Top 7 Best Peer-to-Peer (P2P) Bitcoin Exchanges in 2022

Are you looking to trade bitcoin but are unsure of which exchange to use? Peer-to-peer marketplaces are the most popular way to buy bitcoin in Africa. In this guide, we have compiled a list of the best peer-to-peer bitcoin exchanges in Africa.

The Impact of P2P Bitcoin Exchanges in Africa

P2P bitcoin exchanges enable you to buy and sell digital currency using a broad array of payment methods. From mobile money to PayPal, whatever payment method you prefer, you are poised to find it at least one of these exchanges.

The real power of P2P exchanges, however, is that it enables users from all parts of the world to trade with each other in a secure manner.

Regardless of whether you are in Ghana, Uganda, Ethiopia, or anywhere else in Africa, you should be able to find someone to trade bitcoin with on a P2P exchange.

Top Peer-to-Peer Bitcoin Exchanges

Below, you will find a list of the most reputable P2P marketplaces in Africa to trade bitcoin and other digital currencies.

Paxful

Paxful is a peer-to-peer bitcoin exchange used by traders around the globe. All transactions on the platform are secured by an escrow service to guarantee trustless trades. You can access the marketplace via the web or download the app on an Android or iOS device.

• To begin trading, you have to sign up and verify your account. Your level of verification will determine your trading volume.
• To buy bitcoin, you will have to set up your search parameters and select your payment method and transactional currency.
• You can pay for your purchase through bank transfer, western union, skrill, card payments, and more.
• When browsing the list of offers take note of the rating and reputation, and choose an offer with the terms with agreeable terms.
• You can discuss the details of the transaction with the seller directly through the platform live chat feature
• If you are comfortable with the terms of the trade you can go ahead and make the payment.
• The payment will be processed and the seller will release the bitcoin to your Paxful wallet directly.

LocalBitcoins

LocalBitcoins is a peer to peer crypto exchange where users can exchange local fiat money for bitcoin. Founded in 2012, the Helsinki based exchange allows users to create advertisements where they can select the payment method and exchange for trading bitcoin from and to other parties. Unlike custodial exchanges, where trading occurs off-chain, LocalBitcoins allows you to transact directly with another person.

• To buy bitcoin on the platform you must first sign up for a LocalBitcoin account. All that is required to set up your account is a username, email address, and password.
• Proceed to the main page and type in the amount you want to purchase in the local currency, your location, and method of payment, on the search box. From the list of advertisements that appear, select a trader with a good reputation score and a high amount of trades.
• Click on the ‘Buy tab’ to view more information about the advertisement, including the terms of trade. Review the details before submitting the trade request.
• To begin the trade, input in the blue box the amount, add a message for the seller and click the ‘Accept terms and send request’ to initiate the trade. Please ensure you make the payment before the window closes or the trade will be automatically canceled.
• Once the payment has been made, click the ‘I have paid’ tab. Upon verification of your payment by the seller, your BTC will be released from escrow and deposited to your LocalBitcoins wallet.

Remitano

Remitano is a peer to peer bitcoin marketplace where users can trade bitcoin easily and securely. It has a simple UI, low trading fees, 24/7 customer support just to name a few. The platform boasts over 1.5 million customers and is available in over 30 countries.

To start trading, you must register on the platform. You can sign up for a Remitano account using your email address or Facebook account. Before you can start trading you will have to verify the account.

• The next step is to scroll down the homepage and select a seller from the ‘list of sellers’. Enter the amount of BTC you want to buy and press ‘Buy BTC’ to open the transaction.
• Please note when inputting the amount of bitcoin you want to buy, you can select whether to have it credited to your Remitano wallet or sent to your personal BTC wallet.
• To pay for the BTC you will copy the seller’s payment details on the trade page. Remitano provides a limited window for payment so you have to be precise when executing the transaction. The trade will be canceled if the amount or payment reference is incorrect.
• Upon successful payment click the ‘I have paid seller’ tab and wait for the seller’s confirmation. After the seller has confirmed you will receive the BTC.

