8 Best Crypto Trading Platforms in Nigeria in 2024 (2024)

Now, for everyone looking to make money with crypto, there's one pressing question: What's the best and safest crypto exchange in Nigeria?

But first,

Moving on,

Here is my list of the crypto best trading platforms in Nigeria:

Now that you have a glimpse of the best cryptocurrency trading platforms in Nigeria, read through and discover the whys and hows of the review.

But first things first,

Types of Crypto Exchanges in Nigeria

There are three major types of crypto exchanges in Nigeria: Centralized, Decentralized, and Hybrid.

But why should you care? Because your choice of platform can significantly impact your trading journey, especially in Nigeria's unique economic landscape.

i. Centralized Exchanges (CEXs)

Think of these as the traditional banks of the crypto world. They're the go-to for most folks, especially if you're just dipping your toes into cryptocurrency.

Why? Because they're

• user-friendly,
• offer a variety of trading pairs,
• and provide additional services like customer support and secure storage.

They act as middlemen in your trades, which means they require you to go through some hoops like Know Your Customer (KYC) verification.

But here's the kicker for beginners: they simplify the complex process of trading.

Given Nigeria's economic fluctuations, a CEX offers a stable entry point with its structured trading environment.

However, remember, they hold your funds, which can be a double-edged sword.

ii. Decentralized Exchanges (DEXs)

Here's where it gets interesting. Imagine a marketplace without a central authority. That's DEX for you.

Peer-to-peer transactions? Check. Anonymity? Double-check.

They cut out the middleman and directly connect buyers with sellers using smart contracts. No need to hand over your funds to someone else's custody.

And in the wake of Nigeria's banking ban on crypto, DEXs have become the unsung heroes, enabling traders to keep the crypto flame burning without the need for traditional banking channels.

This resilience has shown the strength and demand for decentralized finance, especially in circumventing economic and regulatory hurdles.

iii. Hybrid Exchanges

Now, what if you could have the best of both worlds? That's where hybrid exchanges come into play.

They are the new kids on the block, merging the user-friendliness of CEXs with the security and autonomy of DEXs.

Though they're still blossoming, their goal is clear: to provide a secure, non-custodial trading environment without sacrificing convenience.

They're like having your cake and eating it too, offering a promising future for traders looking for balance.

So, whether you're just starting or looking to pivot, knowing your exchanges is more than just good practice—it's essential in navigating Nigeria's crypto landscape.

Now, let's explore further, shall we?

Cryptocurrency Trading Platform in Nigeria

Navigating the crypto market can feel like finding your way through a bustling market. But fear not, as we've got the map to the treasure trove of platforms that could be your alleyway to crypto success.

Here is the compiled summary of the cryptocurrency trading platforms discussed:

Let's dive deeper and review the eight standout exchanges that are shaping the future of cryptocurrency trading in Nigeria.

1. Bybit: Overall Crypto Best Trading Platform in Nigeria

Bybit is by far the best trading platform I reviewed, due to its ease of use and security.

With its roots deeply embedded in derivative trading, Bybit is not just another platform; it's a haven for traders looking to leverage their bets in the crypto space.

Bybit operates across multiple jurisdictions, and is one of the most regulated platforms, ensuring a compliant trading environment.

Now, let's talk liquidity – Bybit offers the luxury of large trades without the worry of causing ripples in market prices.

But what about security? Bybit doesn't skimp here, employing robust measures like multi-signature cold storage to shield your assets from scammers.

With over 547 cryptocurrencies at your fingertips, it caters to a wide palette of trading preferences.

Fee-wise, Bybit plays a fair game with no deposit fees and a competitive structure for trading.

For beginners, Bybit welcomes you with various deposit options, easing the path from fiat to crypto.

In essence, Bybit offers a blend of high liquidity, security, and asset variety.

Sign-up and trade on Bybit HERE!

2. Kraken: Safest Crypto Exchange in Nigeria

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As a centralized exchange based out of San Francisco, Kraken is one of the safest crypto trading platforms in Nigeria, with regulatory compliance badges from the likes of FinCEN and FCA.

Now, let’s break it down: Kraken is the friend you need when starting your crypto journey.

It’s beginner-friendly, balancing sophisticated trading tools with an interface designed not to intimidate newcomers.

Yet, it whispers a word of caution. Complete novices might need a moment to find their legs due to its comprehensive features.

Liquidity? Kraken offers traders the luxury of vast daily trading volumes and narrow spreads that are as elusive as the Kraken itself.

Next, security is the name of the game, and Kraken plays it well with a treasure chest of measures like

• two-factor authentication,
• SSL encryption,
• and the majority of funds securely tucked away in cold storage.

