Here are the Top 6 Crypto Exchanges Nigerians Can Use for Buying/Selling Bitcoin in 2024

Nigerians are preparing to embrace crypto exchanges and integrate them into the national economy, as bitcoin and other cryptocurrencies have emerged as the newest global economic trend.

Numerous reliable crypto exchanges have opened in Nigeria as a result of the widespread acceptance of cryptocurrencies there.

The bulk of crypto-related operations in Africa are concentrated in Nigeria, which also leads the worldwide crypto-related activity space.

According to a Nigerian cryptocurrency research, investors traded over $56 billion worth of stablecoins and cryptocurrencies in the previous year.

A large portion of the daily bitcoin transactions in the region are conducted through P2P trading platforms run by local and international crypto exchanges; Nigeria leads the world in P2P trading volume.

If you wish to purchase cryptocurrencies and other assets, read our guide to the best crypto exchanges in Nigeria and sign up with any of the leading platforms listed below.

The different types of Crypto exchanges

The word “exchange” can apply to a range of trading platforms, cryptocurrency brokers, and other services. Various exchange kinds are frequently more suited for novice or seasoned consumers.

Cryptocurrency brokers (suited to beginners)

Purchase straight from cryptocurrency vendors for easy and rapid transactions. A lot of novices employ brokers while making their first purchase. A broker won’t offer spot trading; instead, they will help you buy the digital asset of your choice right away.

Cryptocurrency trading platforms (suited to beginner/intermediate users)

Get a large range of cryptocurrencies, competitive fees, and extra features like margin trading by buying and selling cryptocurrencies on an open market. Today, many exchanges provide brokerage services that are more user-friendly for novices.

Cryptocurrency derivatives platforms (suited to advanced users)

These exchanges don’t offer direct cryptocurrency sales. Instead, in areas where this restricted-access feature is accessible, they permit some customers to trade cryptocurrency futures. They are intended for experienced traders who require highly liquid platforms with an extensive feature set, rapid speed, and large leverage.

Is it safe to store your Cryptocurrencies on Crypto Exchanges Platforms?

Crypto wallets are used to store cryptocurrency. Certain exchanges will provide you with a wallet of your own, enabling you to store cryptocurrency in your exchange account and move it about as you choose.

But when you’ve acquired what seems like a substantial number of digital assets, you might want to think about moving the private keys to those assets to a wallet that you keep on your own.

This is because you don’t have complete control over your money because the exchange owns the private key to your wallet. Additionally, keeping your cryptocurrency’s private keys in the hands of a centralized exchange carries some danger because hackers occasionally target exchanges.

Top 6 Crypto Exchanges Nigerians Can Use for Buying/Selling Bitcoin

Consider your intended use while selecting the best cryptocurrency trading platform for your requirements. Utilising numerous Crypto exchanges to take use of their various specialisations is rather typical.

For example, one exchange may be used for its coin selection, while another may be used to gain access to NFTs or staking features.

Kraken

As one of the oldest platforms in the market, Kraken has

remained relevant by continuously enhancing its offerings.

It was recognised as the best worldwide cryptocurrency exchange because it is a feature-rich exchange that places a high priority on teaching. With more than 200 supported coins, you may begin assembling a cryptocurrency portfolio right now.

With more than 9 million members and a daily trading volume above $500 million, Kraken is among the biggest exchanges globally.

But Kraken actually outperforms everyone in terms of features and trading tools overall. Although it is obviously designed with traders in mind, beginners are not left behind either.

Kraken offers a wide variety of advanced trading capabilities and staking choices. It takes great satisfaction in providing deep liquidity across markets and low spreads. This implies that slippage is less of a concern for you.

Although novice traders might first be intimidated by the platform, Kraken’s extensive library of instructions can assist anyone in learning about cryptocurrencies, their underlying technologies, and the many trading options.

More seasoned traders, meanwhile, will value its top-notch system and user-friendly UI (user interface) and be pleasantly surprised by how simple it is to trade, transfer cryptocurrency, and manage assets.

