Best Cryptocurrency Exchange Nigeria

Are you living in Nigeria thinking you’ve got no opportunity in crypto? Wrong. Nigeria has a growing crypto market with individuals interested in decentralized finance (DeFi). If you’re also interested in joining this trading industry, you have to open up an account first in any crypto exchange. 

These exchanges will help you with buying, selling, and managing your digital transactions. But do you know? There are a lot of such trading platforms available and with so many options, it gets a bit tricky to pick what’s best and well fits with your requirement. 

However, you don’t have to worry. We’ve got you covered. This article will guide you about the best cryptocurrency exchange in Nigeria whether you’re a beginner or an experienced trader. Here are the pros and cons listed along with their features so you can choose what suits you perfectly. Let’s get started.  

The Best Cryptocurrency Exchange in Nigeria

The following are the best crypto trading platforms available in Nigeria. You should give them a try too.

1. Binance 

Although Binance is available globally, it’s a pretty good leveraging platform for Nigerians and the locality considering the features and benefits. Founded in 2017 by Changpeng Zhao (CZ), Binance was started in China but later expanded globally. 

According to CoinMarketCap, Binance has a 24-hour trading volume of $30.82 billion, 380 cryptocurrencies listed, and 200 million users, signifying its big market position.

Whether you’re a beginner or an experienced trader, Binance perfectly caters to your needs. This crypto trading platform has a user-friendly interface and educational resources available to guide beginners. 

Even if you’re an investor, you’ll have a good time trading with this crypto platform. You’ll be able to generate passive income through Binance Earn, liquidity, and staking. Binance is also recommended for entrepreneurs. They can use the Binance Smart Chain (BSC) feature to develop DApps or even launch tokens.

This crypto exchange offers multiple trading options like spot trading, futures trading, options trading, and margin trading. All of them have a significant impact on the platform’s size and user base.

Other features that set this exchange apart include staking, lending, Launchpad, and DeFi integration, which attract a broad range of traders, from beginners to professionals.

However, Binance is secured with 2FA (Two-factor authentication), and most of the assets are stored in cold storage to prevent theft. Binance also has an SAFU security protocol that’s an insurance policy for the users in case of security breaches. 

If you’re a Nigerian local, using Binance will give you an edge in the crypto market. It’s a quite good option for young freelancers looking for secure and fast transactions. Not only this but Binance is also helpful for investors who want to hedge against inflation and currency devaluation in Naira. 

Binance also has a competitive fee structure of 0.1% for regular users. This fee can even be further reduced with Binance Coin (BNB) holdings or high trading volume up to 25%. This platform doesn’t charge any deposit fee. 

Following are its pros and cons you shouldn’t overlook;

Pros

• It’s a highly scalable platform. Binance handles millions of trades daily without any downtime. 
• It consistently offers high liquidity with wide trading pair choices. 
• Binance offers spot trading, futures trading, options trading, and margin trading.

Cons

• Difficult to navigate interface for beginners. 
• Withdrawal delays. 
• Regulatory issues. 

2. Quidax 

Next up, we have Quidax on our list. This is one of the best cryptocurrency exchanges in Nigeria especially for the African market. Founded in 2018 by Buchi Okoro and Uzo Awili, Quidax was developed to ease the transaction and investment procedures in Nigeria particularly. 

This platform is integrated with local payment systems as well which makes it an even better option for Nigerian users. Quidex caters to all levels of traders. If you’re a newbie in the industry or a young professional trader, this crypto-trading platform has amazing features for you. 

Quidex has a simple interface that allows users to buy, sell, and manage currencies without any prior knowledge requirement. It supports local Nigerian currency, Naira, with debit cards, bank withdrawals, and other payment methods. 

You’ll also find lots of coin options like BTC, ETH, XRP, and so much more including the Nigerian Naira Token (NGNT). Quidax also has a buy/sell tool to convert crypto to NGN without any hassle and nominal fees. 

The best part? Quidax charges as low as 0.1% trading fees which makes it stand out among global exchanges. It’s considered the best possible option for Nigeria considering the local currency support the users get, blogs and educational resources, mobile applications accessibility, and community support. 

Following are its pros and cons.

