Bitcoin and other cryptocurrencies have become the latest economic trend all over the world, and Nigerians are gearing up to adopt cryptocurrencies and make them a part of the mainstream economy. The mass adoption of cryptos in Nigeria has led to the establishment of several trusted cryptocurrency exchanges in the country.
According to the reports of Chainalysis, Nigeria ranks sixth in the 2021 global crypto adoption index. Read the guide on best crypto exchange in Nigeria and register with any of the top nigeria crypto exchange platforms mentioned in this article if you want to buy cryptos and other assets.
Best Crypto Exchanges in Nigeria: Top 10 List!
Get the best crypto exchange in Nigeria list from below, which are well-researched & reviewed properly:-
Paxful
Founded in the year 2015, Paxful strives to make buyers and sellers interact directly with each other for engaging in Bitcoin transactions. It accepts more than 350 payment method types, and its financial services are based on AML guidelines to safeguard Nigerian users against financial scams. Paxful is currently associated with more than 30,000 users from Nigeria and across the world.
Features of Paxful
- Allows trade at 0-1% spreads to buy Bitcoin in financial markets.
- Paxful is one of the most reliable platforms that offers P2P trading to buy Bitcoin.
- The platforms for Paxful accept bank cards, bank transfer, in addition to more than 180 wallets.
- Paxful is registered with the FCA, DNB, and CySEC that ensures a safe experience. However, to learn abou the platform in detail with genuine reviews click here.
Pros and Cons of Paxful
| Pros | Cons |
| P2P support is available in this trading platform for buying Bitcoin that allows 100% decentralized business. | Paxful accepts only three cryptos. |
| The user-friendly interface to buy Bitcoin can be very customizable. |
Cryptocurrencies Supported
The site supports 3 cryptos, namely Bitcoin, Tether and ethereum.
Countries Supported
- Nigeria
- Hong Kong
- The Philippines, and more.
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Luno
Luno has been a pioneer in the industry since 2013. Until today, Luno has processed a huge transaction volume worth $20 billion. Working in association with 80 million users, Luno is one of the best platforms in the country that has a market cap of $3.7 million. The mobile apps of the Luno platform that are highly interactive are especially beneficial for crypto trading on the go. Although, read our honest luno review and know more about the exchange in detail.
Features of Luno
- The users can trade in BTC, ETH, Ripple, Litecoin, Bitcoin Cash.
- Luno focuses on the ease of use of crypto assets by accepting debit and credit card for payment.
- If you want to buy the number of assets of your choice safely, then register with Luno that is regulated by ASIC, CySEC, and the FCA.
- The transaction fee is 0.0002 BTC, and if you want to buy BTC with low capital, then trading through Luno may be a cost-effective way to buy assets.
Pros and Cons of Luno
| Pros | Cons |
| The trading platform is highly configurable and easy to use. | Only supports 25 cryptos. |
| The transaction fee is low. |
Cryptocurrencies Supported
It supports about 25 cryptos, including Bitcoin, Ethereum, Ripple, etc.
Countries Supported
- France
- Nigeria
- England, and more,
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Remitano
Remitano provides every trader with a P2P interface for Nigerians to conduct decentralized Bitcoin investment. Remitano supports BTC, BCH, ETH, LTC, XRP, and USD. The Swap feature of Remitano allows exchange between two different cryptocurrencies. The referral program allows Nigerian users to accrue 40% commission along with a 10% bonus.
Features of Remitano
- Remitano allows margin trading, swapping, and investing in crypto assets.
- Upon initiation of the transaction, the cryptocurrency funds get stored in the Escrow system until confirmation of the payment.
- Remitano charges the lowest transaction fees to trade in assets.
- The users can trade on the cryptos and make quick and easy payments by Remitano Pay.
Pros and Cons of Remitano
| Pros | Cons |
| The app version is easy to use for exchange and investment in Bitcoin with fiat money. | The exchange of Bitcoin is not registered and regulated. |
| The Nigeria crypto exchange allows the mining of its native RENEC token. |
Cryptocurrencies SupportedÂ
They support only 6 cryptocurrency, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, and USDT.
Countries Supported
- Nigeria
- Kenya
- India
- South Africa, and more.
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LocalBitcoins
One of the popular P2P exchange is LocalBitcoins that allows secure P2P trading in crypto assets. The forum also offers escrow services for holding the crypto assets until the trade is settled between the buyers and the sellers. Thousands of traders sign up with LocalBitcoins every day to make the best of the auto-trade features of LocalBitcoins. The forum has a reputation system in place for screening users.