Fees and Deposit methods	Bank transfer,Credit card,Cryptocurrency,Debit card,Apple Pay,Google Pay
Deposit fees	Fees vary
Withdrawal fees	Fees vary
Trading fees	Maker: 0.00-0.16%Taker: 0.10-0.26%

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Binance

With a vast array of supported coins and affordable fees, Binance is an exchange that is feature-rich. With more than 300 cryptocurrencies accessible to purchase with Nigerian naira, you may begin assembling a cryptocurrency portfolio right now.

With almost 128 million users and greater trading volume than any rival, Binance is without a doubt the most widely used exchange in the world.

Additionally, Binance offers a wide range of earning options, including yield farming, savings accounts, and staking for more than 100 coins. There is an NFT marketplace there as well.

The platform’s range of advanced trading features, which includes many order types, automated trades, and charting options, will appeal to more seasoned traders.

Fees and Deposit methods	Bank transfer,Credit card,Cryptocurrency,Debit card,P2P
Deposit fees	None
Withdrawal fees	Fees vary
Trading fees	0-0.1%

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NairaEx

Users of the cryptocurrency exchange NairaEx, situated in Nigeria, can purchase and sell Bitcoin with Nigerian naira.

Since 2015, the website has given Nigerians an easy method to access the global cryptocurrency market.

For those who are new to cryptocurrency, NairaEx provides an easy-to-use entry point with cheap pricing and an intuitive layout.

It is simple to deposit and withdraw money from the platform because of its support for a variety of deposit methods, such as bank transfers and card payments.

Fees and Deposit methods	Bank transfer,Cryptocurrency,Perfect Money
Deposit fees	None
Withdrawal fees	None
Trading fees	None

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Coinbase

Renowned worldwide exchange Coinbase is well-known for its approach to cryptocurrency that is beginner-friendly.

With over 108 million verified members spread across more than 100 countries, it is also among the most popular cryptocurrency exchanges in the world, with the second-highest daily trading volume.

Coinbase’s cryptocurrency trading platform is its most well-known offering. Customers may quickly purchase, sell, or convert cryptocurrencies thanks to an easy-to-use interface that is optimized for beginners.

It is also becoming well-known for its Learn and Earn initiative, which gives users free cryptocurrency for each successfully completed learning module.

Fees and Deposit methods	Bank transfer (ACH),Credit card,Debit card,PayPal,Wire transfer
Deposit fees	ACH: FreeWire transfer: US$10SEPA: EUR€0.15SWIFT (GBP): Free
Withdrawal fees	ACH: FreeWire transfer: US$25SEPA: EUR€0.15SWIFT (GBP): GBP£1
Trading fees	Maker: 0.00 – 0.4%Taker: 0.05 – 0.6%

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Quidax

Quidax is an app and cryptocurrency exchange based in Nigeria that lets users purchase, sell, and store well-known cryptocurrencies.

The platform’s 2018 launch aimed to facilitate Africans’ entrance to the cryptocurrency market. It has developed into one of the biggest domestic African exchanges, with more than 400,000 users registered all over the continent.

Both novice and seasoned traders can trade easily and conveniently with Quidax because of its many features.

These consist of a mobile app, minimal trading costs, fast deposits and withdrawals, an easy-to-use user interface, and round-the-clock customer service. In addition, it offers an OTC trading desk for big trades and an immediate swap tool.

Fees and Deposit methods	Bank transfer,Cryptocurrency,Online wallet
Deposit fees	Fiat: From ₦100Crypto: None
Withdrawal fees	Fiat: From ₦200Crypto: Network fees
Trading fees	N/A

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Luno

The Luno exchange, which has over 10 million users across 43 countries, provides an easy-to-use platform for beginning cryptocurrency investing. It solidifies its position as one of our top-rated trading platforms.

With as little as $1, you can access a variety of well-known cryptocurrencies and schedule recurring purchases at the frequency of your choice.

Luno is worth looking at because of its user-friendly design and learning resources, particularly if you’re just starting off and would rather utilize an exchange with a low learning curve.

