If you are searching for the best safe and secure crypto exchange that’s easy to understand, supports the Naira currency, and is compatible with the largest financial institutions in Nigeria, then this article is for you.
This article will discuss the best apps for cryptocurrency trading in Nigeria, their features, costs, and the investor it is best for.
KEY TAKEAWAYS
- You will find a list of the best crypto exchange in Nigeria
- Each crypto exchange has a special recommendation for the investor the exchange is best for
- The features and costs of the listed exchanges
- Answers to some frequently asked questions on cryptocurrency exchanges in Nigeria
List of 10 Best Apps For Cryptocurrency Trading In Nigeria
The cryptocurrency exchange people choose matters. People’s choices will impact how profitable their crypto trades are, how easily they can buy and sell cryptocurrencies, and whether they can use them in Nigeria.
Below is a list of the best crypto exchanges you will find in Nigeria.
1. Paxful
The Paxful exchange supports more than 350 payment methods, making it one of the most accessible crypto exchanges and one of the top crypto exchanges in Southeast Asia.
The exchange’s biggest limitation is that it only supports 3 cryptos, BTC, ETH, and USDT; it also makes up for it with high liquidity and low fees.
The exchange offers a learning platform called Paxful University, where new traders can learn about cryptocurrency. For advanced investors, there’s a news section detailing all the major changes in the cryptocurrency market.
Features
- Supports 3 cryptos
- More than 350 payment methods supported
- Paxful University, a learning platform for
beginners
- All trades are secured with Escrow Protocol
- The exchange has over 6 million users
- Paxful Wallet, a free cryptocurrency wallet
Cost
- Selling Fees are 0.5%
- Buying Fees are Free
- Crypto Conversion Fee is 0.5%
- Deposit Fees (Bank Transfer) are is0.5%
- Deposit Fees (Credit and Debit Cards) are 1%
- Withdrawal Fees (Cryptocurrency) solely depend on the cryptocurrency
Best For
The crypto exchange is best for traders/ investors looking for a high-liquidity exchange to trade ETH, BTC, or USDT.
2. Quidax
The Quidax exchange is a popular crypto exchange in South Africa. The Quidax exchange allows people to win cryptocurrency rewards by participating in several activities organized on the exchange platform.
People have to stake QDX tokens in the Quidax Vault to win cryptocurrency rewards for free.
Features
- The exchange matches the buyers and sellers to trade the assets at specific prices.
- the platform offers web-based wallets to buy and sell 7 cryptos and NGN wallets without providing access to the private key.
- The exchange does not impose a deposit fee. It only charges bank fees and RAVE payment processing fees.
3. LocalBitcoins
The LocalBitcoins platform takes a different approach than most other exchanges on this list. Rather than the platform trading with the broader market, people buy and sell with individual traders.
The platform has earned a loyal user base for its ease of use, and the exchange is one of the oldest crypto marketplaces today.
Since people are trading with other people, not with the LocalBitcoins platform itself, it’s easy to get their account verified and start making trades.
The exchange users need to proceed cautiously; it’s possible to get scammed by other people on the site, especially when selling crypto for cash.
Features
- The platform is Easy to use
- Very easy to start trading crypto
- Low transaction fees
- Deposit Nigeria nairas through bank transfer, Wise, PayPal, INTERAC, Moneygram, ATM deposit, and more
- Helpful customer support
Fees
- Trading fees: 0.00006 BTC (~ $3) flat fee for each transaction
- Depositing funds is Free
- Withdrawing funds is Free
Best For
The exchange is best for investors who buy and sell Bitcoin easily and quickly.
4. Coinbase
Coinbase is an American cryptocurrency exchange that was originally founded in 2012. It’s based in San Francisco, and it’s one of the world’s oldest cryptocurrency exchanges. It’s also the second-largest crypto exchange in the world, the first being Binance.
It was designed to be one of the easiest places to buy, sell, and trade cryptocurrency, and it serves retail investors, businesses, and institutions alike. Originally, it only supported Bitcoin, but now it supports a wider array of digital assets.
