Earlier this week, the co-founder and CEO of Paxful, Ray Youseff, made the shocking announcement in a blog post.
The blog article shared a couple of reasons that influenced the decision, such as crucial staff departures and some regulatory challenges. One more crypto exchange has fallen victim to the regulatory challenges in the US.
But is that all there is to it? Maybe not. On Tuesday, the 4th of April 2023, Youseff attended a Twitter Space session where he dropped some tea. According to him, one of the reasons behind the shutdown of Paxful’s Bitcoin marketplace is a lawsuit. Who’s the culprit, you ask? None other than a co-founder of Paxful who got the boot over a year ago and decided to take legal action against the company and Youssef. Well, talk about drama in the crypto world!
Although Youseff did not name or point fingers, he might have been talking about co-founder Artur Schaback who filed a lawsuit against him in the Delaware Chancery Court in January.
During the Twitter Space session, Youseff said, “My co-founder sued the company and sued me. I have a lawsuit over my head right now.” That’s tough.
As the drama continues, Paxful has urged users to withdraw their funds, adding that despite the impending closure, the Paxful wallet is operational for users to withdraw their funds.
Although Youseff pointed out that “we are not sure if it will come back”, don’t fret, my fellow crypto enthusiasts! There is plenty of other fish in the sea…err, platforms in the blockchain, I mean. And luckily for you, I’ve reeled in the top ten Paxful alternatives for selling Bitcoin in Nigeria.
Whether you are an OG in the crypto space or just getting the hang of it, there are many crypto exchange alternatives to pick from. Let’s discuss a few of them; I’m sure you will find the one most suitable for your needs. Let’s dive in and explore your options.
Top 11 Sites Like Paxful To Exchange Bitcoin in Nigeria
Breet is an OTC crypto trading platform specifically designed for the African market. With Breet, you can sell your Bitcoin, convert it to Naira, and withdraw straight to your local bank account for no extra charges.
If you are part of the “I just want to sell this Bitcoin fast and get sweet cash for it” gang, Breet is definitely for you. It is perfect for users who want the instant fiat equivalent of their crypto asset.
Not only does Breet cater to people who no longer want to HODL, but it also caters to businesses! With Breet, you can receive payment from anywhere across the world in cryptocurrency and also build secure payment gateways for your applications with its developer API.
However, Breet does not offer a crypto purchasing service, so you might want to look elsewhere if you are looking for an exchange to buy crypto or store your crypto assets.
This crypto trading platform is like the Beyonce of the crypto world – it’s popular, powerful, and it’s got a ton of fans. This exchange platform is famous for its user-friendly interface, making it easy for beginners and OG traders to trade Bitcoin and other cryptocurrencies. You can use various payment methods, including bank transfers, credit/debit cards, and cash deposits. Additionally, Binance has a mobile app that lets you trade on the go. With its advanced features like margin trading, futures trading, and staking, Binance is an excellent platform for you if you want more control over your investments.
This exchange is like a digital version of a farmers market – you can buy and sell Bitcoin directly with other people in your local area; this is called P2P. This means you don’t have to go through a centralised exchange and can get better prices. LocalBitcoins offers various payment methods, including bank transfers, cash deposits, and gift cards. Its reputation system lets you see other users’ trading history, so you can feel confident in your transactions.
CoinCola is like the James Bond of the crypto world – sleek, sophisticated, and always on the cutting edge. This exchange specialises in OTC trading and supports various payment methods, including bank transfers, mobile money, and gift cards. CoinCola has a user-friendly interface, and asides from Bitcoin, it offers a range of crypto to trade, including Ethereum and Litecoin. It also has a referral program that rewards you for inviting your friends to join.
If you’re looking for a simple and straightforward way to trade Bitcoin and other crypto coins, Remitano might be your new go-to. This P2P exchange offers various payment options and operates in several countries, including Nigeria. Remitano’s user-friendly platform makes it easy for you to sell Bitcoin, even if you’re new to the crypto world. The exchange also has a dispute resolution system that helps protect users from scams. So, not today scammers, not today.
Luno is like the Swiss Army Knife of crypto exchanges – it’s versatile, reliable, and has lots of features. With Luno, you can sell Bitcoin and other crypto coins using numerous payment methods, including bank transfers, credit/debit cards, and instant EFT. Luno is available in several countries, including Nigeria, and has a mobile app that lets you trade on the go. The exchange also has a learning portal that provides educational resources for beginners. Perfect for us to brush up on our crypto knowledge.
If you’re based in Nigeria and want a local exchange that’s easy to use, NairaEx might be the one for you. This exchange specialises in buying and selling Bitcoin and other cryptocurrencies with Nigerian Naira and offers various payment methods to suit your needs. NairaEx has a user-friendly platform that makes it easy for anyone to buy and sell crypto, even if they’re new to the game. The exchange also has a referral program that rewards you for inviting your friends to join.
Quidax is a Nigerian-based exchange that offers a sleek and modern platform for buying and selling cryptocurrencies. With Quidax, you can trade Bitcoin and other coins using payment methods like bank transfer and card payments. The exchange also offers a mobile app that lets you sell on the go. Quidax has a reputation for being reliable and secure, with a team of experts dedicated to ensuring your security. Quidax also has a learning centre that provides educational resources and tools for beginners.
BuyCoins is like the cool kid on the block – it’s young, hip, and always on trend. This Nigerian-based exchange offers a user-friendly platform for buying and selling Bitcoin and other crypto coins. It supports various payment methods to let you live that soft life you rightfully deserve.
10. Yellow Card
Next, we have Yellow Card – an exchange that’s like the golden ticket to the crypto world. Yellow Card is a good option if you’re based in Nigeria and want a reliable way to buy and sell Bitcoin with Naira. It offers various payment methods, including mobile money and cash deposit, to make your life easier.
Noones is one of the exciting and best Paxful alternatives to sell Bitcoin. Say goodbye to boring exchanges and hello to a vibrant trading platform. With a visually captivating interface, instant transactions, and a lively community, Noones brings the fun back into crypto trading. You’ll feel like you’re in a virtual amusement park for enthusiasts, complete with chat rooms buzzing with energy. Rest assured, your security is our top priority, with state-of-the-art encryption and multi-factor authentication. Get ready for a thrilling adventure in the world of Bitcoin with Noones, where trading meets excitement!
I understand you might be bummed about Paxful’s Bitcoin marketplace shutting down, but fear not! There are still plenty of other fish in the crypto sea.
Choosing the best crypto exchanges to sell Bitcoin in Nigeria is challenging for anyone, especially for crypto newbies. Regardless of your level of expertise and knowledge of the crypto space, these ten alternatives mentioned above offer a range of features and services that can help you easily sell your Bitcoin. Just remember to always do your research and choose an exchange that meets your specific needs.