As a Crypto beginner, it is a hard task to choose a cryptocurrency exchange platform in Nigeria.
In figuring out the best, there are many options to pick from because making a choice can be tough.
In other to know the platform that will be more favourable to you, we will break down and discuss some factors of the top exchanges in Nigeria.
Since Bitcoin and other cryptocurrencies have become the latest economic trend all over the world, Nigerians are gearing up to adopt it and make it a part of the mainstream economy and this has led to the establishment of many trusted cryptocurrency exchange platforms in Nigeria as there’s now mass adoption of cryptos.
Best cryptocurrency exchange platforms in Nigeria
| Top cryptocurrency exchange platforms in Nigeria | Their uses |
| Quidax | Reputable cryptocurrency exchange platform |
| Kraken | Biggest international bitcoin exchange |
| Changelly | Most popular cryptocurrency exchange |
| Luno | Low transaction fee |
| Paxful | User-friendly interface |
| Remitano | Easy-to-use application |
| Paybis | Best security policy |
| Uphold | Multi-Asset platform |
| Localbitcoins | Highly functional mobile app |
| Patricia | Best customer support |
Top 10 cryptocurrency exchange platforms in Nigeria
Below are the best 10 cryptocurrency exchange platforms in Nigeria.
These platforms are well-researched and explained properly.
Quidax
Quidax is one of the reputable cryptocurrency exchange platforms in Nigeria. It was founded by CEO Buchi Okoro and CIO Morris Ebieroma in 2017.
It is quite popular in south Africa and gives its traders the chance to win crypto rewards by taking part in several activities that are organized on the platform.
However, before one can win these crypto rewards, one has to stake QDX(Quidax) tokens in the Quidax vault.
Features of Quidax
- Quidax does not impose a deposit fee but charges bank fees and rave payment processing fees.
- It matches the buyers with the sellers to trade in the assets at specific prices and offers web-based wallets to buy and sell cryptocurrencies along with NGN wallets without providing access to their private key.
Advantages of Quidax exchange
- Crypto deals can be instantly settled and quidax allows direct exchange between buyers and sellers.
The disadvantage of Quidax exchange
- The number of supported cryptos is low
Kraken
Kraken is also a cryptocurrency exchange platform in Nigeria that was founded in 2011.
It operates in Nigeria and it is known for offering a wide range of products, such as indices, liquidity, gift cards, and margin trade facilities to its users.
It is a crypto exchange that is backed up by different investors, such as Hummingbird Ventures, Tribe Capital, Digital Currency Group, and so on.
This exchange does not support NGN currencies, but BTC, ETH, DOGE, etc which are popular in Nigeria’s crypto exchange trends.
It has a maximum maker fee of 0.16% and a maximum taker fee of 0.26%.
Features of Kraken exchange
- It has more advanced trading features
- It supports staking, which is a way of earning interest on your crypto holding
- It is an exchange that is security conscious. It was the first exchange platform to pass a cryptocurrency security standard (CSS) audit.
Advantages of Kraken Exchange
- It has a reliable funding structure.
- It has low fees.
- Its customer support is 24/7.
- It has a powerful security system.
Disadvantages of Kraken Exchange
- It had a poor selection of educational materials.
- There’s a high minimum withdrawal amount.
- Its transaction fees are high without Kraken pro.
Changelly Exchange
A team of Miner Gate, a bitcoin mining pool found the first Changelly exchange prototype in 2013.
It began its full operation in 2015 as an exchange platform and a mobile app that attracts crypto holders around the world who enjoy high-limit fast transactions.
The platform is a non-custodial instant cryptocurrency exchange.
It is known to offer various tools such as API, customized payment widgets, or payment buttons to anyone who wishes to broaden its audience and it is well known for implementing new exchange options.
Features of Changelly Exchange
- It has a good customer support
- The Changelly crypto exchange is best for converting from one cryptocurrency to another and it also lets you convert from fiat currencies.
Advantages of changelly exchange
- 24/7 live support
- Supports over 200 cryptocurrencies
- Available from almost any country
- Low crypto-to-crypto exchange fees
Disadvantages of Changelly Exchange
- Relatively high fees
- Regional transaction limits
- High minimum trade amounts
Luno
Luno, one of the best cryptocurrency exchange platforms in Nigeria, has a market cap of $3.7 million.
It has been a pioneer in the industry since 2013 and has processed a huge transaction volume worth $20 billion today.
