How P2P Crypto Works in Nigeria
45sEducational hook explaining a popular local use case, appealing to crypto-curious viewers.
▶ Play ClipAI Summary
This video tests the speed and rates of three major P2P exchanges—Bybit, Bitget, and MEXC—for buying and selling USDT in Nigeria. The creator conducts real transactions to compare performance, revealing Bitget as the fastest for buying and Bybit as the fastest for selling.
Chapters
[00:01]
Introduction to P2P exchanges
The video compares Bybit, Bitget, and MEXC for P2P trading in Nigeria, explaining that P2P (peer-to-peer) is the most common method for buying and selling crypto in the country.
[00:15]
How P2P works
Three entities are involved: the merchant, the customer, and the exchange. The exchange acts as an escrow, holding funds until payment is confirmed, ensuring safe trades.
[01:23]
MEXC buying test
The creator buys 100,000 naira worth of USDT on MEXC, selecting the best rate from Swift Trader. The transaction took 3 minutes and 16 seconds.
[02:31]
Bybit and Bitget buying test
Simultaneously testing Bybit and Bitget, Bitget offered a better amount and completed the purchase in 45 seconds, making it the clear winner for buying.
[03:32]
Buying conclusion
Bitget is the best exchange for buying USDT in Nigeria, but the creator notes that this is just one trial; speed and rates depend on merchants and can vary.
[04:00]
Selling test
For selling, Bybit offered the best rate (143,015 naira) compared to Bitget and MEXC. The creator predicts Bybit will be fastest due to institutional merchants.
[04:57]
Selling conclusion
Bybit completed the sale instantly, under 4 seconds, while the other exchanges were still processing. Bybit is the fastest for selling.
Bitget excels for buying USDT, while Bybit dominates for selling, making them the top choices for P2P trading in Nigeria. However, results may vary based on merchant availability and market conditions.
Mentioned in this Video
Study Flashcards (5)
What is P2P trading?
easy
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What is P2P trading?
easy
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Peer-to-peer trading, the most common method Nigerians use to buy and sell crypto.
00:15
What role does the exchange play in P2P trading?
easy
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What role does the exchange play in P2P trading?
easy
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The exchange acts as an escrow, holding funds until payment is confirmed.
00:27
Which exchange was fastest for buying USDT in the test?
medium
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Which exchange was fastest for buying USDT in the test?
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Bitget, completing the purchase in 45 seconds.
03:18
Which exchange was fastest for selling USDT in the test?
medium
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Which exchange was fastest for selling USDT in the test?
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Bybit, completing the sale in under 4 seconds.
04:57
What factors determine the speed and rates in P2P trading?
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What factors determine the speed and rates in P2P trading?
medium
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The merchants, which can change between trials.
03:32
💡 Key Takeaways
📊
Bitget wins buying round
Demonstrates a clear winner for buying, with a significant time advantage.
03:18
📊
Bybit wins selling round
Shows an instant transaction, highlighting Bybit's efficiency for selling.
04:57
💡
Merchant dependency
Emphasizes that results are not fixed, providing a realistic caveat for viewers.
03:32Full Transcript
[00:01] the fastest and the cheapest P2P exchange in Nigeria. So, which is the fastest and will give me the best rates? Is it Bybit, Bitget, or MEXC? And if you don't know what P2P is, it means peer-to-peer.
[00:15] It's the most common method Nigerians use to buy and sell crypto. So, how does this work? There are three entities involved: [music] the merchant, the customer, and the exchange. The exchange is the
[00:27] the exchange. The exchange is the escrow. If a customer wants to buy USDT, selling on the exchange, click on one of them, enter the amount, and [music] click on buy. The exchange automatically subtracts the USDT from the merchant's
[00:42] wallet and holds it. After the customer has made payment in naira to the merchant's bank account, the USDT will be released to his wallet. And when the customer wants to sell, it happens in the other way. In this case,
[00:57] the exchange is holding the customer's coin while the merchant sends the money to his bank account. If there is any disagreement, customer and merchant present their bank statement to the exchange to judge who
[01:10] is right. This is how P2P works to ensure trades are conducted safely between the buyer and the seller and no one is running away with another [music] person's money. So, which of these exchange is
[01:23] the fastest at the best rates? Let's start with MEXC. We'll do buying first, then selling. So, I'm going to go to the P2P section, click on buy. I want to buy 100,000 naira worth of USDT. I will select the
[01:38] trader offering the best rates. In this case, we have Swift Trader. Click on case, we have Swift Trader. Click on buy, enter 100,000 naira again. You will buy, enter 100,000 naira again. You will see here, I'm going to receive 69.63
[01:50] see here, I'm going to receive 69.63 dollars. Then, click buy USDT. Click pay. I'll go ahead and make the transfer now I'll go ahead and make the transfer now and start the timer the same time I will
[02:02] click on I have paid. I can go ahead and start a conversation with a merchant while waiting [music] for him to pay me.
[02:16] >> A few moments later. >> This took 3 minutes and 16 seconds. [music] Now, let's do Bybit and Bitget at the same time. Go to the comments and tell me who you think will win this buying round. Is it Bybit?
[02:31] Is it MEXC? Or is it Bitget? You can pause video right now and go and drop the comment. I want to know if you get it right or not. So, we are doing Bybit and Bitget [music] at the same time. You will see here that
[02:45] I'm getting a better amount already for Bitget than Bybit and MEXC. The question Bitget than Bybit and MEXC. The question is which one is the fastest for buying? After this, we'll test the fastest for selling. I have now made the transfers.
[03:01] So, start the timer. Which is the fastest?
[03:18] >> Bitget in 45 seconds. In this round, Bitget is the clear winner. Best rate and best time. So, Bitget is the best exchange to time. So, Bitget is the best exchange to buy USDT in Nigeria. It is the clear
[03:32] winner here. However, you should know that this is just one trial. The speed and the rates solely [music] is determined by the merchants, which might actually change if I say do
[03:46] round, Bitget is the winner. [music] The question now is which of them is the fastest for selling?
[04:00] them. And you can see already the best rate is coming from Bybit. I'll be receiving 143,015 Naira as opposed to 142,654 >> [music] >> and 142,270 from Bitget. Now, who is
[04:16] >> and 142,270 from Bitget. Now, who is going to be the fastest? If you ask me, I believe it's going to be Bybit because they have institutional merchants that they have institutional merchants that processes the transactions instantly.
[04:29] traders on Bybit that will start negotiating for a lower amount when you cancel the trade. Then, go to the institutional merchants
[04:41] or those who have completed thousands of transactions before on Bybit and sell to them. So, let us sell. Who is going to be the fastest? be the fastest? >> A few moments later. Bybit. Bybit was
[04:57] >> A few moments later. Bybit. Bybit was instant, under 4 seconds. While the rest instant, under 4 seconds. While the rest are still counting.
