The best crypto trading platforms in Nigeria are popular brands that help individuals carry out digital trade successfully. Crypto trading platforms in Nigeria have garnered much attention within such a period of time due to the increasing popularity of stock trading in Nigeria.
Cryptos are digital currencies that involve the verification and maintenance of transactions by a decentralized system using cryptography instead of a centralized authority. It is a digital currency designed to work as a medium of exchange through a computer network. Cryptos are non-reliant on central authorities such as central banks or governments to uphold or maintain their value.
Crypto trading platforms are more commonly known as exchanges (something like a bureau de change). The corporate finance institute defines crypto exchanges as platforms that facilitate the trade of cryptos with other digital currency assets or fiat currencies. These trading platforms act as intermediaries between buyers and sellers and make a profit through commissions and transaction fees.
The best crypto trading platforms in Nigeria are used to trade one crypto for another, such as the conversion of Bitcoin to Litecoin, Ethereum, or stable coins like USDT. They also allow users to exchange fiat currency such as the US Dollar for crypto coins or digital products such as NFTs.
Users can also convert their cryptos back into fiat currency and leave it within their trading account on the platform, or withdraw to a regular bank account. Crypto trading platforms or exchanges reflect the current market prices of the cryptocurrencies available for trade.
Types of Crypto Trading Platforms
There are two distinct types of crypto trading platforms; centralized and decentralized exchanges. The former is operated and controlled by one fintech or blockchain organisation and act as a third-party agent between buyers and sellers on the platform. Centralized platforms account for nearly every volume of crypto trade around the world because they are considered to be more stable and reliable since they are owned by a legal entity. Centralized trading platforms are also considered to be user-friendly as they offer beginners an easy start to their trading and investment journey.
These platforms also offer super-effective security for all trading transactions between users. Furthermore, the fact that the transactions are made on a secure, centralized platform offers a level of comfort to users.
On the other hand, large crypto trading platforms are at the risk of hackers and theft because they hold large amounts of crypto and fiat currency in trust for their clients. In addition, centralized trading platforms charge high transaction fees for users on their platforms. The fees become high as the transaction volumes increase. Examples of popular centralized crypto trading platforms include Binance, Coinbase, Gemini, and Kraken.
Decentralized crypto trading platforms (DEX) on the other hand, enable sellers to carry out transactions directly with buyers on the platform. It enables what it calls, peer-to-peer transactions without the need for an intermediary or third-party merchants. These exchanges or platforms do not need to transfer assets to a third party greatly reducing the risk of hacking or theft.
The risk of market manipulation is also absent in decentralized crypto trading platforms because of the peer-to-peer type of transactions carried out on the platforms. This protects users from fake trading and wash trading. Decentralized platforms also provide anonymity to users and do not require new users to fill out KYC (know your customer) forms.
On the flip side, one of the major drawbacks of decentralized trading platforms is that it does not encourage the exchange of fiat currency for crypto products. This makes it difficult for users who do not already have crypto assets to trade on the platform. In addition, it is pretty complex to operate as users are required to remember keys and passwords to their wallets. These passwords are often impossible to recover when they are lost, leading to the loss of crypto assets by users who lose them.
Decentralized crypto trading platforms are not as user friendly as centralized platforms which mean most crypt transactions are carried out on centralized platforms. Consequently, this results in a lack of liquidity on decentralized crypto trading platforms due to the low volume of trading activities. Examples of decentralized crypto trading platforms in Nigeria include; AirSwap, Blocknet, and Baterdex.
List of Best crypto trading platforms in Nigeria
- Trust Wallet
Coinbase launched in 2012 and is now one of the most popular crypto platforms in the world for providing a safe and user-friendly way to buy and trade multiple cryptocurrencies. This is evident with its over 43 million customers around the globe.
Coinbase wallet is one of the top crypto trading platforms in Nigeria Nigeria as it supports many different crypto assets, has access to decentralized apps (DApps), uses bank-level security, and offers Cloud integration (Google Drive and iCloud).
But it’s important to note that Nigerians can only use Coinbase’s wallet services to transfer their coins between Coinbase and other wallets, Trading on the Coinbase exchange itself is not available for Nigerians. Coinbase is very easy to use especially for beginners its ease of use.
However, if you’re an advanced crypto person, you can use the Coinbase Pro to access advanced tools like the ability to monitor fluctuations on the market in real-time.
