One of the world’s most crypto-keen countries, Nigeria offers its citizens a vast choice of cryptocurrency trading platforms. This article will help you navigate the complex landscape of cryptocurrency companies and startups operating in Nigeria and choose the best service provider according to your needs.
A late 2023 survey exploring the global Web3 perception revealed that 99% of Nigerians are more aware of Web3 and crypto concepts than people in major Western economies. Unsurprisingly, local authorities have taken notice of the exceptional nationwide crypto interest, finally giving up on the comprehensive ban prohibiting local banks from engaging with digital currencies. Thus, after two years of stringent limitations, financial institutions in Nigeria were given green light to open accounts for crypto firms.
At the same time, local citizens are now facing a greater variety of available platforms where they can buy and sell crypto assets. Here are the most popular and reputable crypto service providers in Nigeria as of 2024.
Bybit
Bybit offers trading services for various digital assets such as Bitcoin, Ethereum, Ripple, USDT, and more. Available via desktop and mobile app versions, Bybit leverages a selection of trading techniques, including copy trading, P2P, trading bot, spot trading, as well as staking and savings options.
Bybit has an intuitive interface, low fees, and high liquidity. One can use the P2P feature to exchange Naira for crypto and back. The platform also has a minimal deposit threshold of $1, being accessible to people of all income strata. The citizens of Nigeria can verify their account data with Bank Verification Number (BVN) along with traditional IDs.
Bitget
Bitget offers a range of features tailored for both amateur and experienced traders. With the mix of spot trading, futures trading, options trading, leverage trading, copy trading, and contract trading, one can create a diversified crypto portfolio. Novices can avail crypto educational resources on the platform too. Meanwhile, advanced traders can benefit from charting tools, technical analysis indicators, real-time market data, and customizable trading interfaces.
The owners of Bitget’s proprietary token BGB get discounts on fees, may interact with star traders and followers, join Bitget Launchpad and Launchpool, and get exclusive airdrops. To deposit funds to a Bitget account, customers in Nigeria can use P2P or third-party wallets such as Apple Pay and Google Pay.
Kucoin
Kucoin is a global exchange platform that supports over 700 cryptocurrencies. Except for a variety of the trading assets, this crypto exchange offers trading features such as futures, leveraged tokens, P2P trading, lending, staking, margin trading, spot trading, trading bots, and more. In addition, KuCoin supports blue-chip NFTs.
Another benefit of KuCoin is its affordability. This exchange has a trading fee of 0.1% for buyers and sellers. In addition, KCS token holders get discounts. KuCoin has no deposit fees while withdrawal fees are minimal.
Paxful
Paxful operates as a peer-to-peer marketplace, connecting crypto buyers and sellers. The platform supports a wide range of payment methods, such as bank transfers, cash deposits, online wallets, gift cards, PayPal, Payoneer, Skrill, etc. Mobile money services popular in Nigeria such as MTN Mobile Money, Airtel Money can also be used.
As P2P transfers may be risky, Paxful employs an escrow service to secure transactions and mitigate the risk of fraud. In case of a dispute, Paxful provides a dispute resolution mechanism to investigate and resolve the issue impartially. The platform’s educational resources, e.g. articles, guides, and tutorials, help novice traders learn about cryptocurrencies, trading strategies, and security practices.
NairaEX
NairaEX is a local crypto exchange that focuses on Bitcoin, but also offers Litecoin, Bitcoin Cash, Ethereum and Perfect Money trading with Naira. The transactions here are instant and automated 24/7. The exchange rate is fixed at the time of the transaction reflecting the premium market rates. Unlike other African crypto trading platforms, NairaEX primarily focuses on the Nigerian market and caters to specific needs of Nigerian citizens.
NairaEX does not charge any deposit, withdrawal, or user fees. However, Bitcoin Network transaction fees occur when you withdraw to a third-party bitcoin wallet address that NairaEX did not generate. Among the drawbacks of NairaEX, there’s absence of a mobile app and low liquidity.