Fees and Deposit methods	Bank transfer,Cryptocurrency,PayID,Debit/credit cards
Deposit fees	Free ($1.30 for amounts below $50)
Withdrawal fees	Free ($1.30 for amounts below $50)
Trading fees	Maker: 0%Taker: 0.03-0.10%

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What do I need to buy Bitcoin in Nigeria?

In Nigeria, you can invest in Bitcoins as long as you have a phone and an internet connection. However, these are the things you need to get started in order to make your experience as short and easy as possible.

An account on a cryptocurrency exchange

Select a cryptocurrency exchange and create an account beforehand. When the price of Bitcoin hits a level that you are comfortable with, you will be ready to invest in it.

A Means of payment

In Nigeria, a lot of people purchase Bitcoin using a credit or debit card. You can also purchase cryptocurrency using an e-wallet like PayPal. Ensure that you have the account information you wish to use, be it PayPal, your credit card, or another service.

A duplicate of your ID photo.

Normally, in Nigeria, presenting identification is required while purchasing Bitcoin. In order to adhere to KYC (Know Your Customer) requirements, which are put in place to combat fraud, Nigerian cryptocurrency brokers want proof of identity.

A private cryptocurrency wallet (required).

After buying Bitcoin, you have the option to store it on the exchange or, for added security, transfer it to a private cryptocurrency wallet. Create a wallet in advance using a well-known wallet like MetaMask to save time.

Through a P2P exchange, it is possible to purchase cryptocurrency in Nigeria without presenting identification, but they are a little less safe and require more skill to use, therefore we advise only seasoned cryptocurrency investors to choose this route.

How to buy crypto on the best Bitcoin exchange in Nigeria

Learn how to buy Bitcoin in Nigeria by following this brief guide. Whether you want to trade cryptocurrency instead of buying and selling Bitcoin, this straightforward strategy works the same way.

For Nigerian users, we suggest Binance as the top cryptocurrency exchange in Nigeria.

Step 2. Create an account

To create an account, you must provide some personal contact information, like your name and email address. Before you can use your account to purchase bitcoin in Nigeria, a number of Nigerian cryptocurrency exchanges require a kind of picture ID for verification.

Step 3. Deposit funds in your chosen currency

Make a deposit in the currency of your choice.

Navigate to the deposit or bank area of your account on the cryptocurrency trading site. Here, you can transfer the funds you want to use to purchase cryptocurrency onto the exchange, input the amount you want to deposit, and select your chosen payment method (bank account, credit card, or debit card).

Step 4. Search your favourite crypto

Entering the coin name or symbol into the search box is the first step in buying Bitcoin and other cryptocurrencies. For instance, look for the symbol BTC to purchase cryptocurrency online. Next, you input the trade’s specifics.

Step 5. Buy cryptocurrency in Nigeria

Finally, click the “buy” or “trade” button to purchase Bitcoin or any other cryptocurrency asset. Enter the amount of cryptocurrency you wish to purchase and complete the transaction.

Step 6. Transfer your cryptocurrency to a crypto wallet (optional)

After the trade is completed, your cryptocurrency assets will appear in your exchange wallet. You have the option of moving them to a specific cryptocurrency wallet or leaving them there.

Although using a wallet gives you greater control over your finances, it can be more inconvenient if you want to trade frequently. Below, you can find out more about where to look for the best Bitcoin wallet in Nigeria.

What is the best Bitcoin wallet in Nigeria?

Because wallets are unrestricted and private, anyone can access them anywhere, without being limited by where they reside. Among the greatest cryptocurrency wallets are MetaMask and Trust Wallet, both of which are globally accessible.

Nonetheless, there’s a tendency for cryptocurrency businesses to function as one-stop shops, allowing users to use a single account for both exchange and wallet functions. For most novices, the ideal choice is to register for a service such as Binance or OKX, which allows you to purchase cryptocurrency on the exchange and keep it on the same platform.

How to choose the best Nigeria crypto exchange

Selecting a Bitcoin purchase location in Nigeria is crucial, and using the best Nigerian cryptocurrency platform will help you save a tonne of money, time, and stress. Your decision should be influenced by factors such as storage options, exchange fees, and the variety of cryptocurrencies offered.

