Nigeria is a leader in the adoption and innovation of cryptocurrency in Africa. As per a report published by Peoples Gazette, the highest number of individuals worldwide who possess cryptocurrency is in Nigeria and Turkey. 47% of Nigerians and 31% of Turks possess cryptocurrency in 2023.
In order to engage in the trading of digital assets, it is necessary to have a reputable crypto platform. Although there are numerous options available, not all of them are advantageous for Nigerian traders. The following article contains research and testing conducted to identify the best crypto exchanges in Nigeria.
Key Takeaways:
- Nigeria is a potential and growing market for crypto in Africa. Many Nigerians use crypto to protect their money from inflation and currency problems.
- The top crypto exchanges in Nigeria are Bybit, Bitget, Kucoin, and more.
- Trading fees, security, regulations, liquidity, and more are important factors when choosing a crypto exchange to trade.
List of Best Crypto Exchanges and Apps in Nigeria
To conduct this article, we’ve carefully researched and reviewed crypto exchanges in Nigeria based on different factors such as trading fees, supported trading pairs, customer support services, liquidity of the exchange, and more. Based on our valuation, here is the list of the best crypto exchanges in Nigeria to buy Bitcoin for 2024 :
- Bybit: Best Overall Crypto Exchange in Nigeria
- Gate.io: Best Exchange for Crypto Portfolio Diversification
- Bitget: Best Crypto Derivative Platform in Nigeria
- Kucoin: Best Low Fees Crypto Exchange in Nigeria
- Coinbase: Best Nigeria’s Crypto Exchange for Earning Rewards
- Remitano: Best Exchange to Sell Bitcoin in Nigeria
- Paxful: Best P2P Bitcoin Exchange in Nigeria
- Luno: Safest Nigerian Crypto Exchange
- NairaEX: Best Nigeria’s Bitcoin Exchange
- BuyCoins: Best Cryptocurrency Exchange in Nigeria for Beginners
- Kraken: Largest crypto exchange in Nigeria
1. Bybit: Overall Best Crypto Exchange Nigeria
Bybit is one of the best trading platforms in Nigeria because it makes it easy for you to deposit and withdraw Naira.
You just need to create an account and verify it. Then, you can use the P2P feature to exchange Naira for crypto and vice versa.
Bybit also has a great interface, low fees, and high liquidity. You can always count on its customer support to help you out.
You can buy and sell crypto on the spot market or trade futures contracts and options. You can also explore and trade digital art on Bybit’s NFT marketplace. It also supports staking, lending, and copy trading.
Pros of Bybit
- Trustworthy platform with over 10 million global users.
- Diverse product suite including spot, derivatives, NFTs, staking, and options.
- Easy-to-use interface.
- Low trading fees.
Cons of Bybit
- Crypto derivatives are quite risky for beginners.
- The number of spot trading pairs is limited compared with other trusted exchanges.
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2. Gate.io: Best for Crypto Portfolio Diversification
Gate.io is a crypto exchange that lets you trade over 1,700 crypto pairs. You can buy and sell cryptocurrencies with fiat currencies such as NGN. You can also trade future contracts with up to 100x leverage.
It is also one of the best margin trading exchanges. You can borrow money from the platform with up to 10x leverage. This exchange also allows you to lend your money to other users and earn interest.
Gate.io also offers many other services, such as staking, startup launchpad, HODL & Earn, and automated trading bots. You can deposit and withdraw Nigerian Naira (NGN) via bank transfer or debit card. To deposit and withdraw cryptocurrencies, you can conduct the transactions via various methods, such as crypto wallets, cross-chain swaps, or Bitcoin lightning network.
Read more: Gate.io’s Airdrop Program: First 100 Members Get 20 USDT on Coinwire
Pros of Gate.io
- High liquidity and trading volume.
- There are many crypto pairs to trade.
- Advanced trading features
- Launchpad for new crypto startups
- Secure and reliable platform with multiple layers of protection.
Cons of Gate.io
- Limited fiat currency support and payment methods.
- Complex user interface and learning curve for beginners.
3. Bitget: Best Crypto Derivative Platform in Nigeria
Bitget lets you trade all kinds of crypto products, from futures trading, spot trading to copy trading and launchpad. You can also enjoy low fees, high security, and fast transactions.
Bitget also has its own token – BGB, which gives you many exclusive benefits if you are the holder of this token, such as getting discounts on fees, interacting with star traders and followers, joining Bitget Launchpad and Launchpool, getting exclusive airdrops, and more.
Bitget has more than 2 million active traders and $6 billion in daily trading volume. That means it has enough liquidity to buy and sell crypto without price slippage.
To deposit cryptos to your Biget account, you can use P2P or third-party merchants such as Apple Pay and Google Pay.
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Pros of Bitget
- Products for all levels of crypto investors, from novices to experts.
