Despite regulatory shake-ups in Nigeria and periodic downturns in the crypto market, Nigeria ranks second globally for crypto adoption. Between July 2023 and June 2024, it received approximately $59 billion in cryptocurrency value. The best crypto exchanges in Nigeria have undoubtedly supported this growth, with a recent surge in airdrop programmes contributing to these figures.
In 2023, Nigeria recorded the highest peer-to-peer (P2P) exchange volume globally. Revenue generated from crypto has also increased over the years. As a trader in Nigeria, this progressive outlook highlights why you should consider tapping into this market with the top crypto exchanges available.
There are over 200 crypto trading exchanges listed on CoinMarketCap. This article outlines the best crypto exchanges in Nigeria and what you should consider before choosing one.
Key takeaways
- Nigeria ranks second globally for crypto adoption, with a growth in crypto trading despite regulatory challenges.
- Over 200 crypto trading exchanges are listed on CoinMarketCap, and choosing the best crypto exchanges is important.
- When choosing a crypto exchange, key factors include security measures, user experience, fees and charges, available cryptocurrencies, and regulatory compliance.
- Top crypto exchanges in Nigeria include Binance, Bybit, Coinbase, Bitget, Quidax, and Luno, each with unique features and offerings.
- No matter which exchange you choose, crypto trading carries high risk and potential returns.
Best crypto exchanges in Nigeria
Binance – [ Best For Holding Crypto]
Binance ranks for its popularity, user base, and trade volume of up to $37 billion daily. It has over 350 coins listed and more than 1,200 trading pairs. Trading fees also apply on Binance.
While Binance’s platform is not the simplest, it is designed for ease of use. It has navigation pop-up tutorials that appear when you use the platform for the first time or try a new feature.
Binance offers a range of features, including spot, margin trading, futures, options, copy trading, and even earn programs. It supports fiat currencies, but Binance no longer accepts naira withdrawals and discontinued naira trade on its P2P platform.
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Its security measures include two-factor authentication, password protection, and email alerts. Binance also provides a Web3 wallet powered by Trust Wallet. The exchange is compatible with mobile and web. Additionally, Binance offers market trading data and analytics to help you make informed trading decisions.
You can switch between Binance Lite and Binance Pro depending on your preferences.
Despite its 4.8 rating in the app store, Binance has issues. Binance user reviews highlight delays with verification, slow page loading times, and random posts, news, and tutorials appearing on the homepage. However, many users still rate it highly for its interface and user base.
In Nigeria, Binance faces regulatory and legal challenges with local authorities, but you can still buy and trade crypto on Binance.
Bybit – [ Best For p2p]
Bybit is a top exchange offering cryptocurrency spot and derivatives trading, including futures, options, and margin trading.
Bybit boosts up to $8 billion in 24-hour trading volume, with over 500 cryptocurrencies listed and close to 620 trading pairs. It holds 0.65% of the market share.
At the moment, Bybit does not offer trading pairs in naira. However, you can trade in NGN through its P2P marketplace or use third-party services. Bybit also charges trading fees.
While Bybit may not initially seem like the simplest platform, it is designed for ease of use and navigation. Like Binance, Bybit has a Web3 wallet, allowing you to switch and interact with Web3 products.
Bybit offers a page navigation guide, trade data, and basic market analytics tools. Bybit has account security measures. Security features include passwords, biometrics, email alerts, and other in-platform security.
With a 4.5 rating, Bybit has received generally positive reviews. Many users praise its service, although some have complained about crashes, possibly due to app updates. Bybit is also often praised for its user interface and P2P experience.
Coinbase – [ Best For Pro Trading]
Coinbase is another one of the best crypto exchanges in Nigeria. It helps you buy, sell, and manage your cryptocurrency portfolio.
The platform supports over 150 crypto assets, with varying exchange fees. It boasts a 24-hour spot trading volume of up to $6 billion.
However, Coinbase tends to charge higher fees compared to other top crypto exchanges in Nigeria. While beginners are welcome on Coinbase, Coinbase Pro offers professional trade experience and favourable fees for more advanced traders.
Coinbase provides security measures, including password protection, email verification, and other additional security options.
Some drawbacks include loading delays, crashes, and bugs, especially with the ‘Learn and Earn’ rewards feature. However, recent updates have greatly improved the platform.
Bitget – [ Best For Web3]
Bitget has a $2.16 billion 24-hour trading volume, over 700 cryptocurrencies listed, and 865 markets. Spot trading on the platform attracts a standard trading fee of 0.1% for makers and takers.
The exchange offers futures, spot trading, and margin trading, among other trading features and reward programs.
Bitget is a decentralised multi-chain wallet that integrates wallets, swap transactions, NFTs, DApp markets, and Launchpad—Bitget Wallet.
Its popularity has grown, especially with the surge in crypto airdrops and increased participation by Nigerians. Projects partner with Bitget for airdrop claiming programmes. Bitget has also added a futures leaderboard to the homepage, introduced a PIN code for security verification, and enhanced the news experience.
Drawbacks include recent issues with sign-ups and verification.
Quidax – [ Best Local Exchange ]
Quidax is known for its compatibility with NGN and prides itself on being Nigeria’s first licensed crypto exchange. It allows crypto purchases using NGN through its crypto on-ramp and the Quidax exchange.
Quidax primarily operates as a spot exchange, with a competitive fee structure of 0.10% for makers and 0.3% for takers. Its buy-and-sell service ranges from 1% to 2%. It boasts a 24-hour spot trading volume of $7.4 million and supports over 20 cryptocurrencies.
