The growing popularity of cryptocurrencies has elevated them as a major financial asset in Nigeria. The nation’s struggling economy and volatile currency have compelled many to view holding crypto as a vital hedge against inflation. This led to the emergence of the largest Bitcoin market in Africa.
Just a few years ago, buying a p2P crypto Exchange in Nigeria was a challenging task. But now the landscape has rapidly transformed. Presently, numerous crypto exchanges evolved providing various crypto services to Nigerian users.
This is because crypto is not illegal in Nigeria. There are no crypto laws, legal acts, legislation, or provisions criminalizing the use of cryptocurrencies in Nigeria. This tempts Nigerians to trade cryptocurrencies widely on crypto exchanges.
This is the key reason for the popularity of the P2P crypto exchange in Nigeria. Direct trading of cryptos is highly welcomed among Nigerians. Paxful, a p2p exchange in Nigeria shows Bitcoin trade volume has reached $400 million in the first two quarters.
Despite the growing popularity, still, crypto adoption is still not mainstream in the country. Many Africans are in search of best best p2p cryptocurrency exchanges to trade cryptocurrencies.
Absolutely! It is the right time for you to utilize this change to launch the best p2p cryptocurrency exchange platform in Nigeria.
You may think about how to start a crypto exchange in Niger?
Here, in this article let me share the A – Z aspects required to launch a crypto exchange platform.
Primarily let’s see about the crypto regulations in Nigeria…..
Is cryptocurrency regulated in Nigeria?
The increasing growth of using cryptocurrencies within the country allows the Securities and Exchange Commission (SEC) of Nigeria to formulate crypto regulations. In May 2022, the SEC (Nigeria) released an extensive 54-page document titled “New Rules on Issuance, Offering Platforms, and Custody of Digital Assets,” accessible on its website.
This document not only paves the way for cryptocurrency service providers in Nigeria but also furnishes comprehensive guidelines for banking and financial institutions within the country, delineating how they can engage with digital assets.
Furthermore, the document provided explicit clarification and precise definitions of digital assets in Nigeria. It reiterated that all digital asset token offerings, initial coin offerings, and any other blockchain-based offerings conducted within Nigeria or by Nigerian issuers, as well as those involving Nigerian citizens by foreign issuers, will fall under the regulatory purview of the Nigerian SEC.
Crypto asset rules in Nigeria for crypto exchanges
According to the new regulations set by the Nigerian SEC, all cryptocurrency exchanges operating within Nigeria must obtain a permit, granting the SEC access to their records. These digital asset rules, also known as crypto asset rules in Nigeria, specifically characterize a digital asset exchange (DAX) as “an electronic platform that facilitates the trading of a virtual asset or digital asset.”
Next, let’s see how to start a p2p exchange platform instantly…
P2P Crypto Exchange Script
If you are interested in launching a p2p exchange platform instantly, then undoubtedly you can go with the p2p crypto exchange script. A P2P cryptocurrency exchange script is a ready-made solution that comes with all the necessary and basic features to create a P2P crypto exchange platform.
By using a robust p2p cryptocurrency exchange script, you can instantly create and launch a top-notch p2p crypto exchange platform embedded with escrow security. This kind of clone solution provides security and high responsiveness while encompassing all the essential and desirable trading features.
Now let’s see what all the features are embedded in the p2p crypto exchange script.
Features of P2P Crypto Exchange in Nigeria
Power-packed Matching System
The P2P exchange is equipped with an ultra-speed matching engine designed to match buy and sell orders with minimal latency. This advanced system incorporates a built-in matching mechanism that significantly accelerates the matching of buy and sell orders, ensuring both speed and high accuracy in execution.
Escrow System
Each P2P exchange system facilitates smart-contract-based escrow transactions among traders, ensuring a secure, trusted, and expedient method of trading. This escrow-based system enhances security measures while fostering reliability and ease of use for traders.
Atomic Swap
By leveraging atomic swaps, P2P exchanges navigate between completing or terminating transactions, effectively mitigating disputes within agreements. This inherent atomic swapping capability in P2P exchanges accelerates user transactions, eliminating intermediaries and streamlining the process for faster trades.
Dispute Management
A P2P exchange fortified with a robust dispute management system significantly enhances the resolution process. As an admin, having comprehensive insights into users’ bank and transaction statements is instrumental in facilitating effective dispute management and informed decision-making.
Multi-level Security
Our p2p cryptocurrency exchange script incorporates security features like email authentication, 2FA, SSL implementation, etc.
Instant KYC and AML Verification
Our p2p cryptocurrency exchange incorporates automated KYC and AML processes, ensuring that only legitimate and authorized sellers and buyers can engage in trading activities on the platform.
Multi-currency Wallet
Our P2P exchange script includes a wallet to support the storage of multiple cryptocurrencies, enhancing efficiency for traders engaging in multi-currency transactions.
Preferred trader selection
Our P2P exchange script offers the flexibility for users to select preferred traders—allowing buyers to choose trusted sellers and sellers to select preferred buyers—ensuring a secure and trusted trading experience tailored to individual preferences.
Live Value Info
Our P2P exchange script shows the real-time value of cryptocurrency, this helps in instant trading and decision-making in response to the inherently volatile nature of cryptocurrency prices.
Cost of P2P Crypto Exchange Script in Nigeria
The cost of a P2P crypto exchange is predominantly determined by the chosen development strategy; if you ask for a P2P cryptocurrency exchange script, the cost may typically start at $2500. However, this cost can vary based on factors such as the complexity of exchange features, the selected development company, and the timeline for development.
Additional factors influencing the cost include regulatory compliance, server hosting expenses, and ongoing maintenance fees. To know the exact cost, it is better to get a quote from a P2P cryptocurrency exchange development company like Zodeak.
Business Benefits of Using P2P Exchange Script
- It is a ready-made solution. So you can launch instantly
- The script incorporates the latest technologies and features of the existing popular exchanges.
- The script is highly customizable according to your business needs.
- The script is completely multi-tested and error-free.
- Quick brand recognition
Conclusion
Considering the premium features and business benefits of our p2p cryptocurrency exchange script, entrepreneurs mostly prefer to use script over other development methods. You can reap all these benefits only when you choose the right p2p cryptocurrency exchange development company like Zodeak who help you all the way to the efficient and fast launch of a p2p cryptocurrency exchange platform.