Pros

• NGNT integration and transfer. 
• Affordable fees. 
• Instant swap features. 
• User-friendly. 

Cons

• Regulatory concerns. 
• Not a very advanced tool available. 

3. Bybit 

Bybit is another one of the best crypto exchanges in Nigeria that has gained global recognition since its launch in 2018. This crypto exchange is a leveraging combination of speed, reliability, currency support, and innovation, offering Nigerians an all-in-one platform for trading. 

Bybit has a trading volume of $6.9 billion and 680 cryptocurrencies. Its strong user base of 50 million includes experienced traders, as it focuses on leveraged trading.

Its target audience mainly revolves around crypto enthusiasts who are interested in futures trading and perceptual swaps. Bybit’s key features are quite commendable. It lets users trade cryptocurrencies with 100x leverage, considering it offers you perceptual contracts and futures. Bybit also has inverse perceptual contracts for Bitcoin, Ethereum, and other top cryptocurrencies.

Though this exchange mainly focuses on derivatives trading, it also has a simple fiat on-ramp for spot trading users who prefer to hold assets directly. 

From a security perspective, this platform also stands out. It has cold wallet storage, 2FA, and user SSL encryption. Bybit also provides an insurance policy in case any funds are damaged. 

The fee structure highlights the benefits of placing limit orders rather than market orders to boost liquidity. You’ll be charged a 0.025% maker fee and a 0.075% taker fee. This platform also provides discounts on high trade volumes if you choose the VIP program.

If you’re a Nigerian local, you’ll love this trading platform. It provides you access to advanced crypto markets and has a competitive fee structure without any hidden charges. Bybit also has a user-friendly interface and wide community support for African users. 

Here are its pros and cons. 

Pros

• Low trading fees. 
• Advanced trading options. 
• P2P support. 
• Educational guides availability. 

Cons

• No direct bank integration. 
• Overwhelming interface for beginners. 

4. Kraken

Next, we have Kraken on our list, and safe to say that it’s so far the most reliable platform for Nigerian users. It was founded in 2011 and has expanded across the U.S., Canada, Europe, and Asia. 

Kraken has a strong market position among its peers with a $1.85 billion trading volume per day. It has a user base of $10 million users globally. 

Experienced traders will have an edge using Kraken as its features are quite advanced. It offers futures, options, and margin trading. Kraken enables users to do futures trading with multiple pairs and leverage positions up to 50x. 

It has secure staking options that help provide an annual yield of up to 4-20% depending on the asset. You’ll also find advanced order types like limit, stop-loss, take-profit, etc. for effective risk management. 

Kraken is among the most reputable exchanges so how can it degrade the quality in Africa? For the Nigerian user base, this platform has broad cryptocurrency options to diversify your portfolios. If you’re an investment seeker, the staking feature will give you a good time generating passive income. 

Kraken’s security standards included cold wallet storage, 2FA, insurance coverage, and GSL protocols to prevent theft. It’s also regarded as a safe crypto exchange. 

The fee structure is also pretty simple. Maker fees start from 0.16% for volumes under $50,000, scaling down to 0.00% for volumes over $10 million. However, the taker fee starts at 0.26% and goes down to 0.10% for high-volume traders. 

See its pros and cons. 

Pros

• Kraken is a highly safe platform considering 2FA, GSL, and cold wallet. 
• Kraken has enhanced features for experienced traders like multiple trading options, staking, etc. 

Cons

• Its fee can be high for small-volume traders or newcomers. 
• The advanced trading feature makes the interface complex and overwhelming for beginners. 

5. Coinbase 

Now, we have one of the most famous crypto exchanges on the global scale. Coinbase was developed to simplify cryptocurrency trading and make it accessible to all users. As of 2024, this crypto exchange has a total user base of 110 million verified users and has expanded to 100+ countries.

According to CoinMarketCap, Coinbase has a strong market position with a $3.9 trading volume and a total of 262 cryptocurrencies listed online. 

This platform is equally loved in Nigeria due to its features and support for new users. Coinbase has a sleek mobile application as well thus its user base revolves around on-the-go traders. It also doesn’t disappoint you if you prefer long-term holding and want to generate passive income through staking. 

