When browsing through Bybit’s peer-to-peer (P2P) trading feature, you’ll notice a significant presence of Nigerian traders offering competitive deals. Many young Nigerians see this platform as an opportunity for financial stability in a challenging economy.
During bullish market cycles, P2P traders experience high transaction volumes, leading to substantial profits. Despite the allure of financial gains, traders face risks such as scams, money laundering attempts, and regulatory challenges.
Competition among P2P traders is fierce, with a constant struggle to offer attractive exchange rates without compromising profitability.
Despite the risks, traders view these challenges as occupational hazards inherent in the industry. They have formed communities to share insights on combating fraudulent activities and staying ahead of scammers.
The thrill of initiating trades and potential profits outweigh the risks and obstacles faced by P2P traders in this high-reward venture.