Make Way, P2P is Live on Quidax!!!

It’s been a bumpy road since the Central Bank of Nigeria stopped crypto deposits and withdrawals involving Nigerian banks 🥵. We’ve been working on a series of solutions including a peer-to-peer (aka person-to-person or P2P) platform to make withdrawals and deposits easy again. But before we jump the gun, let’s take a calm look at what P2P is and how it works.  

What is P2P?

The simplest way to look at P2P is like a marketplace. Remember OLX back then, Jiji.ng of today, or even Aliexpress. These sites connect you with people selling products at different prices. For example, if you want to buy a phone on Aliexpress, you would see many people selling the same phone at different prices. You can choose who to buy from, and contact them. Aliexpress will hold the money and ship the phone to you. When you confirm that you have received the phone. Aliexpress will pay the seller.

Another example of P2P is when you want to change dollars on the street. You meet several people who are looking to sell you dollars in exchange for naira and some of them could have lower rates than others. The point is that you don’t know any of these people but you’ve come to a common meeting ground to swap money with them and after this transaction, you’ll go your own way.

So How Does this translate to Quidax P2P?

Deposits and withdrawals have been at a standstill for some time. Now, there are 3 major types of people:

  • Those who have naira on Quidax and  to withdraw it.
  • Those who want to sell crypto for Naira then withdraw the Naira.
  • Those who want to put Naira on Quidax so they can buy crypto

So first, we rolled out internal Naira transfers. This meant that if you had Naira in your wallet, you could transfer straight to another person’s Naira wallet on Quidax using the username or email. But some people still couldn’t use it because of safety concerns.

With a P2P platform, you can list your Naira for sale, other people can see the listing and transact directly with the person selling while Quidax acts as a middle person in case there’s a dispute. 

When you sell Naira, this means you’re withdrawing because the buyer sends the amount directly to your account. When you buy Naira, this means you’re depositing because the seller sends you Naira on Quidax via internal transfer.

The Role of the Middle person (or Escrow) in P2P

Imagine you go to your friend’s house and meet a bunch of people there. You’re feeling lucky so you tell a stranger “hey, let’s play Fifa and bet ₦50,000 each”. The person doesn’t know you so they ask how they can be sure you’ll pay them if they win. The owner of the house who is your mutual friend steps in and says “I know both of you so I’ll hold the money as you play and pay whoever wins”. 

This person has just stepped in as a middle person, just like Quidax acts as a middle person between you and whoever you’ll be transacting with. A middle person ensures that you have a single point of contact that knows everyone involved in the transaction. 

Is P2P secure? 

So far, one of the biggest issues with P2P is the security threat of people not knowing who they are transacting with. This is why on Quidax, everyone is required to do level 3 verification before using the P2P platform. This way, you may not know who you’re transacting with but you can sleep easier knowing that your transaction is secure. 

How Does Quidax P2P Work? 

You can buy Naira on Quidax to fund your Naira wallet, or sell Naira as a way to withdraw and it’s super easy:

How to Buy (Deposit) using Quidax P2P

  1. Log into your Quidax account and Click on P2P.
  2. Click on Buy. You’ll see a list of people you can buy Naira from at different prices.
  3. Click “Buy NGN” on an offer to see more details.
  4. Enter the amount you want to buy and pay into the seller’s bank account.
  5. After paying, confirm that you’ve paid. The seller will check that they received the money and confirm it. Then Quidax will release the money to you.

How to Sell (Withdraw) using Quidax P2P

  1. Log into your Quidax account and Click on P2P.
  2. Click on Sell. You’ll see a list of people you can sell your Naira to at different prices.
  3. Click “Sell NGN” on an offer to see more details.
  4. Enter the amount you want to sell and then send your account details (Bank Name, Bank Account Number and Account Name) via the chat.
  5. The person will then send the money to your account.
  6. Once you have received the money and confirmed it, Quidax will then release the money to the seller.

Note: You need to complete your level 3 verification before you can use Quidax P2P.

You can reach out to us if you have any questions

Quidax Africahttp://www.quidax.com
Quidax is an African focused cryptocurrency exchange that provides a simple platform for you to send, receive, store, buy and sell digital currencies. Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.