Remitano charges a 1 percent trading fee and a 0.25 percent exchange fee. You can download the Remitano app on Google Playstore and the Apple store.

Binance P2P

Binance is a leading cryptocurrency exchange, with the highest volumes across multiple crypto pairs. The platform averages $2 billion in trading volumes with over 1.4 million transactions per second. Binance has an extensive ecosystem that consists of several business units like Binance Labs, Binance Launchpad, Binance Academy, and  more. The Binance P2P version allows for direct trades between buyers and sellers.

To buy bitcoin on Binance you must first register on the platform. Once you have registered please ensure you complete SMS authentication and Identity verification.

• Log into your Binance account and select the default currency you want to use to purchase BTC on the top right section of your homepage. Click on ‘P2P’ under the ‘Spot tab’ to access the P2P trading section.
• Proceed to select BTC on the buy tab. A list of trade advertisements offered by users and merchants will appear on your homepage. You can filter the ads by entering the amount, fiat currency, and payment methods.
• Scroll the offers until you find the one that meets your requirements. Thereafter click on the ‘Buy BTC’ tab, enter the amount in fiat, and choose the payment method. Initiate the transaction by clicking ‘Buy Now.
• A new window will appear showing the order details and the seller’s payment information. Copy the payee information to make the payment as instructed.
• The transaction will be processed outside the Binance platform between you and the seller. Remember to double-check the payment information and complete the transaction within the prescribed time limit.
• Once the payment is made click on ‘Mark as Paid’ and then ‘Confirm’. The transaction status will be updated ‘To be released’ and the seller will release the BTC after confirming the payment is received. At this point the transaction is complete.

LocalCryptos

LocalCryptos is a peer-to-peer crypto marketplace. The non-custodial bitcoin exchange supports multiple currencies and payment methods such as bank transfers, PayPal, etc. LocalCryptos is available in over 100 countries and serves more than 100,000 traders. The exchange prides itself on offering end-to-end encryption for messages, providing a high level of anonymity between trades.

To buy bitcoin on LocalCryptos you must first sign up and create a username and password.

• On the dashboard, search for an offer that meets your trade specifications. You can filter the list provided by inputting your requirements on the search bar.
• Once you find the right offer, you can open a trade. Enter the amount of bitcoin you want to purchase and wait for the seller to place BTC in escrow. Transfer the funds to the seller and select ‘Mark as Paid’. The bitcoin will be released to your wallet.

It is important to note that your password is the private key to your wallet and messages. Therefore, ensure it is kept safe otherwise there will be no way to recover your account if you lose it.

Coindirect

Coindirect is a peer to peer crypto exchange that enables trading of over 40 altcoins. The platform supports trades of up to $1 million and has the widest liquidity pools. Furthermore, you can settle in currencies like KSH, ZAR, NGN, EUR, GBP, and more. Coindirect supports payments through mobile money, credit card, bank transfer, SWIFT, and Sepa.

To trade on the platform you have to sign up for a Coindirect account. Alternatively, you can download the app from the Google Play Store or Apple store and proceed to register.

• To purchase bitcoin choose a BTC offer from the Coindirect ‘Buy Coins’ page. Ensure you make your local currency payment to the seller’s details displayed within the required time limit, and if necessary, upload your proof of payment.
• Once the seller confirms the payment, the BTC will arrive in your Coindirect wallet from escrow.
• While Coindirect does not charge customers marketplace fees, vendors are charged 0.50 percent. Clients with private accounts can apply for a line of credit.

Cryptolocally

Cryptolocally is a non-custodial crypto peer-to-peer exchange. The platform utilises smart contracts for instant P2P transactions and confirmations. Cryptolocally also supports a blockchain-powered escrow service.

To buy bitcoin on Cryptolocally is a straightforward process. You can create an offer or choose an existing one on the platform. Once you and the seller have agreed on the terms, the seller will transfer the BTC to a secure escrow. Transfer the agreed amount in local currency and confirm the settlement. Once the seller receives the payment confirmation he will release the BTC to your wallet. Cryptolocally charges a 0.99 percent commission fee for every completed trade.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.