Note: Аlthough you can download the Coinbase Wallet and send cryptos to other wallets and from other wallets to your Coinbase wallet. You can not trade on Coinbase as an exchange, as Nigeria is not one of Nigeria’s supported countries for this feature as of May 2021.
First Launched in 2013 as BitX. Luno is both a cryptocurrency exchange and a wallet provider.
Luno is still one of the best crypto trading platforms in Nigeria to use despite the CBN circular that stops its Nigerian users from depositing and withdrawing from the Luno app.
But you can still trade cryptocurrencies on Luno. You can’t just deposit from a Nigerian bank account to your Luno wallet and you can deposit from your Luno wallet to your Nigerian bank account.
However, you can send cryptocurrencies from other wallets to your Luno wallet and use them to trade.
Luno supports 5 cryptocurrencies that you can trade: crypto – BTC, Ethereum – ETH, crypto Cash – BCH, Ripple XRP, Litecoin LTC.
Quidax is another one of the best crypto trading platforms in Nigeria. it is both a trusted cryptocurrency exchange and a wallet provider that has users from over 70 countries.
The Quidax Wallet allows you to trade and exchange cryptocurrencies on the platform. Quidax which is headquartered in Malta has never been hacked or scammed.
You can access your Quidax wallet via the web and through the Quidax app. However, its web wallet does not give you access to your private key.
Quidax which recently launched a P2P service currently supports 6 Currencies; crypto (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), Tether (USDT)
Coinomi offers a reliable web and mobile wallet (iOS and Android). Coinomi started in 2014 and is considered one of the reputable wallets in the world with over a hundred thousand users. If you’re looking for an efficient wallet to use, Coinomi is one of the best crypto trading platforms in Nigeria to consider. The Coinomi wallet is multi-lingual and provides support for over 125 cryptocurrencies and 382 ERC20 tokens.
BitPay is one of the best crypto trading platforms in Nigeria to use. This online cryptocurrency wallet gives owners access to store, send or receive crypto (BTC) and crypto Cash (BCH). With Bitpay you can convert cryptos to fiat and buy items with crypto.
Bitpay also provides visa cards to its users which can be used to withdraw cash from any ATM that accepts cryptos around the globe. All your transactions on Bitpay go through an account that can be managed on multiple devices. The Bitpay wallet also has a clear user interface for easy navigation for users.
The BitPay wallet supports over 200 countries (including Nigeria) and displays prices in about 150 currencies.
The Bitpay Chrome version can also integrate with hardware wallets. If you need to pay for products or services online using a crypto wallet in Nigeria, then you should open a Bitpay wallet.
6. Trust Wallet
Trust wallet is one of the most trusted & secure crypto wallets in the world. Just ask the 10 million+ people using Trust Wallet.
With this open-source wallet you can buy, store, collect NFTs, exchange & earn crypto. You can exchange your crypto without leaving the Trust wallet app, track charts and crypto prices within the app.
Binance acquired Trust Wallet in 2018 as its official wallet.
With Trust wallet, you can buy crypto in less than five minutes, earn interest on the crypto in your wallet and store your collectibles (Art & NFTs) in one place.
Trust Wallet supports over 150 cryptocurrencies including ERC 20 tokens. Its server-free infrastructure means no one has access to your assets except you. It has some added in-app security like Pin and biometric scanning.
Trust wallet has a simple and easy to use interface as well as cross-platform support.
7. Kraken Wallet
Kraken launched in 2011 and has since grown to become one of the biggest crypto platforms out there. Kraken offers one of the most trusted crypto trading platforms in Nigeria for buying, selling, storing and trading cryptocurrencies.
Kraken was the first cryptocurrency exchange to pass a Proof of Reservation crypto audit.
This crypto platform offers some of the lowest transaction fees among cryptocurrency exchanges. It also offers very competitive rates for withdrawals on its wallet, while offering zero-fee deposits.
Nigerians can trade more than 20 different cryptocurrencies on Kraken. Funds stored on Kraken are deemed to be highly secure. Kraken’s app interface is easy for users to use in transacting in cryptocurrencies.
Buycoins is one of the popular crypto trading platforms in Nigeria to buy, sell, and manage your cryptocurrency portfolio. Buycoins offers a secure wallet to store your cryptocurrencies for free. With this crypto platform, there are Zero transaction fees. There are no extra fees when you buy & sell on Buycoins.
Buycoins secure P2P trading platform is also very popular among Nigerians.