Features of Localbitcoins
- The trading interfaces support customization and so the trader may configure the stop loss, set profit, and other order limits before venturing into the live trade session.
- The traders do not need to pay a fee for buying and selling Bitcoins.
- LocalBitcoins accepts payment in credit card and debit card, Neteller, and more.
Pros and Cons of Localbitcoins
| Pros | Cons |
| The mobile app is highly functional to buy, sell, and available at all app stores. | The exchange app can be prone to scams. |
| Mandatory ID verification at the best cryptocurrency app is high in security. |
Cryptocurrencies Supported
They support over 100 cryptocurrencies, namely, Bitcoin, Ethereum and many more.
Countries SupportedÂ
- Nigeria
- Canada
- China
- Croatia, and more.
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Quidax
Established by Buchi Okoro, the indigenous and the best cryptocurrency exchange of Quidax is quite popular in South Africa. Quidax allows the traders to win crypto rewards by taking part in a number of activities organized on the platform. One has to stake QDX tokens in the Quidax Vault to win crypto rewards for free.
Features of Quidax
- The platform matches the buyers with the sellers to trade in the assets at specific prices.
- Quidax offers web-based wallets to buy and sell seven cryptocurrencies along with NGN wallets without providing access to the private key.
- The platform does not impose a deposit fee but instead charges bank fees and RAVE payment processing fees.
Pros and Cons of Quidax
| Pros | Cons |
| Quidax allows direct exchange between buyers and sellers, and therefore, the platform is trustworthy. | The supported cryptos are low. |
| The crypto deals can be settled in an instant. |
Cryptocurrencies SupportedÂ
It supports over 20 cryptos, including Bitcoin, Ripple, Ethereum, etc.
Countries Supported
- Nigeria
- Japan
- Kenya and more.
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Patricia
With a daily transaction volume worth 5k to 30k, Patricia recently launched the first Bitcoin debit card in Africa. The forum serves as an alternative payment solution and enables the users to pay bills, purchase gift cards, and buy global airtime with cryptocurrencies. At Patricia, customer support is available over live chat, email, Twitter, and Facebook.
Features of Patricia
- The crypto trading fees include the Maker fee for ordering book liquidity through limit orders and the Taker fee for subtracting liquidity from the order book through market orders.
- Traders may enroll at Patricia Academy of the forum to get access to a wealth of educational content on how to buy assets.
- Patricia offers a Virtual Card that can be used for the withdrawal of funds from Bitcoin ATMs. The physical card of the best crypto exchange Nigeria is powered by chip and pin technology to allow cryptocurrency transactions. Although, the site also provides help centre for users so that their minor doubts gets solved.
Pros and Cons of Patricia
| Pros | Cons |
| The platform is highly secure and regulated by the CAC of Nigeria. | The users can deposit and withdraw and can buy Bitcoin only. |
| The highly interactive interface of the mobile app allows users to buy Bitcoin in cryptocurrency markets. |
Cryptocurrencies Supported
It supports more than 5 cryptocurrencie to exchange.
Countries SupportedÂ
- Nigeria
- The UAE
- China
- Ghana and more.
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Kraken
Kraken, founded in 2011, offers a wide range of products, including futures, indices, liquidity, gift cards, and margin trade facilities, to users across the world. It is the biggest international Bitcoin exchange in the world that is backed by several investors, including Hummingbird Ventures, Tribe Capital, Blockchain Capital, and Digital Currency Group, and more.
Features of Kraken
- The app is recommended for demo trade.
- Kraken exchange charges a 0.9% fee for stablecoins and a 1.5% fee for Bitcoin.
- Kraken allows the staking of assets enabling the users to receive rewards.
Pros and Cons of Kraken
| Pros | Cons |
| The forum supports more than 50 cryptos. | Limited cryptos supported. |
| Kraken also offers high liquidity based on its services. |
Cryptocurrencies Supported
It supports over 50 cryptos, including Bitcoin, Ethereum, etc.
Countries SupportedÂ
- Nigeria
- India
- China
- Hungary, and more.
