Top 10 Best Crypto Exchanges in Nigeria

The use of cryptocurrencies in Nigeria is increasing. This is especially true in early 2024. It is attracting both people and businesses to explore digital assets. The demand for cryptocurrency trading platforms is increasing. Many applications have emerged to meet the needs of Nigerian traders. As CEO of  DavidWabinz.com, I see the need to address this trend. I will do so by providing a list of the 10 best crypto exchanges in Nigeria. This article will help you navigate the many options and make informed choices that suit your needs.

Is crypto trading legal in Nigeria?

Yes, crypto trading is legal in Nigeria. The Central Bank of Nigeria (CBN) discourages banks and other financial institutions. But, no law bans people from trading crypto or saying they will face legal consequences for it.

In December 2023, Nigeria made a big policy shift. It lifted its ban on cryptocurrencies. The Nigerian Securities and Exchange Commission (SEC) revised its position. The change was swift. The Central Bank issued guidelines in January 2024. The guidelines allow banks to open cryptocurrency accounts. The ban's reversal showed two major factors. The ban didn't work, as Nigerians were among the top cryptocurrency users. And, it showed recognition of the business opportunities in a growing market.

But, the start of 2024 brought Nigeria back into the crypto spotlight. This was due to several key events. The nation saw big currency fluctuations. They made people more interested in cryptocurrencies as a hedge against instability. Additionally, a dispute with Binance was over untraceable funds. It led to the detention of two executives in mid-March. Various media outlets reported this.

By May 2024, the situation took a more severe turn. Reports emerged. They said the national security advisor was preparing to say that trading cryptocurrency threatens national security. This potential declaration was expected to trigger a strict crackdown on peer-to-peer (P2P) trading. P2P trading is the main way many Nigerians use for crypto transactions.

This changing situation shows the complexity and challenges Nigeria faces. It must navigate the regulations on cryptocurrencies. The ban's initial lifting was seen as positive. It was a step towards embracing digital assets and profiting from their potential. But, later events show ongoing worries about financial stability, security, and regulation. The situation continues to unfold. The Nigerian government's approach to cryptocurrencies will likely stay a key focus. This is true for both domestic and international stakeholders.

Best Crypto Exchanges in Nigeria

1. Bybit: Best Overall Crypto Exchange in Nigeria

Bybit is a top trading platform in Nigeria. This is mainly due to its easy process for depositing and withdrawing Naira. After you create and verify your account, you can use Bybit's P2P feature. It lets you exchange Naira for cryptocurrencies and vice versa.

Bybit has a strong interface. It has low fees and high liquidity. These features ensure a smooth trading experience. Their customer support is reliable and ready to assist with any issues.

On Bybit, you can engage in spot market trading, as well as trade futures contracts and options. The platform also includes a marketplace for digital art (NFTs). It also has support for staking, lending, and copy trading. This makes it a versatile option for many cryptocurrency activities.

2. Bitget: Best Crypto Derivative Platform in Nigeria

Bitget is a top exchange in Nigeria. It offers many cryptocurrency products. These include futures trading, spot trading, copy trading, and launchpad participation. The platform is known for its low fees, high security, and fast transaction speeds.

Bitget has its own token, BGB, which provides various exclusive benefits to holders. These benefits include fee discounts. You also get to interact with star traders and followers. You get access to Bitget Launchpad and Launchpool, exclusive airdrops, and more.

Bitget has over 2 million active traders and a daily trading volume of $6 billion. It ensures ample liquidity, so users can buy and sell crypto without big price slippage.

You can deposit cryptocurrencies into your Bitget account using P2P transactions. You can also use third-party merchants. These include Apple Pay and Google Pay. They make it convenient and versatile for users.

3. KuCoin: Best Low Fees Crypto Exchange in Nigeria

KuCoin is a well-respected cryptocurrency exchange in Nigeria. It lets you trade and invest in a wide range of digital currencies. It offers over 700 coins, including popular ones like BTC, ETH, and KCS.

The platform is known for its competitive trading fees, charging just 0.1% for both buyers and sellers. Additionally, users who hold KCS tokens can enjoy further discounts. KuCoin does not charge deposit fees. It has low withdrawal fees. These fees vary by payment method.

Security is a top priority for KuCoin. The exchange uses high security to protect users' funds and data. It includes encryption, offline fund storage, and balance checks.

In my view, KuCoin offers many coins. It has low fees and strong security. This makes it a top choice for Nigerian cryptocurrency traders and investors.

4. Gate.io: Best Exchange for Crypto Portfolio Diversification

Gate.io is a top cryptocurrency exchange in Nigeria. It provides access to over 1,700 crypto pairs for trading. The platform supports buying and selling cryptocurrencies with fiat currencies. It supports Nigerian Naira (NGN). Additionally, it offers futures trading with up to 100x leverage. This makes it a powerful tool for advanced traders.

Gate.io excels in margin trading, allowing users to borrow funds with up to 10x leverage. Users can also lend their money to others on the platform and earn interest. This feature is particularly attractive for those looking to maximize their investment strategies.

