Blockvila Review: Best place to Buy and Sell Bitcoin, Ethereum and USD Tether in Nigeria

last Updated on October 20, 2022

Blockvila is a front-running cryptocurrency trading and Exchange Company that provides both P2P (peer to peer) and P2B (Peer to business) cryptocurrency services in Nigeria and Africa. 

With this crypto company, you can buy and sell Bitcoin, Ethereum, USDT and other cryptocurrencies with other traders or with Blockvila itself.

BlockVila was established in 2017 as Ngexchanger; an e-currency exchanger for buying, selling and exchanging e-currency. But the company has since grown into a crypto marketplace where anyone can buy, sell, store and swap cryptocurrencies with other individual traders. 

Blockvila P2P (Peer-to-Peer) 

Blockvila P2P (Peer-to-Peer) allows users to buy, sell, store and swap cryptos with each other. Some of these cryptocurrencies include Bitcoin, Ethereum, USDT  Tether as well as Blockvila’s native token, VILA.

Blockvila uses an “escrow service” that facilitates secure payments transactions between a buyer and the seller. Essentially an escrow allows a representative third party to bring neutrality to financial transactions by holding payment for the exchange of cryptocurrency between the two parties (buyer & seller) in a given transaction.

Here, Blockvila serves as the third party between the buyer and the seller by putting the coins (cryptocurrency) being transacted in an escrow to secure the transaction until the traders reach an agreement and until the transaction is satisfactorily completed by the buyer and seller. The coin will then be released from the escrow account to the buyer when the seller has confirmed that they’ve received payment for the coins.

With Blockvila P2P, Nigerian users can pay for their crypto transactions on the platform with Naira. They can use their Nigerian bank account to send and receive payments. 

The Value-Added Services That BlockVila P2P Offers

1. Leaders benefit: Blockvila understands that the traders are an important part of the company and they tend to make the trading leaders on the platform be part of the company beneficiaries every quarter. Top traders and referrers are calculated every quarter and the 10 top traders and 5 top referrers are rewarded with 20% of the company’s profit generated from all trades on the platform. 

2. Zero-fees: Blockvila uses a unique cashback system that ensures maximum reward for its community. Staking VILA tokens for 6 months and above unlocks the no trading fee option. This means that those who stake their token for that duration will be exempted from paying the 0.5% trading fee charged on sellers. For example, if a trader wants to trade $1000 worth of VILA and stakes $100 for 6 months above the trader is exempted from paying the 0.5% trading fee until $100 is exhausted from his total trading fee on the platform. 

3. Referral benefits: Each user will be rewarded 50% trading fees for all trades completed by their referrals.

Blockvila P2B (Peer-to-Business) Exchange 

Blockvila Peer-to-Peer (P2P) isn’t the only service that this company offers. Blockvila also offers a P2B (Peer-to-Business) exchange that caters to users who prefer to trade directly with the company rather than with other traders. 

However, users interested in Blockvila P2B will have to create another separate account to access its features.

Unlike Blockvila P2P that supports only a few crypto assets for trading,  on its P2B exchange, users can buy and sell a larger selection of assets that include ADA (Cardano), XRP(Ripple), EOS, TRX (Tron), Dash, BCH, Litecoin and many other coins listed in the CoinMarketCap.

Blockvila will also be launching a crypto trading robot soon for its users.

Blockvila Fees

The fees that Blockvila charges on its P2P platform are:

1. Blockvila Escrow fees: 0.6% Fee is charged on the Sellers. Buyers pay no fees

2. Blockvila Withdrawal fees: 0.0005 BT, 0.004 ETH, 10 USDT ERC20, 1 USDT TRC20 and 20 VILA.

3. Blockvila Swap fees: 0.5%

NOTE: You can trade with No fees charged if when you stake VILA token on the platform. Once you stake VILA for a minimum of 6months. The ZERO FEES will be activated and you cant trade without any fees.

See: How to Trade Bitcoin in Nigeria after Ban

Blockvila Staking Program

Staking is when you lock up your crypto assets for a certain period of time to earn more tokens. After the locking period ends, you will receive back your initial locked tokens alongside the ones you’ve earned.

Blockvila offers a staking program where users can stake supported liquidity provider tokens for impressive yields. Liquidity providers can choose to stake VILA or USDT on our staking platform.

VILA staking: 3 months (10%), 6 months (25%), 12 months (50%)

USDT staking: 3 months (8%), 6 months (15%), 12 months (30%)

The VILA staking will be halved every 2 years till the next 6 years. After 6 years the halving will stop and become stable.

Staking holders of VILA can stake their assets to earn 50% in VILA yearly depending on the staking plans preferred by the investor.

Staking VILA tokens for 6 months and above unlocks the no trading fee option. This means that those who stake their token for that duration will be exempted from paying the 0.6% trading fee on the Blockvila P2P platform.

Staking VILA also unlocks free access to our Premium Academy courses.

Crypto transactions are rapidly growing in Nigeria and if you have an internet-enabled device, then you should definitely be into Crypto. Blockvila is one of the legit Crypto exchanges in Nigeria and Africa. If you’re looking to trade crypto securely, you can get started by signing up on Blockvila.

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