The world of cryptocurrency has witnessed unprecedented growth in recent years, and Nigeria has emerged as a significant player in this digital revolution. With an increasing number of Nigerians embracing cryptocurrency trading as a viable investment option, the demand for reliable and secure exchanges has never been more pressing. However, navigating the complex landscape of cryptocurrency exchanges can be daunting, especially for newcomers.
That’s why we’ve taken on the task of researching and compiling a comprehensive list of the top 10 best cryptocurrency exchanges in Nigeria. Our goal is to provide you with a detailed and unbiased overview of the most trustworthy and feature-rich exchanges, empowering you to make informed decisions about your cryptocurrency trading journey.
Top 10 Cryptocurrency Exchanges in Nigeria for Bitcoin & Altcoins
10. Kraken
Founded in 2013, Kraken Exchange has established itself as a dominant player in the cryptocurrency market. Headquartered in San Francisco, California, Kraken proudly claims to be the largest Bitcoin exchange in terms of volume and liquidity in euros. With operations spanning across the United States (excluding New York), Canada, Africa (including Nigeria), the European Union, and Japan, Kraken has cemented its position as a global leader in cryptocurrency trading.
Key Features and Benefits
Kraken’s success can be attributed to its impressive array of features and benefits, including:
1. High Liquidity: Kraken boasts of its high liquidity, ensuring that users can buy and sell cryptocurrencies quickly and efficiently.
2. Industry-Leading Security: Kraken prioritizes the security of its users’ assets, employing robust measures to protect against potential threats.
3. 24/7 Live Customer Support: Kraken’s dedicated customer support team is available 24 hours a day, 7 days a week, to assist users with any queries or concerns.
4. Advanced Trading Platform: Kraken’s platform caters to both novice and experienced traders, offering advanced features and tools for more sophisticated users.
While Kraken’s interface offers a wide range of options, it may not be the most beginner-friendly platform. Newcomers to the world of cryptocurrency trading may find the interface overwhelming, and may need to invest time in learning how to navigate the platform effectively..
9. Jeroid
Jeroid has emerged as a trailblazer. Founded by Jeremiah Mayowa, a mathematics graduate turned crypto enthusiast, Jeroid has been at the forefront of democratizing cryptocurrency opportunities in the country.
Mayowa’s dedication to making cryptocurrency accessible to all Nigerians is inspiring. Despite launching Jeroid when cryptocurrency was still in its infancy in Nigeria, Mayowa’s vision and perseverance have paid off. His commitment to providing a user-friendly platform has endeared him to many Nigerian traders.
- A Young Entrepreneur’s Rise to Prominence
Jeroid’s founder, Jeremiah Mayowa, has gained significant attention in Nigeria’s crypto community. His relationships with top Nigerian celebrities and his online presence have contributed to his popularity. However, it’s his innovative approach to cryptocurrency trading that has truly set him apart.
- Jeroid’s Unique Selling Proposition
So, what sets Jeroid apart from other cryptocurrency exchanges in Nigeria? The answer lies in its payment options. Jeroid offers a seamless payment experience, allowing users to receive direct payments into their bank accounts after trade confirmation. This eliminates the need for peer-to-peer (P2P) transactions, making Jeroid a preferred choice for many Nigerian traders.
8. Quidax
Quidax, a leading digital assets exchange in Africa, has revolutionized the way users buy and sell cryptocurrencies with their local currency. Since its launch, Quidax has made waves in the crypto community, with none other than Nigerian music label mogul, Don Jazzy, serving as its brand ambassador.
In a surprising revelation, it was discovered that Don Jazzy was not only the face of Quidax but also one of its co-founders. This unexpected twist has added to the exchange’s allure, with many users eager to experience the platform’s innovative approach to cryptocurrency trading.
A User-Friendly Cryptocurrency App
Quidax’s cryptocurrency app is designed with simplicity and ease of use in mind. The platform provides a secure and easy-to-navigate environment for users to buy, sell, and store Bitcoin and other cryptocurrencies. With Quidax, users can seamlessly execute trades, making it an ideal choice for both novice and experienced traders.
7. Roqqu
Roqqu has established itself as a trailblazer. Founded by Eseoghene Onomor in 2018, Roqqu has grown to become one of the most reliable and secure crypto exchanges in the country.
- A Safe Haven for Nigerian Crypto Traders
Roqqu’s commitment to providing a seamless and secure trading experience has earned it a reputation as the fastest and safest way to buy, sell, store, and accept cryptocurrencies in Nigeria. When the Nigerian government banned cryptocurrency trading, Roqqu innovatively introduced the peer-to-peer (P2P) trading method, ensuring that users could continue to trade easily and efficiently.
