How Nigerians can bounce back from the Paxful shutdown

The recent shutdown of Paxful, a peer-to-peer cryptocurrency trading platform, has left several Nigerians with no source of income. The news of the closure was confirmed on the 4th of April 2023 without a valid reason for the decision. In a message released by the CEO and founder of the company, Ray Youssef, he said "This will come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures." 

Community users which mostly include Nigerians and Kenyans, random individuals, and previous employees at Paxful took to their social media to reveal how Paxful has revolutionized their lives and that the platform will be greatly missed. 

With Nigerians being the biggest users of the Bitcoin marketplace, the situation is coming to them as a rude shock and has caused a huge dent in the country's budding cryptocurrency market. 

How has the closedown affected Nigerians?

Paxful is a trading platform, therefore, it allows users to buy and sell Bitcoin and other cryptocurrencies with each other. The platform allows users to use different payment platforms to execute transactions making it easy for buyers and sellers to interact effortlessly. Now that Paxful is gone, its users need to scout for alternative sources of income or platforms that can allow them to keep trading crypto. 

How can Nigerians recover from this blow?

The closedown is catching Nigerians off guard; however, there are other options to explore and we have talked about them below. Keep reading. 

Port to alternative cryptocurrency trading platforms

Paxful is a popular cryptocurrency company but this doesn't mean there are no other platforms that offer the same services. While it is reasonable to move to another trading platform, you may need to tick off the following boxes before making a decision: 

• Check and be sure that the platform you want to choose provides enough security to keep breaches away.

• Confirm that the platform has available popular cryptocurrencies such as Bitcoin, Litecoin, USDT, and Ethereum. 

• Explore each trading platform to see if the fees work well for you. Check to see if some have higher or lower fees so that you can compare before you choose. 

Taking the points above into consideration, you can now go ahead to explore different alternatives to Paxful and a few of them include the following:

Quidax

This trading platform allows for instant crypto payments and direct exchange between buyers and sellers. It is important to note that Quidax trades in 7 cryptos with Nigerian naira wallets without access to the private key. While you may pay for bank charges, there is no need to pay any deposit fee. 

Prestmit

Prestmit is another platform mainly used by Nigerians and Ghanaians. While Paxful allowed its users to buy and sell cryptocurrency, Prestmit enables you to do the same. The process of buying and selling is made easy because the platform can be assessed through an available mobile app on google play store and Apple Store. Prestmit offers a strong security framework and low transaction fees. 

Coinbase

Coinbase supports Bitcoin and many other crypto assets, so this makes it a better alternative. For investors looking to start crypto trading as a newbie, Paxful may have caused a disappointment but coinbase is a good way to start out. The platform allows its user to enjoy free bank transfer fees, insurance for hacked funds, and a coinbase wallet app.  

Binance

Binance is the world's largest cryptocurrency trading platform. Unlike others, it supports more than 300 cryptocurrencies, does not request a deposit fee, and has refined trading tools. While there are a lot of advantages attached to using Binance, the withdrawal fee is on the high side. 

Paybis

Paybis is good for Nigerian crypto traders that mostly withdraw large amounts frequently. It is also well known for benefits such as instant purchase and payout, and proper security framework. 

Freelance work

Another alternative to the Paxful closedown is to take up freelance jobs; if you think more and more cryptocurrency companies are folding up, you may want to stop trading. The yummy side of freelancing is the flexibility it offers, so if you intend to be a freelancer, you can work and even learn too. Whether you want to improve your skills or learn a new one to break into freelancing, here are some skills you may want to explore; 

• Graphics Design

• Data Analytics

• Product design

• Programming and Web development

• Creative writing

• Digital marketing

• Project management

• Virtual assistant

• Video maker and editor

• Product photography and many more.

Also, there are online course providers that enable you to learn any skill of your choice. While some of these courses are free, you may have to pay for others; check out the following websites to begin your transition journey; 

• Alison.com

• Udemy

• Coursera

• LinkedIn Learning

• Skillshare

• Khan Academy

• Pluralsight

• Google learning 

• Code academy and many more.

Online businesses 

80% of people would prefer to purchase items from the comfort of their homes, and this means more income for people who have online businesses. If you have been buying and selling on a crypto platform, it makes it easy for you to start an online business when you finally decide that you are done trading crypto. You can incorporate strategies you used in trading crypto( such as market research, risk management, and marketing) into your new business. If you wondering where you can market your goods and services online, try these:

• WhatsApp

• Instagram

• Selar. co

• Facebook

• Twitter

• Amazon

• eBay

• Jumia

• Email marketing 

Furthermore, there are different options you can try when you can't decide what business to start:

• Affiliate marketing

• Dropshipping

• Sell handmade goods

• Sell stock products

• Sell a book or a course

• Write resumes and cover letters.

• Start a podcast or a YouTube channel

• Food delivery business.

• Create photo presets and sell

• Sell thrift goods

• Print on products. 

Paxful is down but your career doesn't have to follow suit. Undoubtedly, the shutdown hit hard; however, you can seize this opportunity to try something new and be ready for the next big thing that awaits you.