Cryptocurrency’s increasing prevalence has turned it into a major financial asset that has sparked a lot of interest and discussion in Nigeria.
Holding cryptocurrency has become a requirement as a financial asset due to the faltering economy and naira.
As a result, Nigeria, which has a population of over 200 million people, has become Africa’s largest Bitcoin market.
It used to be quite difficult to buy cryptocurrency in Nigeria only a few years ago, but that has changed in recent years.
There are currently dozens of new crypto exchanges that cater to Nigerian users, with some even having a local presence.
Despite the increased focus, crypto adoption is still yet to reach the mainstream in the country, and many African individuals are unaware of where they might purchase cryptocurrency.
We’ll go over some of the top cryptocurrency exchanges for Nigerians to trade with.
What's in this guide?
Nigerian Cryptocurrency Trading
Due to the numerous competing choices accessible in the market, selecting the correct crypto exchange can be challenging – it might be an information overload.
When making this decision, it’s important to consider the following factors: security, reputation, liquidity, accessibility, and whether your crypto exchange of choice allows deposit and withdrawal options in Nigerian naira (NGN).
There are a few other things to keep in mind when trading on an exchange, including:
- Only put money into investments that you can afford to lose.
- Expect volatility, as the cryptocurrency market follows the rule of supply and demand and can be extremely vulnerable to a lack of liquidity or external financial, political, and economic factors.
- Remember to use safety features like biometric verification and two-factor authentication (2FA) when utilizing an exchange.
If you wish to claim complete sovereignty over your cryptocurrencies, it’s best to remove them from exchanges if you’ve had them for a long time. Offline wallets provide an added layer of protection by allowing you to save your private keys. Transfer your crypto assets from an exchange to a private wallet, preferably a hardware wallet, as soon as possible.
Naira to bitcoin (BTC)
Traders and Bitcoin investors in Nigeria can use the CoinMarketCap converter on the web or on their mobile device to keep track of the BTC to NGN price. To utilize the currency converter on the Bitcoin website, simply change the currency to NGN in the top right corner.
The CoinMarketCap app provides an easy way to convert BTC to naira for Nigerian users who are used to trading on their smartphones. Simply touch on the converter icon to convert BTC to naira.
Nigeria’s 5 best crypto exchanges and trading platforms
Below are the top 5 crypto exchange platform for Nigerians.
1. Binance Nigeria
Binance Nigeria is a cryptocurrency exchange based in Nigeria.
Binance’s success can be attributed to its ongoing innovation, low transaction costs, and trustworthiness. The exchange has simple features for newcomers as well as advanced trading capabilities for experienced traders.
Naira (NGN) trading pairings are available to Nigerian consumers, and the exchange now supports two NGN trading pairs: BTC/NGN and USDT/NGN.
Binance also launched the NGN FIAT/NBN trading pair to its P2P trading platform in Nigeria in February 2021.
The exchange originally enabled direct deposits and withdrawals via Naira debit cards, however this option was removed due to a decree from the Central Bank of Nigeria (CBN) requiring financial institutions to stop processing payments for cryptocurrency exchanges.
Binance meets the liquidity requirements because it processes more than $34 billion in daily transactions.
It also has over a hundred coins, a large number of trading pairings, and unique features and services like staking, DeFi farming, and others. Binance is special to Nigerians because it has a physical presence in the country.
Binance created a peer-to-peer (P2P) platform to address this regulatory issue by providing a secure environment for buyers and sellers to transact with no transaction fees.
Nigerians have access to a wide range of cryptocurrency products, including decentralized financing (DeFi).
Liquidity tokens can be staked to earn interest regardless of market volatility. On the Binance platform, there are additional services like as savings, launchpool, and vaults.
Binance also has mobile apps for Android and iOS smartphones, which provide a better trading experience. Traders can also trade spot, margin, and futures markets on the road with the app’s powerful capabilities.
2. Nigerian Luno
Luno has risen to become one of Africa’s largest crypto platforms in recent years, with a major market share in Nigeria. Luno, which was founded in 2013, has spread to various nations and is headquartered in London, United Kingdom.
Luno enables Nigerians to purchase cryptocurrency via naira-based cards and domestic transfers. Users can also convert their crypto to fiat and withdraw to their accounts using the exchange’s Naira trading pairs. The CBN prohibition, which was implemented in February 2021, has had an impact on this service.
Luno supports major coins including as Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash in addition to money and the USDC stablecoin.
Luno’s success can be attributed to its mobile app, which can be downloaded on both old and new devices.
The app is simple and intuitive to use, allowing users to have a better trading experience. A price analytical dashboard, charts, indicators, and other trading tools are included in the software.
Luno has very high transaction fees as the only pure fiat-to-crypto exchange, which is a huge drawback for users. It also offers consumers limited trading alternatives, making it inappropriate for day traders.
However, these drawbacks are minor when compared to the simplicity and ease with which Luno can be used to buy cryptocurrency in Nigeria.
In the face of increasing regulations, the exchange platform continues to innovate and is poised to become a major player in the Nigerian crypto market.
Quidax is a popular Nigerian Bitcoin exchange that first opened its doors in August of 2018.
It’s the first Nigerian-owned exchange to meet and exceed international standards.
Quidax is the only bitcoin exchange to accept Naira deposits and withdrawals 24 hours a day, seven days a week.
It also announced a 0% maker fee, making it the cheapest exchange in Nigeria to purchase bitcoin.
Quidax, which is based in Malta, has never been hacked or victimized by a scam. You can use the web or the Quidax app to access your Quidax wallet. Its web wallet, on the other hand, does not provide you access to your private key.
Quidax, which just launched a peer-to-peer (P2P) service, now supports six currencies.
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), and Tether (USDT) .
4. Trust Wallet
One of the most secure and reputable cryptocurrency wallets available is Trust wallet . Ask the tens of millions of people who use Trust Wallet.
You can use this open-source wallet to buy, store, collect, exchange, and earn NFTs. You can exchange your cryptocurrency without leaving the Trust wallet app, and you can keep track on charts and crypto values.
Binance bought Trust Wallet and made it their official wallet in 2018.
You can buy Bitcoin in less than five minutes with Trust wallet, earn interest on the crypto in your wallet, and keep all of your collectibles (art and NFTs) in one location.
Over 150 coins, including ERC 20 tokens, are supported by Trust Wallet. Because of its server-free technology, only you have access to your assets.
It contains additional in-app security features such as pin and biometric scanning.
Trust wallet offers a user-friendly user interface and is cross-platform compatible.
5. Busha Wallet
Busha wallet is one of the best bitcoin wallets in Nigeria to use. It isn’t as well-known as the other crypto wallets we’ve discussed.
The Busha wallet is a multi-sig wallet, which means that two or more private keys are required to sign and submit a transaction.
Multi-sig wallets are regarded to be one of the safest and most reliable methods of storing cryptocurrency.
While Nigerian policymakers continue to oppose crypto exchanges, wary of the economic, financial, and political consequences and instability they may bring, the growing popularity of digital assets in the country bodes well for the future of exchanges in Africa’s most populous country.
When it comes to using digital asset exchanges in Nigeria, dealing with established global trading platforms is probably the safest option because you know that every aspect — from support to security to liquidity to compliance — has been thoroughly reviewed and satisfactorily addressed in accordance with international standards.