This leading crypto exchange offers spot trading and staking along with rewards for holding certain cryptocurrencies. For experienced traders, Coinbase Pro is available with lower fees and more advanced tools for high-frequency traders. 

Coinbase has recently launched a marketplace that offers NFT growth and has a program that rewards users for learning about specific tokens. It has 2FA, biometric logins, and hardware security key support. 98% of its funds are stored in cold storage to prevent online theft.

If you’re a Nigerian, Coinbase loves facilitating you with its services. You’ll find staking rewards, educational tools, mobile app access, and ease of use. This crypto exchange also has a competitive price structure. For retailers, it has a regular fee of 0.5% per transaction for small trades.

Here are some of its pros and cons. 

Pros

• There is much protection against theft using 2FA, biometric login, and cold storage.
• Coinbase has the easiest-to-use interface. 
• It’s approved by the USA regulation check. 

Cons

• Coinbase has a high fee for retail users. 
• It has limited altcoins and trading pairs that may not be suitable for most users. 

6. Bitget 

Next up, we’ve got Bitget for Nigerians. This is one of the best crypto exchanges in Nigeria, particularly famous for derivatives and copy trading. Bitget is headquartered in Singapore but it has also expanded globally with a primary focus on an African audience. 

It’s growing extensively in Nigeria as tech-savvy individuals are pretty attracted to its unique features and competitive fee structure. Talking about the target audience it’s safe to say Bitget focuses on new and advanced traders who are interested in copy and derivatives trading with competitive leverage. 

Even if you are a passive investor, you’ll have a good time generating income through staking and yield farming. Bitget has many other amazing features as well. You’ll find advanced copy trading features as Bitget has over 20,000 successful traders to copy and place the trades. 

Nigeria seems to have a high number of users using this strategy to learn and earn together. Bitget also offers derivatives trading with upto 125x leverage. There’s a dual investment option available with high rewards over price trends. Despite this, Bitget also supports a mobile-friendly interface, fiat to cryptocurrency convertor, and educational community. 

This is one of the best crypto trading apps in Nigeria due to its diverse trading options for new users. There’s a very reasonable fee involved of 0.02% (makers) and 0.06% (takers). You can even earn through staking, yield farming, and dual investments. It’ll be a good part-time income support for a Nigerian locality. 

However, check out these pros and cons. 

Pros

• High leverage. 
• Low fees. 
• More trading options. 
• Better UI. 

Cons

• Complex features. 

7. Luno 

Luno—the name sounds dramatic but it’s one of the most African-favoured crypto trading apps available. Founded in 2013 by Marcus Swanepoel and Timothy Stranex, Luno’s main aim is to simplify crypto trading for all levels of traders. It aimed to cut the traditional trading norms and make trading accessible for everyone. 

Luno caters to everyone. Its user-friendly interface appeals to beginners whereas local traders are mostly down to direct NGN deposits and withdrawals. It’s also a good source for those who want to get educated about cryptocurrency through reliable sources. 

Luno’s features are amazing. This one of the best crypto trading apps in Nigeria particularly focuses on localized NGN support. It facilitates users with direct NGN deposits and withdrawals that enable seamless fiat-to-crypto transactions for Nigerians.

Luno also supports famous cryptocurrencies like BTC, ETH, LTC, XRP, etc. There’s also an integrated wallet that allows users to store, send, and receive cryptocurrencies securely. This trading app is generally very safe. It has a 2FA login system with biometric and cold storage methods. 

Those who are Nigerian locals will find Luno very much accessible. It has saving opportunities, mobile-friendly crypto application features, NGN integration, and so much more. But despite these, one shouldn’t ignore the pros and cons this trading app offers. 

Pros

• Savings wallet. 
• NGN support. 
• Mobile optimized. 

Cons

• High fees. 
• No staking etc. 
• Limited asset selection. 

8. KuCoin 

Next up, we’ve KuCoin on our list. This is also one of the best crypto mobile applications with a 27 million user base across the globe. KuCoin supports more than 700+ cryptocurrencies, making it the favorite option for traders who look out for smaller and lesser-known tokens.

KuCoin targets passionate crypto users as it has advanced tools like margin and futures trading. Passive investors are also encouraged to use this application. They can earn through staking, lending, or Kucoin’s Earn programs.

