Did you want to venture into CRYPTO CURRENCY from NIGERIA? I want you to know that there is hope in the crypto currency investment. Crypto currency exchange has come to stay and there are awesome testimonies.
You may be asking am I making the right investment? Be rest assured that the investment made today can be the difference between borrowing or incurring debt tomorrow.
The List of Top 11 Best Crypto currency exchange Companies in Nigeria
#1. Luno: Overall Best
#11. YELLOW CARD
Top 11 Best Crypto Currency Exchanges In Nigeria
Here are Top 11 Best Crypto currency Exchanges in Nigeria
1. 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.
You must know that Luno Features
- Large Trading Volume
- Tight Spread
- Customer Support Via LiveChat
- Instant Buy and Sell
- Easy to Use Trade Room
- Price Alert
- Instant deposit
- Mobile App
- Multiple Currency
- Direct Withdrawal to Bank account
- and a Safe Secure system.
2. Binance Nigeria
In just four years of existence (May 2021), 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. simple question, Is Binance Legit?
Binance passes the criteria in terms of liquidity since it processes more than $34 billion daily in transactions. It also offers over a hundred coins, many trading pairs as well as unique features and services such as staking DeFi farming and more. What makes Binance unique for Nigerians is that it has a localized presence in Nigeria.
To circumvent this regulatory problem, Binance developed a P2P platform that provides a safe environment for buyers and sellers to transact at zero transaction fees. Nigerians can also access extensive crypto products, including decentralized finance (DeFi). Users can stake liquidity tokens to earn interests regardless of market fluctuations. There are other features, including savings, launchpool and vaults on the Binance platform.
Binance also offers Android and iOS devices mobile apps, with the apps offering an optimized trading experience. Traders can further use robust tools provided on the app and trade spot, margin and futures markets on the go.
Founded in August 2018, Quidax is now ranked among the top exchanges in Nigeria. It supports users from around the world and processes its over the counter(OTC) transactions using Flutterwave.
Quidax supports the following:
-Instant Buy and Sell
-Supported Payment Methods
-Supported Flat Currency: Nigerian Naira(NGN)
–Supported Trading Pairs
Remitano is an online peer-to-peer escrow marketplace that makes it easy to buy and sell cryptocurrencies. The cryptocurrency trading platform is designed to support the purchase and sale of cryptocurrencies with both fiat currencies and cryptocurrencies.
The platform allows users to connect with other cryptocurrency buyers and sellers to transact in a secure environment.
As an online cryptocurrency exchange, Remitano has a global reach and serves clients in more than 30 countries such as Malaysia, Nigeria, Vietnam, and many others. While Remitano has reach in more than 30 countries, it should be noted, however, that the number of partners can vary widely depending on geography. In some geographic areas, the counterparts may be as few as a few, while elsewhere there are thousands.
The countries supported by the Remitano platform are Cambodia, Ghana, India, Kenya, Malaysia, Nigeria, Pakistan, Singapore, South Africa, Tanzania and Vietnam.
The platform supports the most popular cryptocurrencies, including but not limited to Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s, XRP, and Tether. Remitano accepts payments by bank transfer and in cryptocurrencies.
Paxful was founded in 2015 by Ray Youssef and Artur Schaback. It is a P2P exchange that is headquartered in the USA.
The exchange serves users from around the globe except for these countries.
Payment Methods Includes:
-9 Bank Transfer options (SWIFT, SEPA, e.t.c.)
-114 Gift Cards (Amazon, iTunes, e.t.c.)
-128 Online Wallets (Skrill, PayPal,e.t.c.)
-55 Cash options (Bank deposits, Cash in Person, e.t.c.)
-26 Digital currencies (ETH, LTC, e.t.c.)
-20 Credit/Debit Cards (Visa/ Master cards, e.t.c.)
Supported Fiat Currencies
-Any fiat currency
-(Charged sellers alone)
-Bank Transfers: 0.1%
-Credit/Debit Cards: 1%
-Digital Currencies: 1%
-Online Transfers: 1%
-Cash Deposits: 1%
-Gift Cards: 5% iTunes and Google Play. 2% for every other gift card.
LocalBitcoins is founded in 2012 and has its headquarter in Finland.
It was the first P2P exchange and has Sebastian Sonntag as its CEO. The company serves users from more than 240 countries including Nigeria.
