Given the variety of options available and the unique features each offer, picking the best crypto trading platforms in Nigeria takes a lot of work. As a fervent cryptocurrency investor, I closely monitor the activities of the leading Nigerian crypto trading platforms. I have chosen the ones below based on my research and experience over the years.
You might not be aware of this, but it matters which cryptocurrency exchange you use. Depending on your decision, you may or may not be able to use it in Nigeria, as well as how profitable your trades are and how simple it is to buy and sell coins.
Fortunately, I’ve been making cryptocurrency investments for more than 9 years, and I regularly update the top platforms listed below. Therefore, you’ve come to the right place if you’re looking for a safe and secure cryptocurrency exchange that is simple to use, supports the various currencies in Nigeria, and is compatible with Nigeria’s biggest financial institutions.
Here are my top picks for Nigeriaia’s best cryptocurrency exchanges:
Binance is the world’s largest cryptocurrency trading platform.
It could be more user-friendly due to its extensive range of trading options and features. Depending on their experience and knowledge, investors may face a steep learning curve with Binance.
Binance provides a wide range of trading features via its desktop or mobile dashboards, including an impressive selection of market charts and hundreds of cryptocurrencies. Users can also access various trading options, such as futures and options and order types.
Binance provides a comprehensive learning platform, an NFT platform, and other services in addition to its tools and features.
Supports 365+ cryptocurrencies
Helpful customer support available 24/7
You can secure your crypto assets in cold storage
Features over 700+ payment methods and 100+ fiat currencies
Debit cards 4.5%
ACH transfer Free
Crypto conversion N/A
Trades 0.00% to 0.1%
Buy/Sell Crypto 0.50%
Sign up with this link to enjoy amazing incentives.
MEXC is a reputable cryptocurrency exchange, also known as MEXC Global. MEXC, which was founded in 2018, has focused on being a high-performance trading platform with the most coins, the lowest trading fees, and no KYC required.
MEXC Global is available in almost every country, including those with strict regulations, such as the United States, Australia, and Canada. The exchange offers a variety of markets and tools, allowing customers to trade cryptocurrencies immediately. MEXC prioritizes customer satisfaction with a great customer support team; no identity verification is required.
Features over 1,520 cryptocurrencies
Supports various fiat currencies
Deposit methods include Visa/Mastercard, Bank Cards, Bank Transfer, Apple Pay, Google Pay, and Cryptocurrency
Has a mobile app for Android, iOS, and Windows
Futures 0.0/0.06% (Maker/Taker)
Sign up with our referral link and get $30 FREE USDT plus a 10% discount on trading fees.
OKX is a Malta-based cryptocurrency exchange founded in 2014. It serves millions of users from over 100 countries, ranking fourth in terms of trading volume according to our research and OKX review.
OKX offers spot, futures, and derivatives trading in addition to popular cryptocurrencies. As a result, it is widely regarded as the world’s largest spot and derivatives exchange (also in terms of trading volume).
Supports over 350 cryptocurrencies
Features 500+ trading pairs
Operational in over 200 countries all over the world
Supports various fiat currencies
24/7 customer support
Trading very low
Sign up with our referral link and enjoy 20% discounts n trading fees.
Remitano is an online crypto platform that facilitates the buying and selling of cryptocurrencies via an escrowed Peer-2-Peer marketplace.
Remitano, as a P2P marketplace, allows users to buy and sell cryptos using either fiat or cryptocurrencies. A secure environment for investor connectivity across the network is critical to the Remitano platform.
Furthermore, Remitano provides a secure environment through the Escrow service.
Supports over 62 cryptocurrencies
Fast and simple to follow registration and verification process
Responsive Customer Support Team, contactable 24/7
Get a 10$ bonus when you use this link.
Bitfinex is a cryptocurrency exchange based in the British Virgin Islands that is one of the most trustworthy; at the time of writing, it is the eighth-largest cryptocurrency exchange in the world. It has extremely low fees, as low as 0.1%.
Bitfinex supports over 180 cryptocurrencies and provides access to research tools, derivatives, margin trading, and advanced order types to experienced investors. On the other hand, beginners may appreciate its risk-free environment and highly-rated, simple-to-use mobile app.
By signing up here as a new Bitfinex user, you will receive a 6% discount on all future fees. Bitfinex protects your assets with 2FA, advanced APIs, and cold storage.
Access to a risk-free testing environment
Supports over 178 cryptocurrencies
Highly-rated mobile app
Customer support ticket system via email
User-friendly for both beginners and advanced traders
Supports Debit/Credit Cards (depending on the cryptocurrency)
Account Opening: Free
Trading Fees: From 0.1% to 0.2%
Wire Transfer: 0.1% (min. $60 fee)
Enjoy a 6% fee rebate when you sign up using this link.
