Breet VS LocalBitcoins, which is a better crypto app? Let’s find out!
A series of weeks ago, I wrote an article on the top best crypto apps to sell Bitcoin in Nigeria. As noted, it’s important to deduce that these crypto apps have their own strengths and weaknesses. Cryptocurrency has been a great blessing to Nigeria and thus, it’s equally important to use tools that are reliable and assured of the security of funds, networks, and more.
In this article, I will be comparing two of the most prominent crypto apps in Nigeria, Breet VS LocalBitcoins, as I explore their pros and cons and maybe see which one works best from the other.
About Breet App
Breet is a Nigerian OTC crypto program that allows users to easily sell and convert cryptocurrencies to cash, which can then be promptly transferred to your local Naira bank account or Mobile Money (if in Ghana).
Breet’s work is extraordinary and one-of-a-kind. As a Breet user, you can instantly change Bitcoin to cash money without relying on or waiting for a third party, such as a peer in the peer-to-peer trading system. You can exchange your cryptocurrency for cash in less than five (5) minutes.
LocalBitcoins is one of the first crypto apps to ever exist globally. Although, they have announced that the platform will shut down this February due to the “crypto winter”. Despite their shutdown after 10 years in operation, LocalBitcoins is a good crypto app to trade cryptocurrency. On LocalBitcoins, users are able to buy and sell cryptocurrency using the peer-to-peer crypto exchange system.
What Is Peer-to-Peer Exchange, You May Ask?
Peer-to-peer trading is sometimes referred to as P2P trading in cryptocurrency marketplaces. With P2P exchange, users can directly buy and sell bitcoins to one another. P2P trading actually takes place when user “B” looks at a number of market charts and decides that “A” should go ahead and make a buy and user “A” holds some cryptocurrency and sets a price to sell them for. Here’s a guide on how to make money online with P2P Trading.
In terms of who buys your cryptocurrency, from whom, the price, and the date of settlement, you have some control (not all) over peer-to-peer trading. Be aware that while peer-to-peer trading gives users some control over the process, there are some risks involved. In this case, risk-conscious users can profit from exchange platforms like Breet.
You won’t need to wait for a peer to buy your cryptocurrency or consent to such a drawn-out process if you use the Breet App. Your consumers may quickly pay you for your goods or services using cryptocurrencies as a business owner or trader, and you won’t have to wait. When all security checks have been passed, your wallet will decide in a matter of seconds when you receive the cryptocurrency. No peer is required, and there are no sluggish transactions.
Pros and Cons of Breet App
Some of the pros of Breet app are OTC, speed of transaction, security, reliability, and fees. And some of the cons of Breet app are limited supported countries and crypto coins.
1. Breet’s Over-The-Counter Trading System
Breet is an OTC strictly-spend crypto trading platform that enables regular consumers and enterprises to obtain the real money equivalent of their cryptocurrency.
As a result, by using the Breet OTC system, a user can easily bypass the tedious explanation of how and what crypto is. This means that the user can receive payments in the cryptocurrency by sharing his/her crypto wallet details (Yeah… more like sharing bank account details), and with no action, reaction, or interaction… the user will automatically receive the equivalent in his/her fiat currency, using a list of preset OTC rates.
2. Speedy Transaction Time
Breet is extremely fast, which is one of the key aspects that distinguish the Breet app. Users may convert Bitcoin to naira and other cryptocurrencies in less than five minutes. Breet does not abide by stagnant transactions.
3. Breet is Well Secured
Breet is a safe trading platform. You must verify your genuine email address while registering. There is also the opportunity to validate a phone number. To gain access to Your Breet wallet, you must first create a login password. Other options, such as fingerprints, are also available. You can also implement the KYC (Know Your Customer) policy. All of these security features protect your wallet from hackers and unauthorised access.
4. Breet is Reliable
Breet has received 4.5 stars in the Google Play Store and 4.1 stars in the App Store. This denotes that Brret can be trusted.
5. Zero Transaction Fees
There are no transaction fees or percentage discounts while using Breet; it is absolutely free. No withdrawal fees, no receiving fees, and no charges at all.
6. Interaction and Accessibility
Breet is very easy to access and simple to use. It is ideal for both beginners and experienced crypto traders.
7. Responsible Support Team
According to reviews from a number of consumers, Breet offers its users customer service that is available around the clock. Whenever, day or night, as you, please. Breet support can be reached via phone, email, the live chat feature in the app, WhatsApp, Twitter, Facebook, and Instagram, among other channels. This suggests dependability and reliability.
Breet offers a referral program and point incentives that can be turned into cash to all of its users.
1. Limited Coins Supported
Bitcoin, Ethereum, Litecoin, Tether (USDT), Dogecoin, and Bitcoin Cash are all supported by Breet. This number of coins is small compared to other crypto platforms.
2. Limited Countries Supported
Breet currently only functions in Nigeria and Ghana, although they are looking at expanding to other African countries.
Pros and Cons of LocalBitcoins
Here are some benefits of LocalBitcoins’ multiple payment methods, several supported countries, security, and low trading fee. While some disadvantages of using LocalBitcoins are slow transaction time and it only supports Bitcoin.
In order to increase security, LocalBitcoins offers two-factor authentication in addition to using an escrow provider to retain the bitcoins during the transaction.
2. Adaptability and User Interface
P2P trades are permitted, and LocalBitcoins features a straightforward and user-friendly interface.
3. Multiple Payment Methods
Users of LocalBitcoins can make deposits and withdrawals through the following channels: PayPal, Transfer by wire, Mobile Money (selected countries), American Express, Webmoney, Payment by mail, and Cash (done in person).
4. Multiple Supported Countries
You have access to a global market with LocalBitcoins, as they support over 100 countries globally.
5. Low Trading Fee
With additional costs for some payment methods, LocalBitcoins charges a 1% fee for buying and selling bitcoins.
1. Limited Supported Coins
LocalBitcoins only supports Bitcoin.
2. Slow Transaction
Transactions done on LocalBitcoins are quite slow due to the use of a P2P exchange system.
Conclusion: Breet VS LocalBitcoins
Both Breet and LocalBitcoins are super good crypto apps to trade crypto. Your unique needs and preferences will ultimately determine the best platform for you. If you’re looking for a platform that is specially designed to be user-friendly, with top-notch customer care, and quick transaction time, Breet may be your best choice.