Remitano is an escrow peer-to-peer crypto trading platformRemitano’s wallet is geared towards trading cryptos than storing. However, Remitano is still one of the better bitcoin wallets in Nigeria that are out there.
Remitano’s Swap feature allows you to swap between digital currencies, back and forth. Despite the fact that Remitano doesn’t support that many currencies.
But it has support for popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP).
Remitano’s interface is easy to use and the platform offers very good support.
Paxful is one of the crypto trading platforms in Nigeria you can trust. Paxful is a great crypto platform for trading crypto just ask the over 3 million people who have used the Paxful wallet to send and receive crypto in Nigeria.
Paxful wallet uses best-in-class security so you’ll never have to choose between security and convenience when doing crypto transactions.
It’s simple to use the platform but lacks support for other digital currencies.
You can use the Paxful wallet on all your devices. It lets you easily manage your crypto funds and top up directly via the Paxful peer-to-peer marketplace. So you can send or receive crypto in just a few clicks. The multiple payment options on Paxful wallet include gift cards, debit or credit cards, cash, and Skrill. Paxful also has excellent customer support.
Presmit crypto wallet is starting to gain popularity as one of the best crypto trading platforms in Nigeria. Presmit is a platform for trading, buying and selling digital assets like gift cards, crypto, USDT, litecoin, and dogecoin. You can use Naira, crypto or USDT for making payments on Presmit.
Once you open a Presmit account, you automatically own a crypto wallet. There’s no minimum or maximum amount of crypto you can trade using a Presmit crypto wallet. Presmit offers a state of the art crypto wallet where you can send, receive and save your BTC.
Not popular as other crypto wallets we’ve mentioned here, but Busha wallet is one of the best crypto trading platforms in Nigeria to use. The Busha wallet is a multi-sig wallet- these are cryptocurrency wallets that require two or more private keys to sign and send a transaction. Multi-sig wallets have been said to be one of the most secure and fail-proof ways to store cryptocurrency.
Busha is designed to make it extremely easy for anyone to get started with selling and buying crypto and other cryptocurrencies.
Patricia lets you do more with crypto than just sell, buy or transfer. You can buy data, buy gift cards and buy international airtime with Crypto.
The Patricia wallet can be accessed via desktop, mobile, or online by signing into your Patricia account or signing up as a new user your wallet is accessible.
Patricia wallet provides extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened.You should consider the Patricia wallet if you want a bitcoin wallet in Nigeria that you can easily use to make everyday payments.
Binance is one of the leading crypto trading platforms in the world, you can buy over 200 crypto coins on Binance. The platform accepts users from around the world and has received favourable reviews from the crypto community.
Binance offers one of the most competitive rates around. Binance is a great option if you want to buy bitcoin in Nigeria. It’s an awesome platform that is friendly for beginners. You can easily convert your Naira to bitcoin and bitcoin to Naira easily on Binance. With Binance you can buy bitcoin in Nigeria with your debit card or via bank transfer.
Considerations for the Best Crypto Trading Platforms in Nigeria
You should consider the following factors when making up a list of the best crypto trading platforms in Nigeria to carry out your crypto transactions.
Location may hinder you from trading in crypto due to official restrictions on the part of countries. Countries like China have banned their citizens from accessing crypto trading platforms altogether. In addition, in Nigeria, one of the largest markets for crypto in the world, Banks and major financial houses have been banned from facilitating crypto transactions in the country. However, the SEC (securities and exchange commission), in charge of stocks and investment in Nigeria still allow crypto transactions on centralized exchanges like Binance. Before you register on any crypto trading platform, however, you should find out if they’re allowed to operate in Nigeria.
Since crypto is not backed up by any central banking institution or global financial institution, security should be at the top of your list when selecting a crypto trading platform in Nigeria. Some platforms hold the balance of users in US dollars as a way of protecting the value of your investment, while others enact insurance policies to protect crypto on their platforms from hacking and fraud. For example, a platform like Coinbase has a $255 million insurance policy to protect account users. Other exchanges strengthen their security protocols such as two-factor authentications to make it harder for fraudsters and authorized users from gaining access to crypto assets. Prospective users should also find out how much of the platform’s currency is kept online or offline. Platforms that keep most of their crypto assets offline, in cold storage are more protected from hacking and thieving incidents.
The easiest and most user-friendly platforms charge the most fees for transactions. Higher fees are not necessarily a bad thing because most often, it means the platform has a high level of security for users.