According to my research, there are 6 crypto exchanges available in Nigeria.
My favorite is Binance by far, for the following reasons:
Binance is a cryptocurrency exchange that has a number of notable features and characteristics. One of these is its commitment to transparency, as demonstrated by its advocacy for and publication of proof of reserves. In addition, Binance has a strong track record of protecting its users, as demonstrated by its efforts to cover the losses of users affected by the 2019 hack. The exchange is also known for its commitment to not borrowing against customer deposits, which sets it apart from some other exchanges that may use user funds in this way. Binance also has a large user base and high liquidity and trading volumes, which makes it an attractive platform for many traders. Additionally, the exchange has been around since July 2017 and has a proven track record of stability. Finally, Binance has a strong commitment to innovation, as demonstrated by its venture capital arm and the development of products like BSC and Trustwallet. Overall, many people respect the leadership of Binance’s CEO, CZ, for his consistency and lack of arrogance compared to some other founders in the industry.
However, the other crypto exchanges available in Nigeria also have some good qualities.
- Luno: This exchange offers a simple and user-friendly platform for buying and selling cryptocurrency, as well as a mobile app and wallet. It also has educational resources and support for multiple languages.
- Remitano: This exchange is focused on peer-to-peer trading and offers a range of payment methods, including bank transfers and mobile money. It also has a feature that allows users to set up automatic purchases of cryptocurrency at predetermined intervals.
- Bitfinex: This exchange offers high liquidity and advanced trading features, including margin trading and the ability to trade a wide range of cryptocurrency pairs. It also has a mobile app and offers various order types.
- LocalBitcoins: This exchange allows users to buy and sell cryptocurrency directly with each other and offers a range of payment methods, including cash, bank transfers, and mobile money. It also has a reputation system to help users find trustworthy buyers and sellers.
- Paxful: This exchange offers a wide range of payment methods and a user-friendly interface, as well as a mobile app and educational resources. It also has a feature that allows users to buy and sell cryptocurrency using gift cards.
Which crypto exchange you pick is your decision, however, you should not take this decision lightly. Below is a list of the criteria you should have a look at before deciding.
- Research the exchange’s reputation: Look for reviews and testimonials from other users, and check to see if the exchange has a good track record of security and stability.
- Check the exchange’s fees: Compare the fees charged by different exchanges to see which one offers the best value.
- Review the exchange’s security measures: Look for information about the exchange’s security protocols and whether it has insurance for user funds.
- Consider the exchange’s payment options: Make sure that the exchange offers payment methods that are convenient for you and that it supports the types of cryptocurrencies that you want to trade.
- Look for customer support: Check to see if the exchange offers customer support through various channels such as email, phone, or live chat.
- Check for regulatory compliance: Make sure that the exchange is licensed and regulated by a reputable authority, as this can provide additional protection for your funds.
- Consider the exchange’s user interface: Choose an exchange that has a user-friendly interface and that offers features that are useful for your trading needs.
By taking these precautions, you can increase the chances of selecting a trustworthy and reliable cryptocurrency exchange. It is important to remember that the cryptocurrency market is constantly evolving, and it is a good idea to periodically review your exchange choice to ensure that it continues to meet your needs.
As closing words, always remember the saying, “not your keys, not your coins”. Always remember that if you leave your crypto on an exchange, it means that the crypto exchange is holding the crypto on your behalf. And sometimes, crypto exchanges when they face difficulties block the withdrawals or get hacked. It happens much more than you would imagine. So remember that it is important to carefully consider how you store and manage your cryptocurrency assets, and to prioritize the security and control of your private keys. The way I do it, and this is not financial advice, is that I buy my crypto on exchanges but then immediately withdraw them on cold storage.
Coinbase is a cryptocurrency exchange that is available in many countries around the world, including the United States, Canada, the European Union, and the United Kingdom. However, it is not available in all countries, and its availability may vary depending on local regulations and other factors. At the time of writing, Coinbase does not appear to be available in Nigeria. This may be due to regulatory or other issues that prevent Coinbase from operating in this market. It is always a good idea to check the Coinbase website or contact Coinbase customer support to get the most up-to-date information about the availability of Coinbase in your country.
> Luno: Luno is a cryptocurrency exchange and wallet that allows users to buy, sell, and store Bitcoin and other cryptocurrencies. It offers a simple and user-friendly interface, a mobile app, and educational resources.
> Roqqu: Roqqu is a peer-to-peer Bitcoin marketplace that allows users to buy and sell Bitcoin using a variety of payment methods, including bank transfers and mobile money. It has a reputation system to help users find trustworthy buyers and sellers.
> Busha: Busha is a cryptocurrency wallet and exchange that allows users to buy, sell, and store Bitcoin and other cryptocurrencies. It offers a mobile app and supports multiple languages.
> Prestmit: Prestmit is a peer-to-peer Bitcoin marketplace that allows users to buy and sell Bitcoin using a variety of payment methods, including bank transfers and mobile money. It also has a feature that allows users to set up automatic purchases of Bitcoin at predetermined intervals.
> BitPay: BitPay is a Bitcoin payment processor that allows merchants to accept Bitcoin as payment for goods and services. It offers a range of tools and resources for merchants, including a mobile app and integrations with popular e-commerce platforms.