Best Binance Alternatives in Nigeria for P2P – OKX and Bybit

Looking for the best Binance alternatives in Nigeria for P2P trading? Almost everyone is doing the same…

In a move that sent shockwaves through Nigeria’s crypto community, Binance, one of the world’s largest cryptocurrency exchanges, recently announced its suspension of fiat currency services for the Nigerian naira. This is coming shortly after allegations of exploiting Nigeria’s currency and accusations ranging from terrorism financing to money laundering.

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This sudden move has left many Nigerian traders wondering what to do next, especially those who rely on peer-to-peer (P2P) trading. So, Nigerian traders are on the lookout for other platforms they can trust for P2P trading. Two popular options right now are OKX and Bybit. They offer similar services but with their own unique features that might suit different traders.

In this blog post, we’ll discuss the best Binance alternatives in Nigeria for P2P trading. We’ll talk about:

• The 7 best crypto exchanges in Nigeria
• Best 2 Binance alternatives for P2P in Nigeria
• OKX pros, cons and P2P
• Bybit pros, cons and P2P
• OKX vs Bybit: Which is better for P2P
• FAQs on Binance alternatives in Nigeria for P2P

The Best Crypto Exchanges in Nigeria

Here’s a breakdown of some of the top crypto exchanges in Nigeria:

1. KuCoin

• Base trading fee: 0.10% taker fee, 0.10% maker fee
• NGN support: No NGN spot trading pairs, but users can buy crypto with NGN
• Best for: Users who want access to a big selection of altcoins

KuCoin boasts a massive selection of over 700 cryptocurrencies, making it a favourite among traders seeking diversity. While it doesn’t offer NGN-denominated trading pairs, its P2P marketplace allows users to buy crypto directly with the Nigerian naira.

2. Kraken

• Base trading fee: 0.16% taker fee, 0.26% maker fee
• NGN support: No
• Best for: Users who prioritize security

Kraken, a veteran in the crypto industry, offers a secure platform for trading a selection of around 240 cryptocurrencies. While it doesn’t support NGN deposits and withdrawals, users can fund their accounts with USD, EUR, and other fiat currencies.

3. Bybit

• Base trading fee: 0.10% taker fee, 0.26% maker fee
• NGN support: No NGN spot trading pairs, but users can buy crypto with NGN
• Best for: Users looking for an alternative to Binance

Bybit, initially a futures exchange, has evolved into a comprehensive crypto platform. While it lacks NGN trading pairs, Nigerian users can purchase crypto with NGN via its P2P marketplace or integrated onramps.

4. Luno

• Base trading fee: 0.60% taker fee, 0.40% maker fee
• NGN support: Yes
• Best for: Users who are starting out and would like to purchase crypto with NGN

Luno offers a straightforward platform for buying and selling cryptocurrencies with NGN. It supports various payment methods and provides a user-friendly experience, making it ideal for beginners.

5. OKX

• Base trading fee: 0.23% taker fee, 0.14% maker fee
• NGN support: No NGN spot trading pairs, but users can buy crypto with NGN
• Best for: Users who want an advanced crypto exchange with DeFi-friendly features

OKX stands out with its extensive range of crypto assets and advanced trading features. While it lacks NGN pairs, Nigerian users can acquire crypto through its P2P platform or integrated services.

6. Yellow Card

• Base trading fee: Depends on blockchain network
• NGN support: Yes
• Best for: Users who want to buy crypto with NGN and make cross-border payments in Africa

Yellow Card specializes in serving the African market, offering a streamlined platform for buying major cryptocurrencies with NGN. It also facilitates cross-border transfers using USDT stablecoin.

7. NairaEx

• Base trading fee: N/A
• NGN support: Yes
• Best for: Users who need a straightforward way to buy and sell crypto with NGN

NairaEx provides a simple exchange platform for buying and selling Bitcoin, Ethereum, and USDT with NGN. It supports various payment methods and offers seamless withdrawals to Nigerian bank accounts.

What Can I Use Instead of Binance? Best Binance Alternatives in Nigeria

1. OKX for P2P Trading

If you’re seeking an alternative to Binance for peer-to-peer (P2P) trading in Nigeria, OKX emerges as a strong contender. Founded in 2017 and based in Seychelles, OKX has swiftly risen to become the world’s second-largest crypto derivatives trading exchange by trading volume. Although it’s not available in the US or Canada, OKX offers features and assets that make it an attractive option for traders worldwide.

OKX Pros

• Instant access to P2P.
• 320+ tradable cryptocurrencies.
• Low trading fees for spot and futures trades.
• Up to 100x leverage on futures, 10x on spot trades.

OKX Cons

• Identity verification required for crypto deposits
• Fiat withdrawals, such as USD or GBP, may pose challenges

Why OKX is a Good Alternative to Binance

1. Comparable Features: OKX offers a suite of features comparable to Binance, including spot and futures trading, as well as a wide range of cryptocurrencies. OKX boasts over 320 tradable cryptocurrencies.

2. Lower Fees: With lower trading fees for spot trades and a diverse selection of cryptocurrencies, OKX provides cost-effective trading options for Nigerian users. For instance, spot limit orders incur only 0.08% fees for USDT pairs.

3. Advanced Trading Tools: OKX’s advanced trading tools, such as trading bots and margin trading, cater to experienced traders seeking sophisticated trading strategies. 

4. Robust Security: Like Binance, OKX prioritizes security, maintaining 1:1 reserves for crypto deposits and offering features like proof of reserves to ensure user funds’ safety.

5. Robust Wallet App: OKX offers a feature-packed crypto wallet supporting 77 blockchains. Users can easily access decentralized finance (DeFi) apps and manage their portfolios across multiple chains, enhancing convenience and flexibility.