- Free trial funds to users who complete certain tasks.
- Low fees for high-volume traders.
- Copy trading for inexperienced traders.
Cons of Bitget
- New exchange in industry and may lack trust and reputation.
- Not supporting all the popular payment methods in Nigeria.
4. Kucoin: Best Overall Low Fees Crypto Exchange in Nigeria
KuCoin is a crypto exchange platform that lets you trade and invest in various digital currencies. You can find over 700 coins on KuCoin, such as BTC, ETH, KCS, etc.
This exchange has a low trading fee of 0.1% for buyers and sellers. You can also get discounts if you hold KCS tokens. KuCoin does not charge you for deposits and has minimal withdrawal fees depending on payment methods.
KuCoin uses advanced security measures to protect your money and data. It encrypts your information, stores your funds offline, and verifies your balances.
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Pros of Kucoin
- Easy to use P2P trading for Nigerian users
- A user-friendly website and a mobile app that lets you trade anytime, anywhere
- It has multiple trading options such as futures, margin trading, and copy trading
- You can also stake, lend, or invest in other crypto projects.
- It supports NGN-USDT deposit via bank transfer.
Cons of Kucoin
- Limited payment methods
- Not all low-cap coins are available for trading
5. Coinbase: Best Nigeria’s Crypto Exchange for Earning Rewards
Coinbase is available in more than 25 African countries, including Nigeria. This crypto exchange offers different products and services for users, such as Coinbase Pro, Coinbase Wallet, Coinbase Card, Coinbase Prime, etc.
Coinbase is famous for its high-security standards and compliance with rules. It keeps 98% of its customers’ funds in offline cold storage and uses encryption, biometric authentication, and insurance to protect the remaining 2%.
The platform also follows the Know Your Customer (KYC) and Anti-Money Laundering (AML) policies and works with law enforcement agencies when needed. It also offers free rewards to its users for watching videos, learning about various coins, and completing quizzes.
Pros of Coinbase
- Trade crypto easily with fast, safe, and diverse options
- Stake and earn rewards
- Highly secure trading with high volume
- Easy-to-use mobile app
Cons of Coinbase
- There are fewer cryptocurrencies than other exchanges.
- Advanced trading features such as margin trading, futures trading, or options trading are not available
Related Article: Coinbase Earn Quiz Answers for 2024
6. Remitano: Best App to Sell Bitcoin in Nigeria
Remitano has been helping millions of Nigerians trade crypto since 2014 and has gained a good reputation. It is a P2P platform where you can connect with other crypto traders and exchange Bitcoin and other coins with Naira.
You can also use your bank account or Remitano NGN fiat wallet to conduct transactions. You don’t have to worry about scams or delays because it has a trusted escrow system that keeps your money and data secure.
Remitano does not charge any fees when you deposit crypto. And if you ever need help, it has a friendly and responsive support team always ready to assist you.
Pros of Remitano
- No fee for depositing or withdrawing crypto.
- Quick and safe deals with escrow and support.
- Easy conversion of crypto to Naira and back with bank or wallet.
- User-friendly platform with simple features.
Cons of Remitano
- Only a few altcoins are supported for trading
- It does not have a fixed market price but rather depends on individual orders
- The high price spread between buyers and sellers
7. Paxful: Best P2P Bitcoin Exchange in Nigeria
Paxful is a platform where you can trade BTC with other people directly. It is a P2P crypto exchange that was started in 2015. It works in more than 140 countries, including Nigeria.
This crypto exchange will keep the seller’s Bitcoin in escrow until the buyer confirms the payment. By using this way, both parties are safe from fraud and scams. It only supports 3 coins, including Bitcoin, USDT, and USDC.
It supports many currencies and payment options. You can trade Bitcoin with Nigerian Naira or other currencies and use GCash, Apple Pay, Paypal, or gift cards as your payment method.
Pros of Paxful
- Trade Bitcoin directly without intermediaries
- Many payment methods are available
- The large and diverse market of buyers and sellers in over 140 countries
- Highly secure and reputed
Cons of Paxful
- 1% fee for every trade, which can be costly if you trade often or in big amounts
- Only trade Bitcoin and no other cryptocurrencies on this platform
7. Luno: Safest Nigerian Crypto Exchange
Luno is the next recommendation on our list. With Luno, you can easily access Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and other altcoins. This crypto exchange has over 10 million crypto users in Nigeria and other countries.
To deposit in Naira, you need to buy a voucher and then enter its number on the Luno screen that says Redeem your voucher. After you redeem it, the funds will be transferred to your wallet.
Luno currently has the best security in the industry to keep your crypto safe. It follows the bank-grade encryptions and cold storage of crypto. This exchange also offers a friendly interface, low fees, high volume, and many features to suit your needs. You can start your trading journey with as little as ₦50.
Pros of Luno
- Secure and compliant platform.
