The Nigerian P2P Safety Checklist (A guide for crypto beginners in naija)

[EstherBtc]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

Well, welcome to Nigeria.
So to answer that question we would have to go back at 2021 the CBN directed regulated financial institutions not to facilitate cryptocurrency transactions and instructed them to identify and close accounts associated with crypto exchanges. https://guardian.ng/news/cbn-directs-banks-to-close-accounts-related-to-cryptocurrencies/?utm

Now these are the things you should consider before embarking on a p2p transaction as a buyer:

1. Don't choose a seller just because their price is cheap.
Check the trader's completion rate, trade count and feedback.

2. Understand escrow before releasing or paying for crypto.

3. Never rely on a payment screenshot verify the money in your own account.

4. Don't release crypto because someone says “I have paid.”

5. Make sure the payment name or details match the platform's requirements.

6. Keep communication on the exchange where possible.
Don't move a suspicious transaction to WhatsApp or Telegram just because someone offers a better rate.

7. Start with a small transaction until you understand the process.

8 After buying, think about where the crypto will be stored will be exchange custody or self custody.

[Nathrixxx]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

If this should happen then it is no longer a P2P, we are rather interfering with an exchange directly, which is not that favorable s are not the ideal way P2P is meant to be, it is even more advisable that P2P should be on a decentralized platform than a centralized one.

Also, all the suggested ideas you have provided OP are worth to take note of, there's also a level of P2P scam that is taken place if we are not careful to know what is expected of us to do, scammers may take advantage of us.

[BIT-BENDER]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

Nathrixxx is correct if things are done like this then it won't be peer2peer anymore it would be a direct transaction between your bank and the exchange.
Before this can happen to banks has to no only start acknowledging crypto-currency but also start trading Crypto-currency they have to be first fully involved in Crypto-currency and even up to the federal level (Central Bank of Nigeria) and then there would be strong regulations for exchanges before they can operate, the bank and federal government will have to work hand in hand with the exchange and Kyc process will get even more rigid, government will now have full knowledge of your Crypto-currency, honestly the negative part of this is not something you would like to experience.

[promise444c5]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

It used to be possible with Binance before the whole crackdown and imprisonment of their officials , which lead to them stopping all those service.. I’m not sure if Bybit also had it but I’m sure Binance did few year back. No exchange would consider allowing it after seeing such happened to Binance.

The P2P is almost similar though and quite convenient .. the only dangerous part can only  be if you get caught up in an illegal trade deals despite having a clean history or crypto and of course, the scam attempts you covered.

[CryptoHeadlineNews]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

Well, welcome to Nigeria.
So to answer that question we would have to go back at 2021 the CBN directed regulated financial institutions not to facilitate cryptocurrency transactions and instructed them to identify and close accounts associated with crypto exchanges. https://guardian.ng/news/cbn-directs-banks-to-close-accounts-related-to-cryptocurrencies/?utm

6. Keep communication on the exchange where possible.
Don't move a suspicious transaction to WhatsApp or Telegram just because someone offers a better rate.

The number 6 is very important as a p2p trader, or a newbie who is just starting trading, simply because the beauty about p2p is the fact that each trade gives you an inbox where you am discuss anything related to the trade without leaving the platform. And the moment you accept to start bargaining trading terms off the platform, it will be a bit deficult to be able to proof that you that you weren't able to receive payment, even after the vendor claims he has sent it. But if everything was done on the p2p inbox chat, I would have been very easy for the customer support team to be able to rectify the issue.

[CryptopreneurBrainboss]

The question on any crypto beginner's mind in Nigeria would be 'why can't we just do a bank transfer directly to an exchange and buy any crypto from the exchange?'

This is a decentralized world and questions like that shouldn't be our concern because trading P2P is better than usting a third party so irrespective of such options not being available in the country, aren't we still trading perfectly? We don't need the helps of the banking system to buy Bitcoin because there are many other secure ways of doing that. Back on topic, when trading P2P my checklist is always simple and that includes, making sure I'm trading with a verified merchant already having multiple successful trades and good ratings, not transacting off the exchange or platform and only making use of approved credentials to avoid getting scammed. Being this strick to my checklist has prevented any successful scam attempts I would have encountered with or without knowing.

[Emjay24]

No exchange would consider allowing it after seeing such happened to Binance.

Yeah, I don't think any exchange allows it directly currently. However, Bitget does an indirect purchase through Alchemy pay, a third party app which you've to deposit directly from your Nigerian bank account to buy coins on Bitget, but I feel it is more of a hassle than doing the normal P2P.

Every exchange learned from Binance, and it seems they've not reconciled with the Nigerian government, unlike Kucoin and OKX who have reopened their P2P markets to Nigerians