (P2P) | Beginners and Pro traders |
Frequently Asked Questions About Binance P2P in Nigeria
What is the Best P2P Alternative in Nigeria Right Now?
You can choose from any of the platforms discussed in this piece; Paxful, KuCoin, Bitget, Bybit, Luno, MEXC, and Breet. Although Breet is not a P2P platform, it is an OTC platform that processes transactions faster than P2P platform, and is definitely the best alternative to Binance P2P in Nigeria currently.
Why should I choose Breet over other P2P platforms like Paxful or KuCoin?
Breet scans the market, and gives you the best rate with fast processing that is anchored on their automated cash system. Paxful and KuCoin on the other hand requires you to scan through a range of rates to choose from, defeating the essence of speed.
Can I Sell Crypto 24/7 on Breet?
Yes. Breet operates round the clock, and transactions are executed at the speed of light at any time of the day, thanks to it’s crypto-to-cash automated system.
What should I consider Before Choosing a Binance P2P Alternative?
There are a couple of things to consider before going for any alternative to Binance P2P to ensure a smooth and seamless trading experience.
- Security
- Transaction fees
- Good exchange rate
- Active customer support
Breet is a good alternative that ticks all of these boxes.
Which Crypto Asset is the Most Traded on P2P Platforms?
USDT is the most traded asset on P2P platforms, because it is a stablecoin, and the worth of assets are shielded from price volatility with it than other altcoins.
Conclusion
Although Binance P2P in Nigeria is no longer functional, other platforms like Breet and many others listed in this article mirror the seamlessness that Binance P2P has offered Nigerian traders over the years.
Breet stands out amongst the top 7 alternatives to give Nigerian traders the most similar experience to Binance P2P platform. Their transaction time of less than 287 seconds, and their automated crypto-cash system makes them the best alternative for Nigerian traders.
