Cryptocurrency exchanges in Nigeria – It will be a great disservice to undermine the fact that Bitcoin adoption in Nigeria is the highest of its kind in Africa and beyond despite the recent ban on crypto assets by the Central Bank of Nigeria.
Considering high unemployment rate in Nigeria, crypto trading and investment provides a succor for Nigerian youths tremendously.
Millionaires have been made, and by far investment in crypto is the best way to save one’s money. The reoccurring trend of naira devaluation and persistent inflation is nothing to stand for, in time like this a lot of Nigerians are looking to hold crypto assets, this provoked me into writing on cryptocurrency exchanges in Nigeria you can rely on.
What is cryptocurrency exchange?
A crypto exchange is a platform where you can buy and sell cryptocurrency, a cryptocurency exchange works like a bank which enables you to save your money, send and receive funds, and stockbroker, giving you the tools to buy and sell bitcoin, ethereum, litecoin, etc.
Why you should hold cryptocurrency
Ø It’s fraud proof – All transactions are stored in a public ledger, the identity of coin owners are encrypted to ensure the authenticity of record keeping.
Ø Identity theft- The ledger ensures that all transactions between digital wallets can calculate an accurate balance. The blockchain technology ensures secure digital transactions through encryption and smart contract.
Ø It’s accessible- Cryptocurrency can be used by anyone
Ø Alternative to cash – It’s an electronic/digital currency against the Fiat
Ø Retains value – The rising inflation endangers the Fiat currency, however, crypto assets preserves the value of your money.
Cryptocurrency exchanges in Nigeria
Before you can delve into cryptocurrency investment, you need to sign up for a wallet with a cryptocurrency exchange for seamless transaction experience.
Read also: How to invest in cryptocurrency in Nigeria
Kindly find the below exchanges you can sign up with in Nigeria, then buy and sell your assets at will.
Koinwa is home grown crypto exchange in Nigeria that provides a platform to buy and sell your crypto assets. Koinwa is a user friendly platform built specifically for new bitcoin users to navigate their way without stress.
For new cryptocurrency buyers, Koinwa shares an up-to-date free knowledge about bitcoin.
Koinwa has a Peer-2-Peer end where buyers and sellers come together to trade bitcoin at no cost, since the recent dislodges crypto related transactions through the Nigerian banks.
By far the first Nigerian crypto exchange to offer a crypto loan to its users/customers.
Paybis is a renown cryptocurrency exchange which serves over 180 countries and 48 US states, duly registered with FinCEN.
Paybis offers its customers high limits and a fast payout.
Kraken is a leading world’s largest cryptocurrency exchange, available in virtually all the countries.
Kraken resource center will help guide you through the basics of trading crypto and how it’s changing the way the world thinks about money and finance.
You can make easy deposits and withdrawals, measure your portfolio performance and keep track of all your crypto assets in one convenient place.
Patricia is a crypto exchange that enables millions of global crypto traders to buy and sell their assets. It’s one of the home grown cryptocurrency exchanges in Nigeria that has impacted users immensely.
It however started with gift card in Nigeria but later moved to Bitcoin exchange seeing the potency and the level of crypto adoption on-going in the Africa’s most populous nation.
A recent stats on Patricia has it that there are 660,000 registered user account on the platform, 10,000 daily active users, 30,000 transactions consummated daily across 10 countries.
Luno has been one of the cryptocurrency exchanges in Nigeria that has gained relevance among crypto investors, suitable for both beginners and expert traders.
With a simple and secure way to buy, sell and hold your assets like Bitcoin, Ethereum, using a built crypto facility seamlessly.
Luno offers not just a trading facility, rather makes for a brokerage service and offering training and consultancy services to help the entire public with a first-hand experience into understanding the complexity of cryptocurrency.
Binance is a Hon Kong leading cryptocurrency exchange founded in in 2017 with a strong focus on altcoin trading.
Binance now offers crypto trading in over 500 cryptocurrencies and virtual token, which include but not limited to Bitcoin, Ethereum, Dogecoin, etc.
In response to China’s strict regulations on crypto exchange business which later resulted to ban, Binance moved its headquarters to Malta. While Binance may not be allowing trades on its platform at this time, this is given to its involvement in activities that may have warrant regulatory sanctions from so many countries around the world.
With a liquidity strength, Binance has one of the lowest transaction fees around the world.
With Coinbase buying a crypto assets is easy as buying a stock through an online brokerage, however it’s known for undue fees and poor customer service.
The coinbase platform is ideal and easy to use for beginners, however supports for a large number of cryptcurrencies with a distinct opportunity to earn crypto assets, with an ideal window for a low pricing via the Coinbase Pro.
Advanced users will always be cool with additional features and Coinbase Pro, usually available to all Coinbase users.
Coinbase has way over 73 million users and $255 billion in assets on the platform.
8. Buy Coins Africa
Buy Coins Africa is one of the cryptocurrency exchanges in Nigeria based in Lagos, founded in 2017 as Bitkoin Africa but later rebranded its name to BuyCoins in February 2018.
Whether you want to buy, sell, store or transfer bitcoin, BuyCoin ensures it’s been done seamlessly and effortlessly.
It has further consolidate on this by providing secure wallet with easy payment methods, where user’s information is hosted on secure server.
It has a Peer-to-Peer feature where users can buy, sell, trade and transfer Bitcoin as they so wish to have with one another.
NairaEx is a crypto exchange of the Nigerian decent with a situated base in Abeokuta, Ogun state.
On the NairaEx platform you can buy, sell and transfer crypto assets.
For all Nigerian customers, NairaEx seek to provide enabling ground to transact digital currencies without stress whatsoever.
With over 100k user accounts which records to have facilitated 900k transactions. Users claim to have good customer experience, having a same day funding and withdrawal and for the purpose it claims to be the best “Bitcoin exchange in Nigeria.”
It’s now easier to trade crypto assets in Nigeria than ever. Not all cryptocurrency exchanges in Nigeria has been listed here, however, the ones here serve the purpose of crypto investment and I think you should see which of these fits your ideal financial and crypto asset goals.