The luno exchange has mobile apps that are very interactive and beneficial for crypto trading on the go.
It focuses on the ease of use of crypto assets by accepting debit and credit card payment methods.
Users can trade in BTC, ETH, Ripple, Litecoin, Bitcoin cash, and many more.
Advantages of Luno exchange
- The transaction fee is low
- It is highly configurable and easy to use.
Disadvantage of Luno exchange
- It only supports 25 cryptos.
Paxful
In 2015, Paxful exchange was founded as a crypto exchange that strives to make buyers and sellers interact with each other directly to do bitcoin transactions.
It is associated with over 30,000 users from Nigeria and worldwide and accepts over 350 payment method types.
Paxful financial services are based on AML guidelines to safeguard Nigerian users against financial scams.
Paxful features
- It is a very reliable platform that offers P2P trading to buy bitcoin in Nigeria.
- This platform, in addition to more than 180 wallets, accepts bank cards and bank transfers.
- It allows trade crypto at 0 to 1% spreads in financial markets to buy bitcoin in Nigeria.
- In other to ensure a safe experience, it is registered with FCA, DNB and CySEC. However, to learn about the platform in detail with genuine reviews, click here.
Advantages of Paxful exchange
- It has a very customizable user-friendly interface to buy bitcoin in Nigeria.
- P2P support is available in this trading platform and this is the best for buying bitcoin that allows 100% decentralized business.
Disadvantages of Paxful exchange
- It supports 3 cryptos, namely Bitcoin, Tether, and Ethereum.
Remitano
Remitano is a form of exchange that charges the lowest transaction fees to trade in assets.
This exchange platform allows its users to trade on the crypto and make quick and easy payments by remitano pay.
As an exchange platform, it provides every trader with a P2P interface for Nigerians to conduct decentralized Bitcoin investments and it supports BTC, BCH, ETH, LTC, XRP, and USD.
Features of Remitano Exchange
- It has a swap feature that allows the exchange between two different cryptocurrencies.
- There’s a referral program which is available in Nigeria and allows Nigerian users to accrue a 40% commission and a 10% bonus.
- It allows margin trading, swapping, and investing in assets
- The cryptocurrency funds get stored in the Escrow system whenever a transaction is initiated and wait till confirmation of payment.
Advantages of Remitano Exchange
- The app version is easy to use for exchange and investment in bitcoin with fiat money.
Disadvantages of Remitano Exchange
- The exchange of bitcoin on the platform is not registered and regulated.
Paybis
Paybis exchange operation began in 2014 by allowing easy trading in cryptocurrencies.
It’s an exchange platform that offers an easy conversion calculator, which helps with the estimation of prices for converting crypto to fiat money.
The exchange is subject to the regulations of the FCA and is compliant with the law of the EU and US for the protection of crypto assets.
Features of Paybis exchange
- It’s known for its highest limits of withdrawal, instant buy and payout, top-notch security policy, and many other exciting features.
- It offers liquidity services for banks, affiliate programs, FinTech firms, gaming companies, e-money corporations, gift cards and trading platforms.
- It charges debit and credit card fees, service fees, bitcoin network fees and withdrawal fees for transactions.
Advantages of Paybis Exchange
- It is a platform that accepts several payment methods.
- It has an interface that is highly intuitive, multi-lingual, and easy to use.
Disadvantages of Paybis Exchange
- The trading fees are very high for payment by bank cards
Uphold Exchange
This is a multi-asset platform that has powered transactions of more than $4 billion until today.
It conducts instant remittance of crypto and engages in forex trading that is profitable on the platform.
In this platform, the users can trade in cryptos and engage in quick and easy conversion among any assets and it has a debit card that allows payment in gold, cryptos, and other assets with cash-back offers of 1% and crypto reward of 2%.
Uphold exchange features
- For new users’ registration, it requires KYC document submission for extra security.
- When signed in, it allows for conduct in trading crypto assets, equities, precious metals, and national currencies.
- Its autopilot feature gives automated trading and scheduled crypto transactions.
Advantages of Uphold exchange
- It has an exclusive pricing system.
- It has a highly advantageous fee
- More than 30 cryptos are being supported by the exchange.
the Disadvantage of Uphold Exchange
- There’s no educational content for learning how to buy crypto.
Localbitcoins
This is an exchange that accepts payment in credit card, debit card, Neteller and more.
