How To Make Money Online With P2P Trading In Nigeria

Peer-to-peer (P2P) trading is a booming market in Nigeria, estimated at $500 billion, according to a 2025 report.  In 2022 alone, Nigerians traded over $100 million worth of crypto assets through P2P platforms. The country also recorded the highest P2P exchange trade volume globally in 2023, according to Chainalysis. 

P2P trading offers excellent opportunities. In this article, we provide everything you need to know about making money online with P2P trading in Nigeria, including safety tips, common scams and the best P2P crypto platforms.  

What is P2P Trading?

P2P trading is a digital asset trading strategy where buyers and sellers trade crypto assets directly without third parties.

P2P trading allows users to choose their own counterparties, determine their prices, and use their own payment methods. In contrast to traditional crypto exchanges, P2P trading platforms provide real-time and interactive trading environments, giving users control over their assets and how or with whom they trade.

Notably, most P2P trading platforms in Nigeria use an escrow system to hold assets temporarily, ensuring the parties involved fulfil their obligations before releasing assets. Nonetheless, some fraudulent users may still attempt scams, underscoring the importance of using reputable platforms only for P2P trading activities. 

How P2P trading works

Here’s how the process goes on P2P trading platforms: 

• A user places an order to buy a particular crypto asset from a seller at an agreed price.
• While waiting for all conditions to be satisfied and both traders to approve the transaction, the escrow mechanism safeguards any money or assets that users exchange.
• The seller confirms payment. 
• The assets are transferred from the escrow system to the buyer’s account. 

Notably, P2P trading is popular in Nigeria because it allows users to bypass bank restrictions on crypto transactions and trade using local payment methods.

How To Start P2P Trading in Nigeria 

Below is a step-by-step guide on how to start P2P trading in Nigeria: 

• Choose a P2P platform: Several P2P platforms are operational in Nigeria, including ByBit, Paxful, Coin Cola, Busha, Remittano, and Noones. Some factors to consider while choosing a P2P platform are transaction fees, security features, available payment methods, customer service responsiveness, etc.

• Create and verify your account: The next step is for you to sign up on your chosen P2P platform. You will be requested to complete the Know Your Customer (KYC) verification by submitting valid means of identification such as National Identity Number (NIN), International Passport, Driver’s License or Bank Verification Number (BVN). 

• Set up your payment method: You will also have to add your bank account details or other payment methods to your profile. As a rule of thumb, you should provide a payment method that is widely accepted by users.

• Fund your account: After setting up your account, the next step is to deposit funds or assets into it to begin buying or selling. While the benchmark for buying or selling on most platforms varies per P2P trading platform, a minimum of ₦5,000 or equivalent in crypto is the minimum. 

• Start trading: You are now set to begin P2P trading. At this point, all you have to do is to place buy or sell adverts and then accept the suitable offers. Consider using a competitive pricing strategy to attract customers and make more gains. 

How To Make Money Online with P2P Trading in Nigeria

Here are some methods on how to make money online with P2P trading in Nigeria: 

1. Cryptocurrency arbitrage trading

Crypto arbitrage trading is buying and selling digital assets in various markets while making money from the price discrepancy. This entails spotting cryptocurrencies offered at various prices on two different exchanges. You can then buy on one exchange and sell on the other. 

For instance, if the price of BTC on Binance Spot is $36,300 and a sell offer is available for $36,500 on Binance P2P, you should buy on Binance Spot and sell for $36,500 to profit. The secret is to buy low and sell high.

2. Publishing buy-and-sell ads

To help the cryptocurrency community achieve its objectives, buy/sell adverts can be posted on the P2P network for payment. You can utilise advertising on Binance P2P to create a broad pricing range to make more money or a narrow price range to reach more target clients.

3. Earn Trader Commissions and Incentives

When you rise to the position of the top-ranking merchant on the site, you can profit from peer-to-peer trade. This is the incentive for using the platform to sell. On the Bybit P2P exchange, for instance, a trader can make up to 200 USDT per fiat currency, and a weekly advertiser can make up to 400 USDT for two different fiat currencies.

However, you must fulfil the following criteria as a trader:

• Rank among the top three traders by USDT turnover

• Spend at least 50 hours online to be eligible. 
• If you want to start trading, you can create an account with a P2P exchange and start seeing adverts.

Common Scams, Safety Tips and Best Practices 

Here are some red flags to watch out for, safety tips and best practices when engaging in P2P trading: 

• Ensure that all your conversations are on the P2P platform. Avoid users who ask to meet them offline for transactions.

• Avoid orders with unusually high prices. Always use verified traders with many completed transactions and good reviews.

• Always confirm payment before releasing your crypto assets.

• Never accept payments from bank accounts that do not bear a user’s registered name on the P2P platform. 

• Carefully read through a user’s terms before selecting an order. This will help you avoid unnecessary order cancellations and keep your reputation intact. 

• Ensure to release assets once you receive payment. Do not also hesitate to file an appeal if a user refuses to pay you or release your assets. 

Best P2P Crypto Platforms in Nigeria 

Over the years, there has been a rise in P2P trading platforms in Nigeria. Here are some of the best options:

• Bybit 

Bybit has rapidly become the go-to P2P trading platform for many Nigerians. Notably, the platform offers robust security, an escrow system, various payment methods, and 0% fees for users. 

• Remittano

Launched in 2014, Remittano bridges the gap between fiat and cryptocurrency. With its easy-to-navigate interface, zero fees and multiple payment methods, you can seamlessly engage in P2P trading using the platform. 

• Paxful 

Another leading P2P trading platform in Nigeria is Paxful, which offers users several unique features. Whereas Paxful levies zero fees when you buy or receive crypto, the P2P platform applies a 1% service fee to crypto sellers. 

• NoOnes

Ray Youssef founded NoOnes, a fast-rising P2P trading platform in Nigeria. NoOnes offers low fees, escrow services, and many other unique features. 

Here’s a comparison of some popular P2P trading platforms in Nigeria: 

Frequently Asked Questions (FAQs) About How to Make Money Online with P2P Trading in Nigeria 

Is P2P trading profitable?

The profitability of P2P trading depends on several factors such as capital size. While it has the potential to offer you higher returns, it also comes with the risk of being scammed. However, you can mitigate this risk by using trusted and secure P2P platforms for your transactions. 

How do you profit from P2P trading? 

You can profit from P2P trading by offering competitive rates to attract more customers. This will increase your trading volume and, consequently, higher profits. You can also explore arbitrage by buying assets for lower prices on one platform and selling for higher on another, then keeping the difference for yourself. 

What’s the minimum amount to start P2P trading?

Most platforms allow you to start with a minimum of ₦5,000 or its equivalent in crypto.

How long does a P2P transaction take?

Typically, 5 to 15 minutes, depending on the payment method and the users involved. 

What happens if a buyer doesn’t pay or refuses to release crypto assets?

On the one hand, if a buyer fails to pay and does not click the “payment made” button, the platform’s escrow system will automatically cancel the trade and return the crypto to the seller. 

On the other hand, when the buyer fails to pay but clicks the “payment made” button, proceed to submit an appeal on the platform. Likewise, if a seller fails to release your crypto after making a payment, you must submit an appeal, providing proof of payment.