Beyond trading, Gate.io provides a variety of services. These include staking, a startup launchpad, HODL & Earn, and trading bots. These options offer users many ways to grow and manage their crypto assets.

Depositing and withdrawing NGN is straightforward via bank transfer or debit card. For cryptocurrency transactions, Gate.io supports many methods. These include crypto wallets, cross-chain swaps, and the Bitcoin lightning network. They ensure flexibility and convenience.

In my view, Gate.io has many trading pairs, leverage options, and extra services. These make it one of the best exchanges for cryptocurrency enthusiasts in Nigeria.

5. Kraken: Largest Crypto Exchange in Nigeria

Kraken is a top global cryptocurrency trading platform. It offers many features and services for traders and investors. With access to over 200 cryptocurrencies, Kraken provides a robust trading environment. It does not support NGN deposits or withdrawals. But, users can convert their Naira to USD, EUR, GBP, JPY, CAD, CHF, or AUD using another service before trading on Kraken. The platform also offers secure custody for storing cryptocurrencies. It also handles crypto-to-crypto transfers. Kraken has a user-friendly mobile app and a low $10 smallest deposit. It supports 190+ countries and offers up to 24% staking rewards. It also supports both spot and margin trading. These features make it a valuable exchange for Nigerian users. But, they must do intermediary currency conversion.

6. Luno: Safest Crypto Exchange in Nigeria

Luno is a recommended cryptocurrency exchange in Nigeria. It offers easy access to popular cryptocurrencies. These include Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and various altcoins. Luno has over 10 million users globally. Many are in Nigeria. It has established itself as a trusted platform for crypto trading.

Depositing Naira into your Luno account is straightforward. You simply need to buy a voucher and enter its number on the Luno screen that says “Redeem your voucher.” Once redeemed, the funds will be transferred to your wallet, allowing you to start trading.

Luno is famous for its top-notch security. It uses bank-grade encryption and cold storage to keep your crypto safe. The exchange also has a user-friendly interface. It has low fees and high trading volumes. It also has a range of features for different trading needs. You can start trading with as little as ₦50 on Luno. It provides a safe platform for both new and experienced traders in Nigeria.

7. Coinbase: Best Exchange in Nigeria for Earning Rewards

Coinbase is a big cryptocurrency exchange. It is in over 25 African countries, including Nigeria. It offers many products and services tailored to different user needs. For example, Coinbase Pro is for advanced trading. Coinbase Wallet is for secure storage. Coinbase Card is for spending crypto. And Coinbase Prime is for institutional investors.

Coinbase is famous for its high-security and regulatory compliance. It keeps 98% of user funds in offline cold storage. It protects the remaining 2% with encryption, biometric authentication, and insurance. The platform adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. It cooperates with the police when needed.

In addition, Coinbase provides educational rewards to its users. It offers free crypto for watching videos, learning about coins, and completing quizzes. Coinbase has robust security. It also has regulatory adherence and user engagement features. These qualities make Coinbase a top choice. Nigerian traders and investors love it.

8. Remitano: Best Exchange to Sell Bitcoin in Nigeria

Remitano has been a trusted platform for cryptocurrency trading in Nigeria since 2014. It serves millions of users and has a positive reputation. Remitano is a peer-to-peer (P2P) platform. It connects crypto traders, allowing seamless exchanges of Bitcoin, other cryptocurrencies, and Naira.

Users can use their bank accounts. They can also use their Remitano NGN fiat wallet. With a reliable escrow system, users can trade with confidence. They know that their funds and data are securely protected.

One standout feature of Remitano is its fee-free policy for crypto deposits. It adds value to users. Additionally, the platform has a friendly support team. They are available to help users whenever needed. Overall, Remitano offers a user-friendly and secure environment for cryptocurrency trading in Nigeria.

9. Paxful: Best P2P Bitcoin Exchange in Nigeria

Paxful is a top peer-to-peer (P2P) cryptocurrency exchange. It lets users trade Bitcoin directly with each other. Paxful was established in 2015. It operates in over 140 countries, including Nigeria. It provides a platform for safe and fast BTC transactions.

Paxful uses an escrow system. It safeguards the seller's Bitcoin until the buyer confirms the payment. This setup ensures both parties are protected from fraud and scams. Paxful only supports Bitcoin. But, it also allows trades with USDT and USDC. This offers users a small but crucial set of cryptocurrencies.

Paxful is strong because it supports many currencies and payment methods. Users can trade Bitcoin for Nigerian Naira or other currencies. They can choose from payment options like GCash, Apple Pay, Paypal, and gift cards. These payment methods are diverse. They make it easier and more convenient for users in different places.

Paxful's P2P model is popular for cryptocurrency trading in Nigeria and beyond. It has a secure escrow system and many payment options.

How to Choose the Best Crypto in Nigeria?

