Trading cryptocurrency in Nigeria has been difficult since the ban of cryptocurrency by the central bank of Nigeria, since the ban crypto traders are unable to buy cryptocurrencies with their credit cards.
According to a survey carried out in 2020 by Statista Global Consumer, 32% of Nigerians owned or have used cryptocurrency, so if you want to buy or sell any cryptocurrency coin, you will need to have a registered account in a cryptocurrency exchange that is secured and safe to use.
10 Best Crypto Exchanges In Nigeria
Whether you are trading daily or you want to buy and hold for the long term, Here is a list of the 10 best crypto exchanges in Nigeria for you that you can choose from.
1. Binance
Binance is one of the world’s leading cryptocurrency exchanges by trade volume and charges very low trading fees (0.1%) with a wide selection of trading options like P2P trading, spot trading, margin trading, and over 350 cryptocurrencies available for trade with NGN fiat pairs including Bitcoin, Ethereum, USDT, and BNB in its spot trading.
Binance makes your trading experience very seamless with a variety of trading tools, such as real-time charting tools with moving averages(MA) and exponential moving averages(EMA). it also provides various order types such as market order, stop-market order, stop order, limit order, stop-limit order, and trailing stop order.
Binance makes it easy for traders in its platform to access their portfolios, trade history, order book, and price charts through the Binance app, Binance website, or Binance desktop app.
Binance also offers security features such as two-factor authentication(2FA) or SMS, Email confirmation, device management, address whitelisting, and device restriction access
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Binance Pros and Cons
| Pros | Cons |
|---|---|
| Low trading fees | The platform can be confusing for beginners |
| Great user interface | |
| Over 350 cryptocurrencies available for trade | |
| Many trading options | |
| Great customer support | |
| Multi-lingual |
2. Quidax
Quidax is a Nigerian cryptocurrency exchange that was founded by Buchi Okoro on August 1, 2018, in Lagos, Nigeria. The platform makes it easy to buy, sell, trade cryptocurrencies by using its instant buy/sell feature.
Quidex is also an order-book exchange that allows you to trade Naira for Bitcoin(BTC), Ripple(XRP), Ethereum(ETH), Litecoin(LTC), and Tether(USDT).
Quidax supports various payment methods such as bank deposit, card deposit, USSD deposit, and bank transfer.
Quidax Pros and Cons
| Pros | Cons |
|---|---|
| Instant Buy/Sell | Peer-to-Peer (P2P) trading not supported in mobile app yet |
| Great user interface | |
| Good liquidity and trade volume | |
| Solid Security | |
| Great customer support |
3. Luno
Luno is a cryptocurrency exchange that allows users to buy, sell, send and receive cryptocurrency. it currently supports 44 countries including Nigeria, South Africa, Malaysia, Zambia, and other 40 European countries.
Luno offers one of the best user interfaces available for its users, and its app is very easy for beginners to use. It is also one of the first exchange to provide users the ability to purchase and sell cryptocurrency with no transaction fees.
Luno trading fees are between 0.20% and up to 1% for every transaction.
Luno currently supports these cryptocurrencies: BTC, BCH, ETH, XRP, USDC.
Luno Pros and Cons
| Pros | Cons |
|---|---|
| Mobile application | Peer-to-Peer (P2P) trading not supported in mobile app yet |
| Great user interface and design | High trading fees |
| Easy account creation | Limited Features |
| Users can earn Interest on their cryptocurrency savings | Poor customer support |
| Large trading volume | |
| Support 7 languages |
4. Busha
Busha is one of the fastest-growing cryptocurrency exchanges in Nigeria where users can buy, sell, swap, and store cryptocurrencies such as Bitcoin, Ethereum, Litecoin, USDT, e.t.c. The platform is steadily gaining trust and building its reputation among crypto traders in Nigeria because of its amazing features such as:
- Zero transaction fee when buying or selling with fiat currency
- Mobile application with additional features and benefits
- Great user interface
- It allows you to track your portfolio and know the daily price of all your coins
- Great customer support
- It allows you to instantly buy and sell cryptocurrencies easily with fiat
Busha Pros and Cons
| Pros | Cons |
|---|---|
| Mobile application | Still a young platform |
| Amazing user interface and design | |
| Instant Buy/Sell | |
| It supports Peer-to-Peer (P2P) trading | |
| Guaranteed security |
5. Patricia
Patricia is a cryptocurrency exchange that you can securely buy, sell, trade, and store cryptocurrencies in Nigeria.