The platform offers USD savings, instant swaps for NGN to buy crypto, or the option to use USDT to buy BTC, ETH, and other listed cryptocurrencies.
In terms of security, Quidax employs measures such as 2FA and passwords. Drawbacks include occasional lags and slow processing times.
Luno – [ Honorable Mention ]
Luno is considered one of the best crypto exchanges in Nigeria for its straightforward crypto trading platform.
With its user-friendly interface, you can easily deposit and withdraw funds through various methods.
Luno has a 24-hour spot trading volume of $25.8 million. However, its transaction fees are higher than other top crypto exchanges in Nigeria, varying based on transaction type and trade volume.
Luno supports popular coins such as BTC, ETH, SOL, XRP, and ADA. But it offers fewer options than other leading crypto apps in Nigeria, with 27 coins listed and 102 markets available.
Luno has security features and KYC requirements. While it is praised for its intuitive design, user reviews have highlighted technical issues, including delays with deposits and withdrawals.
Key factors to consider when choosing a crypto exchange
Before you choose an exchange to trade on, you should consider some factors. These factors will guide your overall platform use and help you achieve your trading goals.
Security measures
Consider standard and additional security measures when choosing a crypto exchange, as these can vary between platforms.
- Two-factor authentication (2FA): This provides a second layer of verification beyond strong passwords. Some exchanges also support passkeys using authenticators, which generate timed codes for accessing your account.
- Encryption: This converts your data into a secure code that only authorised parties can read.
- Multi-signature wallets: Multi-signature (or “multi-sig”) wallets require multiple approvals before a transaction is authorised.
- Regular software updates: Choose exchanges that update their software regularly. This helps protect against known vulnerabilities and reduces the risk of exploitation.
- Account monitoring and alerts: Look for exchanges that provide alerts for suspicious activity and every transaction. This feature allows you to respond quickly to potential security breaches.
User experience
The crypto market is quite complex, so a hard-to-navigate interface would make it even more challenging. A well-designed interface can improve your experience, making it easier to use and understand. Look for platforms with consistent structure, clear labels, and minimal clutter.
Customisation options and language settings are also helpful. Key actions, like “Buy” and “Sell,” should have clear and visible buttons, and the platform should provide instant updates on market changes and account activity.
Also, ensure the platform has active customer support and is conveniently available on both desktop and mobile devices.
Fees and charges
Transaction costs on an exchange can impact your trading costs, so consider fees for placing orders and for withdrawing crypto or fiat to an external wallet. This evaluation matters because high trading costs can eat into your profits.
Aside from platform trading fees, consider the payment methods available for deposits and withdrawals.
Many exchanges offer peer-to-peer (P2P) options. However, some don’t allow NGN services due to regulatory restrictions.
Available cryptocurrencies
Many cryptocurrencies allow you to choose from different assets. A crypto exchange that offers this could be considered one of the best in Nigeria.
Moreover, exchanges with a broad range of cryptocurrencies tend to have higher liquidity and a larger user base, making buying and selling easier. This can save you the stress of needing to create multiple accounts.
The exchange should also offer a variety of asset classes across different blockchain networks, such as Bitcoin, Ethereum, DeFi, and NFTs. Additionally, consider exchanges that frequently list new cryptocurrencies.
Regulatory compliance
Compliant exchanges operate within legal frameworks and are safer. They have a stronger reputation, attracting more users. You should verify whether the exchange is licensed and registered with the relevant authorities.
Check if it has Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policies. Also, choose exchanges that undergo regular audits, transparently report their activities, and adhere to local and global standards.
Frequently asked questions about the best crypto exchanges in Nigeria
Is cryptocurrency legal in Nigeria?
Cryptocurrencies are legal in Nigeria, but there are restrictions. While there are no clear regulations yet, the authorities are cracking down on crypto exchanges. Some exchanges have discontinued NGN services, and increased charges and others, like OKX, have stopped services in Nigeria altogether.
You can still buy, sell, and trade cryptocurrencies; however, stay informed about regulatory changes.
Which crypto exchange is best for beginners in Nigeria?
Overall, crypto exchanges with user-friendly interfaces, guides and educational materials, straightforward navigation, and active customer support are best for beginners. As a beginner, you should start with popular choices like Binance and Bybit or simpler platforms like Luno and Quidax.
What are the fees associated with crypto exchanges?
You will encounter varying trading fees and fee structures from different crypto exchanges. Still, common activities requiring fees include transaction fees (maker/taker), swap, transfer, and withdrawal fees.
How do I ensure the security of my crypto assets?
Choose exchanges with standard and advanced security features, such as two-factor authentication, alerts, encryption, and regular security audits, to safeguard your crypto assets.
Enable in-platform security options as recommended by your chosen exchange. Consider storing assets in cold wallets (offline storage) for long-term holdings. Use strong passwords and do not share them with any third party.
Final thoughts: Choosing the right crypto exchange in Nigeria
In Africa, crypto is used for business payments, as a hedge against inflation, as a store of value, and trading for profits.
Choosing one of the best crypto exchanges in Nigeria is an important step in your trading journey. Before selecting an exchange, consider the key factors and follow them carefully.
Additionally, the crypto market is fast-paced, so you should stay updated with information, news, and trends in the industry and at your exchange. Join a community and follow social media for new developments.
Stay up to date with the latest regulatory developments in Nigeria, as these can impact the services of exchanges.
Please note that this article is for educational purposes only. No matter which exchange you choose, remember that crypto trading carries a high level of risk and potential returns. Be cautious, set realistic goals, and never trade more than you can afford to lose.