AAX Exchange has added support for the Nigerian naira to its peer-to-peer (P2P) trading platform. There are so many options for buying Bitcoin or other cryptocurrencies in Nigeria that it could get confusing sometimes. In this article, we explore how to buy and sell crypto on AAX P2P in Nigeria.
What is AAX P2P?
AAX P2P is part of the broader AAX Exchange platform; the peer-to-peer section connects buyers and sellers directly with no middle person. The exchange only serves as an escrow (a place where the trade can happen successfully without issues by ensuring both traders follow all agreements concerning the trade).
For instance, a person looking to sell Bitcoin in Nigeria can find people willing to buy Bitcoin in his country and accept money in any payment method they wish to use. This gives users absolute freedom on how they enter or exit the crypto space with fiat.
The AAX P2P platform currently supports trades in the Hong Kong dollar (HKD), Macanese pataca (MOP), Indonesian rupiah (IDR), Brazilian cruzado novo (BRN), South Korean won (KRW), Russian ruble (RUB), Kazakhstani tenge (KZT), Singapore dollar (SGD), Ukrainian hryvnia (UAH), United States dollar (USD) and Nigerian naira (NGN).
Payment methods supported include bank transfer, PayPal, WeChat Pay, FPS, and cash.
You can access the P2P section on the AAX website or app. On the website, hover on the ‘Buy Crypto’ dropdown menu and select ‘P2P Trading.’ On mobile, go to the ‘Trade’ section and select ‘Cash’ at the top of the screen.
How To Trade On AAX P2P
You will need an AAX account to get started. First, visit aax.com and create an account. Next, you will have to verify your identity to gain access to all features on the exchange. You can complete the identity verification with any government-issued card like your passport or driver’s license. After the verification, you will be able to trade on AAX Exchange via desktop or mobile.
AAX P2P lets you purchase cryptocurrencies with fiat online. Here are three steps to follow to buy or sell crypto successfully:
Step 1: Pick a preferred currency and payment method
- Click on “Trade” at the bottom of your mobile app and tap “Cash” at the top navigation bar to access the P2P section.
- Scroll through the various buyers or sellers listed and pick the account you want to trade with. You can look out for things such as operation duration (how long the person has traded on AAX’s P2P services), amount (available to sell/buy), and the range (the minimum and maximum amount the person is looking to trade in).
- Click on the Buy/Sell button depending on the type of trade you intend to initiate.
- To make the selection process easier. You can filter your search by selecting the type of trade, your region, currency, and payment method.
Step 2: Trade
After selecting the trader you want to purchase from or sell to, you must enter the amount you intend to trade and proceed.
The order will then be placed and a new page will load with all the trade details. You must wait 15 minutes for the other trader to fulfill their end of the trade terms. You can also interact with the person you are trading with while waiting using the chat box indicated in the diagram.