5 Best Cryptocurrency Exchanges in Nigeria to Trade Bitcoin
Are you looking for the best cryptocurrency exchanges, apps, sites, trading platform and wallets in Nigeria to buy and sell bitcoin, ethereum, and other altcoins at cheap rates?
If YES, this article is only what you need to read today.
Despite a government crackdown, Nigerians’ interest in buying and trading Bitcoin continues to grow.
The growing adoption of Bitcoin (BTC) and cryptocurrencies in Nigeria has spurred more crypto exchanges and platforms to establish themselves in order to meet rising demand.
I’ve provided a comprehensive list of the best crypto exchanges where Nigerians can trade cryptocurrencies.
The only thing you’ll need to trade and make money is to sign up and fund your account.
So, ensure to take your time and read this post to the end to avoid making the wrong choices.
What is Cryptocurrency Exchange [Trading App]?
A cryptocurrency exchange is a platform that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
Crypto Exchanges may accept credit card payments, wire transfers or other forms of payment for or cryptocurrencies.
Cryptocurrency trading platforms enable traders to deposit fiat currencies, e.g., Naira in online wallets that they can then use in order to purchase their desired crypto assets.
Features of Good Cryptocurrency Exchanges [Trading Apps]
A good cryptocurrency exchange or trading app/site must:
- Have a strong security level.
- Be mobile friendly.
- Have good trading and deposit options.
- Be fully registered with the proper agency.
- Not have hidden charges.
- Have fair customer’s policies.
- Have good users reviews.
- Have terms and conditions for its customers.
Requirements Needed to Trade Cryptocurrency in Nigeria
These are some requirements and documents that you need to provide before you’ll be able to trade crypto online using various apps/platforms.
- You must be above the age of 18 years old.
- You must have a Valid ID card for verification (National ID, Voters Card or Passport).
- You must have a Bank Account.
How to Buy and Sell Cryptocurrencies in Nigeria
Here are the steps to buy and sell cryptocurrencies in Nigeria:
- Sign up on crypto exchanges for free on the web, iOS or Android app and set up your profile.
- Verify your identity.
- Deposit cash or crypto with multiple payment options — Card, bank transfer, peer-to-peer.
- Send, receive, buy, sell and swap between cryptos and cash.
Top 5 Cryptocurrency Exchanges in Nigeria
Flitaa is one of the best p2p crypto exchange in Nigeria.
With Flitaa, you will buy and sell as you wish without hassles, and even withdraw your payment to your Nigeria bank account.
Why you should use Flitaa today:
- Offers you the most beginner friendly experience you can find.
- Buy crypto as low as ₦500.
- Deposit cash with multi payment options via debit card or bank transfer.
- Buy any of our supported crypto with your deposited cash in seconds.
- Built with best practices to deliver a fast crypto user experience.
- Your wallet is protected on multiple layers of security to prevent theft.
- Your one stop wallet for the most popular tokens available.
- Swap seamlessly between tokens of your choice in milli-seconds.
Quidax is not just a cryptocurrency exchange, it’s a movement of people who believe that access to cryptocurrency products should be easy.
Quidax is still working in Nigeria with a vision to create a world where sending money and value around the globe is as easy as sending a text message.
Why you should use Quidax today:
- 24/7 Support.
- No time-wasting steps, just straight-forward ways to buy and sell crypto.
- You can rest easy knowing that your crypto is safe anytime!
- New cryptocurrencies are listed regularly so that you can buy them easily.
Breet is an OTC cryptocurrency exchange platform that allows anyone in Nigeria to sell their crypto and receive cash straight to their Naira bank account.
Breet is the most convenient mobile app to sell off your bitcoins for Naira in minutes.
All crypto proceeds are automatically converted to your default fiat currency and paid to your bank account, and guess what? No transfer fees.
Why you should use Breet:
- It is incredibly fast and allows you to convert and withdraw your crypto in less than five minutes.
- Zero withdrawal fees and no extra charges.
- Point rewards for every user.
- It is highly secured and enables two factor authentication.
- 24/7 reliable customer support service.
Breet lets you get the cash value for your crypto immediately within 5 minutes.
Breet also acts as a payment gateway in Nigeria where businesses can accept payments using popular cryptocurrencies like Bitcoin, Litecoin, Ethereum, Dogecoins, and BCH.
Steps to Exchange with Breet
- Create Your Breet Account.
- Complete Verification.
- Deposit Crypto.
- It automatically converts. Add Bank details.
- Withdraw to your Bank Account.