It is one of the popular P2P exchanges that allows secure trading in assets.
It offers services (Escrow) for holding the assets until the trade gets settled between the sellers and buyer.
In this exchange, thousands of traders sign up every day to make use of its auto trade features and it has a reputation system that allows for the screening of users.
Features of LocalBitcoins exchange
- There’s no need for traders to pay a fee for selling and buying bitcoin.
- It has an interface that supports customization and this makes serves as a pavement for traders, configuring the stop loss, setting profit and ordering other limits before going into the live trade session.
Advantages of LocalBitcoins exchange
- Its mobile app is highly functional to buy and sell, and it is available at all app stores.
- It supports over 100 cryptocurrencies.
- It has top security for its ID verification.
Disadvantages of LocalBitcoins exchange
- The exchange app can be prone to scams.
Patricia
Recently in Africa, Patricia launched the first bitcoin debit card with a daily transaction volume worth 5k to 30k.
The exchange platform serves as a payment solution that is an alternative and enables its users to pay bills, but global airtime with cryptocurrencies and purchase gift cards.
This exchange has customer support in Nigeria and worldwide over live chat, email, Twitter, and Facebook.
Features of Patricia Exchange
- One of the principal features of this exchange is that it offers a virtual card that allows for the withdrawal of funds from bitcoin ATMs. This card is powered by chip-and-pin technology that allows cryptocurrency transactions.
- It allows traders to enrol at the exchange academy of the forum to get access to a wealth of educational content on how to buy assets.
- It has a trading fee that includes the maker fee for ordering book liquidity through limit orders.
Advantages of Patricia Exchange
- The platform is very secure and regulated by the CAC of Nigeria.
- Its mobile app has an interactive interface that allows users to buy bitcoin in crypto markets.
Disadvantages of Patricia Exchange
- Users can deposit and withdraw to buy bitcoin only.
Reason for cryptocurrency exchange platforms in Nigeria
For trading, buying gift cards, exchanging and making investments, the cryptocurrency exchange is very important.
It deals with the acceptance of payment via credit and debit cards or through other payment methods for the credit of crypto assets to the owner’s crypto wallet.
Since Nigerians are gradually starting to convert crypto to fiat money for businesses due to the high rates of inflation that are causing the Naira to lose its value, there was the need to create a trusted exchange in the country and this has led to the creation of many exchange platforms.
Steps to trading cryptocurrency in Nigeria
When trading, one simply has to visit the official website of cryptocurrency exchange platforms in Nigeria to buy and sell bitcoins and other cryptocurrencies to conduct this easily, there are a few steps to follow below:
Link Bitcoin Wallet with Exchange
You may decide to use the wallet that cones with the bitcoin exchange platform you signed up to.
However, it is quite safer to pick your own wallet so has to preserve the privacy of the private key.
Wallets such as Ledger Nano S (hardware wallet), a mobile app wallet like Trust Wallet and a software Wallet like Electrum are highly secure and good for storing cryptocurrencies or conducting secure transactions.
Choose a Crypto Trading Platform Cautiously
In this stage, there are different platforms to choose from and some have been discussed above.
In choosing though, you may come in contact with brokers as they are the ones who teach more about cryptocurrencies and they deal with exchanging of fiat currencies for cryptocurrencies (Nigeria Luno is a good example of a broker).
There is also the peer-to-peer exchange forum which is known as P2P.
This platform was launched in Africa for buyers and sellers to engage in direct negotiations to conduct trading in crypto assets.
It should be noted that when choosing cryptocurrency exchange platforms in Nigeria, one should make sure that they have the following factors
- Few structures of crypto exchange are, picking a platform that charges a low inactivity fee.
- Lesser deposit and withdrawal charges
- High financial security by blockchain so as to maintain a permanent and immutable ledger of transactions.
- Have advanced trading features that provide traders with the facility to use a rich array of tools for the technical analysis of the crypto market.
- Ensure that the platform has a license and make sure you check the license number before registering for cryptocurrency transactions.
Conclusion on Cryptocurrency Exchange Platforms in Nigeria
Today, there are a lot more than hundreds of popular crypto exchanges in Nigeria, and with more than 170 million smartphone users across Nigeria, crypto has now become a popular mode of economic exchange in the country and this has made the creation of exchange platforms easier.
This article has given a description of some best cryptocurrency exchange platforms in Nigeria which operate legally and welcome users from all over the world.