Read Also: Top 10 Crypto Trading Platforms in Namibia
KuCoin is one of the world’s most popular cryptocurrency exchanges, and it is a simple and secure platform. It is a simple trading platform for digital assets such as Bitcoin, Ethereum, Litecoin, Ripple (XRP), and others. Furthermore, KuCoin is well-known for its spotlight IEO platform, also known as a token launch platform.
Another unique feature of the KuCoin exchange is cryptocurrency lending. Additionally, KuCoin users can access many platform features, such as purchasing cryptos with a credit or debit card, staking rewards, zero-fee crypto swaps, and more.
Over 600 listed cryptocurrencies
Supports 50+ fiat currencies
Over 1000 trading pairs supported
24/7 reliable customer support service
Deposit Fees: Free
Maker Fee – 0.1% to -0.005%
Taker Fee – 0.1% to 0.025%
Maker Fee – 0.02% to -0.015%
Taker Fee – 0.06% to 0.03%
Withdrawal Fees: Depends on the currency involved
Use this referral link and get up to a 40% discount on trading fees.
Kraken is a seasoned cryptocurrency exchange in the United States that offers an advanced trading platform with margin trading and over-the-counter (OTC) options.
Kraken was once derided for its platform’s instability, but it has since revamped its service with a focus on security and customer support. Kraken also has some extremely low trading fees.
Supports over 120 cryptocurrencies
Very secure for traders and investors
24/7 customer support service
Trading: 0.00% – 0.16% for makers and 0.1% – 0.26% for takers
Quidax is one of Africa’s largest crypto exchanges and a pioneer in the continent’s crypto industry. It is frequently cited by major players such as CNBC and Bloomberg.
Quidax supports 20 cryptocurrencies and dozens of cryptocurrency pairs, and its popular mobile app is available for Android (4.1/5 rating) and iOS (4.5/5 rating). It operates on a maker/taker fee system, with makers paying a flat 0.1% and takers paying 0.3%. Trades are typically completed in less than 10 minutes, and Nigeria customers’ signup process is instant.
Since its inception in 2018, Quidax has processed over $4 billion in transactions in Africa alone, and in 2021 they will launch their own native token, the QDX. The QDX token can be staked and exchanged for any other token listed on the exchange, and they intend to add new features and functions, as well as lower fees for holders, in the future.
Supports 20+ cryptocurrencies
Available on Android and iOS
Quick sign-up process
Access to a flexible staking platform
Trades completed in less than 10 minutes
Maker’s Fees: 0.1%
Taker’s Fees: 0.3%
Instant Buy: 1%
Deposit Fees (Crypto): Free
Withdrawal Fees (Crypto): Depends on the crypto (0.0002 BTC for Bitcoin)
Bundle Africa is a social payment app that makes it simple and enjoyable to make cash and cryptocurrency payments such as Bitcoin, Ether, BUSD, and BNB. Bundle is a digital wallet for Nigerians, similar to PayPal and Google Pay, but with an additional layer supporting cryptocurrency.
Bundle is also a P2P payment option, which means that as a cryptocurrency trader on the Binance P2P platform, you can choose to be paid in Bundle. It is very convenient in that Bundlers can send and receive crypto and cash for free using only a username.
Yele Bademosi, a former director at Binance Labs and a founding partner of Microtraction, an early-stage venture capital fund, founded Bundle Africa. According to him, Bundle’s goal has always been accelerating cryptocurrency adoption in Africa to make economic freedom and prosperity a reality for all Africans, regardless of where they live.
Send and Receive cash or crypto instantly
Supports both crypto and fiat currencies
Supports 80+ cryptocurrencies
0.001% for BNB withdrawal, 0.003 for ETH, and 0.02 for BUSD.
Get N500 or its equivalent in your local currency when you sign up using this link.
Paxful is a cryptocurrency exchange founded in New York in 2015. Ray Youssef and Artur Schaback, the exchange’s founders, envisioned bridging the gap and making crypto accessible to all types of investors. Paxful has over 6 million active users worldwide as of 2022.
Paxful accepts over 350 payment methods, making it one of the most accessible exchanges available and one of the top exchanges in Southeast Asia. Its main limitation is that it only supports three cryptocurrencies: BTC, ETH, and USDT. It compensates for this with extremely high liquidity and low fees.
Paxful University, a learning platform for new investors, teaches them everything they need to know about cryptocurrency. There is a news section for experienced investors that details all of the major changes in the crypto market. Paxful uses an Escrow protocol to secure all trades.