- User-friendly interface and app.
- Extensive educational resources and support.
Cons of Luno
- Limited payment options
- Strict verification requirements
8. NairaEX: Best Nigeria’s Bitcoin Exchange
NairaEX was started in 2015 and is located in Abeokuta, Ogun State, Nigeria. It has served over 130 thousand users and completed over 900 thousand transactions.
You can begin your Bitcoin trading journey with NairaEX easily. All you need to do is sign up and verify your ID. However, NairaEX now only supports Bitcoin, which is also the biggest drawback of this exchange.
The transactions are fast and automated 24/7, and the money is sent to your Nigerian bank account as soon as they are confirmed. You can also make money by referring others to NairaEX. You will get a commission for every trade that your referrals make.
The exchange rate is fixed at the time of the transaction and reflects the premium market rates. If you have any questions or need any help, you can reach out to NairaEX’s team via phone, email, or social media.
Pros of NairaEX
- Transactions with instant and automatic payments
- Various payment options, such as bank transfers and Perfect Money
- No trading fees, only network fees are charged
- User-friendly platform with easy navigation
Cons of NairaEX
- All users need to verify their identity
- No mobile app or live chat feature
- Only support Bitcoin
- The minimum order amount is high at 30,000 NGN
Related Article: Best No-KYC Crypto Exchanges
9. BuyCoins: Best Cryptocurrency Exchange in Nigeria for Beginners
BuyCoins is a trusted platform for Nigerians who want to join the crypto market and enjoy its benefits. It gives you a smooth trading experience, fast transactions, low fees, high liquidity, and fantastic customer support.
It has more than 300,000 users and has done billions in transactions. It also follows the rules of the Central Bank of Nigeria (CBN).
Suppose you are an active, high-volume trader. In that case, you can borrow assets from BuyCoins without interest to trade with high volume and make more profit. They have a mobile app that works on iOS and Android devices.
Pros of BuyCoins
- Easy and fast transactions with bank accounts or cards
- 0% interest loans for high-volume traders
- Quick and dedicated customer service
Cons of BuyCoins
- No advanced trading options
- Only Bitcoin and USDT pairs are supported
10. Kraken: High-Volume Cryptocurrency Exchange
Kraken is one of the top crypto trading platforms in the world, with many features and services for traders and investors. You can access more than 200+ cryptocurrencies with Kraken.
It does not accept Nigerian Naira deposits or withdrawals. You can use USD, EUR, GBP, JPY, CAD, CHF, and AUD. This means you need to use another service or platform to change your Naira to one of these fiat currencies before trading on Kraken.
Additionally, Kraken also has custodial services so that you can store and perform crypto-to-crypto transfers.
Pros of Kraken
- User-friendly mobile app
- Minimum deposit of $10
- It supports 190+ countries, including Nigeria
- Earn up to 24% in staking
- Trade spot and margin
Cons of Kraken
- It does not support NGN deposits and withdrawals.
- Low market cap altcoins are rarely supported.
Comparison of the Best Crypto Exchanges and Apps in Nigeria
| Supported Coins | Trading Fees | NGN Supported | Overall Rating | |
|---|---|---|---|---|
| Bybit | 398+ | 0.1% maker/taker | Yes | 4.7/5 |
| Bitget | 518+ | 0.1% maker/taker | Yes | 4.6/5 |
| Kucoin | 700+ | 0.11% maker/taker | Yes | 4.5/5 |
| Coinbase | 240+ | 0.4% maker0.6% taker | Yes | 4.4/5 |
| Remitano | 40+ | 1% maker0% taker | Yes | 4.3/5 |
| Gate.io | 1,700+ | 0.2% maker and taker | Yes | 4.3/5 |
| Paxful | 3 (BTC, USDT,USDC) | 1% for sell0% for buy | Yes | 4.2/5 |
| Luno | 11 (in Nigeria) | Flat 2% per trade | Yes | 4.2/5 |
| NairaEX | Only support BTC | Free | Yes | 4.1/5 |
| BuyCoins | 2 (BTC and USDT) | 0.05% maker0.15% taker | Yes | 4/5 |
| Kraken | 228+ | 0.16% maker0.265 taker | No | 4/5 |
Methodology to Choose the Best Crypto Exchanges in Nigeria
Here are some important factors in choosing the top crypto exchanges in Nigeria:
- Variable security methods: Look for exchanges that offer you two-factor authentication, cold storage, encryption, and strong passwords to protect your account’s safety.
- Registered and regulated by Nigerian authorities: Make sure your chosen exchange is registered with government agencies like the SEC or CBN.
- Wide range of cryptocurrencies: Ensure the exchange supports as many trading pairs as possible, like Bitcoin, Ethereum, or Ripple.
- Competitive trading fees: Compare deposit/withdrawal charges and other costs across different exchanges to ensure your profit will not be suffered much by the trading fees.