The best approach to purchase cryptocurrency in Nigeria are in the following tips.

Exchange charge to trade

The trading fees that each cryptocurrency exchange with a base in Nigeria charges can vary significantly. Although most exchanges provide inexpensive bitcoin trading, there might be significant differences in their fees. You can save money if you take the time to compare them.

Typically, trading costs are calculated as a percentage of the transaction. The lowest fee cryptocurrency exchange in Nigeria will take 1% or less from each trade. Certain services have much higher fees.

There can be fees associated with deposits and withdrawals. When using a bank account, credit card, or debit card to deposit fiat money, you almost never have to pay, although there can be a flat withdrawal cost. Withdrawals made in digital money are frequently subject to a sizable fee.

Customer funds Storage

Although there are many cryptocurrency exchanges, it’s crucial to know if they are regulated in Nigeria. It’s the rule that shields you in case something goes wrong with the exchange and you lose the money you have there.

Selecting a trustworthy exchange that securely holds its users’ money is important. Your money should be kept in separate accounts and, ideally, in cold storage (offline) by the top Bitcoin exchanges in Nigeria. You might feel even more at ease if you select a Nigerian cryptocurrency exchange that has undergone an audit by a respectable accounting company.

Easy to use Platform

It takes more than just being able to easily browse a website to provide a positive user experience. Consider your trading strategy: will you trade using a mobile device? How will you oversee your cryptocurrency holdings? Are you looking for certain programme integrations, visualisations, or analysis tools?

Equipped with that knowledge, you can begin to refine your list of options by evaluating if the trade aligns with your interests. For example, you should concentrate on the platform that provides the best cryptocurrency exchange app in Nigeria if you intend to trade frequently while on the road.

Account verification process

You are frequently required to provide some personal information and a form of identification when creating an account in order to authenticate yourself. In Nigeria, regulation of cryptocurrency exchanges is typically a must.

Before registering, it’s a good idea to find out how the verification procedure works. In this manner, you may ensure a smooth registration process by having the necessary paperwork on available.

Alternatively, you can exclude the cryptocurrency exchanges in Nigeria that require authentication before using them if you’d rather not give out personal information.

Cryptocurrencies Availability

Any cryptocurrency exchange in Nigeria allows you to purchase Bitcoin, albeit the quantity of coins accessible may differ. Find a Nigerian cryptocurrency exchange that offers a wide variety of coins and “crosses,” or places where you may swap one cryptocurrency for another, if you wish to trade altcoins.

Currency Deposit

The majority of people in Nigeria use cryptocurrency exchanges as a way to convert local fiat dollars into cryptocurrencies. It can be problematic, though, if your primary currency is not US dollars, as many cryptocurrency exchanges in Nigeria only allow deposits in US dollars.

It could be better to select a big exchange like Binance or a local exchange made just for Nigerian cryptocurrency dealers if you don’t have access to US dollars.

Payment Methods

Make a payment plan decision for your cryptocurrency. The majority of Nigerian cryptocurrency exchanges accept deposits from bank accounts, so you don’t need to worry if you want to fund an account with the finest Nigerian cryptocurrency exchange using debit card payments or bank transfers.

It is less common for an exchange of cryptocurrencies in Nigeria to take PayPal and other e-wallet services as alternate forms of payment.

Even while the bigger ones, like Binance, support a wide range of payment ways, it’s still a good idea to confirm that you may make the payment method of your choice before registering.

Additional features, like staking or lending

Consider your potential uses for the exchange and let that guide your choice. Are you storing or staking your coins? Invest in them by lending them money or take out a personal crypto loan?

Any regulated crypto exchange with a Nigerian base allows you to purchase cryptocurrency there, albeit not all of these platforms provide all of these services. Even if using several exchangers and juggling several logins could make you happy, using just one service is typically easier—at least initially.

What are the Risks of using a crypto exchange?

Breaches in cybersecurity

Regrettably, scams and hacks are widespread in the cryptocurrency industry. Targeted phishing schemes and security lapses connected to exchanges continue to be top concerns for both exchanges and their users.

