The face of money is changing internationally to digital format like Bitcoin and other cryptocurrencies, and Nigeria is not left out of this currency revolution.
In fact Nigeria is one of the biggest nations that is investing in cryptocurrency. This is probably because the Naira is losing value more and more and cryptocurrency offers an easy way to save and invest in a currency with high value.
Here are 10 platforms you can trade in cryptocurrency right here in Nigeria.
1. NairaEx
NairaEx provides secure trade on cryptocurrency for Nigerians only. On this platform you can buy and sell Bitcon, Perfect Money and Naira easily 24/7, using bank transfer, bank deposit or ATM point.
What NairaEx offers:
- Fast service: Send and withdraw into any Nigerian bank in the same day
- Premium Market Rates: Their exchange rate is set at the time of transaction
Advantages of using NairaEx
- It has several payment methods
- Its crytocurrency assets is said to be stored securely with a top wallet custodian
- It is widely recognized
- It is easy to use
- Current exchange rate of Bitcoin is always displayed on the platform
Disadvantages
- Privacy level is week because of the identity verification it offers
NairaEx fees and charges
- In the Bitcoin exchange price list, you will find trading and FX fees
- When transferring to any Nigerian bank, you don’t pay withdrawal fees
- They don’t charge any fee on trading on the site
- Their source of revenue is from buy and sell spread of crytocurrency
Special features
- New users get a N1,000 welcome bonus
- Referral commission of 25% for all users
- Using NairaEx can earn you loyalty points which can be used in buying data, airtime, cable subscription and electricity.
For NairaEx N10,000 is the minimum transaction threshold. To buy and sell crytocurrency with NairaEx, register on the site and start your transactions.
2. Luno
Luno which was formerly known as BitX, is a global crytocurrency exchange platform with local presence. Their presence is in over 40 countries including Singapore, South Africa, Malaysia and Nigeria.
What Luno offers
- Ease of transaction on Bitcoin, Ethereum, XRP, Bitcoin cash and Litecoin in Nigeria
- Fast deposits and withdrawals: You can use a wide range of payments methods like Bank Transfer (SEPA) Credit Card Debit, Electronic fund and many more.
Advantage of using Luno
- Offers ease of transaction
- It is a highly trusted platform
- You can automate your trading by setting up repeat buying and selling on your own terms
- You can just save your BTC and earn 4% interest
- Send and receive crytocurrency to people with Luno account for free
- The platform is very secure
Disadvantage of using Luno
- The tools are not very desirable to seasoned traders
- Does not support Paypal
Luno fees and charges
- Sending fees is dynamic depending on the type of crytocurrency but sending BTC to email address or mobile number is free
- Receiving fees is free
- Withdrawal fees through bank transfer is N200
- Deposit fees ranges from N300 to N2,070 depending on the method of deposit
- Trade fees are calculated on your total 30 days trading volume on all the activities across Luno Exchange, you are than assigned a fee tier base on this
- Luno collects a 2% service charge when buying or selling crytocurrency
Luno special features
- You can earn free Bitcoin by inviting friends
- With as little as N500 you can start
One of Luno objective is to make spending crytocurrentcies available to regular people; this is why they have made registering and transacting on their platform very easy.
3. LocalBitcoins
LocalBitcoins is a marketplace that offer peer-to-peer Bitcoin exchange. Users advertise buy/sell of cryptocurrency on this platform. Transactions are confirmed and finalized and payments are made via different payment methods like BPay Cash, Credit Card, Debit Card, etc.
What LocalBitcoins offers
- Peer-to-Peer transaction
- Escrow protection which protects buyers and sellers by keeping the bitcoin safe until transaction is complete
Advantage of using LocalBitcoins
- Speed and reliability
- Their fees are competitive and most of their services are free
- Wide range of payment channels that gives consideration to any country’s payment peculiarities
- Layers of security for users on the platform
- Worldwide reach
- A large pool of buyers and sellers and the platform co-locate buyers and sellers in their region
Disadvantage of LocalBitcoins
- They have low customer support
- You cannot carry out transaction with people in USA
- You are responsible for protecting your wallets because their wallet security system is week
- Regardless of its high level of security, their a lots of scammers bypassing security to reach exchange users
LocalBitcoins fees and charges
- They charge users who create adverts a 1% fee for every completed trade
- Registration, selling and buying Bitcoin is free
- It will cost you about $1 to $3 to transfer Bitcoin from their wallet to your own wallet
- A service fee of 0.5% is charged for merchant invoicing
- If research for some other projects are carried out for customer, a fee of 200 Euros/hour is charged. The payment is received in Bitcoin.