- A Platform for Discovering New Cryptocurrencies
What sets Roqqu apart from other Nigerian-owned crypto exchanges is its proactive approach to listing trending and potential cryptocurrencies on its platform. This forward-thinking strategy provides users with access to emerging opportunities, further solidifying Roqqu’s position as a leader in Nigeria’s crypto market.
6. Mexc
MEXC Exchange has emerged as a go-to platform for traders seeking to discover and invest in low-cap gems and coins. Despite not offering peer-to-peer (P2P) trading in Nigeria, MEXC Exchange has carved a niche for itself as the premier destination for trading emerging cryptocurrencies.
- Why MEXC Exchange Stands Out
Several factors contribute to MEXC Exchange’s popularity among Nigerian crypto traders:
1. Spot and Futures Trading: MEXC Exchange provides spot and futures trading options for low-cap gems, offering traders good leverage and competitive market prices.
2. Early Listings: MEXC Exchange is known for listing coins on different blockchain platforms at their early stages, making it an ideal platform for Nigerians to trade new crypto gems.
3. Low-Cap Gem Hub: MEXC Exchange has become a hub for trading low-cap gems and coins with low market prices, often before they are listed on larger exchanges like Bybit and Bitget.
- Benefits for Nigerian Traders
MEXC Exchange offers several benefits to Nigerian traders, including:
1. Access to Emerging Cryptocurrencies: MEXC Exchange provides traders with early access to new and promising cryptocurrencies.
2. Competitive Prices: The exchange offers competitive market prices, allowing traders to capitalize on potential growth opportunities.
3. Diversified Trading Options: MEXC Exchange’s spot and futures trading options cater to different trading strategies and risk appetites.
5. Remitano
Remitano has established itself as a reliable and secure peer-to-peer (P2P) exchange. Founded in 2016 by Babylon Solutions Limited, Remitano has grown to become a global platform, serving clients in over 30 countries, including Nigeria.
- Key Features of Remitano
Remitano’s popularity in Nigeria can be attributed to its innovative features, which include:
1. Peer-to-Peer Escrow Marketplace: Remitano connects buyers and sellers through its secure escrow service, ensuring a seamless and trustworthy trading experience.
2. Global Reach: With a presence in over 30 countries, Remitano provides a platform for Nigerians to trade cryptocurrencies with a global community.
3. Multi-Cryptocurrency Support: Remitano supports a wide range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.
4. P2P Option: Remitano’s P2P option allows Nigerians to buy and sell cryptocurrencies despite the country’s crypto ban, although it currently supports only a few banks in Nigeria.
- Remitano’s Impact in Nigeria
Remitano has played a significant role in Nigeria’s crypto ecosystem, providing a platform for users to trade cryptocurrencies securely and efficiently. Its escrow service has helped build trust among traders, while its global reach has opened up new opportunities for Nigerian traders.
4. Kucoin
In the realm of cryptocurrency trading, KuCoin has established itself as a premier exchange in Nigeria. Founded in 2017 by Johnny Lyu, KuCoin’s CEO and co-founder, the platform has grown to become a global leader in the crypto space.
- Key Features that Make KuCoin Stand Out
KuCoin’s popularity in Nigeria can be attributed to its robust features, which include:
1. Peer-to-Peer (P2P) Marketplace: KuCoin’s P2P platform allows users to buy and sell cryptocurrencies directly with each other, providing a secure and efficient trading experience.
2. Spot Trading: KuCoin’s spot trading feature enables users to trade cryptocurrencies at current market prices.
3. Futures Trading: For users looking to speculate on price movements, KuCoin’s futures trading feature provides a robust platform.
4. ID Card Verification: To ensure top-notch security, KuCoin requires ID card verification, providing an additional layer of protection for users.
5. User-Friendly App: KuCoin’s mobile app is designed with ease of use in mind, making it simple for users to navigate and execute trades on-the-go.
- Why KuCoin is a Top Choice in Nigeria
KuCoin’s commitment to security, ease of use, and innovative features has made it a top choice among Nigerian cryptocurrency enthusiasts. With its P2P marketplace, spot trading, futures trading, and robust security measures, KuCoin provides a comprehensive trading experience that meets the needs of both beginner and advanced traders.
3. Bitget
In the rapidly evolving landscape of cryptocurrency exchanges in Nigeria, Bitget has emerged as one of the fastest-growing platforms, attracting a significant influx of users from other exchanges, notably Bybit. So, what factors contribute to Bitget’s soaring popularity?