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Paybis
In operation since 2014, Paybis allows easy trading in cryptocurrencies. Paybis offers an easy conversion calculator that helps with the estimation of prices for converting crypto to fiat money. The forum is renowned Nigeria crypto exchange for its highest limits of withdrawal, instant buy and payout, top-notch security policy, and many other exciting features.
Features of Paybis
- Paybis offers liquidity services for gift cards, banks, affiliate programs, fintech firms, gaming companies, e-money corporations, and trading platforms.
- Paybis charges credit and debit card fees, service fee, Bitcoin Network fee, and withdrawal fee for transactions.
- The app is subject to the regulations of the FCA and is compliant with the laws of the US and the EU for protecting your crypto assets.
Pros and Cons of Paybis
| Pros | Cons |
| The platform accepts several payment methods. | The fees are very high for payment by bank cards. |
| The interface is highly intuitive, multi-lingual, and easy to use. |
Cryptocurrencies SupportedÂ
It supports about 10 cryptos, including Bitcoin, Bitcoin Cash, Ethereum, and more.
Countries SupportedÂ
- Nigeria
- South Africa
- The US, and more.
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Changelly
Headquartered in Prague and associated with a million users, Changelly allows quick and easy conversion between cryptocurrencies and fiat currencies. The forum charges competitive fees and allows almost instant deposits and withdrawals, and Changelly is the exchange that allows crypto trading at low fees.
Features of Changelly
- Changelly charges a fixed service fee of 0.5% to buy and sell Bitcoin and altcoins.
- Changelly allows integration with the wallets Ledger, Trezor, Exodus, and Trust Wallet so that you can buy cryptos directly.
- The cryptocurrency exchange allows the exchange of Bitcoin and your crypto assets against USD, GBP, and EUR. However, read our honest Changelly review to learn the insights of the platform.
Pros and Cons of Changelly
| Pros | Cons |
| Changelly is accessible in every country. | Changelly does not allow selling crypto assets in exchange of fiat currency. |
| The limits are very high, and liquidity is impressive. |
Cryptocurrencies SupportedÂ
It supports over 150 cryptos, including Bitcoin, Ethereum, etc.
Countries Supported
- Nigeria
- India
- The UK, and more.
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Uphold
Sign in to Uphold to conduct trading in crypto assets, equities, precious metals, and national currencies. Conduct instant remittance of cryptocurrency and engage in profitable forex trading at the platform of Uphold. The multi-asset platform has powered transactions of more than $4 billion until today.
Features of Uphold
- The registration of new users requires KYC document submission for extra security.
- The AutoPilot feature of Uphold allows automated trading and scheduled crypto transactions.
- The Uphold debit card allows payment in gold, cryptos, and other assets with cashback offers of 1% and crypto rewards of 2%.
- The users can trade in cryptos and engage in quick and easy conversion among any assets with the unique one-step trading feature of Uphold. Although, learn more about it from our best Uphold review to start working with the platform like a pro.
Pros and Cons of Uphold
| Pros | Cons |
| The pricing system of these exchanges is very inclusive. | There is hardly any educational content available for learning how to buy cryptos. |
| The Anything-to-Anything exchange to assets trading at almost zero transaction fee feature is highly advantageous. |
Cryptocurrencies Supported
It supports more than 30 cryptos, Including Bitcoin, Ethereum, etc.
Countries Supported
- Nigeria
- The UK
- The US, and more
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Why Do You Need Crypto Exchange?
Cryptocurrency exchanges are important for trading, buying gift cards, exchanging, and making investments in cryptos. The exchanges accept payments via credit and debit cards or other payment methods for the credit of crypto assets to the owner’s crypto wallet.
It is important to establish trusted & top crypto exchanges in Nigeria as Nigerians are gradually starting to convert crypto to fiat money for the operation of businesses. Due to high rates of inflation, the official currency of exchange of the nation, Nigerian Naira, is losing in value leading more Nigerians to adopt cryptos for their daily financial operations.
How to Trade Cryptocurrency in Nigeria?
One simply needs to visit the official website of the best crypto exchanges in Nigeria to buy and sell cryptocurrencies. To conduct trading and investment at the leading crypto exchanges, follow the steps below:-
Link the Bitcoin Wallet With the Exchange
You may use the wallet that comes with the Bitcoin exchange platform. It is safer to pick a wallet of one’s own to preserve the privacy of the private key. A hardware wallet like Ledger Nano S, a mobile app wallet like Trust Wallet, and a software wallet like Electrum are highly secure and ideal for storing cryptocurrencies and conducting secure transactions.