- Sufficient trading volume and liquidity: This criteria ensures that you can easily and quickly buy or sell your cryptos at fair prices.
- User-friendly interfaces: Look for exchanges with intuitive designs, easy order placement, and helpful charting tools.
- Customer support is crucial. Check if the exchange offers responsive email, live chat, or phone assistance. It’s important to have reliable support when you need it.
- Convenient deposit and withdrawal options. Ensure the exchange supports secure payment methods like bank transfers, credit/debit cards, or popular payment processors in your country.
- Mobile app: Having a mobile app or a mobile-friendly website lets you trade anywhere and stay connected to the market more conveniently.
How to buy cryptocurrency in Nigeria?
If you want to purchase crypto in Nigeria, you may face some challenges due to the CBN ban on crypto transactions by banks and financial operators.
However, you can still use some alternative payment methods. Here are some steps you can follow:
- Choose a crypto wallet to store the crypto you buy. You can use an online wallet (hot) or an offline wallet (cold) for this purpose.
- Choose where to buy your digital assets in Nigeria. There are many different crypto trading exchanges, such as Kucoin, Coinbase, Bybit, etc. Some of them also allow you to exchange your gift cards for fiat currency or crypto.
- Buy crypto using one of the following payment methods:
- Credit card or debit card: This option is only available for international Visa or Mastercard cards, as naira-domiciled cards are not accepted due to the CBN ban. You may also pay higher fees when using this option.
- Peer-to-peer (P2P) trading: This option involves finding a buyer who is willing to exchange their crypto for your Naira or another currency. You can use Paxful, Remitano, or Bybit P2P to find buyers and sellers.
- Gift cards: This option involves buying gift cards from platforms like Amazon, iTunes, and Steam and then selling them for crypto on crypto exchanges. You will need to upload the gift card code and wait for verification before receiving your crypto.
- Bitcoin ATMs: You can also use a Bitcoin ATM for that. It’s easy and fast. But Nigeria only has a few Bitcoin ATMs. The one is in Lagos, at the Dazey Lounge and Bar. It was installed by Blockstale BTM.
How Cryptocurrency is Taxed in Nigeria?
According to the Finance Act of 2023, enacted by former Nigerian President Muhammadu Buhari on May 28, there is a 10% tax rate on capital gains from selling digital assets (including cryptocurrencies). This implies that any income from the transfer of digital assets will be taxed at 10%.
However, there are some difficulties and concerns about taxing crypto assets, such as valuation, transaction tracking, and international complexities.
Therefore, the government needs to provide clear guidelines and sufficient education and support to taxpayers. The reporting of user information by crypto exchanges is also essential.
Currently, there is no framework for taxing complex transactions in Nigeria, which means that most transactions involving Bitcoins are not tracked. The new law may alter this situation and create a fair environment for all digital asset holders.
Related Article: Crypto Tax Loss Harvesting Guide
Final Thoughts
You have many choices for crypto platforms in Nigeria. However, some are better than others regarding reliability, security, and liquidity.
Based on our research, some of the best crypto exchanges in Nigeria are Bybit, Bitget, and Kucoin, as discussed above. These crypto exchanges have been in business for a long time and have gained the trust of millions of users worldwide.
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FAQs
Is crypto trading legal in Nigeria?
Yes, crypto trading is legal in Nigeria. Although the Central Bank of Nigeria (CBN) doesn’t like cryptocurrencies and doesn’t want banks and other financial institutions to deal with them, no law says you can’t trade crypto or will get in trouble.
However, it would be best to keep an eye on the news and updates because the regulations might change at any time.
What are the best crypto trading platforms in Nigeria?
Bybit, Bitget, and Kucoin are the best crypto sites to buy crypto in Nigeria. You can use P2P to deposit and withdraw money; the fees are very low.
It also has a high liquidity and a user base, which means you can always find buyers and sellers for your coins.
Is Binance illegal in Nigeria?
Binance is illegal in Nigeria, according to the Securities and Exchange Commission (SEC) of Nigeria.
The SEC announced on June 9, 2023, that Binance Nigeria is not allowed to operate in the country because it has no license or regulation from the SEC. This means that Binance cannot offer you any securities or investment products, and you may face legal troubles if you use its platform.
Does Coinbase work in Nigeria?
Yes, Coinbase does work in Nigeria and many other African countries. You can easily buy, trade, and swap digital assets.
You can also use the Coinbase wallet to store your cryptocurrencies safely. It is a non-custodial decentralized exchange. You can buy, sell, or swap using a Coinbase wallet in Nigeria.
How to buy Bitcoin in Nigeria without ID verification?
P2P cryptocurrency exchanges let you trade Bitcoin directly with other users without ID verification. Two popular P2P marketplaces that work in Nigeria are Paxful and Remitano.