- Constant Free Drops: A Winning Strategy
Bitget’s innovative approach to engaging users has been a major draw. The platform’s consistent free drops have not only generated buzz but also fostered a loyal community. This strategy has proven particularly effective in enticing users to switch from Bybit, seeking more rewarding experiences.
- Embracing Web 3 and Telegram Airdrops
As Web 3 and Telegram airdrops gained traction in 2024, Bitget has positioned itself at the forefront by actively supporting and listing Web 3 crypto projects. This forward-thinking approach allows users to access pre-market prices before a coin’s launch, providing a unique advantage.
- Comprehensive Features
Bitget’s appeal extends beyond its innovative strategies. The platform offers a wide range of features that cater to diverse user needs:
1. P2P Service: Enables users to trade cryptocurrencies directly with each other.
2. Fast Trades: Facilitates swift and efficient transactions.
3. Futures Trade: Allows users to speculate on price movements.
4. Stake and Earn: Provides opportunities for users to earn rewards by staking their assets.
2. ByBit
Bybit entered the Nigerian market in April 2022. Bybit is a crypto exchange that allows users to trade, save, and transfer cryptocurrencies.
In the wake of Binance’s suspension of peer-to-peer (P2P) services in Nigeria, Bybit has emerged as a top choice for Nigerians looking for reliable and efficient cryptocurrency trading. Bybit’s P2P platform has gained significant traction, offering competitive exchange rates and swift trades that have captivated the Nigerian market.
The Rise of Bybit in Nigeria
Binance’s decision to suspend P2P services in Nigeria was prompted by its ongoing issues with the Nigerian government. The situation escalated with the detention of a Binance employee, who was later charged with money laundering. As a result, Nigerian cryptocurrency enthusiasts began seeking alternative platforms, and Bybit has successfully filled this gap.
Bybit’s Attractive Features
Bybit’s P2P platform offers several features that have contributed to its popularity in Nigeria:
1. Competitive Exchange Rates: Bybit provides highly competitive exchange rates, ensuring that users get the best value for their trades.
2. Swift Trades: Bybit’s platform facilitates swift and efficient trades, minimizing the risk of price fluctuations during transactions.
3. User-Friendly Interface: Bybit’s intuitive interface makes it easy for users to navigate and execute trades seamlessly.4. Security: Bybit prioritizes security, implementing robust measures to protect user assets and ensure a safe trading environment.
1. Binance
Binance is the best cryptocurrency exchange in the world,with over 100 coins actively trading on the platform, recently this cryptocurrency company has given their great support to its African users , Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China.
In February 2022, Binance donated $10 million for humanitarian needs in Ukraine amid the 2022 Russian invasion of Ukraine.
The recent issue between Binance and the Nigerian government started in February 2024, when the government accused Binance of manipulating the naira’s value through its peer-to-peer (P2P) feature. This led to a series of events, including:
– Binance Suspends P2P Trading: On February 20, 2024, Binance suspended its P2P trading feature in Nigeria, citing “significant currency movement” that could be due to abuse of the system ¹.
– Detention of Binance Employees: On February 28, 2024, two Binance employees, Tigran Gambaryan and Nadeem Anjarwalla, were detained by the Nigerian government ¹.
– Tax Evasion Charges: In March 2024, the Nigerian government charged Binance with tax evasion, alleging that the company had failed to pay value-added tax (VAT) and company income tax ¹.
– Money Laundering Charges: Gambaryan was also charged with money laundering, accused of laundering over $35 million ¹.
– Extradition Efforts: After Anjarwalla escaped from detention, the Nigerian government attempted to extradite him from Kenya ¹.
The issue highlights the complexities of cryptocurrency regulation in Nigeria and the challenges faced by crypto companies operating in the country.
Binance still remain the number one crypto exchange in Nigeria in 2024, most Nigeria traders still trade coins on Binance because of its high security , good trading rate, high trading volumes , launch pools and unique trading features.
Conclusion
The cryptocurrency market in Nigeria has experienced remarkable growth, driven by the increasing adoption of digital assets. With numerous exchanges emerging, choosing the right platform can be daunting. This article has provided an in-depth examination of the top 10 cryptocurrency exchanges in Nigeria, highlighting their unique features, benefits, and user experiences.
As Nigeria’s crypto ecosystem continues to evolve, it’s essential for traders to stay informed about the latest developments and innovations. By selecting a reliable and secure exchange, users can navigate the crypto market with confidence.
Whether you’re a seasoned trader or just starting your crypto journey, this guide has equipped you with the knowledge to make informed decisions. Remember to always prioritize security, liquidity, and user experience when choosing a cryptocurrency exchange in Nigeria.