Choose the Crypto Trading Platform Cautiously
There are three different types of crypto exchanges in Nigeria, as described below:-
Crypto Trading Platforms
The trading platforms launched in the country allow trading in Bitcoin, Ethereum, and other altcoins. The traders make deposits in fiat currency and purchase an equivalent amount of cryptos that gets credited to their top crypto wallets.
Brokers
One may get in touch with the brokers to learn more about cryptocurrencies and buy crypto in exchange for fiat money. The brokers generally have fiat currency on-ramps integrated with quick payment method types like bank transfers and bank card payments for the hassle-free exchange of cryptocurrencies. The most popular broker for Nigerians that accepts payments in Naira is Nigeria Luno.
Peer-to-peer Exchange Forums
The P2P exchange platforms launched in Africa allow the buyers and sellers to engage in direct negotiations to conduct trading in crypto assets.
How to Select the Best Crypto Exchange in Nigeria?
Picking the right cryptocurrency exchange in Nigeria is a tough job. It is important to ensure that your funds are safe and the investments are in reliable hands. If you are about to venture into the crypto market of the country, then check out the factors mentioned in this list below to make the right choice:-
Fee Structure of Crypto Exchange
While most brokers charge a commission fee, a few brokers do not. Pick an exchange that charges a low inactivity fee and be aware of hidden fees as you do not want to fall prey to sudden deductions of large sums from your account. Depending on the cryptocurrency and local currency used, one may have to pay a transaction fee.
Deposit and Withdrawal Charges
A few platforms impose a nominal fee, especially for conventional payment methods like a bank transfer or your own cheque. It may be possible to avoid the transaction fee and make deposits and withdrawals almost in an instant if the traders choose to use e-wallets like Neteller and Skrill to deposit fiat currency.
Security
The Bitcoin exchanges are powered by Blockchain technology that is highly secure and easy for trading with the presence in regulators. Blockchain technology maintains a permanent and immutable ledger of transactions that ensures high financial security.
Advanced Trading Features
An advanced platform that provides the traders with the facility to use a rich array of tools for the fundamental and technical analysis of the cryptocurrency markets. The traders should also be provided with access to educational content and daily market updates to trade profitably.
License Regulations
Although the CNB has imposed a crackdown on cryptocurrency transactions, yet Nigerians can still conduct crypto trading by signing up with some of the licensed platforms. Check the license number before registering for cryptocurrency transactions.
Conclusion on Crypto Exchanges in Nigeria
Cryptocurrency transactions take place in a decentralized way and, as such, needs to pay only a nominal transaction fee for withdrawing in Bitcoin and altcoins. Today there are hundreds of popular and best crypto exchanges in Nigeria. With more than 170 million smartphone users across Nigeria, crypto is now a popular mode of economic exchange in the country. According to this article, the top crypto exchanges in Nigeria include Luno, Paxful, Remitano, LocalBitcoins, and more. These crypto exchanges Nigeria operate legally and welcome users from all over the world.
FAQs
Which Crypto Exchange Is Legal in Nigeria?
Despite the official disapproval of cryptocurrencies in Nigeria, the citizens are pouring into the crypto exchanges in Nigeria to invest their savings in crypto-assets and conduct transactions with the US. According to this article, the legal and best crypto exchange in Nigeria where Nigerians can buy crypto like BTC, ETH are Paybis, Uphold, Kraken, Changelly, Luno, and more.
Is Cryptocurrency Trading Legal in Nigeria?
In February 2021, the Nigerian Central Bank declared a crackdown on cryptocurrencies banning the use of debit or credit cards for conducting crypto transactions. Despite the crypto crackdown, Nigerians continue to trade Bitcoin. The legal cryptocurrency trading platforms of Nigeria are Kraken, Remitano, and more.
Can We Buy Cryptocurrency in Nigeria?
The top trusted and one of the most popular crypto exchanges Nigeria serve as a digital market forum for crypto assets exchange to fiat money. These exchanges allow the traders to engage in trading, buying, and selling of cryptocurrencies like Bitcoin with fiat money or altcoins.
Which Platform Is Best for Crypto in Nigeria?
According to this article, Kraken is one of the best and most trusted Bitcoin exchanges in Nigeria as compared to other Bitcoin exchanges.
Source link: https://www.cryptonewsz.com/cryptocurrency-exchange/ng/
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