- Buy/Sell Bitcoin
Various payment methods( up to 30) are accepted on Local Bitcoins depending on your country and on the seller’s preferred payment option.
Some of them are:
- Cash (in person: if you are in close proximity with the seller)
- Wire Transfer
- Bank Transfer
- Western Union
- Supported Fiat Currencies depends on the user’s country
-Trading fee(Seller) – 1%
-Merchant invoicing fees – 0.5%
One of the websites that has focused on a specific market is NairaEx.com. The website is focused on the Nigerian market, so its motto is part of the site’s name. Starting with the word “Naira”, the website accepts currency in exchange for Bitcoin.
At NairaEx.com, they calculate the average market price from multiple exchange sites for USD and then multiply it by the Naira / USD exchange rate.
Basically, NairaEx accepts two deposit methods. This would come from a Naira or Perfect Money bank account. To name a few banks that accept, we have Citibank Nigeria, Access Bank, Ecobank Nigeria, Enterprise Bank, Fidelity Bank, First Bank of Nigeria, and to name a few.
Redeem is the safest P2P exchange to sell and buy over 30 gift cards for Bitcoin at the best rate. It’s a P2P platform but however does not allow direct interaction between buyers and sellers to ensure maximum safety and anonymity.
It was founded in 2018 by Kyle Hill and Mike Townsend from Los Angeles California.
A. Gift cards
C. Payment Methods
D. Gift cards
–Supported Cryptocurrencies are:
B. Bitcoin Cash
F. Ether Classic
- Withdrawal fees
- Urgent: 29 satoshi/byte~$0.64 in fees
- Normal: 29 satoshi/byte~$0.64 in fees
- Economy: 13 satoshi/byte~$0.29 in fees
-Free (no fee is charged for making deposit)
Buy/Sell Card Fees
-Buy Card – 3%
-Sell Card – 4%
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.
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.
Formerly known as Ngexchanger, Blockvila is an exchange based in Port Harcourt, Nigeria It was founded in 2017 and specializes in buying, selling, and exchanging digital currencies. The company has customers from all around the globe.
(a) Buy and Sell e-currency
(b) Bitcoin Wallet
(c) Investment Scheme
-Supported Fiat Currency
-Nigerian Naira (NGN)
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Dash (DASH)
- Litecoin (LTC)
- Ethereum Classic (ETC)
- NEO (NEO)
- EOS (EOS)
- Steem Coin (STEEM)
- Binance Coin (BNB)
If you want to buy any coin(even though not listed), contact the support team and it will be provided.
- Perfect Money, e.t.c.
- Deposit Charge = N50
The exchange generates most of its revenue from hidden charges. This is because of its high rates which cover for the lack of visible transaction charges.
For example, Ether(ETH) that is valued at $50 will cost you N20,000 instead of N18,000 at the current dollar to naira exchange rate.
11. Yellow Card
Yellow card is a relatively new platform. It was sponsored by Binance to increase the adoption of Bitcoins and other cryptocurrencies in Africa.
Yellow card lets you; buy bitcoins at a very good rate with naira using bank transfer. Accept bitcoins for your goods and service and have the equivalent sent directly to your bank account.
Become a bitcoin vendor i.e. easily buy and sell bitcoins to your customers at a physical location using the Yellow Card app. With these unique features, Yellow Card has seen increased adoption in Nigeria.
- BTC Wallet
- Buy/Sell Bitcoin
- Bitcoin Merchant
- Payment Methods
- Bank/ Instant Bank Transfer
- Debit/Credit Card
- Supported Fiat Currencies
- Nigerian Naira (NGN)
- African Rand (ZAR)
- Botswanan Pula (BWP)
- United States Dollars (USD)
- Transaction Charges
Having listed the 11 top crypto exchanges to buy and sell cryptocurrencies in Nigeria, you may be wondering which of them is the best. As we must have learnt, these exchanges have their specialties and peculiarities. Well…The choice is yours to make!
The best exchange for you at any moment should be determined by the type of transaction you want to carry out at that point.
For example: To buy Bitcoin with gift cards, I check for a better price on CoinCola and Paxful, when I choose to use a credit/debit card, I go to Coindirect or Changelly, but I carry out most of my trades on Coinbase, Binance, Quidax and Luno. THANKS AND REMAIN GUARDED🙏🏼🙏🏼🙏🏼