2. Bybit  for P2P Trading

Bybit is a cryptocurrency trading platform founded in 2018. It’s known for specializing in derivatives trading, offering features like perpetual contracts and futures trading. Based in the British Virgin Islands, Bybit has gained popularity for its robust trading tools and competitive fees.

Bybit Pros

• Wide range of assets and services, including copy trading.
• High leverage options with risk management tools.
• Competitive trading fees and good customer support.

Bybit Cons

• Lack of fiat services may inconvenience some users.
• NFT marketplace and Launchpad not as developed as competitors.
• Bybit requires 30 days, 5 complete orders, 80% complete order before it allow acces to P2P.

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Why Bybit is One of the Best Binance Alternatives in Nigeria

1. Lower Fees: Bybit offers competitive trading fees, with maker fees as low as 0.025% and taker fees at 0.075% for perpetual contracts and futures, compared to Binance’s maker fee of 0.02% and taker fee of 0.04%.

2. Higher Leverage: Bybit allows leverage of up to 100x on select assets, surpassing Binance’s maximum leverage of 20x.

3. Advanced Tools: Bybit provides a suite of advanced trading tools, including automated trading bots and risk management features, empowering traders with more sophisticated strategies compared to Binance.

4. Robust Security: Bybit employs rigorous security measures, including HTTPS encryption and IP monitoring, ensuring better protection for user accounts and funds compared to Binance.

5. Similar Features: Bybit offers features akin to Binance, including derivatives and spot trading with a variety of cryptocurrencies.

Bybit P2P Advertiser Requirements

To become a P2P Advertiser on Bybit, users must meet specific criteria outlined by the platform. These requirements ensure the integrity and reliability of the P2P trading platform while offering exclusive benefits to advertisers.

General Advertiser Requirements:

• Account linked to a mobile phone number and email address
• KYC verification completed
• Minimum registration period of 30 days
• Minimum of 5 accumulative completed orders
• Minimum 30-days completion rate of 80%
• Cumulative counterparties limited to 3
• Last 30-days P2P trading volume (calculated based on USDT) below specified thresholds

Disqualifying Actions:

• Canceling mobile phone or email binding
• Canceling KYC certification
• Risk control interception
• Last 30-days P2P order completion rate below 80%

OKX vs Bybit: Which is the Better Binance Alternative in Nigeria for P2P Trading

Use OKX if you:

• Want instant access to P2P trading after completing the account verification process.
• Prefer a wide range of tradable cryptocurrencies, with over 320 options available.
• Seek competitive trading fees, particularly for spot and futures trades.
• Desire advanced trading tools such as trading bots and margin trading.
• Value a robust security infrastructure, including 1:1 reserves for crypto deposits.
• Prefer a feature-packed crypto wallet supporting 77 blockchains for easy DeFi access.
• Are comfortable with identity verification requirements for crypto deposits.
• Can manage potential challenges with fiat withdrawals, such as USD or GBP.

OKX allows users to engage in peer-to-peer trading immediately after completing the account verification process, providing convenient and swift access to the P2P market.

Use Bybit if you:

• Prefer lower trading fees, especially for perpetual contracts and futures.
• Require higher leverage options, up to 100x on select assets.
• Seek advanced trading tools like automated bots and comprehensive risk management features.
• Value a user-friendly interface with intuitive navigation.
• Appreciate responsive customer support available 24/7.
• Need convenient fiat currency withdrawal options.
• Are willing to wait for 30 days and complete specific requirements to access P2P trading.

Bybit maintains competitive trading fees for derivatives trading, with a maker fee of 0.025% and a taker fee of 0.075%, appealing to traders looking to optimize their trading costs. But unlike OKX that enables instant access to trade P2P after the account is verified, Bybit requires 30 days, 5 complete orders, 80% complete order.

Frequently Asked Questions on Binance alternatives in Nigeria for P2P

1. What is happening to Binance in Nigeria?

Binance has suspended its services for Nigeria’s fiat currency, the naira, due to an ongoing regulatory conflict in the country. Withdrawals and deposits of NGN have been discontinued, and remaining NGN balances are being automatically converted to USDT.

2. Is Binance P2P still available in Nigeria?

As of now, Binance P2P trading services are no longer available in Nigeria Naira due to regulatory concerns.

3. What can I use instead of Binance?

Instead of Binance, you can explore alternative P2P crypto trading platforms like OKX and Bybit, which offer similar services and functionalities.

4. Is OKX available in Nigeria?

Yes, OKX is available in Nigeria and provides a peer-to-peer trading platform, among other services.

5. Is Bybit available in Nigeria?

Yes, Bybit is available in Nigeria and offers a range of crypto trading services, including P2P trading.

6. What is the best crypto wallet in Nigeria?

There are several crypto wallets available in Nigeria, each with its own features and benefits. Some popular options include Trust Wallet, MyEtherWallet, and Ledger Nano S Plus (hardware wallet).

7. Which app is better than Binance?

The choice between crypto trading apps depends on individual preferences and needs. Platforms like OKX and Bybit are considered good alternatives to Binance for P2P trading in Nigeria.

8. What is the best peer-to-peer platform in Nigeria?

The best peer-to-peer platform in Nigeria may vary depending on factors like user experience, fees, security, and available cryptocurrencies. Platforms like OKX and Bybit are reputable options worth considering.

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Conclusion

While Binance’s exit from Nigeria has shaken up the crypto scene, it’s not the end of P2P trading for Nigerian traders. Platforms like OKX and Bybit are here to fill the gap, offering alternative avenues for buying and selling cryptocurrencies. For the latest updates, tips, and insights on crypto trading and more, join our Telegram channel today. Stay informed and connected with fellow traders.

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