Not your set of keys

The phrase “not your keys, not your crypto” is often in the industry to describe storing your digital assets in a wallet that is under the control of another individual or organisation, such an exchange. Some may argue that the nature of cryptocurrency contradicts by giving up complete custody of your assets and placing your trust in a third party when you store your cryptocurrency on an exchange as against a non-custodial wallet.

Insufficient safeguards for consumers

Even if cryptocurrency exchanges are becoming more and more regulated in Nigeria and can register with a local authority, several consumer protections, including obligatory insurance or stringent guidelines for the management of user funds, are still absent from these platforms.

Proof of reserves

Many traders and investors have requested that centralised exchanges disclose confirmation of reserves and user deposits ever after the much-publicized collapse of FTX. A third-party auditor or on-chain data may do this. The idea of proof of reserves is still developing, therefore it’s unclear what the best methods are or how trustworthy it will end up being.

Transaction limits

The majority of cryptocurrency trading sites have daily withdrawal and deposit caps. This implies that you might not be able to access and withdraw the entire amount, even if you would have, say, 10,000 NGN accessible. Transaction limitations usually rise when you provide more KYC data and are determined by the exchange and local regulatory requirements.

Frozen Accounts

Cryptocurrency exchanges may suddenly freeze withdrawals and deposits. You won’t be able to take your money out of a frozen account until the exchange either grants or rejects your request. It is advisable to take precautions such as simply keeping a trading balance on an exchange.

Delisting of assets

A coin may be removed from centralised exchanges at any time. Many factors, such as subpar asset performance, security issues, or anti-money laundering (AML) violations, may contribute to this. The exchange will notify you if delisting is occurring, at which point you will require to sell your assets or remove them from the platform.

Frequently Asked Questions

What is the safest cryptocurrency exchange Platform?

Strict security features including password protection, Know Your Customer (KYC) registration, and a 2-factor authentication (2FA) option are on the safest exchanges in Nigeria.

A publicly accessible insurance policy for user deposits and the bulk of user funds in cold storage are two further red flags to watch out for.

To increase security, think about utilising a hardware wallet as all centralised bitcoin exchanges are susceptible to hacking.

Which bitcoin exchange platform charges the least in fees?

When selecting an exchange, there are numerous expenses to consider. Transaction costs on exchanges like Binance and Kraken are renowned for being competitive.

However, spreads, potential account inactivity penalties, and deposit and withdrawal fees should also be taken into mind.

What cryptocurrency exchange has the best reputation?

When selecting a reliable cryptocurrency exchange, research and due diligence are crucial.

Look for exchanges like Coinbase, Kraken, or Binance that have a long track record of providing support to users without experiencing hacks.

Reading our in-depth analyses of each cryptocurrency exchange and looking up user ratings on websites like Trustpilot and industry statistics are excellent ways to go deeper.

Why do certain cryptocurrency exchanges require identification verification?

Laws pertaining to counterterrorism funding and anti-money laundering (AML/CTF) apply to exchanges in Nigeria and a number of other nations. Exchange operators may request identification as a means of compliance, as they are required by law to collect specific consumer data. “Know your customer” or KYC is the term most commonly used to describe this procedure.

Final Thoughts

Nigerians have always been drawn to cryptocurrencies, primarily because of the potential financial gains. Because of this, even in the face of murky legislative frameworks around digital currencies, the area has emerged as a major player in the market and a promising place for the adoption of cryptocurrencies.

According to Statista’s forecasts, the penetration of cryptocurrencies in Nigeria will continue to expand, with over 2.5% expected by 2027 compared with the present 1.4% penetration.

Exchanges and other cryptocurrency-related initiatives in the area will be essential to achieving this anticipated adoption since they offer users easily accessible platforms for regular and interactive cryptocurrency transactions as well as a way to learn about useful crypto applications.

Having said that, take notice that the purpose of this post is to inform readers about the exchanges that are accessible in Nigeria for cryptocurrency trading. Before selecting any cryptocurrency platform, users should conduct their own research; this post is not intended to be financial advice.