Peer to peer trading has become a safe haven for Nigerian traders looking to interact with the crypto market since the government ban on crypto transactions through local banks in 2021.

KuCoin, a Seychelles based crypto exchange has been one of the major exchanges that has taken over the P2P front ever since.

Regulations from the Nigerian government has impacted the operation of KuCoin, and many other P2P platforms over the last four years. This has stirred an ocean of hassles for traders depending on P2P.

In this piece, we will be reviewing KuCoin P2P, and looking at top 7 alternatives to KuCoin P2P in Nigeria.

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How KuCoin P2P Works

KuCoin links buyers and sellers through their P2P platform. Below is a breakdown of how their P2P platform works.

  1. Account Setup and Verification: To use the KuCoin P2P platform, users must sign up on the platform, and verify their account by completing KYC(know your customer).
  2. Accessing KuCoin P2P Marketplace: After getting your account verified on the platform, you can then proceed to the KuCoin P2P marketplace through their app or on their web version
  3. Initiate Trade: Select a buyer or a seller on the platform that matches your rate expectation, and that aligns with your order quantity, and then place a trade.
  4. Payment and Release: Once the trade is completed, and payment is made, crypto assets can then be released or received as the case may be.

If you are buying, the received asset will reflect on your KuCoin account, and if you are selling, the released asset will be deducted from your KuCoin balance.

Pros and Cons of Using KuCoin P2P 

Pros

  • KuCoin P2P has high liquidity which helps to ensure smooth transactions and trades
  • Kucoin P2P supports a large number of cryptocurrencies.

Cons

  • Transacting on the platform’s P2P often involves passing a complex KYC that can slow down transaction time.
  • Customer complaints may take time before resolution, leading to frustration during transactions.

Top 7 Alternatives to KuCoin P2P in Nigeria

Let us now explore top 7 alternatives to KuCoin P2P, and how they stand out.

  1. Breet
  2. Bitget P2P
  3. Bybit P2P
  4. Remitano
  5. Paxful
  6. Presmit
  7. Gate.io

1. Breet

Breet is an over-the-counter platform that uses an automated crypto-to-cash system to sell crypto for users, and gets the Naira equivalent of it into their bank accounts with the best rate, without hassles. 

Although it is not a P2P platform, it offers a faster payment delivery than P2P platforms, as transactions are executed in less than 287 seconds, with zero transaction fees.

You can explore Breet’s homepage on the web, or via the app downloadable on playstore or appstore.

Pros

  • Transactions are executed faster on Breet than P2P platforms.
  • Zero transaction fees 
  • A wide user base that further attest to its reputation, and credibility

2. Bitget P2P

Bitget is a centralized exchange like KuCoin, where users can get to buy and sell through its P2P platform.

It is known for quick KYC verification, and has been an excellent choice for pro traders.

Cons

  • The platform may not be suited for beginners due to its complex UI
  • Minimum trading requirement is a bit too high, and can significantly impact trading especially for beginners

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3. Bybit P2P

Bybit is a common name for Nigerian traders.

The exchange became more popular in Nigeria after the ban on Binance P2P.

It has a P2P platform that allows traders buy and sell over 500 cryptocurrencies, with a simple interface that can easily be navigated. 

Cons

  • Scams have often been reported by traders on the platform
  • Delays in resolution for trade conflicts

4. Remitano

Remitano is a reputable P2P platform operational in Nigeria. It stands out with its escrow security feature that helps to ensure safety of funds during transaction.

Cons

  • Slow customer support especially during high activity periods
  • Lower liquidity compared to KuCoin P2P

5. Paxful

Paxful is a globally recognized P2P exchange, operational in Nigeria. The platform stands out with their multiple payment methods, that offer users the chance to explore payment options that suit their need.

Cons

  • KYC needed for large amount of transaction which can impact trading time.
  • The platform has many unverified merchants, thereby increasing the risk of scams

6. Presmit

Presmit is both a P2P platform, and an OTC platform that is tailored to Nigerian users.

It stands out with instant bank withdrawals, and a simple and dynamic user interface.

Cons

  • Compared to KuCoin P2P, it has lower liquidity
  • It doesnt have a long list of cryptocurrencies users can trade

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7. Gate.io

Gate.io is a foremost centralized exchange with a P2P platform, operational in Nigeria.

The platform has over 1350 cryptocurrencies that users can trade, with multiple payment options.

Cons

  • Inconsistent rates from merchants
  • Complex interface

Comparison of Top 7 Alternatives to KuCoin P2P in Nigeria

kucoin p2p review

Platform Supported Cryptos Transaction Type Liquidity
Breet Over 40 OTC Moderate
Bitget P2P Over 500 P2P High
Bybit P2P Over 500 P2P High
Remitano BTC, ETH, USDT, Limited altcoins P2P Moderate
Paxful BTC, USDT, ETH, and a few others P2P High
Presmit BTC, USDT, ETH P2P and OTC Low
Gate.io P2P Over 1350 P2P High

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Frequently Asked Questions About KuCoin P2P in Nigeria

Which platform is the most beginner-friendly for Nigerian traders?

Breet, Presmit, and Remitano are the most beginner-friendly platforms for Nigerians to trade, because they have simple UIs that can be easily navigated.

Can I use local payment methods like OPay or bank transfers on these platforms?

Yes, you can. All the platforms mentioned in this piece allow for local bank transfers.

What is the main drawback of these alternatives compared to KuCoin P2P?

The main drawback of these alternatives compare to KuCoin P2P in Nigeria is that most of them have lower liquidity. However, once a platform has a moderate liquidity, you can successfully run your trades there without hassles.

Conclusion

All the platforms discussed in this article are capable of handling your P2P trading needs. You will need to choose the best amongst them to have the ultimate trading experience, and that should be Breet.

Although Breet is an OTC platform, it delivers better than a P2P platform, and even more with its automated crypto to cash system that gets your funds into your account in a matter of seconds. Explore Breet today to taste seamlessness in trading. 

Author

  • Emmanuel adebajo

    Just a chill guy at the top of his craft, writing industry-rated articles.