Kraken
Kraken is a well-known crypto industry player. In many locations, it operates under regulatory oversight, which adds to its trustworthiness among users. The platform employs advanced security measures like encryption, two-factor authentication, cold storage, and regular security audits to protect users’ funds and personal information.
The crypto exchange supports almost 250 crypto tokens and major fiat currencies such as USD, EUR, CAD, GBP, and JPY. The exchange’s high liquidity ensures that users trade quickly and efficiently without significant price slippage. Advanced traders can leverage trading features like margin trading with leverage, futures trading, and stop-loss orders. They can also customize trading experience with multiple trading views, charting tools, and customizable settings. Besides trading, one can avail savings and staking services.
Busha
Domestic Nigerian crypto exchange Busha offers crypto savings, P2P trading, and a virtual crypto card to spend one’s digital assets elsewhere. Users can exchange naira for popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, etc. The platform provides the services of instant trading, recurring buys or limit order placing. Besides, Busha has a mobile app, allowing users to trade cryptocurrencies conveniently from their iOS and Android smartphones or tablets.
Businesses may leverage crypto-powered cross-border payment services with Busha Prime brokerage. The platform is currently also testing a commerce feature for businesses enabling merchants to accept stablecoin payments. The platform employs security measures such as encryption, two-factor authentication (2FA), and withdrawal whitelist to prevent unauthorized access and fraud.
Luno
Luno is one of the biggest crypto platforms in Africa, with a substantial market share in Nigeria. Here, Nigerians can buy cryptocurrencies directly from naira-funded cards and domestic transfers since the exchange has some Naira trading pairs.
Luno has a simple interface, in-built multi-signature digital wallet, and a trading app available on both iOS and Android devices. Its instant buy/sell feature allows users to quickly buy or sell cryptocurrencies at the current market price. The app is also equipped with a price analytical dashboard, charts, indicators, and other useful trading tools. The drawback of Luno is its transaction fees that are at the higher end of the pricing scale.
Remitano
Remitano supports dozens of cryptocurrencies, including but not limited to USDT, BTC, ETH, ADA, AVAX, BCH, DOGE, EOS, LTC, MATIC, SHIB, XLM, XRP, and XTZ. This P2P platform has been operating in Nigeria since 2014 and has gained a good reputation. To fund an account in Nigeria, one can use their bank account or Remitano NGN fiat wallet.
The platform provides price charts, order books, and trading history to help users make informed trading decisions. Besides, its 24/7 support and educational resources help customers manage their crypto portfolios. Many popular tokens can be traded for free here, although some of the cryptocurrencies incur withdrawal fees.
Quidax
Quidax offers a mobile app for both iOS and Android devices, with a user-friendly interface, handy price charts, order books, trading history, and customizable trading views. The platform employs industry-standard security measures, e.g. encryption protocols, 2FA, cold storage, and regular security audits to mitigate the risks.
One can deposit naira to the platform via QDirect service, Pocket(Abeg) Account, vouchers and direct bank transfers. Businesses may enjoy trading of amounts over $100,000 with Quidax’s Over-the-counter (OTC) desk with settlements in fiat or USDT that arrive directly at the firm’s wallet or local currency bank account.
For developers, Quidax offers a self-service listing feature which enables users to launch BEP-20 tokens, built on the Binance Smart Chain and sell them to over 400,000 customer base.
BuyCoins
BuyCoins offers fast transactions, low fees, high liquidity, and helpful customer support. In addition to typical trading procedures, high-volume traders can also borrow assets from BuyCoins without interest to make more profit.The platform operates in Nigeria and complies with the rules of the Central Bank of Nigeria (CBN).
The platform does not provide a variety of trading assets, though, focusing on BTC, USDT and Nigerian Naira Token (NGNT) stablecoin. NGNT is a collateral-backed digital currency that bridges the Naira with the advantages of blockchain technology.
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