Features
- Supports 100+ cryptocurrencies
- Coinbase Pro, the premium service of the platform
- Coinbase Earn, a bundle of learning resources and tools ideal for beginners
- Coinbase Wallet app that allows you to store your cryptocurrencies safely
- 98% cold storage policy to keep your funds secure
- Insurance for hacked funds
Cost
- Bank account fee: 1.49%
- Debit or credit card fee: 3.99%
- Coinbase USD Wallet fee: 1.49%
- Credit transaction fee: 2%
- ACH transfer fee: Free
- Bid-ask spread: 0.5% (Can vary)
Best For
Crypto investors looking for learning resources on crypto and a wide array of supported cryptocurrencies.
5. Kraken
The Kraken exchange is a crypto exchange and bank originally established in 2011. The exchange is located in the United States (specifically San Francisco), enabling people to trade fiat currencies like NGN or USD for cryptos and vice-versa.
It also allows people to trade one type of crypto for another.
The crypto exchange provides price data for digital assets to the Bloomberg Terminal. As of December 2021, the exchange is accessible in 48 US states and 176 countries, making the exchange one of the more global exchanges around today.
Features
- Offers a wide range of supported crypto (90+)
- Simple/intuitive user interface
- Kraken Crypto Watch feature that allows people to keep track of the crypto market
- A plethora of information and educational resources on cryptocurrency for its users
- 24/7 customer service through a variety of methods
Cost
- Trading fees is Between 0% – 0.26% per trade
- Crypto credit card purchases are 3.75% + €0.25
- ACH crypto purchases are 1.5%
Best For
The platform is best for crypto investors looking for an exchange that offers a wide array of supported altcoins and stablecoins.
6. Capital
The Capital exchange allows users to trade cryptocurrency alongside stocks, forex, commodities, market indices, ETFs, and more without paying trading fees. The exchange supports over 100 cryptocurrencies, and people can trade with 2x leverage on cryptocurrency.
The exchange charges a tight spread ranging from 0.1– 0.3 percent (%), making the platform’s cost very low. Capital has a fully functional desktop platform, a well-rated mobile application, and an excellent demo account where people can practice trading with real assets in real time.
The Capital exchange is licensed by the ASIC (Australian Securities and Investments Commission) and the FCA (Financial Conduct Authority) in the UK, which means the exchange is a safe, secure platform.
Every user of this platform receives a dedicated account manager they can reach by phone or phone anytime, which is part of why the customer support team receives many positive reviews.
Withdrawals and deposits are always free, and people will never pay trading commissions regardless of whether they place spot or limit orders.
Features
- Allows up to 500x leverage
- Fully functional demo account for paper trading
- Good desktop trading platform
- Well-rated mobile app
- Licensed by the ASIC (Australian Securities and Investments Commission)
- The platform offers zero trading commissions
- Tight spreads
- Supports cryptocurrencies
- Free withdrawals and deposits via credit /debit cards, bank transfer, PayPal, Apple Pay, POLi, etc.
- The dedicated account manager people can reach at any time
Cost
- Spreads start from 0.1% – 0.3%
- Trading fees are 0%
- Deposits & Withdrawals are Free
Best For
The platform is best for Investors looking for the best crypto trading experience with no trading commissions.
7.CoinSmart
The CoinSmart exchange offers very low trading fees: just 0.2 percent (%). It supports 16 cryptos, verifies accounts instantly, prides itself on its helpful customer support, and has a well-rated app.
The exchange is regulated by many Canadian financial authorities, which keeps people’s money safe and secure.
The exchange is also a publicly-traded company on Toronto’s NEO stock exchange, which means they are subject to 3rd-party financial and security audits at least once per year.
Features
- Instant verification of account
- Supports 16 cryptos
- Immediate withdrawals and deposits
- User-friendly for beginners and advanced traders
- The platform offers extremely low trading fees (just 0.20% for each trade)
- 24/7 customer service available via live chat, phone, or email
- 95% cold storage policy keeps crypto extra secure
Cost
- Account Opening is Free
- Trading Fees start from 0.20%
Best For
The exchange is best for Investors looking to trade altcoins or stablecoins with the industry’s lowest fees.