Special features
- They have a rewarding affiliate program
LocalBitcoins got its name from the fact that it connects buyers and seller in the same geographical location. Therefore, it is possible for buyers and sellers to physically meet if they choose to.
4. Cryptofully
Cryptofully offers users a means of buying and selling cryptocurrency, sending and receiving money in cryptocurrency, and withdrawing it in any Nigerian bank.
What Cryptofully offers
- Peer-peer transfer to any Cryptofully account Virtual card or Physical card
- Buy, sell, send and receive cryptocurrency from any part of the world
- Ability to store currencies in your wallet as savings
Advantage of Cryptofully
- You can earn interest and borrow money using your crypto as collateral
- With it you can buy airtime and pay bills
- You can receive and send cryptocurrency in Naira up to $5,000 daily
- It supports a wide range of currencies and it is in other African markets
- They are insured with NDIC
- Fast and secure exchange
Disadvantage of Cryptofully
- Reviews have shown that there are some challenges uses experience which hinders saving money in the wallet and carrying out other transactions.
Cryptofully rate and charges
- Zero transfer fees
- They offer cheap/real-time exchange rates
Special features
- You receive points every time you make transaction and point can be converted to cash
- They offer unlimited referral bonuses
Cryptofully aims to make crypto simple enough for the ordinary Nigerian to understand so it will be easy to use for everyday payment of bills and business transaction.
5. Quidax
With Quidax you can buy and sell Ethereum, Ripple, Bitcoin and other cryptocurencies using any local currency.
What Quidax offers:
- They have wallet service
- Buying and selling of cryptocurencies
- Trading platform
- The supported FIAT currency is Naira
Advantage of using Quidax
- It has various payment methods like Credit/Debit cards, Bank transfer and USSD deposit
- It is fast, trusted and secure
- With as low as N200 you can start trading
- Its fees are low
- It has a instant buy/sell feature with has a very fast transaction rate
- They are highly recognized
Disadvantage of using Quidax
- The reviews leave a lot to be desired as there are several complains about transfer
- Customer feedback needs to be improved
Quidax rates and charges
- Using USSD and Debit card Naira deposits carries a 1.4% fee
- Deposit using Bank Transfer and Direct Bank Deposit carry no fee
- 0.2% maker fee and 0.3% taker fee is attached to trading on the platform
- 1% is charged when you use the instant buy/sell feature
- No fee is charge for receiving cryptocurrencies
- N100 withdrawal fees for FIAT and different cryptocurrencies
Quidax special features
- You can enter the trade to win competition and win prizes daily
Quidax is constantly improving it services to meet with customer demand and changing trend.
6. Paxful
Paxful offers a peer to peer exchange platform that enables buyers and sellers to make transactions in cryptocurrencies.
What Paxful offers
- Peer to peer transaction
- Escrow protection which protects buyers and sellers by keeping the bitcoin safe until transaction is complete
- Bitcoin mining
- Diverse payment methods
Advantages of using Paxful
- Their customer support is reliable
- Transaction on this platform is easy
- You can use multiple method of payment like Amazon Gift Card, iTune Gift Card, Bank Transfer etc
- Layers of security for users on the platform
- Worldwide reach
- A large pool of buyers and sellers and the platform co-locate buyers and sellers in their region
Disadvantage of using Paxful
- They only trade on Bitcoin and Tether
- There are lots of flusters on the platform
Paxful fees and charges
- Deposit fees depend largely on how much you deposit so it varies.
- They charge 1.00% service fees per trade which are only paid by the seller
- Their withdrawal fees are fixed at 0.00005 BTC
Special features
Nigeria is one of their big markets because of this, they have affiliate program where you can use your Nigerian bank account to start selling Bitcoin and make a profit of 60% on each sale.
You can also earn passive revenue of 2% on each trade forever by just sharing a link
7. Blockvila
Blockvila was formerly known as Ngexchanger. They are into buying, selling and exchange of all cryptocurrencies that are available in the coin market.
What Blockvila offers
- Trading and exchange of all cryptocurrencies
- Wallet service
- Forex copy trading
- Bitcoin mining
Advantage of Blockvila
- Their platform is secured
- They have good customer service channel which are via whatsApp and Live Chat
- You can buy cryptocurrency using local bank channels like bank transfer, ATM etc
- Using their platform is very convenient for buying and selling cryptocurrencies
Disadvantages of Blockvila
- On like other platforms that offer 24/7 service, they only work from 8:00am to 8:00pm
- Account verification takes up to 48 hours
- $20 is their minimum buy/sell amount
Blockvia fees and charges
- They charge N50 on every deposit
- Their exchange rate charge is higher to compensate for the lack of outright transaction fees.
Special features
They have a delightful referral program where you receive N50 commission from each person that signs up with your link. You also get 0.05% to 1% commission from their tractions; both buy/sell order for life.