Supports 3 cryptocurrencies
350+ payment methods supported
Paxful University, a learning platform
All trades are secured with Escrow Protocol
Over 6 million users
Paxful Wallet, free crypto wallet
Selling Fees: 0.5%
Buying Fees: Free
Crypto Conversion Fee: 0.5%
Deposit Fees (Bank Transfer): 0.5%
Deposit Fees (Credit/Debit Cards): 1%
Withdrawal Fees (Crypto): Depends on the crypto (0.0004 BTC for Bitcoin)
60% rebates and commissions when you sign up using this link.
Read Also: Top 10 Crypto Trading Platforms in Niger
How to Buy Crypto in Nigeria
1. Create an account with an exchange
You can sign up for a variety of trusted exchanges in Nigeria, the most popular of which are the ten discussed in this article.
These exchanges are user-friendly and provide multiple deposit methods as well as a wide range of cryptocurrencies.
Fees, security, payment methods, and other features will vary between exchanges, so explore the “info” tab on the exchanges listed above to determine which one is best for you.
The platform you choose will be determined by your preferences as well as the cryptocurrencies and payment methods it accepts.
It’s also worth noting that you can always join other exchanges later.
2. Complete the KYC verification process
After you sign up for an exchange, you must verify your identity and address as part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all Nigerian trading platforms.
To complete this step, have your photo ID handy, so you can photograph both the front and back sides of the document.
In most cases, your verification will be approved immediately, except for 1-2 days.
3. Make a fiat deposit
To begin purchasing bitcoin and other cryptocurrencies, you must link a bank account or credit card to the exchange.
The exchanges offer the following payment methods: credit card, debit card, bank transfer (SEPA), and SWIFT.
The funds could arrive at the exchange in a matter of minutes or days, depending on the payment method used.
4. Buy cryptocurrency
You are now ready to purchase your first bitcoin after funding your account. It is important to note that you do not have to purchase an entire bitcoin.
Most exchanges allow you to purchase bitcoin or any other cryptocurrency for as little as a few dollars.
5. Send your cryptocurrency to a personal wallet
Once you’ve purchased bitcoin or your preferred cryptocurrency, you should withdraw it to your own secure personal wallet.
Leaving your coins on an exchange is risky because many exchanges are targets for hackers looking to steal user funds. Storing your own coins on a personal hardware wallet reduces this risk.
What to Look Out for a Great Crypto Trading Platform
In our search for the best Nigeria crypto trading platforms, we consider various factors. Here are a few of the more notable ones:
The best Nigerian crypto trading platforms support at least 20 or 30 coins, including all of the major coins such as Bitcoin, Ethereum, and Dogecoin. Platforms that regularly add new coins are more customer-focused in general, making this a strong indicator of a forward-thinking exchange.
Beginners must select a platform with an easy-to-use trading interface. As a seasoned crypto investor, you should also look for exchanges that provide more advanced features, such as advanced order types and transaction exports, for tax purposes.
All cryptocurrency exchanges charge fees (in the form of trading commissions and bid-ask spreads), which vary widely. I’ve specifically chosen low-cost platforms to assist you in maximizing your profits.
Trading on a well-regulated exchange is far safer than an unregulated one, especially when markets are not moving in your favor. Some exchanges also provide depositors’ insurance, which protects your assets even if the platform itself experiences liquidity issues.
Deposit & withdrawal options
To ensure that you can easily transfer funds in and out of your account, the exchange you choose should offer a variety of payment methods (bank transfers, debit/credit cards, PayPal, and so on). The more alternatives you have, the better.
Look for a trading platform that strictly enforces multiple layers of security, such as two-factor authentication and at least 95% cold storage. Additional security measures, such as daily offsite backups, third-party security audits, and transaction email confirmations, increase the security of your account.
The best cryptocurrency exchanges take pride in having well-trained, responsive support teams that can assist users with any issues that arise. I pay close attention to the channels through which each exchange provides support, response times, the thoroughness and usefulness of their responses, and user feedback on the customer service they’ve received.
Frequently Asked Questions
What is the best exchange to buy bitcoin from in Nigeria?
You can examine these exchanges to determine which is best for you.
Can you buy bitcoin anonymously in Nigeria?
Yes, you can buy bitcoin anonymously and safely by using a P2P (peer-to-peer) exchange like Paxful.
Can you buy bitcoin in Nigeria using debit or credit cards?
Debit/credit card payment options are available at most Nigerian exchanges. Keep in mind that this requires completing KYC.
Should I leave my bitcoin on an exchange after buying?
No! You should store your Bitcoin or other cryptocurrencies in a hardware wallet because it keeps private keys safe and completely offline.