In addition, Kraken boasts over 230 cryptocurrencies, ensuring that traders have options for their trading strategies.

And when it comes to fees, Kraken’s structure is as clear as the Caribbean seas, with competitive rates that cater to both makers and takers.

• maker fees range from 0.00% to 0.16%,
• while taker fees range from 0.10% to 0.26%

Customer support? Kraken’s crew is on deck, earning accolades for their swift and secure service, guiding you through stormy waters with ease.

Although the specifics on proof of reserves are like buried treasure (not explicitly mentioned), Kraken’s reputation for liquidity and security fills in the blanks.

Withdrawals are also easy, with times varying from a swift one day to five days, depending on your chosen method.

In essence, Kraken combines user-friendliness with deep market liquidity and ironclad security, making it a solid contender in the quest for the safest crypto exchange in Nigeria.

3. Bitget: Best Crypto Trading Website for Derivatives

Originally from the vibrant city-state of Singapore, Bitget has cast its net wide, reeling in traders from around the globe, Nigeria included.

But what's the real catch here?

Bitget is not just any centralized exchange; it's a beacon for those looking to dive deeper than the surface of spot trading.

With its user-friendly interface, it's like the friendly neighbor who helps you set up your fishing rod for the first big catch, making derivatives trading less daunting.

Verification is a breeze, cutting through the red tape with just a phone and email – no ID parade unless you decide to delve into buying crypto directly.

But how deep does this liquidity pool go? Bitget's burgeoning community and its global rank in derivatives hint at a market as bustling as Lagos itself.

Security is paramount, and Bitget stands guard like the Ancient Benin walls, with

• two-factor authentication,
• withdrawal whitelists,
• anti-phishing measures,
• and publishing monthly Proof of Reserves.

With over 696 cryptocurrencies to trade and support for over 20 fiat currencies including the Naira, Bitget is like a well-stocked market, offering everything from the common to the exotic.

Fee-wise, it’s as competitive as a local derby, with rates that don't rock the boat. And using their native token, BGB, could see those fees shrink even further.

Navigating customer support is smoother than a ride on the Calabar beach, with 24-hour live chat and a lifeline across social media and FAQs, ensuring you're never left adrift.

Deposits and withdrawals? Bitget has laid out a smorgasbord of options, including credit/debit cards and various international bank transfer methods.

And when it’s time to dock your funds back home, the withdrawal process is straightforward, with fees that don’t plunder your booty.

In essence, Bitget blends ease of use with security and various trading options.

4. Kucoin: Best Low-Fees Crypto Trading Platforms in Nigeria

KuCoin is a centralized exchange with a user-friendly platform. Whether you're a beginner or a pro, KuCoin serves up a variety of trading dishes that cater to all tastes.

Now, let’s sail across the specifics. Headquartered in scenic Seychelles, KuCoin extends its branches globally, touching down in Nigeria without the need for local financial licensing – all thanks to the borderless nature of cryptocurrencies.

But what about the liquidity? KuCoin boasts vast trading volumes, ensuring that your trading ship can navigate smoothly without hitting liquidity snags.

And while 2020 might have seen a storm, KuCoin has since fortified its defenses, implementing a vault of security measures to keep your treasure safe.

Here’s where it gets even more interesting. Kucoin has over 840 cryptocurrencies listed on its platform.

And the cherry on top? The fees. Starting at a mere 0.1%, trading on KuCoin feels like finding a high-value coin in the sand.

Hold onto some KCS (KuCoin Shares), and watch as those fees diminish, rewarding you for your loyalty and trading volume.

Customer support? KuCoin stands guard around the clock, ready to assist across multiple channels, ensuring you’re never left in the dark.

But wait, there’s more: depositing your coins is as easy as a breeze, with no hidden charges to catch you off guard.

And when the time comes to withdraw, KuCoin lays out the red carpet, offering limits that respect both the unverified adventurer and the verified trader.

In summary, KuCoin positions itself as the gateway for Nigerians seeking low fees without compromising on variety or security.

5. Remitano: Best Crypto Exchange to Buy Bitcoin in Nigeria

Remitano stands out as the P2P marketplace of choice in Nigeria, simplifying the crypto exchange process to its bare essentials.

This platform cuts through the complexity, enabling direct transactions between users, bolstered by an escrow service for enhanced security.

It's direct, it's simple, and it resonates with the Nigerian spirit of straightforward trade.

Navigating Remitano is akin to a walk through a friendly neighborhood: intuitive and welcoming for all traders.

Quick to get started and easy to use, it removes the intimidation factor from crypto trading.

The platform's liquidity, though not explicitly detailed, is implied by its popularity, ensuring you're never left without trading options.

