Have you heard about the reported Paxful shutdown? You may have to know the rationale for the proposed shutdown if you are a crypto and gift card trader while we provide you with the best alternative to Paxful at this crucial time.
Paxful is a peer-to-peer (P2P) marketplace that trades in Bitcoin and other gift cards. This platform was founded in 2015. Its total volume traded grew to about $5 billion in 2021, with countries like Nigeria, Kenya, India, the United States, and China as the top five countries by volume.
It could be recalled Time listed Paxful as one of the most influential companies of 2022, with about 9 million users at that time, while its weekly volume peak was around $50 million in the first half of 2022.
Why Is Paxful Shutting Down?
Paxful will be the second P2P marketplace to shut down its operations after LocalBitcoin shut down in February 2023. The claim for Paxful shutdown hinges on “key staff departures” and regulatory challenges as issues it needs to navigate.
This latest development was contained in a tweet by Paxful CEO Ray Youssef, where he said “key staff departures” and challenging regulatory conditions for the industry. “While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
However, Youssef indicated that Paxful’s customer funds are being accounted for; as such, its customers can start withdrawing their funds from the P2P platform as he recommends self-custody options.
In all of this, what does the Paxful shutdown portend for Bitcoin and gift card traders in Nigeria? This does not spell worries for you as trying other alternatives to Paxful to continue your Bitcoin and gift card trading in Nigeria is high time.
What Are The Criteria For Selecting Paxful Alternatives?
1. Security Measures
The best Bitcoin exchange is powered by blockchain technology. There is a proliferation of the crypto market with different crypto trading platforms, but getting a platform with a formidable security infrastructure is sacrosanct. We are all conscious about protecting our funds when trading; this is why you must go for a platform that provides adequate security that can be almost impossible to breach by scammers.
2. Availability Of Popular Cryptocurrencies
There are over 20,000 cryptocurrencies in the crypto market, but we have some popular crypto assets people habitually trade in daily. Some of these cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Litecoin (LTC), etc. So it would be best if you looked out for the availability of these crypto assets on any crypto trading platform.
3. Fees And Charges
Another criterion for finding an alternative to Paxful is assessing the transaction fees on the respective platforms. While some crypto trading platforms charge a low fee, others could charge a fee as high as 5% of your transaction. Therefore, you must compare costs across platforms to deduce the best platform.
Top Sites Like Paxful In Nigeria – For Bitcoin Trading
1. Prestmit
Prestmit is one of the best crypto trading platforms in Nigeria and Ghana, as it trades in major cryptocurrencies, including Bitcoin. Over the years, Prestmit has become a household name for Bitcoin traders in Nigeria because of its credible services.
You can buy and sell your Bitcoin on Prestmit without breaking a sweat on protecting your funds. Prestmit has a mobile app on Google Play Store and Apple Store, making its products and services accessible to teeming customers.
Moreover, you can sell Bitcoin for cash in Nigeria and Ghana and use other digital assets like gift cards to buy Bitcoin on Prestmit.
Pros Of Prestmit
- Low transaction fee
- Simple and easy user interface
- Strong security framework
Con Of Prestmit
- It only supports four cryptos
2. Remitano
Nigerians can trade Bitcoin using Remitano, which provides every trader with a P2P interface. Remitano’s swap feature enables trading between two distinct cryptocurrencies. Nigerian users who sign up for the referral program can earn a 40% commission and a 10% bonus.
Remitano charges low fees for its transactions, and its crypto funds are stored in an Escrow system until the payment confirmation.
Pros Of Remitano
- Invest in Bitcoin with fiat currency
- Simple app navigation
Con Of Remitano
- Bitcoin exchange is not regulated
3. Quidax
Quidax is an indigenous crypto exchange that allows trades to win rewards by participating in several activities on the platform. Quidax trades in 7 cryptos with Nigerian naira wallets without access to the private key. There is no imposed deposit fee on Quidax, but you may pay for bank charges.