Breet is currently available for all Android and iPhone users.
Join 200,000+ users who trust Breet.
Create your account today.
Paxful is changing the world of finance.
In just five years, Paxful has become one of the best place to buy Bitcoin in Nigeria.
Paxful started with a simple mission: to empower the forgotten four billion unbanked and under-banked, so they have control of their money in a way they’ve never had before.
With Paxful you can:
- Elevate your financial freedom to a higher plane.
- Buy Bitcoin online in real time. Trade with other users online using the live chat.
- Sell your Bitcoin at your chosen rate, and get paid in one of many payment methods.
- Your Bitcoin is held in a secure escrow until the trade is completed successfully.
- The user feedback system enables you to identify trusted and experienced peers to trade with.
- Get a life-time free Bitcoin wallet maintained by BitGo, the leading provider of secure Bitcoin wallets.
Binance is the largest crypto exchange in the world where users trade cryptocurrencies daily.
Binance provides an escrowed P2P Bitcoin marketplace where people buy and sell Bitcoin easily and safely with notable simple UI, friendly online customer support 24/7 and lowest fee compared with major players on the market.
The team is comprised mostly by banking professionals with extensive experience in financial products, E-currencies, Payment System and Agile Software Development, and others.
Currently, it has service in many countries, including Australia, Malaysia, Nigeria, Vietnam, Cambodia, China and is growing every day.
- Provides a crypto wallet for traders to store their electronic funds.
- Has supporting services for users to earn interest or transact using cryptocurrencies.
- Enables direct negotiations between individuals.
- Match sellers with buyers who specify their price and accepted payment methods.
Once a transaction is initiated, the funds are held in an escrow system until the seller confirms payment.
You can start investing in Bitcoin with as low as ₦5,000 and fund your account and withdraw via the Peer-to-Peer (P2P) section of Binance.
How do I buy and sell Bitcoin in Binance?
- To buy Bitcoin in Binance, first sign up and verify an account, select a seller from the list, input the amount of BTC, and pay the price in Naira via instant bank transfer.
- Your Binance wallet will be funded once the seller confirms receipt of funds.
- To sell Bitcoin, you need to deposit BTC in your Binance Bitcoin wallet, select a buyer from the list, and wait for the buyer to pay.
- Once you confirm receipt of funds from the buyer, the Bitcoin will then be released to them.
Why should I choose to trade in Binance?
Binance is the best app in Nigeria used to trade bitcoin, ethereum, and other altcoins.
Binance offers you a secure peer-to-peer (P2P) trading platform with 24/7 world class customer support, reliable escrow service, competitive rates and guaranteed speedy transactions.
The escrow ensures your safety when trading.
When you open a trade, the specified amount of cryptos you wish to buy are transferred from the seller’s wallet and held locked on the Binance escrow service.
Cryptocurrencies are locked until the seller confirms the payment.
In case of problems, the support team will resolve base on evidences provided by both sides.
Here are the steps to open a Binance Account in Nigeria:
- Click Here to Create Your Account
- Complete Identity Verification
- Deposit Crypto
- Buy Crypto Using P2P (Peer-to-Peer)
- Explore Binance Products
5 Best Cryptocurrency Apps in Nigeria
Here are the best cryptocurrency apps in Nigeria:
Which Crypto App is Best in Nigeria?
The best cryptocurrency app in Nigeria to buy and sell bitcoin is Binance.
Paxful is the closest competition.
Choosing the right crypto exchange can be difficult because of the various competing options available in the market.
There are a bunch of reasons you might want to buy bitcoin in Nigeria.
Maybe you want to use it to hedge against Naira’s inflation or you want to hold it as an investment asset and wait until it’s profitable before you sell it.
Our top picks for the platforms to buy bitcoin and altcoins in Nigeria offer great services and market-friendly prices.
I spent several hours researching each crypto trading on this list, so you can trust the integrity of the content.
There were several additional apps that I considered adding to this list, but ultimately choose to not add because of the app being poor quality, critical reviews and outdated.
- These crypto apps could request for your bank account details, identity card and phone number. Don’t give false information.
- Ensure the name on your identity card matches with your account and bank.
- Each platform has its own terms and conditions. Ensure you review before trading and only include your bank details on verified apps.
Hope you enjoyed this article?
If you know any cryptocurrency exchange, app, site or trading platform that is equally a good option or shouldn’t be on this list, please let us know in the comment section.
Tell us the crypto app and why it is excellent or bad for trading and investment.