Security is tight but unintrusive. With two-factor authentication and a robust verification process, Remitano prioritizes your safety without complicating your experience.

The choice of cryptocurrencies is ample, covering all the major needs without overwhelming users with options.

The fee structure is transparent – a straightforward 1% trading fee. No hidden costs for deposits or fiat withdrawals keep your financial planning clear and predictable.

Customer support is always on standby, ensuring help is there whenever needed, through live chat and email. Community forums provide an additional layer of peer support.

More importantly, deposits and withdrawals are streamlined, offering a variety of methods to suit different preferences, ensuring you can move your funds in and out with ease.

In essence, Remitano is tailored for those in Nigeria looking for a direct, secure, and straightforward way to trade cryptocurrencies.

It bridges the gap between wanting to trade and trading effectively, all while maintaining a high level of security and community support.

6. Coinbase: Best Nigeria’s Crypto Exchange for Beginners

Coinbase emerges as the entry-level champion for Nigerian crypto enthusiasts.

This centralized exchange strips down the complex crypto world into a clean, intuitive platform, perfect for those taking their first steps into digital currency.

In Nigeria, while direct NGN pairs are off the table, Coinbase breaks the barrier by providing an alternative route through USD and EUR transactions.

It's a slight detour, but one that leads to the same destination: crypto trading.

The platform's user-friendliness shines brightest through its mobile application, guiding you through buying, selling, and storing with ease.

Although it's silent on specifics of market liquidity, its global stance as a top exchange hints at a well of resources for efficient trading.

Security? Coinbase wears it like armor. With stringent measures such as two-factor authentication and the majority of funds locked away offline, it stands as a fortress in the volatile crypto landscape.

The currency lineup is welcoming (over 200 assets), featuring popular names like Bitcoin and Ethereum, tailored to the beginner's appetite.

But here's the rub: the fees. Buying cryptocurrencies with a

• credit/debit card incurs a fee of 3.99%,
• while bank transfer purchases have a fee of 1.49%.
• Selling fees via bank transfer are also at 1.49%.

While a tad on the higher side, especially for card transactions, they're the price of admission for Coinbase's streamlined service.

Support-wise, while the platform's global reputation is solid, Nigerian traders may need to navigate through generic channels like the help center.

Depositing is straightforward, albeit with the caveat of foreign currency transactions due to the NGN's absence. Withdrawals follow a similar path, with potential fees lurking for bank transfers.

In essence, Coinbase presents a welcoming gateway for Nigerians new to the crypto scene, offering a mix of simplicity, security, and essential crypto offerings.

7. Paxful: Best P2P Bitcoin Exchange in Nigeria

Paxful positions itself as the best marketplace In Nigeria, where individuals connect directly, reminiscent of traditional marketplace bargaining but in the digital age.

This peer-to-peer behemoth transforms complex crypto transactions into straightforward, user-to-user trades.

Operating under the eagle eye of the US Treasury’s FinCEN, Paxful brings a level of regulated security to the table, despite its global reach.

This American-based platform stretches its roots into Nigerian soil, offering a service tailored for those new to the crypto world with its straightforward interface.

Here’s where it stands out: Paxful isn’t about overwhelming market liquidity; it's about providing a platform where liquidity is as varied as its users' activities.

It's a community-driven marketplace, with the ebb and flow dictated by user interactions.

Security takes a front seat with an escrow system, a guardian angel overseeing transactions.

But remember, in the P2P world, vigilance is your best companion. Paxful empowers users but also reminds them of the importance of cautious trading.

The platform may not be a crypto supermarket, but it offers essentials like Bitcoin and Ethereum, catering to the core needs of Nigerian traders.

And when it comes to fees, buyers breathe easy with zero charges, while sellers pay a modest 1%.

Support is just a chat box away, offering assistance with a personal touch, especially for Peer Program members. However, like any bustling marketplace, experiences may vary.

Diving into payment methods, Paxful is like a bazaar with over 300 ways to pay, from bank transfers to gift cards, embodying the term 'flexibility'.

Withdrawals follow suit, with a wide range of options, though the golden rule applies: verify to unlock full potential.

In essence, Paxful offers Nigerians a platform where crypto trading feels local, personal, and direct.

Just step in with your eyes open and your wallet secure.

8. Binance: Largest Crypto Exchange in Nigeria

Binance blends the traditional strengths of a centralized exchange with the frontier spirit of its decentralized counterpart, Binance DEX.

This platform isn't just about trading; it's about offering a spectrum of opportunities, from the beginner dipping their toes to the seasoned trader diving deep.

Ease of use? Binance has it in spades. The platform demystifies the complex world of crypto trading, offering interfaces that cater to every level of experience.

