Cryptocurrencies are becoming popular all over the world, and Nigeria is no exception. There are several reputable exchanges that offer trading in cryptocurrencies, and this article will list the best of them.
keyword: best crypto exchanges in Nigeria
List of the Top 10 Best Crypto Exchanges In Nigeria
Cryptocurrencies are becoming increasingly popular around the world, and Nigerians are no exception. Here are the top 10 best crypto exchanges in Nigeria :
1.ByBit
ByBit is a cryptocurrency derivative trading platform that focuses on leverage trading. It offers up to 100x leverage for trading pairs BTC/USD or ETH/USD. Perpetual contracts are offered by the derivatives exchange that tracks the spot price of a cryptocurrency, and not actual assets.
Bybit, a registered trading platform in the British Virgin Islands, is based and headquartered in Singapore.
The platform is available to traders worldwide, including from North America, Europe and Russia as well as South Korea, Japan, South Korea, South Korea, South Korea, and Southeast Asia. The founding team includes professionals in the Forex industry, investment banking and early adopters of blockchain technology.
Pros
- Get up to 100x leverage with crypto
- Great technology supports advanced tools
- A risk-free environment for learning and experiment
- Educational resources
Cons
- Not available for purchase in the U.S.
- Crypto derivatives can be extremely risky
- Not suitable for spot trading
- may share your data with third party marketers
2.roqqu
Roqqu was a Nigerian cryptocurrency exchange and payment gateway, launched July 2019.
The exchange can be found in Lekki (Lago state), and was founded by Uche Nnodim a young Nigerian entrepreneur.
Roqqu provides brokerage services to assist Nigerians with making international payments seamlessly.
It also includes a bill payment processor, which allows users to pay their electricity and TV bills at their convenience.
Roqqu was launched in May and has processed over $20 million transactions. It currently has more than 250,000 users.
Pros
- Use the Roqqu to Buy and Sell Bitcoin Apps.
- The App keeps improving over time.
- Major Bug Fix in each update
- Buy and sell Bitcoin with the Support of Roqqu
- Mobile Apps
Cons
- The Roqqu- How to Buy and Sell Bitcoin.
- Some features missing.
- Sometimes slow support
3.Binance
Binance, another popular cryptocurrency exchange worldwide, has over 100 coins currently trading on it.
This crypto company has been very supportive of its Nigerian users.
Binance hosted its first Crypto Masterclass, in Benin, Nigeria, in 2020. These events were led by local experts, and aim to increase awareness and educate about Bitcoin and another cryptocurrency.
Binance also makes it easy for Nigerians, to trade, buy and sell crypto on its platform.
You can deposit NGN into your Binance account now using a debit or credit card. This is a result of a partnership between Flutterwave and
Binance allows users to purchase Bitcoin using a debit or credit card.
Pros
- Solid and beautiful user interface
- Minimal trading fee
- Instant Withdrawal & Payment
Cons
- The sheer number of products can make it overwhelming.
4. Remitano
Remitano, an online peer-to-peer escrow platform that allows you to sell and buy cryptocurrencies, is called Remitano. This cryptocurrency trading platform supports the sale and purchase of cryptocurrencies using fiat currencies as well as cryptocurrencies.
This platform allows users to make connections with other cryptocurrency sellers and buyers to transact securely.
Remitano is an online cryptocurrency exchange that serves clients in over 30 countries, including Vietnam, Nigeria, Malaysia and Vietnam.
Remitano is present in over 30 countries. However, the geography of each country can affect the number and composition of partners. Some areas may have only a handful of counterparts, while others could have thousands.
Countries supported by Remitano include Cambodia, Ghana and India, Kenya, Malaysia. Nigeria, Pakistan. Singapore, South Africa. Tanzania.
This platform supports most of the most popular cryptocurrencies such as Bitcoin Cash, Ethereum and Ripple’s XRP.
Remitano allows you to pay by bank transfer or in cryptocurrencies.
Pros
- User-friendly
- Similar withdrawal fees
- 0% on deposit fees
- Accepts Local Currency
Cons
- It only accepts three cryptocurrencies: Bitcoin, Bitcoin Cash and Ethereum
5. Localbitcoin
LocalBitcoins allows users and sellers to exchange and communicate Bitcoins.
LocalBitcoins lets users communicate directly, unlike other exchanges which manually link buyers to sellers. It’s like Craigslist for selling and buying Bitcoins. The integrated trust gives buyers greater security and offers a variety of payment options.
In simple words, LocalBitcoins can be a great place to buy Bitcoin if you don’t have the right payment method.
But, prices can be higher and scammers may try to take advantage of you.
Pros
- In-person trades require no personal information
- Fast, private, and simple
- No KYC
Cons
- It is mandatory to understand and follow the rules.
- Avoid scams
- It is more difficult to purchase large amounts of bitcoins than in other exchanges
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6.NairaEx
NairaEx.com is one of the websites that focuses on a particular market. NairaEx.com is a website that focuses on Nigerian markets. The site’s motto is also part of its name. The website accepts currency to exchange for Bitcoin.
NairaEx.com calculates the average market price for USD from multiple exchange websites and multiplies it with the Naira / USD currency rate.
NairaEx accepts two types of deposits. This would be made from either a Naira bank account or Perfect Money bank accounts.
We have a number of banks that accept credit cards, including Citibank Nigeria and Diamond Bank. Fidelity Bank, First Bank of Nigeria and First Bank of Nigeria.
