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Monica vs Binance P2P

Binance P2P is a peer to peer marketplace inside the Binance exchange app: Binance's own FAQ describes it as trading directly with other Binance users, with Binance holding the crypto in escrow. On 5 March 2024 Binance announced it would discontinue all naira services. Monica is a sell only off ramp: you send crypto and the naira goes to your bank. Here is how the two compare, checked against binance.com in October 2026.

Scorecard

Side by side

Checked October 2026

Disclosure: This page is published by monica.cash, operator of the Monica app; we benefit when you choose Monica. Spot an error? Email [email protected] and we will correct it. monica.cash is operated by Monica Digital Assets Limited, a company registered in Nigeria.

What matters

Monica

BBinance P2P

How you sell

Copy your address, send, done. No sell button.

P2P sell: move crypto to your Funding account, Trade, P2P, Sell, choose a buyer, wait for their payment, "Confirm release" (binance.com). For naira there is no route: "Binance P2P delisted all NGN trading pairs" on 28 February 2024 (announcement).

Payout to your bank

Within 60 seconds of the network confirming

From the buyer, to your own payment account, after you release the crypto (binance.com). No naira: "Withdrawals of NGN will not be supported after 2024-03-08" (announcement).

Fees

0% conversion, 0% withdrawal. Free deposits on USDT, USDC, ETH, SOL, TRX and BNB; flat $2 on Bitcoin.

"Binance P2P may charge transaction fees from takers/makers for every completed order. The fees vary per market." (binance.com). No NGN market since March 2024 (announcement).

Coins and networks

7 coins: BTC, USDT, USDC, ETH, SOL, TRX, BNB

Not published as a list in the P2P FAQ; USDT is the worked example (binance.com). Play listing: "Bitcoin, Ethereum, BNB, Solana, USDT" (Google Play). None against naira since March 2024.

Minimum deposit

$5 worth of crypto per deposit, shown in the app

No platform minimum published on binance.com (checked October 2026); "You can customize the order limit for your P2P ads" (binance.com).

Counterparty

None. Monica pays from its own settlement account.

"a peer to peer marketplace that allows you to directly trade cryptocurrencies with other Binance users"; "Binance P2P has escrow services in place for all trades" (binance.com). No NGN pairs since 28 February 2024 (announcement).

Google Play reviews

4.5★ · 13,000+ on Google Play

Not quoted here; see their Google Play listing

Other products

Bills, virtual dollar card

Spot trading, Earn, Alpha, Pay, Convert, Academy; funding "via card, P2P, bank transfer, or third-party providers, depending on your region" (Google Play).

Questions

FAQ: Monica vs Binance P2P

Is Monica cheaper than Binance P2P?

Monica charges a 0% conversion fee and a 0% bank withdrawal fee. Deposits are free on USDT, USDC, ETH, SOL, TRX and BNB, with a flat $2 fee on Bitcoin deposits (see our fees page). Binance's P2P FAQ says Binance P2P may charge transaction fees from takers and makers for every completed order and that the fees vary per market. There has been no naira market to price since Binance ended its naira services in March 2024.

Which pays out faster, Monica or Binance P2P?

Monica pays naira into your bank within 60 seconds of the network confirming. On Binance P2P the buyer pays you directly and you release the crypto after confirming receipt, per Binance's own guide. For naira there is nothing to compare: Binance's announcement says NGN withdrawals were not supported after 8 March 2024 and that Binance P2P delisted all NGN pairs.

Can I use both?

Yes. Many sellers do. Your Monica address does not change, so you can send to it from any app or wallet.

The honest part

Where Binance P2P is the better choice

If you want deep liquidity, hundreds of coins, Earn products and a global exchange in one app, Binance offers all of that and Monica offers none of it. For naira specifically there is no contest to call: Binance's own announcement ended all NGN services in March 2024. If you hold crypto on Binance and want naira, you withdraw it to your Monica address and get paid within 60 seconds of the network confirming.

See for yourself

Try it on a small amount first.

Send a few dollars of crypto, watch the naira land, then decide.

Download on theApp Store Get it onGoogle Play

0%conversion fee

0%bank withdrawal fee

60safter the network confirms

7coins, every Nigerian bank

From an exchange

How to cash out Binance to Monica

Step by step: withdraw from Binance and receive naira in your Nigerian bank.