Whether you’re plotting detailed strategies or making your first trade, Binance lays out a welcome mat.

Liquidity is where Binance shines, boasting volumes that ensure your trades are just a click away from completion, without nudging the market too much.

Thus, your trades find their match swiftly, thanks to the platform's vast user base.

Security is non-negotiable, and Binance holds this banner high with measures like two-factor authentication and cold storage of assets, providing a bulwark against crypto scams.

With over 350 cryptocurrencies, Binance is like a vast bazaar, offering everything from the mainstream to the exotic.

This diversity ensures that your trading strategy is never hamstrung by a lack of options.

Fee-wise, Binance competes aggressively, ensuring that users keep more of their gains without being undercut by high costs.

Yet, the exact toll will vary, painting a picture that's both affordable and transparent.

Customer support stands ready, bridging any gaps in user experience with responsive channels, aiming for a seamless trading journey.

In addition, the global ethos of transparency Binance carries should offer you some comfort. Still, staying updated with their latest communications is key.

Lastly, deposits and withdrawals are tailored to user convenience, offering a plethora of methods to move your funds.

However, as with all things crypto in Nigeria, it pays to understand the local context, especially when converting crypto to fiat and vice versa.

How to Choose the Best Crypto Trading Websites

Choosing the right crypto trading platform in Nigeria is like navigating through a bustling local market; you need to know what to look for to find the best deals and stay safe.

Let’s break down the essentials:

1. Jurisdiction

First off, ensure the exchange has the green light to operate in Nigeria. It’s like checking if a shop meets local standards before you step in.

Compliance with Nigerian laws isn’t just about following rules; it’s about ensuring that your investments have legal backing and protection.

2. Ease of Use

If you’re new to the crypto scene, you’ll want a platform that doesn’t make you feel like you’re deciphering ancient hieroglyphs.

Look for an exchange that offers a straightforward journey from sign-up to your first trade. A user-friendly interface can turn a daunting experience into a comfortable ride.

3. Liquidity

Imagine trying to sell fruits in a deserted market; that’s trading on a low-liquidity exchange.

High liquidity means more people are buying and selling, ensuring you can execute trades swiftly and at prices that don’t swing wildly.

4. Security

This is non-negotiable. An exchange should be like a well-guarded fortress, protecting your digital treasures.

Look for platforms with strong security measures such as two-factor authentication and cold storage of assets. A good track record is like a seasoned warrior; it gives you peace of mind.

5. Asset Choices

Variety is the spice of life, and in crypto trading, it’s no different.

Whether you’re into mainstream coins or niche altcoins, ensure the platform caters to your trading appetite.

More options mean more opportunities to trade and diversify.

6. Fees

Nobody likes hidden charges. Clear fee structures are like transparent pricing in a market; you know exactly what you’re paying for.

Compare fees across platforms, but remember, the cheapest option isn’t always the best.

7. Customer Support

In the crypto world, timely help can be as crucial as a lifeboat. Look for exchanges with responsive customer support, available 24/7.

Reviews and community feedback can guide you to platforms that truly stand by their users.

8. Proof of Reserves

In a market rife with tales of insolvency, proof of reserves is your assurance that the exchange isn’t just a facade.

It’s like a shopkeeper showing you a full stockroom; you know they can deliver what they promise.

In a nutshell, choosing the right platform is about balancing these factors to fit your personal trading style and security needs.

Take your time, do your research, and step into the Nigerian crypto market with confidence.

Conclusion

Navigating Nigeria’s vibrant cryptocurrency market calls for a trusted companion.

Whether you're taking your first steps or are a seasoned trader, the quest for the crypto best trading platform in Nigeria is crucial.

Each platform shines in its unique way, tailored to different needs and trading styles.

Remember, the best platform is one that aligns with your trading goals, ensures security, and complies with local regulations.

Take the leap, armed with knowledge and discernment, and join the thriving crypto community.

Here's to making informed choices and sailing smoothly in Nigeria's dynamic crypto ecosystem.

Crypto Best Trading Platform in Nigeria FAQs

Which site is best to trade crypto in Nigeria?

The best site to trade crypto in Nigeria often varies based on individual needs, but Binance and Paxful are highly regarded for their features and security.

Which platform can I invest in Cryptocurrency in Nigeria?

For investing in cryptocurrency in Nigeria, platforms like Binance and Coinbase are popular choices due to their user-friendly interfaces and range of services.

Which crypto wallet is best in Nigeria?

The best crypto wallet in Nigeria is subjective, but Trust Wallet and MetaMask are widely used for their security and versatility.

Is Binance legal in Nigeria?

Binance operates legally in Nigeria, but users should always ensure they comply with local regulations and updates.