A guide to buying and selling crypto on Blockvila P2P exchanges:
How does Blockvila P2P work
Blockvila P2P(peer to peer) is a kind of exchange where users convert their local currency to cryptocurrencies and crypto to local currency with other traders. For example a new trader who wants to get into crypto will need to first use his local currency to buy cryptocurrencies while an existing trader with cryptocurrencies may need to cash his assets to his bank.
This is where Blockvila comes in as it provides a platform for the two traders to meet and exchange cash for cryptocurrencies and vice versa. So in practice, Blockvila is an exchange where traders convert their fiat currency to crypto and crypto to fiat.
How to use Blockvila P2P
Registration on Blockvila is simple and all that is required is to go to
www.blockvila.com on your browser.
To signup hover to the top right corner of the homepage and click on login/signup.
You will be redirected to a registration page. all you need is to input your desired email and click continue. A confirmation mail will be sent to your inbox.
After confirmation, you will be redirected to a page to continue your registration. Input your desired username and click continue.
Once your username is registered, you will be redirected to a kyc page. In this page you will be required to verify your account by submitting identity documents and also verify your phone number.
Trading on BlockVila p2p
Once you are verified on Blockvila, you can begin to conduct different transactions. Blockvila supports four crypto wallets including bitcoin, ethereum, tether and its native token Vila.
To deposit cryptocurrencies scroll down the wallet page and click buy and sell crypto now button.
You will be redirected to the p2p platform where you create a new advertisement for the cryptocurrency you want to purchase. You will need to fill in the coin type you want to purchase, payment method, bank name and the time frame for the transaction known as payment window.
Once this is performed your buy order will be placed on the Blockvila p2p platform and potential sellers will be able to view your order.
This is the simple process of creating a buy order on BlockVila p2p exchange. Once an order is placed you can easily complete the transaction within minutes.
Buying cryptocurrencies from other traders
You can also decide to buy cryptocurrencies from other traders that have placed adverts in the Blockvila p2p marketplace.
All you have to do is to enter the p2p marketplace and view the buy advertisements. Click on buy.
Fill in the details, including the amount of bitcoin you want to buy. A corresponding amount in naira will be provided. Also, check out the sellers’ conditions, including the amount limit, payment method, and time frame for transactions. Once you are satisfied, click the buy button.
Once you click on buy, an order will be placed, and you will be given a time frame of 15-30 minutes depending on the sellers conditions to complete the order. Please note that orders that are not completed during this period will be canceled automatically by the platform.
After making payment click “I have paid seller” then wait for the seller to release the coin to your blockvila wallet.
If the seller is taking time you can hit the “call seller” button to put a call across to the seller.
If the seller is still not responding, click “Dispute” and a chat box will pop up where you can send a chat to the seller and as well upload your payment proof for the seller to see
Selling cryptocurrencies on Blockvila P2P
Apart from buying cryptocurrencies on Blockvila, you can also sell your cryptocurrencies to other buyers on the platform. This can be performed via a few steps.
Firstly you deposit the cryptocurrency you wish to sell in your Blockvila wallet. On the Blockvila homepage, hover to the top right and place your cursor on the account button. A drop-down list will be displayed, and click on wallet.
This will redirect you to the wallet section. Please note that Blockvila only supports four crypto wallets Bitcoin, Ethereum, Tether, and Vila. Click on deposit.
Copy the wallet address from the deposit tab or scan the QR code from your external wallet and deposit the amount you want to sell.
Once you have deposited the cryptocurrency you want to sell. Head over to the homepage and click on the “i want to sell” tab.
You will be redirected to a selling ad dashboard where you have control over the type of selling ad you want to create. You can change the price you wish to sell for, the currency, reference exchange and whether verified or unverified user can place orders.
You will also be requested to input your limitation condition. This includes the minimum and maximum amount you are willing to sell as well as the total amount you want to sell. Lastly you will input your payment method, bank name and account number as well as the payment window (15-30 minutes). Once you are done click on create.
Once the above process is completed a sell order will be placed and you’ll be able to view your order in the p2p marketplace.
After placing the sell order ads prospective buyers will click the advert to buy from you.
Once they click on your ads, an sms and email notification will be sent to the seller to complete the transaction.
Once the money is received to your bank, you will click ‘’confirm” to release the coins to the buyer. In some cases there could be problems where a seller does not receive the money agreed after the buyer has clicked i have paid.
The seller can click a dispute and a chat box will be opened to chat the buyer up and request that the buyer sends a screenshot of proof of payment. The seller can also click ‘’call buyer’’ to call the buyer.
These steps above are the ways you can sell your cryptocurrency on Blockvila alongside the protective escrow system in place to protect all parties involved.
Why you should use Blockvila P2P
Promotions and Incentives– Blockvila has multiple promotion programs for users and you can earn 20% referral bonus when someone registers with your referral link and trades.
The cashback bonus: this enables you to earn a cashback of 18% of your transaction fees every three months.
Leaders’ benefit board incentivises the top 5 highest traders and top 5 highest referrers every quarter of the year with 20% of the transaction fees earned by the exchange. This means that leaders will earn 20% of every other trader’s fee on the platform every quarter of the year.