Patricia allows you to buy and sell over 30 gift cards on the platform: Steem, iTunes, Amazon, Google, Walmart, Xbox e.t.c.
The platform enables its users to also pay bills such as Airtime and data subscription, cable TV/ internet subscription, educational bills, and payment of electricity bills conveniently from their cryptocurrency wallets.
Patricia Pros and Cons
| Pros | Cons |
|---|---|
| Instant Buy/Sell | Supports only Bitcoin(BTC) |
| Great user interface | |
| Referral Program | |
| Various payment methods supported | |
| Great customer support | |
| Virtual and Physical debit cards |
6. Remitano
Remitano is a Peer-to-Peer (P2P) based cryptocurrency exchange that connects cryptocurrency buyers and sellers to transact securely, Every day, over 800 million naira worth of bitcoins are exchanged on Remitano from Nigeria.
Remitano is better than other P2P exchanges In terms of security, customer assistance, services offered, and the number of supported currencies making it one of the best P2P exchange for Nigerians.
Remitano Pros and Cons
| Pros | Cons |
|---|---|
| Best P2P based cryptocurrency exchange | Unregulated |
| Amazing user interface and better user | |
| Safe and Secure platform | |
| 24/7 customer support | |
| It allows a trader to buy coins with a debit/credit card | |
| Referral Program | |
| Transparent fee structure | |
| Multi-lingual |
7. Paxful
Paxful is a digital wallet provider and Peer-to-Peer (P2P) cryptocurrency exchange that connect buyer and sellers so that they can trade directly in a secured way known as Escrow.
Paxful has over 6 million users and 12,000 vendors enabling traders to buy and sell cryptos using over 350+ payment methods allowing you to trade with anyone in any country.
Paxful Pros and Cons
| Pros | Cons |
|---|---|
| Over 350+ payment method | Unregulated |
| 0% commission fees | |
| Safe and Secure escrow platform | |
| Positive wallet reviews | |
| Real time balance | |
| Referral Program | |
| Transparent fee structure | |
| Multi-lingual |
8. Kraken
Kraken is a major cryptocurrency exchange where you can buy and sell crypto assets such as Bitcoin, Ethereum, Litecoin, Monero, Cardano e.t.c
Kraken is very easy to use for beginners that don’t have cryptocurrency trading experience as it offers over cryptocurrencies supported for trading. the platform charges low trading fees among all the major bitcoin exchanges, the fees that you may depend on your last 30 days trading volume.
Kraken Pros and Cons
| Pros | Cons |
|---|---|
| High Liquidity Exchange | Limited options for funding account |
| Great user interface | |
| Low fees for advanced and expert traders | |
| Solid Security | |
| Great customer support |
9. BuyCoins
BuyCoins is an excellent platform for Nigerians interested in investing in crypto. It has many unique features and is very accessible to beginners. Providing zero trading and transaction fees is one of the most appealing features of BuyCoins.
BuyCoins platform allows you to buy, sell, trade, and store cryptocurrencies with ease. It supports all the major cryptocurrencies like Bitcoin, Ethereum, Litecoin, USD Coin, USD Tether. You can buy or sell crypto directly from BuyCoins or trade using BuyCoins’ P2P service. Their service can only be available to Nigerians. The BuyCoins app is available on both iOS and Android devices. This app makes it effortless for people to invest in crypto from anywhere and at any time.
Buycoins Pros and Cons
| Pros | Cons |
|---|---|
| Instant Buy/Sell | High trading fees |
| P2P Exchange | |
| Supports all major cryptocurrencies | |
| Low fees | |
| Great customer support |
10. Bundle
Bundle makes it easy to buy and sell Bitcoin, BNB, Ethereum and other cryptocurrencies. You can also buy cryptocurrency with a bank transfer or credit card. You can also trade cryptocurrencies and withdraw them to your bank account. You can sell and buy Bitcoin or BNB for as little as NGN 500.
Bundle Pros and Cons
| Pros | Cons |
|---|---|
| Instant Buy/Sell | Peer-to-Peer (P2P) trading not supported yet |
| end and Receive funds with zero fees. | Must not be BVN verified to use app. |
| Easily send funds to friends through phone contacts. | |
| You can also send money to people who is not registered on bundle | |
| Great customer support |