Pros Of Quidax
- Direct exchange between buyers and sellers
- Instant crypto payments
Con Of Quidax
- Supported cryptos are low
4. Luno
Luno is one of Nigeria’s best bitcoin trading platforms, with a market cap of $3.7 million. Its users can trade in Bitcoin and other cryptocurrencies with a transaction fee of 0.00002BTC. Luno is a cost-effective way to buy assets, using credit and debit cards as your payment method.
Pros Of Luno
- Low transaction fee
- Highly configurable and easy to use
Con Of Luno
- Supports 25 cryptos
5. Kraken
Kraken is the largest international Bitcoin exchange that several investors back. It has an app recommended for trade, and the platform charges a 1.5% fee for Bitcoin. Kraken is available in Nigeria, China, India, Hungary, etc.
Pros Of Kraken
- Supports more than 50 cryptos
- High liquidity based on services
Con Of Kraken
- High trading fees
6. Changelly
Changelly facilitates the conversion of cryptocurrency and fiat currencies. This platform has cheap fees and allows practically quick deposits and withdrawals, and it is a cryptocurrency exchange with low fees.
Changelly charges 0.5% to buy and sell Bitcoin on its platform, and you can exchange your Bitcoin against USD, EUR, and GBP.
Pros Of Changelly
- Available in all countries
- High limits and impressive liquidity
- Accepts Nigerian naira and USD to buy Bitcoin
Con Of Changelly
- Does not support selling Bitcoin in fiat currency
7. Patricia
Patricia has launched Africa’s first Bitcoin debit card. The platform is an alternative payment solution, allowing members to use Bitcoin to pay bills, buy gift cards, and buy international airtime.
Patricia has different trading fees and a virtual card that you can use to withdraw at Bitcoin ATMs.
Pros Of Patricia
- Highly secure and regulated in Nigeria
- User-friendly interface
Con Of Patricia
- Users can deposit and withdraw Bitcoin only
8. Paybis
Paybis enables simple cryptocurrency trading by providing a simple conversion calculator to estimate prices when converting crypto to fiat money. Paybis is notable for being a Nigerian crypto exchange that enables a large withdrawal limit, instant purchase and payout, and an adequate security framework to simplify Bitcoin trading.
You must pay service, withdrawal, and Bitcoin Network fees for every transaction on the platform.
Pros Of Paybis
- Accepts several payment methods
- Simple interface that is intuitive and multilingual
Con Of Paybis
- High trading fees
9. Binance
Binance is an international crypto-exchange, now the world’s largest crypto-trading platform in daily trading volume. It offers several essential features, including advanced charting tools, access to the Binance Earn function, and a Binance Visa Card.
Pros Of Binance
- Supports over 300 cryptocurrencies
- Advanced charting tools
- No crypto deposit fee
Con of Binance
- High crypto withdrawal fees
10. Coinbase
Coinbase is an American crypto exchange which is the oldest crypto exchange in the world and the world’s second-largest to Binance. Coinbase supports Bitcoin and other crypto assets. It has a Coinbase Wallet that enables you to store your crypto safely. In addition, Coinbase is best for crypto investors looking to learn more about cryptocurrency.
Pros Of Coinbase
- Insurance for hacked funds
- Coinbase Wallet app available
- Free bank transfer fee
Con Of Coinbase
- High transaction fee
11. Noones
Noones is a P2P digital marketplace to buy, sell, and trade cryptocurrencies like Bitcoin, USD Coin, and Tether. Noones juggles its roles as both a messaging app for its users to interact with one another and while creating a wallet for the respective users to share their Bitcoin.
Pros of Noones
- User-friendly interface for both beginners and experts
- Quick sign-up with easy steps
- Wide range of payment options
- Supports social trading
Cons of Noones
- High transaction fee
Top 10 Alternatives To Paxful In Nigeria – For Gift Card Trading
1. Prestmit
Prestmit is one of the best gift card trading platforms in Nigeria, and it is an excellent alternative to Paxful in Bitcoin trading and gift card trading. This is owed to the fact that Prestmit gives the best pricing to its gift card buyers while you get the best gift card rates when you sell your gift cards on the platform.
