The search for the best Cryptocurrency exchanges in Nigeria has been on for a long time even before the ban on cryptocurrency in the country. Ever since the federal government banned the use of cryptocurrency, a lot of crypto traders especially those who are just starting out in cryptocurrency trading want to know the most reliable exchange platform to trade cryptocurrency safely and bypass the crypto ban. Well, you have landed on the right page. Here we have compiled a list of crypto exchange platforms for you.
In this article, we’re going to look at the top 11 exchanges to buy and sell Bitcoin and other cryptocurrencies in Nigeria. The criteria used for coming up with this list include the reputation of the exchange company, the quality of their service, the service they provide, and how many Nigerians are using these exchanges.
There are hundreds of cryptocurrency exchanges in the world, some are exclusive to certain regions while others can be accessed globally. However, for this article, we have made a list of ten that all Nigerians can use and be sure that their assets are secured. The list includes some foreign cryptocurrency exchanges and Nigerian exchanges as well.
Read also: Stable Coins: The Future and the Challenges
That said, let’s get to our list of the 11 best cryptocurrency exchanges in Nigeria in 2021.
List Of The Top 11 Cryptocurrency Exchanges In Nigeria.
This is a Nigerian exchange that has been around since 2016. It used to be an OTC exchange by the name NGS, Ginger. But later rebranded to Blockvilla and upgraded to a P2P exchange. This enables them to not only cater for Nigerians but customers from other countries. Blockvilla has over 80 thousand users and has processed over 15 million dollars worth of transactions.
If you watched the Big Brother neither show season, shine your eye, then you must have heard of Patricia. They are one of the major sponsors of the show. Patricia was launched from Nigeria in 2018, but now has branches in the U.S, UK and Ghana. On Patricia, you can buy and sell Bitcoin and other digital assets like Perfect money, as well as over 30 gift cards for Naira. They also have a card and let you pay your bills in crypto. Patricia has over 300,000 users.
This list would be incomplete without mentioning the world’s largest cryptocurrency exchange platform — Binance which has over 15 million users globally. Binance is also the largest crypto exchange platform in Nigeria. It is safe to assume that every cryptocurrency Trader in Nigeria has a Binance account. Binance processes over thirteen billion dollars worth of cryptocurrency trade every single day and support about 400 cryptocurrencies and over 1,000 treating peer.
Binance P2P was launched in 2020 and it is overtaking existing P2P like Paxful and Remitano in the P2P Market. Binance has a plethora of services including P2P, spot trading, margin, futures, Binance earn, staking, and liquidity mining, to mention a few. Binance also has the Binance Smart Chain (BSC) with over 8,000 dapps running on it.
Cypto.com is one of the best cryptocurrency exchanges in Nigeria. It has three major platforms and exchanges to cater for your trading needs, a Defi wallet to perform Defi activities such as lending and borrowing and an app, which is the first product that allows you to buy sell and earn cryptos. They also have a card. Crypto.com is Just 4 years in business but can boast of over 10 million users.
Buycoin is another popular crypto exchange based in Lagos, Nigeria. It has been around since 2017. It is the first exchange to support the NGNT crypto-token, even with the crypto ban, you can easily fund and withdraw naira from buycoin using a service called transferred.Africa. This takes away the risk associated with P2P. Buycoin also offers crypto saving features that lets you earn 12% interest per annum when you lock away your coins.
Paxful is another powerful P2P exchange that has been around since 2015. Its major selling point is that you can buy and sell Bitcoin and USDT using over 350 payment methods, any payment method? You can conceive at all, is available on Paxful. It has over 6 million users worldwide with a number of Nigerian users leading in Africa.
Paxful is a reputable platform, but you have to be cautious of scammers when trading on the platform. If you are new to crypto trading, Paxful may not be the best place to start, however, it is one of the best cryptocurrency exchanges in Nigeria.
Quidax was launched in 2018 as the first Nigerian exchange to have a standard trade room. They also launched a P2P platform in 2021 after the Nigerian crypto ban. On Quidax, you can easily convert your Naira to crypto or your crypto to naira and trade with other crypto peers. treat. Quidax has a feature called Quidax vault where you can stake its QDX token and earn more cryptos for free. Quidax has about 400,000 users from over 70 countries.
Okex was launched in 2014. It has over 20 million active users turning over 3.5 billion dollars in trading volume every single day. The services offered on Okex are quite similar to those on Binance, this includes P2P, spot trading, futures, margin, staking etc. Okex also has its own decentralized network — the OKchain where developers can build dapps.
Kucoin is another popular exchange in Nigeria. It is popular for listing a lot of bullish coins. If you can use Binance, then you can use Kucoin, because of the services and build of the two P2P changes as similar. Kucoin also has a trading bot that you can set up to trade for you. It recently launched its P2P making it perfect for any Nigerian.
Kucoin has existed for four years now and has over 5 million active users with a daily trading volume of about 2 billion dollars. Kucoin has several other interesting features that you can try, head over to the site and register to enjoy all of its benefits.
Remitano is one of the most used exchanges in Nigeria and it offers one of the safest P2P exchanges. Each day, over 800 million Naira worth of bitcoins are traded on Remitano from Nigeria alone. Remitano also has its own crypto token — RENEC which it launched in 2021 and you can mine RENEC for free. If you are looking for a Peer-to-Peer exchange that is good in terms of security, customer support, services offered, and the number of supported coins, then, you should try Remitano.
Luno is well known for its simplicity and solid user interface. Luno makes it easy for anyone who is just starting out in crypto trading or investment to buy and sell cryptocurrencies. Although Luno supports only a few cryptocurrencies, it is one of the most popular and trusted in Africa and Asia.
Unlike other crypto exchange platforms, Luno chose not to use the P2P feature due to the risks attached and wants to make sure its customers have a safe experience using its platform. For those who don’t already know, Luno has resumed funding and withdrawal for its 3 million-plus users in Nigeria using a new voucher payment method.
Best Crypto Exchanges
That’s it on the list of our top 11 cryptocurrency exchanges in Nigeria. If you liked the list, please use any o the social media buttons below to share it with friends.
Frequently Asked Questions
Which is the best exchange for cryptocurrency?
Binance is the best cryptocurrency exchange platform globally.
What are the top 5 Bitcoin exchanges in Nigeria?
The top 5 bitcoin exchanges in Nigeria are – Binance, Remitano, Paxful, Blockvilla and Okex.
What are the 3 main types of crypto exchanges?
The 3 main types of crypto exchanges are centralized or CEX, decentralized or DEX, and hybrid.
What is the best crypto Exchange in 2021?
The best crypto exchange for 2021 is Binance.
What Is a Crypto Exchange?
Crypto exchanges are platforms that allow the trading of cryptocurrencies or digital currencies amongst users for other assets such as conventional fiat money or other digital currencies.
How Does a Crypto Exchange Work?
A crypto exchange is a platform that matches a cryptocurrency buyer to a seller.
How did we choose the best cryptocurrency exchanges?
It should have a wide variety of coins, offer assets insurance, be easy to use, secure, have low fees, have great customer support and must be stable.