Cryptocurrency trading in Nigeria: Paxful vs Localbitcoins

Paxful and Localbitcoins are two top cryptocurrency trading platforms in Nigeria. Many Nigerians make use of any or both of these platform to trade bitcoin and other cryptocurrencies as well. Both platforms have been performing relatively well, but it is normal to get both positive and negative reviews about them. If you are planning on going into the Cryptocurrency trading market and you are contemplating on which out of these two platforms you should use, this article will help you make that choice.

Paxful Vs LocalBitcoins

The two websites are not very different from each, in fact they are almost the same as they both offer similar services. They both allow fast, secure and easy buying and selling of bitcoins and other cryptocurrency. Buying and selling on these sites are done with the use of an escrow service. The sites do not sell or buy bitcoins from you, instead they act as a market place where you will meet potential buyers and sellers of cryptocurrencies.

Registration

To start buying and selling bitcoins on Paxful or Local Bitcoins, you have to create an account

  • Registering on LocalBitcoin requires just an email address, username and password. The site allows you to stay anonymous.
  • Registering on Paxful requires an Email address, username and a password. Again, this site allows you to stay anonymous.

 Payment Methods

  • When buying cryptocurrency on Paxful, you can pay using over 300 different payment methods. The seller gets to choose the payment method he or she would like the buyer to pay through.
  • The same thing goes for LocalBitcoins but the payment methods are not as much as that of Paxful.

Transaction fees

  • LocalBitcoins charges only a 1% transaction fee and it is to be paid by the seller. The buyer pays absolutely nothing but sometimes the sellers adds the transaction charge in the selling amount by increasing the exchange rate.
  • Paxful also charges just a 1% transaction fee on the seller and the buyer pays nothing. Also, sellers sometimes increase the exchange rate to cover up the 1% charge.

Customer Support Service

  • If you have any questions or issues with using Paxful, you can always seek help from their customer support service, which is available 24 hours everyday. You can chat with the bot on the website for fast reply or you mail the support and expect a reply within hours.
  • LocalBitcoins has a reputable customer support service as well. Whereas there is no chat bot on the website, you can find answers to questions you may have through the contact support page. You can also write a request and send to them with your email address where they would reply you.

Conclusion

Like I said earlier, both platforms are performing well and there have been no major complaint or issues by traders who use these websites. From the comparison, you could see that they are almost the same. You can choose any out of the two to use, so far as you know what you are doing and take safety cautions usually associated with cryptocurrency trading, you would do just fine.





About OLADAYO SAKOTO