8. Binance
The Binance crypto exchange is an international crypto exchange currently serving as the world’s largest cryptocurrency trading platform by daily trading volume.
The platform has several notable characteristics, including access to the Binance Earn feature, a Binance Visa Card, and powerful charting tools.
Features
- Supports over 300 cryptocurrencies
- Supports over 50 fiat currencies
- Binance Earn feature
- Binance Visa Card
- Offers advanced charting tools
- People Earn lower fees by using the exchange’s native currency (Binance Coin)
Cost
- Crypto deposit fees are Free
- Fiat deposit fees starts From 0% – 3.5%
- Crypto withdrawal fees start From 0% – 2,5%
- Taker fees start From 0.04 – 0.1%
- Maker fees start From 0.02 – 0.1%
- Futures trading maker fees are 0.02%
- Futures trading taker fees are 0.04%
- Instant buy/sell trade fees is 0.5%
- Debit/credit card purchases are 4.5%
Best For
The crypto exchange is best for Investors interested in relatively unknown altcoins.
9. Remitano
The Remitano exchange is an online peer-to-peer escrow marketplace that makes selling and purchasing cryptos easy. The crypto trading platform is built to allow people to buy and sell cryptocurrency in both fiat currencies and digital tokens.
The platform allows people to interact with other cryptocurrency traders in a secure environment. The crypto exchange has a global presence and serves clients from over 30 countries, including Nigeria, Malaysia, Vietnam, and several others.
Features
- User-friendly cryptocurrency exchange
- Competitive withdrawal fees
- 0% deposit fees
- 24/7 customer service
- Allows margin trade
- Has global support
Cost
- Trading fees are 1%
Best For
The crypto exchange is best for Crypto traders who want to buy/sell digital tokens in a secure environment.
10. Luno
The Luno crypto exchange is a fiat-to-crypto currency exchange that provides services in South Africa, Nigeria, Singapore, Malaysia, the UK, and 35 other European nations.
The exchange is Nigeria’s most popular crypto exchange. This platform includes a cryptocurrency exchange and an Ethereum and Bitcoin wallet system.
Luno’s user interface is one of the easiest to understand, and connecting bank accounts for instant transactions such as deposits and withdrawals is also pretty easy.
Features
- Instant withdrawals/payments
- Easy-to-understand interface
- Offers Very low fees
- Has an explore section so that people can learn more about cryptocurrency
- Allows people to set up price alerts
- Has a mobile application
Cost
- Maker-taker fees are 0% to 0.1%
Best For
The crypto exchange is best for beginner crypto traders looking to buy and sell Ethereum and Bitcoin quickly.
Read Also:
The Best Time Frame For Day Trading Crypto
Top 10 Best Crypto Trading Signals Telegram Groups in 2022
10 Best Apps for Cryptocurrency Trading and Exchange
Conclusion
Picking the best crypto exchange in Nigeria is not easy; people will have to research, compare and read reviews about the exchange they want, given all the options and different features each offer.
That’s why we have decided to make the job easier for you; we took our time to list out the best app for crypto trading in Nigeria based on years of research, personal experience, and customer reviews.
FAQS
Which crypto wallet is best in Nigeria?
- Coinbase Wallet
- Coinomi
- Trezor Model T
- Ledger Nano S Plus
- MetaMask
- Crypto.com DeFi Wallet
- XDEFI Wallet
Is Coinbase allowed in Nigeria?
Yes, the Coinbase platform accepts Nigerian clients, but we don’t recommend Coinbase due to its high deposit fee.
Can I use my ATM card to buy Bitcoin in Nigeria?
In Nigeria, people can buy Bitcoin from ATMs using their debit or credit card. They will need to have a Bitcoin wallet to store their Bitcoins.
You can learn more from the video below:
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