Cryptocurrency trading is a popular addition to CFD trading due to bitcoin’s popularity and the potential to profit from the wild changes in cryptocurrency value.
With a rise in interest in cryptocurrency trading in Nigeria, unregulated Crypto Trading Platforms in Nigeria have sprung up to take advantage of unprepared newcomers. Always trade with a well-regulated broker.
We will list 10 of the best Crypto Trading Platforms in Nigeria that allow you to buy Bitcoin and other tokens.
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10 Best Crypto Trading Platforms in Nigeria 2022
1. Binance Nigeria
In just four years of existence, Binance has established itself as the leading exchange in the crypto market. Binance initially launched in China and continues to expand its services globally.
Binance’s success is mainly due to its constant innovations, reduced transaction costs and reliability. The exchange offers easy-to-use features for newbies as well as complex trading tools for professional traders.
Nigeria users can access naira (NGN) trading pairs, and at the moment, the exchange supports two NGN trading pairs, BTC/NGN and USDT/NGN. In February 2021, Binance added the NGN FIAT/NBN trading pair to its P2P trading platform in Nigeria as well.
The exchange also previously allowed direct deposits and withdrawals from Naira debit cards, but this option was suspended due to the Central Bank of Nigeria (CBN) directive that mandated financial organizations to cease processing payments for crypto exchanges.
2. Coinbase Nigeria
Coinbase has emerged as a popular crypto exchange in recent years. It became the first crypto-based company to launch an IPO listing on the Nasdaq exchange in 2021. The platform serves as a broker bringing buyers and sellers in a single platform.
Coinbase is noted for its user-friendly interface and is a great option for beginners just getting to know cryptocurrencies.
The platform is also one of the safest and uses a strict selective process before listing crypto assets on its exchange. At the moment (May 2021), users in supported countries can buy, sell or trade over 30 cryptocurrencies on Coinbase.
Coinbase, when compared to Binance, lacks a presence in Nigeria. This means that as of May 2021, Nigerians cannot register for Coinbase and there are no naira (NGN) trading pairs or P2P platforms for Nigerians to exchange naira for cryptocurrencies. It should also be noted that transaction fees on Coinbase are significantly higher than Binance.
Nonetheless, the mobile app is regarded as one of the best, and Coinbase has a dedicated wallet app that provides safe custody of assets. Coinbase is recommended for a trader or holder that values security over extensive crypto options — but for now, Nigeria must wait for if/when Coinbase adds the country to its supported areas.
For those that really want to use a limited version of Coinbase, the Coinbase app will allow Nigerian users to make wallet transfers and make use of the Coinbase Vault offering.
3. Luno Nigeria
Luno has emerged in the past few years as one of the biggest crypto platforms in Africa, with a significant market share in Nigeria. Launched in 2013, Luno has expanded to several countries and has its headquarters in London, UK.
Luno allows Nigerians to buy cryptocurrencies directly from naira-domiciled cards and domestic transfers. Also, the exchange has Naira trading pairs where users can convert their crypto to fiat and withdraw to their accounts. However, this service has been affected by the CBN ban that was imposed in February 2021.
Apart from trading fiat and the USDC stablecoin, Luno supports popular coins like Bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash. Luno has been able to achieve success due to its mobile app that can be downloaded by old mobile phones and new devices.
The app is user-friendly and intuitive, allowing users to get an optimized trading experience. The app is equipped with trading tools, including a price analytical dashboard, charts, indicators and many more.
Among the three exchanges reviewed, as the only pure fiat-to-crypto exchange, Luno has the highest transaction fees, which is a major disadvantage for users. It also has limited trading options for users, which makes it unsuitable for day traders.
However, these limitations are negligible considering the convenience and ease of buying crypto in Nigeria using Luno.
Quidax is one of Nigeria’s leading Crypto Trading Platforms. Quidax was launched in August 2018.
It is the first exchange owned by a Nigerian to meet and surpass International Standards.
Quidax is the first bitcoin exchange to support instant deposit and withdrawal of the Naira 24/7.
It also introduced a 0% maker fee making it the exchange to buy bitcoin in Nigeria at the cheapest price.
Paxful is a peer-to-peer bitcoin exchange that was founded in the USA.