A wide range of gift cards is available on Prestmit, including iTunes gift cards, Google Play gift cards, Amazon gift cards, Steam gift cards, Sephora gift cards, eBay gift cards, and whatnot.
Payments are instant on Prestmit, and you can start trading your gift card on its mobile app, which is user-friendly and safe for you. Transaction fees are relatively low on Prestmit, and payment confirmation is instant.
2. Nosh
Nosh is a gift card trading platform designed with the consciousness of its customers. Its features include redeeming your gift cards within minutes, 24/7 availability and uptime, prompt customer service, and in-app live chat. It is also coded with high-level encryption, trust, and security.
The processing time of Nosh is fast, and you can exchange your gift card almost immediately on the platform.
3. SnappyExchange
You can sell gift cards for Bitcoin or cash on SnappyExchnage, and it is now fully operational in Nigeria and Ghana, with over 30,000 traders using the platform. SnappyExchange has all the security measures to keep your funds and transactions safe, including a biometric fingerprint scanner and quick email notifications when a successful login attempt occurs.
4. Cardtonic
Cardtonic is a trading platform to sell your gift cards and receive payment in Nigerian naira immediately. These platforms offer a reasonable rate for every card, and it trades in popular gift cards you can imagine. Cardtonic is reliable, and its mobile app has a user-friendly layout allowing you to trade efficiently.
5. TruthX
TruthX is a gift card trading platform where you can redeem your gift cards for either cash or Bitcoin. It also provides multiple rates that are mindblowing. You may conduct secure transactions on TruthX, and they pay quickly without delays. This platform has an easy-to-use interface for an excellent trading experience for gift card traders.
6. Cardnosh
Cardnosh is a platform where you can buy and sell different gift cards for either cash or cryptocurrencies at the lowest rates. This is one of Nigeria’s most popular gift card exchanges, with over 100,000 users on the platform. Although there is some level of laxity in the platform’s security, it has excellent customer support.
7. GiftCardstonaira
GiftCardstonaira is a Nigerian gift card trading platform notable for its excellent customer service and low rates. This platform is best for gift card beginners to make money from gift card trading. Moreover, the simplicity in the use of GiftCardstonaira can be likened to Prestmit, which makes users easily navigate the platform.
8. Cardvest
Cardvest is a gift card platform developed to make trading easier for Nigerians. The platform is highly intuitive. Hence you do not have to be tech-savvy to trade gift cards on Cardvest.
In addition, Cardvest has a well-designed user interface and sells gift cards at the best rates, pays immediately, offers a wide range of gift cards, and rewards its clients with referral benefits.
9. Gift cards Hub
Many Nigerians can quickly come to terms with Giftcards Hub, as it is a gift card trading platform available on the web and Google Play Store. GiftcardsHub is best for both beginners and experts in gift card trading due to its user interface, which can be easily navigated. This platform is highly protected with sophisticated security technology to protect every transaction.
You can buy and sell various gift cards on GiftcardsHub with the best pricing for your trade at a fast rate.
10. Glover
With the state of the art of this platform with a user-friendly interface, navigation is straightforward. You can buy and sell gift cards on Glover, as this platform provides its users with the best prices and the highest level of security. Moreover, payments are fast on Glover, and you can register a Glover account within a few minutes.
Conclusion
Paxful has for many years served its users in Bitcoin and gift card trading, but as it is shutting down its operations, that does not mean that the P2P platform is scuttling the whole marketplace for trading digital assets.
However, there are different alternatives to Paxful now that can do much better than the products and services offered by Paxful. One of the superb alternatives in this regard is Prestmit. You can begin to trade your Bitcoin and sell gift cards on Prestmit at the best rates as we always avail ourselves to be the best amongst our equals.
Prestmit has state-of-the-art technology that makes your transactions on our platform fast, safe, and straightforward.
Above all, endeavour to go for a platform with reasonable transaction fees, a robust security framework, and your preferred digital assets before settling with the platform. Guess what? Prestmit has all you need to make your Bitcoin and gift trading more efficient than Paxful.
