For years, P2P trading has been the backbone of crypto liquidity in Nigeria and millions rely on it every day. But what is P2P really like for the average Nigerian user? To answer that question, Breet carried out a detailed investigation across multiple platforms.
Fresh accounts were created, trades were made with real money, vendor behaviour was monitored, payout times were recorded, and every conversation, delay, or dispute was documented and over 20,000 P2P related was reviewed.
And the findings were clear — P2P works, but it comes with problems that appear over and over again, no matter the platform.
Over 60 percent of the traders didn’t get the full amount they were supposed to from the buyers. Over 45 percent of them were sent a fake screenshot.
Customer support on most P2P market places took longer, and most times,was unresponsive.
The Common Problems With Crypto P2P
Across the research, the same patterns kept showing up, even when the traders, platforms, and amounts were different.
One of the most common issues was what many users call “kobo chopping.”
Traders quietly knock off small amounts from payouts, rounding down to the nearest hundred, removing the kobo entirely, or asking for ₦500 to ₦1,000 as a “profit.” Over several trades, users lost anywhere from ₦12 to as high as ₦900 on a typical $50 cashout. Because platforms do not automatically detect these small discrepancies, the burden falls on users to argue or simply accept the loss.
Another recurring problem was fake alerts and forged proofs. Some traders mark a transaction as “paid,” upload a screenshot of a transfer that never happened, and pressure the user to release the crypto. This problem appeared in nine percent of the tested transactions, confirming what many Nigerian users already suspect from experience: fraud attempts are common across all major P2P platforms.
Ghosting also emerged as a major source of anxiety. After a user locks in the crypto, some traders go silent for five to 20 minutes, sometimes even longer. With money stuck in escrow, users are left waiting, refreshing their screens, and hoping the trader returns.
The research also showed a surprising number of traders pushing conversations off-platform. Requests like “add me on WhatsApp” appeared frequently.
This opens the door to several risks, from social engineering to phone number harvesting and leaves users with fewer protections if something goes wrong.
And even when users try to seek help, platform support is often slow or unavailable. Some tickets take days to resolve. Some chats provide only generic responses like “please wait 24–48 hours,” even when money is on the line. Many users are effectively left alone during disputes.
At the core of all these issues is the biggest truth from the research:the platform does not determine your experience, the trader does.
A 100 percent rated trader delivers a smooth experience. A lower-rated trader introduces stress, delays, and uncertainty. Human behaviour decides everything.
What Could Be Better
Despite the problems, P2P is not disappearing anytime soon. It plays a huge role in Nigeria’s crypto economy. But the research highlights six practical fixes that could make the entire experience safer, easier, and far less stressful.
One recommendation from the report is for platforms to force exact payouts. If the money received doesn’t match the agreed amount, the system should automatically flag the transaction and prevent the user from releasing their crypto.
Another improvement would be bank verification, where the platform can confirm that a transfer truly happened before a trader is allowed to mark a transaction as paid. This single change would eliminate most fake alert situations.
The report also suggests a zero-tolerance policy for fake proofs, with permanent bans for traders who attempt them. Stronger consequences would discourage risky behaviour.
Customer support is another area that needs major improvement. During an active trade, users should be able to reach a human agent in under five minutes, not wait hours or days while their funds hang in limbo.
The research also recommends extending the rate lock window. At the moment, some platforms lock rates for only 30 seconds. A five-minute lock would give users more time to check trader ratings and avoid rushing into problems.
Even with these improvements, there will always be some level of risk, because P2P depends on people, and people are unpredictable. But with better rules and stronger systems, the experience can be far more reliable.
After documenting the good, the stressful, and the unpredictable sides of P2P, the research turns to the natural next question:
What else can users rely on?
This is where automated OTC solutions like Breet come in. Unlike P2P, there are no traders, no chats, no negotiations, and no risk of fake alerts. The system is fully automated once the crypto lands, the payout is processed instantly and exactly as displayed.
The study offers one of the clearest pictures yet of what millions of Nigerians experience every day. And by documenting the issues honestly and showing what better alternatives look like it opens the door for a future where crypto cashouts are not only fast, but also safe, simple, and stress-free.
