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 not true at all... You can use a bank card and direct bank transfer in so many CEXs such as paybis, CEX.io, bitget, etc. In bitget—which I use often until this recent event—I had a chat to confirm if this is true, this is what I got from their customer service:
So you're wrong to assume that you can't buy directly with your bank.
Wrong again, this is not true at all. The ban has been lifted since 2023.
“Current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets. Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to regulate VASPS to prevent misuse of virtual assets for ML/TF/PF.
“Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognises VASPs as part of the definition of a financial institution. In addition, the Securities and Exchange Commission in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.”
(
Source)
You can also read the new directive
hereNow 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.
These are solid points. Let me share my recent experiences I had in OKX: After initiating a trade, the seller asked me for a discount, I refused, he told me to read traders T&C before proceeding with the trade. I owned up to my mistake and apologized, he said okay and clicked paid. Now, the good thing about OKX is that: before you commence any trade and click paid, you'll have to provide a screenshot of the transaction; so, what this guy did was to take a screenshot of my OKX payment details and sent it to me as proof of payment. I laughed and told him I haven't seen anything and he is obviously trying to scam me by send such a stupid thing as proof of payment—he thought I was stupid because that was my first p2p trade in OKX—I told him to either pay or cancel the trade, if not I'll report him. The guy was just delaying me, I gave him 5 minutes to make his decision before reporting, exactly after 5 minutes+, I sent a report. That's when he started replying me, even called and texted my Whatsapp line—cause that's also my account number—I told him to chill and let OKX settle us
. But at the end, I cancelled the appeal so that he can cancel the trade.
So..from this experience, don't give any seller or buyer any room for negotiations, let the platform do it's thing. Just pay and/or release the crypto after confirmation. And I love OKX for forcing traders to always submit proof of payment before marking it as paid.
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.
this is the most delusional statement I've seen on Bitcointalk so far
. And I just can't believe how many people are cheering you on this.
Firstly, using CEX already eliminates the so called "decentralization". If you trade p2p in a
CENTRALIZED exchange (CEX), how is that being decentralized?
Secondly, WTF do you mean by:
"We don't need the helps of the banking system to buy Bitcoin because there are many other secure ways of doing that."? Do you pay with cash while doing P2P? The level of delusion amongst us sometimes is just staggering. You use banks to facilitate these transactions, so what are you even saying?
It baffles me how a lot of us are here supporting these statements. Like are we in denial, or just ignorant. Or we just want to say what everyone else is saying, or am I the crazy 1 here? I just can't honestly wrap my head around this. You're using CEX everyday, and yet we're hating on banks. There are a lot of DEXs (decentralized exchanges) out there that don't require KYC, but most of us still use these (CEXs) based on things like security, and ease of use, and yet we act as though we hate banks. If we do,
STOP using CEXs. Meanwhile, we use banks everyday; and if you want to go the DEX route, you'll still be needing banks
.
