Cryptocurrency adoption is growing rapidly in Nigeria, with recent surveys showing that over 30% of Nigerians are now crypto investors. As crypto experts, we review the 5 best crypto exchanges in Nigeria for those who are looking to buy, sell and trade digital assets securely. We compare their fees, features, security measures and more to help you choose the best platform.
Summary of Top 5 Crypto Exchanges in Nigeria:
In Nigeria, Coincipher experts recommend using exchanges regulated by Nigerian authorities for safely buying and trading Bitcoin, Ethereum and altcoins. By depositing Naira via bank transfer or card, individuals can legally purchase and trade digital currencies.
For Nigerians starting their crypto journey, we have assessed the top 5 trading platforms popular in the country:
- Bybit – Best Overall Crypto Exchange in Nigeria
- Binance – Best Range of Altcoins
- KuCoin – Best Bonus Programs
- Paxful – Best P2P Exchange
- Luno – Best for Beginners
Bybit Overview:
Rated as the top crypto exchange in Nigeria, Bybit is known for its highly advanced trading technology, super fast trade execution speeds and excellent multilingual customer support. Key features include:
- Leverage up to 100x for margin trading major coins like BTC, ETH, XRP
- Low fees – maker/taker fee of 0.1%
- $1 minimum deposit, free deposits & withdrawals
- No KYC required for crypto-only trading
Why we like it: Bybit stands out from other crypto exchanges in Nigeria thanks to its combination of cutting-edge trading features, competitive fee structure, and smooth user experience. The exchange offers up to 100x leverage along with other advanced features like conditional orders and staggered exit tools. This makes it appealing to both novice and professional crypto traders in the country. Meanwhile, Bybit’s maker/taker fee of 0.1% matches or beats fees charged by major exchanges worldwide.
Finally, Bybit’s trading system has been engineered for speed, stability and simplicity. Traders benefit from fast order execution, precise liquidity and an intuitive interface design.
Key Metrics:
- 10+ million registered users globally
- Quarterly web traffic over 600 million visits
- Up to 100,000 transactions processed per second
- 2022 total trading volume over $8 trillion
- 365-day trading volume growth of 65%
- Level AA rating for liquidity from CryptoCompare
- 99.99% platform uptime with no overload failures
- Average order execution speed under 10 milliseconds
- Support response time under 10 minutes
Binance Overview:
As the world’s largest exchange by trading volume, Binance provides excellent liquidity and altcoin selection for Nigerian crypto traders. Key features include:
- Over 500 altcoins available to trade against NGN or BTC
- Spot trading fees as low as 0.1% with BNB discount
- Excellent mobile app with full functionality
- Naira deposits & withdrawals via bank transfer & cards
Why we like it: With over 500 altcoins available to trade against NGN or BTC, Binance offers Nigerian traders an unparalleled variety of digital assets to invest in. Fees as low as 0.1% with BNB discount make Binance very affordable, especially for high-volume traders. The exchange also sets itself apart with user-friendly apps for iOS and Android that allow Nigerians to trade crypto on-the-go.
Key Metrics:
- 173+ million users worldwide
- Quarterly web traffic over 5 billion visits
- 24 hour trading volume over $70 billion
- All-time high daily trading volume $170 billion
- iOS and Android app 100+ million downloads
- 8000+ market pairs across spot and derivatives
- 500+ cryptocurrencies listed
- Level AA rating for liquidity from CryptoCompare
- 99.9% uptime record for exchange and APIs
- Avg order processing speed 0.2 seconds
KuCoin Overview:
KuCoin is a popular choice in Nigeria due to its wide variety of altcoins, attractive rewards program and strong security measures. Key features include:
- Over 300 cryptocurrencies available to trade
- Attractive fee discounts and rewards through KCS token
- Margin trading with up to 10x leverage
- P2P fiat trading (fiat-to-crypto only)
- Staking platform with high APYs on select coins
- Low trading fees – up to 0.1%
- Spot and futures trading
- Built-in non-custodial wallets
- Advanced charting tools and order types
Why we like it: KuCoin appeals to Nigerian traders thanks to bonuses and discounts such as referral bonuses, trading competitions and token giveaways. The exchange offers opportunities to save on fees and earn passive income through its native KCS token.
At the same time, KuCoin provides traders peace of mind by storing 97% of user funds in cold wallets and maintaining bank-level security safeguards and manual and AI monitoring systems.