Picking cryptocurrency exchanges requires thorough research. You must consider many factors to choose well. The elements in the text I provide provide a solid foundation. They help assess if platforms are suitable for trading cryptocurrencies in Nigeria. Security is key in crypto. So, you should prioritize exchanges with strong security. This is vital to protect your assets from threats. Regulatory compliance adds another layer of assurance. It ensures that the exchange follows the law and meets industry standards.

Having access to many cryptocurrencies helps traders. They can explore diverse investments and diversify their portfolios. Also, low trading fees help cut costs and raise profits. This is especially true for frequent traders. Enough trading volume and liquidity ensure smooth transactions. Easy-to-use interfaces and reliable support make trading positive.

Convenient deposit and withdrawal options make trading flexible. Mobile access makes it easy. Considering these factors will help. Doing thorough due diligence will too. They will help cryptocurrency enthusiasts navigate digital asset exchanges. They will do so with confidence and security.

How to buy cryptocurrency in Nigeria?

Buying cryptocurrency in Nigeria faces challenges. This is due to the Central Bank's ban on crypto transactions through banks. But, alternative payment methods exist. Here's a guide:

1. Choose a crypto wallet: Opt for an online (hot) or offline (cold) wallet to store your purchased crypto.

2. Select where to buy. Several crypto exchanges like Kucoin, Coinbase, and Bybit operate in Nigeria. Some allow gift card exchange for fiat or crypto.

3. Payment methods:

You can use an international Visa or Mastercard. But, they may have higher fees.

You'll connect with a buyer in P2P trading. They'll exchange crypto for Naira or another currency. You'll do this via platforms like Paxful or Remitano.

Buy gift cards from platforms like Amazon and iTunes. Then, sell them for crypto on exchanges after verification.

Bitcoin ATMs: Limited availability in Nigeria; one in Lagos at Dazey Lounge and Bar by Blockstale BTM.

By using these methods, Nigerians can beat the CBN's ban on crypto transactions. They can enter the cryptocurrency market.

How Cryptocurrency is Taxed in Nigeria?

The Finance Act of 2024 introduced a 10% tax rate on capital gains from selling digital assets in Nigeria. This is a big change in the country's approach to regulating cryptocurrencies. This move aims to bring clarity and structure to taxing digital assets. But, it raises concerns about how hard it will be to do. This is a big worry in areas like valuation. It includes tracking transactions and dealing with international complexities. To ensure enforcement and compliance, the government must provide clear rules. They must also have strong education programs. They should work closely with crypto exchanges to help report user information.

Moreover, this tax plan could improve transparency in crypto. It could also create a fairer market for all. This would help Nigeria's digital asset ecosystem mature.

Frequently Asked Questions

What are the best crypto trading platforms in Nigeria?

In 2024, Bybit, Bitget, and Kucoin are the top cryptocurrency platforms for buying crypto in Nigeria. These exchanges offer low fees. They also support P2P transactions for depositing and withdrawing funds. They have lots of liquidity and many users. This gives many chances to trade and find coin buyers and sellers.

Is Binance illegal in Nigeria?

The Securities and Exchange Commission (SEC) of Nigeria says that Binance is illegal there. The SEC made this announcement on June 9, 2023, stating that Binance Nigeria lacks the necessary license or regulation to operate. So, Binance cannot offer securities or investments. Using its platform may lead to legal trouble.

Does Coinbase work in Nigeria?

Coinbase operates in Nigeria and many other African countries. It helps people buy, trade, and swap digital assets. Additionally, the Coinbase wallet offers a secure way to store cryptocurrencies. It works as a non-custodial decentralized exchange. Users in Nigeria can buy, sell, or swap cryptocurrencies using the Coinbase wallet.

Are there any fees associated with crypto trading in Nigeria?

Of course, most Nigerian cryptocurrency exchanges charge fees. They charge fees for trading, withdrawals, and other transactions. But, fees can vary widely among platforms. Some offer lower rates. Thorough research and fee comparisons are crucial.

Can I trade cryptocurrencies on mobile devices in Nigeria?

Indeed, many Nigerian crypto exchanges provide mobile apps or mobile-friendly websites. They let users trade cryptocurrencies conveniently from anywhere. Mobile trading offers flexibility. But, it may have fewer features than desktop platforms.

What payment methods are accepted by Nigerian crypto exchanges?

Nigerian crypto exchanges commonly accept popular payment methods. These include bank transfers and mobile money services (like Opay and Palmpay). Sometimes, credit/debit cards are also used. Also, many exchanges help peer-to-peer trading. They offer users many payment options.

What is the best cryptocurrency exchange for beginners in Nigeria?

For beginners in Nigeria, Luno and Coinbase are highly recommended. They feature user-friendly interfaces, educational resources, and strong security measures. These platforms offer an easy way into cryptocurrency trading. They are tailored for newcomers to the field.

How secure are cryptocurrency exchanges in Nigeria?

Binance, Remitano, and Quidax are trusted cryptocurrency exchanges in Nigeria. They focus on security. They use measures like two-factor authentication, cold storage, and following regulations. Still, it's crucial to be cautious. You must follow best security practices when trading cryptocurrency.