The decentralized exchange culture in Nigeria

[Marvelockg]

People want to minimize risk as much as possible and that is the reason why most people stick to the exchanges that they are used to that have been serving them real good. Most times before carrying out a p2p transaction, you already have a need you want to sort with it and the last thing you  need is a delay of any sort or stories that touches the heart. to avoid anything of that sort, traders just use the p2p platforms they are comfortable with just to be on a safer side.

As far as using p2p seems as the most convenient and doesn't cause delay as far as i know, it is not worth risking things except i just want to try out something different. it takes time to build trust and that seems to be what is lacking with decentralized exchanges.

[Karl_3000]

Yea, the simplicity is one advantage of centralized exchanges, and sometimes, people just want it simple and easy. If not for the risk of a collapse of such exchanges, hack or an outright denial of access to your coins, since they are are in charge and hold our logins, then using CEXs would have just been okay.

Going through the KYC in CEXs shouldn't be a problem since it's compulsory. It's just for you to master your infos and also play calm, then you are good to go. Haven't really worried about DEXs. Also ensuring you are involved with a trusted CEXs is just okay.

But that does not means decentralized exchanges are not also easy to deal with. I have used some of them before that are not hard to deal with. Example is the hodl hodl.

Another one are the no KYV exchanges, but they are centralized. They are also easy to use.

But the problem with the exchanges is that their rate may not be good like on centralized exchanges.

[ColdLava40]

There are so many local centralized exchanges, but I've not even seen one local decentralized exchange. Why is that?

There are some dex that offers naira for p2p I've seen in the past, but there's always an issue with adverts.

There are either not much traders on those exchanges offering naira or their rates are just very low that you will be cheated if you choose to go through with the p2p.

Cex has more popularity in our country because it is what many people know including those traders who offers their services. But I do understand what you are getting at. If only we could have more of such Dex locally then people will get used to them and know about their service too.

[Curious T]

but you also have to understand how the Nigerian banks network work and the level of scam, delay from banks if transaction fails

It is the same Nigerian banks that we use in CEX. There is a reason most traders use online banks that receive transactions instantly. There is a blockchain where you can see if a person sends a transaction. If you use these online banks, you would receive transactions after a few minutes.

Global or well Known dex face liquidity issues
Imagine how local one go be.
Many people find it easier in making use of CEX to convert to our local currency.
And u should be aware that Dex going bitcoin to usdt is different from going directly to naira.
Another thing if issue xup who go come solve ahn since person gat send money to your account.

Na true be this. When you reason reason the matter, DEX no go fit work well without third party. Proof always dey for everybody to see if you dun transfer the coins or not, but proof no dey for everybody to see if person dun send the money.

I don't really know more about local Dex . But if you want to sell directly to Naira their some pretty good platform you can use . We have spenda wallet , quidax , even bitget wallet also . You can sell directly to Naira in those platforms listed .

I'm not looking for where to sell directly to naira.