Key Metrics:
- 30+ million users
- $1.2 billion in 24h trading volume
- 686 cryptocurrencies listed
- 1,074 markets
- 0.68% market share
- Top markets: ETH/USDT, BTC/USDT, SOL/USDT
- Top coins by markets: USDT, BTC, ETH
- Top coins by volume: SOL, BTC, ADA
Paxful Overview
Paxful is a peer-to-peer Bitcoin marketplace with over 6 million users globally. The platform makes it easy for Nigerians to buy and sell BTC using over 300 payment methods, including bank transfers, gift cards, and mobile money. Key features include:
- P2P marketplace to buy and sell Bitcoin
- Over 300 payment methods accepted
- Escrow service for secure trades
- Web and mobile apps for convenience
- Affiliate program to earn commissions
- Virtual Bitcoin kiosks for remote purchases
- Zelle, PayPal, Amazon Gift Cards accepted
- No ID required for lower amount trades
- Customizable account security configurations
Why we like it: As a P2P platform, Paxful connects Nigerian crypto buyers and sellers directly. This allows users to purchase Bitcoin without going through lengthy registrations, KYC checks or approval waits. Payment method flexibility also makes Paxful accessible for the millions of unbanked Nigerians. At the same time, P2P transactions mean less fees for buyers and sellers.
Key Metrics:
- 1.3 million monthly visits (desktop)
- 42.49% bounce rate
- 6.82 pages per visit
- Average visit duration: 8 minutes 21 seconds
- 69% male visitors
- 35.15% visitors aged 25-34
- 44.89% direct traffic
- 43.5% organic search traffic
- Over 5,000 total organic keywords
- 63 technologies used across 17 industries
Luno Overview
Luno makes crypto investing simple for beginners with an easy to use platform, excellent customer support and multiple payment options. Key features include:
- Simple user interface for beginners
- Multiple coins offered including Bitcoin, Ethereum and more
- Bank transfer and card deposit options
- Low trading fees from 0% – 1% max
- Free deposits and withdrawals
- iOS & Android app with full functionality
- Integrated Bitcoin wallet
- Demo trading mode for practice
Why we like it: Luno’s straightforward user interface and array of educational materials/guides cater perfectly to Nigerian crypto trading newcomers. Users can easily deposit Naira by bank transfer or card to verify their accounts and purchase Bitcoin in minutes. Active trader discounts are also available for higher-volume investors.
Key Metrics:
- 989,900 monthly visits (desktop)
- 35.17% bounce rate
- 5.49 pages per visit
- Average visit duration: 7 minutes 47 seconds
- 65.72% male visitors
- 32.39% visitors aged 25-34
- 74.72% direct traffic
- 18.53% organic search traffic
- 518 total organic keywords
- 73 technologies used across 23 industries
How to Purchase Cryptos in Nigeria
For beginners looking to buy cryptocurrencies in Nigeria, follow this simple guide for safe and legal transactions:
- Choose a regulated platform from our top 5 list
- Sign up with email and complete any KYC verification
- Fund your account with Naira via bank transfer or debit/credit card
- Select desired crypto coins and quantities to purchase
- Withdraw to a secure wallet or continue trading
Cryptocurrency adoption and trading activities continue to see immense growth across the globe. Just like Nigeria, other countries are also experiencing surges in crypto investors and platforms.
For our international readers exploring exchanges within their regions, be sure to check out our detailed guides covering the best crypto trading sites in Denmark, Singapore, and Malaysia specifically:
Legality of Cryptocurrencies in Nigeria:
While cryptocurrencies are currently legal in Nigeria, users should be aware of the following:
Is Crypto Legal in Nigeria?
Yes, but cryptocurrencies are not considered legal tender and businesses/individuals are not obligated to accept them.
How is Crypto Taxed in Nigeria?
There are currently no clear tax guidelines or regulations surrounding cryptocurrencies in Nigeria. Users should closely monitor any policy updates from regulators.
Conclusion:
We highly recommend using regulated and reputable exchanges like those listed in our top 5 when investing or trading crypto assets in Nigeria. Doing so helps protect your funds and ensures recourse should any issues arise. As adoption continues to rise rapidly amongst Nigerians, conducting thorough platform research is advised.
FAQs
What is the most popular crypto exchange in Nigeria?
Based on factors like trading volumes, user base and altcoin availability – Binance is currently the most widely used platform for buying and selling cryptocurrencies amongst Nigerians.
Which exchange has the lowest fees for Nigerians?
Bybit offers some of the lowest overall fees at just 0.1% for both makers and takers. This is below average compared to most global exchanges. They also provide free deposits and unlimited free crypto withdrawals.
Can I deposit/withdraw Naira on all these exchanges?
No – some exchanges like Bybit only allow crypto-to-crypto trading meaning NGN transactions are not supported. Others like Luno fully support depositing and withdrawing the Nigerian Naira via bank transfer or debit/credit card.
