Buycoins Africa, a Nigerian cryptocurrency exchange recorded a new trading volume in May, 2020.
The CEO of Buycoins Africa Timi Ajiboye, said that the fastest rising cryptocurrency exchange and P2P platform in Nigeria has surpassed 6,587,500,000.00 Naira~$17 million at press time.
“Just crossed $17m crypto traded on @buycoins_africa in one month. A few more days to go. Likely going to cross $20m at this rate. This May is crazy. By far the best month ever. Second highest month was $7.6m. I already cannot wait to beat this month.”
The coins listed on the exchange are:
- Bitcoin, Ethereum, Litecoin, NGNT, USDC.
Buycoins recently added USDC stablecoin which is only available for holding, sending and receiving on its platform.
The exchange does not charge transaction fees. Traders only pay network fees when they transfer coins externally using the exchange.
Buycoins provides a platform for instant buying and selling of cryptocurrencies from the exchange. Users can also set their own price using the P2P feature of the exchange to buy and sell their bitcoin.
Coins are escrowed on the P2P spot to ensure security and fast settlements.
BuyCoins Africa recently introduced the Credit Line an exclusive feature available to high volume on the platform.
It allows them to buy and sell BTC without having BTC or NGNT in their accounts.
The Credit Line facility is programatically acessible to selected traders based on their trading activity with no application process required.
P2P bitcoin marketplaces in Nigeria have seen a huge upsurge in recent months with Nigeria covering over 50% of the traded volume.
More P2P exchanges like AbiTrader is planning to launch its mobile app soon. Additionally, binance opened P2P market for Nigerians on the platforms to enable them tap into the market in Africa.