Its unique selling point is that it has over 300 payment methods to buy bitcoin with.
Most of its customers in Nigeria are those selling Gift Cards (Amazon, iTunes, Google, etc) for Bitcoin.
I personally have not sold gift cards for Bitcoin on this platform but I have sold Neteller and Webmoney for Bitcoins.
Another amazing thing to know about Paxful is its Charity outreach.
They have sponsored a number of school building projects in Africa. You can check out the YouTube video here.
However, unlike Remitano that makes it very difficult for a trader to defraud other traders on its platform, Paxful is less regulated by its customer support thus you have to observe safety precautions not to get defrauded.
KuCoin is a smaller, less well-known and de facto less “secure” platform. However, it remains easy to use. The platform has a fairly large volume of transactions. Its application is designed for novice traders, but more experienced traders will find all the essential tools to trade properly.
The application has a new simple and intuitive interface. It offers basic functionality such as buying and selling crypto, as well as deposit and withdrawal. It is perfectly synchronized with the web platform.
Support is available directly from the app. When it comes to trading, a dynamic Japanese candlestick chart is integrated. It is possible to set price alerts so that you never run out of interesting opportunities.
We also find in the application the possibility of managing several accounts, which can be very practical for the most active cryptocurrency traders.
Also Check Out: Investing In Altcoin Cryptocurrency (The Best Way In 2022)
Kraken is a United States-based crypto platform that first launched in 2011. Since its inception, it has grown to become one of the largest platforms out there. Kraken offers a mobile app that Nigerians can easily download and use to buy, sell, store and trade cryptocurrencies.
Kraken charges some of the lowest transaction fees among exchanges and offers very competitive rates for withdrawals, whilst supporting zero-fee deposits. Nigerians can trade more than 20 different cryptocurrencies in over 100 markets on Kraken. Funds stored on Kraken are deemed to be highly secure: it was the first crypto exchange to pass a Proof of Reservation crypto audit and also provides its crypto market pricing data to Bloomberg Terminal.
Kraken’s app has an optimized trading interface and is easy for users to use in order to buy and sell cryptocurrencies.
Compared to other platforms on this list for Nigerian traders, the app is a bit limited as it does not support a standalone crypto wallet like Coinbase, nor does the exchange have a local presence like Binance.
Nevertheless, it is a good platform for users that are seeking a safe platform for transacting cryptocurrencies.
See Also: 20 Best Crypto-Friendly Banks in US, Canada, Europe (2022)
Voyager is a popular platform to invest in crypto as it was one of the first publicly traded exchanges. They are app-driven and offer a commission-free trading structure.
Voyager supports most major cryptocurrencies, has solid support and engagement, and pays competitive interest rates on assets.
Plus, when you open a Voyager account, you can earn $25 in BTC after trading $100 in crypto.
You might also want to check out 20 Best Sites To Buy Cryptocurrency In Nigeria 2022
Crypto.com is one of the largest and fastest growing Crypto Trading Platforms. It’s based in Hong Kong, but offers a ton of support for US-based customers.
Right now, you can have access to over 90 tokens and coins worldwide, and 50 tokens and coins if you’re in the United States. Plus, the offer solid rates on their crypto savings accounts.
The only major drawback is that it’s only app-based at this time, there is no desktop platform.
Patricia is one of Crypto Trading Platforms in Nigeria harnesses the power of cryptocurrency to create alternative solutions to financial infrastructure, digital payments and global E-commerce.
The platform allows you to securely buy or sell Giftcards and Bitcoin of any value, store them in a BTC or Local Currency Wallet and smoothly switch between the two for everyday transactions like airtime, data and cable subscriptions. Patricia has over 100,000+ downloads on playstore.
ALSO READ: 10+ Best online brokers for buying and selling cryptocurrency in 2022
While Crypto Trading Platforms are continuously getting headwinds from Nigerian regulators fearful of the economic, financial and political impact and instability they may bring, the surging popularity of digital assets in the country augur well for the future of exchanges in Africa’s most populous nation.
When using digital asset exchanges in Nigeria, it’s probably the safest choice to deal with established global Crypto trading platforms where you know that every aspect — from support, security, liquidity to compliance — has been thoroughly reviewed and satisfactorily attended to in accordance with international standards.