Its mobile application is pretty easy to use, followed by advanced tools and features. You can even earn interest on your crypto holdings by staking and lending services that return a big sum of money. KuCoin also offers you margin trading with 10x leverage and 100x leverage over future trading. 

What’s even more commendable? This crypto trading app doesn’t cost you a hefty amount instead its trading fee starts from as low as 0.1%. 

If you’re a Nigerian local, KuCoin gives you a big-time leverage. The peer-to-peer trading option enables local Naira transactions. There are also passive income options like staking and lending that cater to long-term investors. This app even ensures crypto trading remains convenient and accessible for on-the-go users. 

Let’s have a look at its pros and cons. 

Pros

• Wide range of currency selection 
• Low fees
• Trading bot
• Passive income stream 
• Easy to navigate 

Cons 

• Not highly regulated 
• Slow customer service 

Cryptocurrency Exchange Nigeria – Comparison Table 

Factors for Choosing Cryptocurrency Exchange in Nigeria

1. Security 

This is the foremost factor you can’t neglect. Security should be your top priority when choosing Nigeria’s best crypto trading app. Security measures protect you from hacking, malicious attacks, viruses, and all other cybersecurity threats. 

The crypto exchanges should have these security features incorporated otherwise you should avoid making investments. You should look for encrypted protection features. This way your personal information, transaction history, profile, etc will be protected from all unverified individuals.

The best thing would be to go for an insurance coverage exchange. Do you know Coinbase? It’s the literal best crypto wallet when it comes to security. Coinbase insures a $225 million asset in their hot wallet under a policy written by Lloyd’s of London. 

They’re not doing it for marketing but to gain customer’s trust and build user confidence. Thus, it’s suggested to never compromise on security or else you’ll face a huge loss. 

2. Regulatory Compliance 

This is another factor that comes after security. Your crypto exchange shouldn’t have any regulatory issues. Regulatory standards tell you about a platform’s credibility, security, and reliability. Big investors mostly go for crypto exchanges that meet both local and international regulations and offer insurance policies for all users.

Before choosing any application, check if it follows the compliance check of Nigeria and Africa. Most of the global crypto exchanges follow KYC (Know Your Customers) and AML (Anti-Money Laundering) protocols to make sure all the traders are verified for a safe online environment. 

If your exchange doesn’t meet these standards, you might face fines, shutdowns, and often downtime that basically puts your investment at risk. 

You know Coinbase. It went public on NASDAQ in 2021 to emphasize its commitment to transparency and compliance. It’s linked with U.S. financial laws, which provide a higher level of trust for users and ultimately a greater fanbase. 

3. Customer Support 

Next up, we’ve got customer support to consider. No matter how well-reputed the app is, if the customer service isn’t reliable, the partnership won’t last long. All the best cryptocurrency exchange in Nigeria encounter issues like withdrawal delays, account access problems, or transaction errors. 

This is where excellent customer support makes a huge difference. Always look for a trading app that has a 24/7 live chat system. It’s the industry standard for resolving issues quickly. Among all the crypto trading platforms in Nigeria, Kraken and Binance are pretty famous for their customer service that helps their users resolve account, bonus, or withdrawal issues promptly.

Look for platforms that offer email, live chat support, community channels, etc. This way you can always stay connected and will have all the updates. You see Luno and Quidax. Both of these African crypto exchanges have personalized customer service for Nigerian users and assist them with NGN transactions too. 

Conclusion 

In a nutshell, the best cryptocurrency exchange in Nigeria depends upon several factors that you shouldn’t ignore. However, the mentioned global exchanges give you big-time leverage when it comes to competitive fees, customer support, bonuses, and price rewards. 

Each platform has unique features that cater to different users, from advanced trading tools to beginner-friendly interfaces. See Binance and KuCoin. These platforms stand out with advanced features and nominal fee structure. Whereas, Luno and Quidax are famous for their localized currency support and customer service. 

Similarly, if you’re someone with a keen interest in trading diversity, Bybit and Kraken can help you with that. However, keep in mind these exchanges also have some trade-offs. Thus, do your proper research, analyze your requirements, and then decide which crypto exchange will suit you the best.

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