Bleckvai is working on plans to become Nigeria’s first peer to pear cryptocurrency platform.
8. Binance
This trading platform deals with over 500 cryptocurrencies. You can access their exchange worldwide except in 13 states of the USA.
What Binance offers:
- Cryptocurrency exchange
- Trust wallet
- Peer to peer trading
- Savings; you can save your idle funds and get interest on your savings
- Bitcoin mining
- Crypto loans: offer loans to users in the form of BUSD and USDT by using BTC or ETH as collateral
Advantages of using Binance
- Over 500 types of cryptocurrencies to trade on
- Offer multiple payment methods like Credit card, Bank transfer, Gift cards and other cryptocurrencies
- The platform is secure
- Dedicated client support
- They are very reputable
- Its fees are low
Disadvantage of using Binance
- Regardless of how secure it is, it has been hacked before and it is very possible it can happen again. However, leaving your cryptocurrencies on Binance wallet is far safer than leaving your funds on Binance Exchange.
Binance fees and charges
- Their trading fee is 0.1%
- Average per BTC withdrawal fee is about 0.0006BTC
- The maker fee is 0.1%
- Takers fee is 0.1%
- Binance accepts deposit via Simplex a payment service from Isreal. Simplex charges 3.5% per trade and a minimum flat fee of 10 USD to enable the purchase
Special features
You can get a 25% discount on trading fee and 10% discount on USDT futures trading fee rate. There is also a key client privileges section where you get special services.
Binance is highly trusted and it one of the foremost cryptocurrency exchange platform online that evolves with time.
9. Coinbase
Coinbase is one of the leading cryptocurrency exchanges in the world. They have practically set a standard for new crypto investors.
What Coinbase offers:
- Cryptocurrency investing
- Advance trading platform
- Custodial accounts for institutions
- Wallet service
- Loan service by using your BTC as collateral
Advantages of using Coinbase
- The user interface is very simple
- Secure platform
- It offers very high liquidity
- Has over 25 cryptocurrencies for trading
- You can use various forms of payment including Credit card, Wire transfer and Paypal (for withdrawal only)
Disadvantages of using Coinbase
- They don’t give user access to their wallet keys
- Their fees are high when you are not using Coinbase Pro
- The number of coin they trade on is not as much as some other big crypto trading platforms
Coinbase fees and charges
- Coinbase Pro has a transaction fee of +0.5% and a flat fee for transactions below $200
- Transaction fee for standard is 1.49%
- Transaction fee for credit card buys is 3.99%
- To deposit money via ACH is free
- Through other means cost $10
- However, Coinbase fees varies depending on country
Coinbase special features
Their affiliate program gives up to $50 for the first 3 months on your referrer
Coinbase is quite diverse in their business structure. They even have a venture platform where you can raise money for crypto start up.
10. Remitano
This platform is another top peer-to-peer cryptocurrency escrowed marketplace that connects payers and sellers. Remitano supports the trading of cryptocurrency with both fiat and cryptocureencies.
What Remitano offers
- Peer – to – peer escrowed marketplace/exchange
- They offer investment opportunity
- Wallet service
- Remitano also offers Swap
Advantage of using Remitano
- Supports multiple payment channel like Bank transfer, Credit card, Debit card etc
- They support trade of over 20 cryptocurrencies
- You can get a Remitano’s Naira fiat wallet
- They are fast and secured
- They offer tips on how to trade in Nigeria
- Low transaction fees
Disadvantage of using Remitano
- They control users’ funds
- They are vulnerable to malicious attacks
- Their AML/KYC checks are stringent
Remitano fees and charges
- For P2P exchange fees, makers (sellers) pay 1% and takers takers(buyers) pay 0%
- When you invest and make a profit you pay a 1% fee
- Deposit fees and withdrawal fees varies depending on the cryptocurrency
- For BTC the withdrawal fee is 0.0002
- A flat 0.1% is the wholesale fees
- To swap cryptocurrencies the fee is 0.25% of value swapped
Remitano special features
Remitano offers some ways to earn free Bitcoin. Some of them are referral program, playing Bitcoin games, gambling and many others.
They recently launched a feature that allows Nigerians to covert Malaysian money to Naira and vice-versa, without you going to the bank.
Remitano offers numerous services tailored to suit Nigeria even though they are not a Nigerian company. One of the reasons for this is because Nigeria is among the top nations investing in cryptocurrencies.
When it comes to selecting which platform to use, it is advisable you choose one that has office in Nigeria, especially if you are new to it. This is because if you have issues and you are not getting good response online, you can easily go to their office and sort it out.
You should also consider your aim of trading crypto, as this will help you choose which platform will best suit your objective.
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