My pipo I greet una. Abeg I wan ask this question wey dey my mind. Between our local P2P(the one wey we dey run with our paddy wey we know dey into buying and selling of biticon and other cryptocurrency) and using the P2P trade option for Binance, Remitano or Paxful, or any other exchange which one we feel say dey better? In terms of convenience, security and assurance, user experience?
It depends on you the user, many things are to be put into consideration, things like anonymity, security, rates, speed and a lot of other things, you can even use the both of them, what i mean is, you can trade with a local P2P vendor on some days and use an exchange P2P option on some other days, depending on your mood that day and what you are actually looking for.
Having said that, the first thing is if the vendor is trusted (the issue of security), that is only when the comparison can start, thus if you have a trusted local vendor you can decide between using either of the option based on some reasons like:
1)Rates, i think exchange p2p option offers better rates that most local P2P vendors, i stand to be corrected, but from my experience i think i am correct.
2
)Speed, on this very one, i still think exchange P2P option is as well faster, most times you can reach out to your local vendor either on whatsapp or whatever platform you communicate in, and they are either busy with something else and cannot attend to you at the moment. Or for some of them that aren't so big, you'll have to wait some minutes for them to trade what you sent to them, before you either get your cash or crypto, because they do not always have it regularly available.
3)
Anonymity/privacy, submitting KYC documents on exchanges is a no-no for some people, so if you are that person who doesn't want to do that, you should stick with your local P2P vendor, at least chatting the person over TG or Whatsapp somewhat protects your identity, or else you decide to reveal it to the vendor, so in this case, i guess you local vendor might be a much better option in terms of privacy/anonymity.
4
)Supporting a friend or brothers business, if your friend or colleague prolly sells and buys cryptocurrency, you can look above all the cons and stick with trading with them, afterall them they talk say we rise by lifting others.