Pros
- Offers a wide range of Cryptocurrency options
- Accepts bank transfers
- Exceptional mobile app
Cons
- Only one country is covered – Nigeria.
- Verification problems for non-Nigerian users
7. Kraken
Kraken is a Bitcoin exchange based in San Francisco. It claims to have the largest volume and liquidity in Euros.
The platform is available in the United States (except New York, due to BitLicense), Canada and Africa, Nigeria inclusive, as well as the European Union, Japan and the United Kingdom.
The exchange was launched in 2013. It has raised over $ 100 million since then, with its last closing in February 2019. Kraken is known for its high liquidity and industry-leading customer service, which it offers 24/7. 24 hours a day, 7 days a semaine
Kraken offers advanced trading platforms that include points for its clients.
The most important thing about Kraken’s interface is its ease-of-use.
Kraken’s fees, however, are among the lowest among all major bitcoin exchanges. Your trading volume over the last 30 days will determine how much you have to pay fees. The rates are generally determined by the manufacturer’s buyer.
Buyers who place limited orders on the exchange pay a lower price than buyers who complete existing orders.
Pros
- Reasonable deposits/withdrawals
- There are many cryptocurrencies and pairs that can be traded
- Two-factor authentication for account login is very secure and safe.
- Highly regarded by experienced traders looking for exceptional services
Cons
- Website slow at times
- Not very beginner-friendly
- No credit/debit card deposits
- Slow verification for intermediate and professional-level accounts
8.Changelly
Changelly allows you to trade virtually any cryptocurrency using a fast and anonymous exchange service.
The best part about Changelly is that you can instantly exchange cryptocurrencies without having to register or verify your identity.
Users can also quickly and easily trade between different cryptocurrencies depending on their needs. It’s not excessive to pay 0.5% in cryptocurrency transaction fees. This is a very convenient product.
The company could be more transparent about its activities. It is important to not use Changelly to make fiat payments, as the exchange rates can be extremely high.
Pros
Provides widgets and API
Flat cryptocurrency exchange fee 0.5%
24/7 live customer support
No history for security breaches
Cons
- Very high fees for changing flat currencies
9.BuyCoins
BuyCoins was a cryptocurrency exchange previously known as Bitkoin Africa. It was launched in 2017 and renamed BuyCoins Africa by 2018.
BuyCoins is a software development company based in Lagos, Nigeria. It was started by Timi Ajiboye.
BuyCoins lets its users buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. You can either buy directly from BuyCoins, or buy from other users.
BuyCoins, a peer to-peer cryptocurrency exchange, brings together buyers and sellers of cryptocurrencies. It also acts as an intermediary providing an escrow system that allows users to trade safely.
It offers secure wallet services for all supported cryptocurrencies. This means you won’t need to use any external wallets to finish your transactions. BuyCoins wallets offer transparent payment methods.
Pros
- Instant peer to-peer via NGNT
- Excellent Customer Support
- Exceptional mobile app
Cons
- Only available in Nigeria
10. Paxful
Paxful, an online marketplace that lets buyers and sellers meet and exchange bitcoins online, is called Paxful. Paxful, like LocalBitcoins, allows for a wide variety of payment options and purchase options that are not available on traditional exchanges.
Paxful allows users to purchase Bitcoin using almost every payment method possible. The user interface is very intuitive.
Paxful offers a payment processing solution for websites. This allows merchants to accept many payment methods.
Paxful doesn’t charge any fees for Bitcoin purchases. As I said above, there may be fees or premiums from different sellers depending on the payment method you use.
Paxful sellers receive a 1% commission from the business.
Pros
- 24/7 Live Support
- Over 300 Payment methods
- Cross-country peer-to-peer trade
Cons
- Only supports Bitcoin
How to buy cryptocurrency with Naira
Step-by-Step Guide to Buying Cryptocurrencies in Nigeria
This section is for you if you have decided to purchase crypto in Nigeria. This section will help you understand everything so that you can get started right away.
1.Get a Crypto-Wallet
A crypto wallet is basically a tool that allows you to store your cryptocurrency.
You automatically receive a wallet when you open an account on a Nigerian crypto exchange.
2. Where can you buy your crypto
Next, you need to decide where to purchase your crypto. You have a variety of options available here:
- The crypto broker: This is a person who specializes in selling and buying crypto. A trusted broker can be contacted to get the rate you want and then send the money. You get the coins and they send them money.
- Services that allow crypto trading and buying: These are called crypto exchanges. Because they are reliable and easy to use, exchanges such as Quidax or Luno are very popular in Nigeria. You can make a trade in minutes and get in touch with sellers you trust.
- Trading platforms: These platforms enable people to trade cryptocurrency conveniently. Quidax, one of the most popular crypto exchanges in Nigeria, allows for easy reading and allows you to buy crypto.
3. Buy Your Crypto
- Log in to Luno, create an account and verify it.
- To deposit Naira in your Luno Naira wallet by bank transfer or Debit card, click on the ‘Wallet’ button.
- To buy bitcoin using naira, click on Buy and select ‘Bitcoin. The transaction is instant and your bitcoin wallet Luno Bitcoin can view it. It can be transferred to any location.
Conclusion
Nigeria has some of the best crypto exchanges in the world. These exchanges provide a safe and secure platform for users to buy and sell cryptocurrencies.
If you’re looking for a reputable exchange to buy or sell cryptocurrencies, be sure to check out one of the listed exchanges in Nigeria.
About Author
- I’m a firm believer that information is the key to financial freedom. On Coindecimal Blog, I write about personal finance and crypto.
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