We’re going to look at the TOP 10 EXCHANGES TO BUY AND SELL BITCOIN AND OTHER CRYPTOCURRENCIES IN NIGERIA.
Now I’ve been doing this since 2017 and each year the list changes, some are dropped and new ones are added.
The criteria I used in coming up with this list includes:
- the reputation of the exchange
- the quality of their service
- the service they provide
- and how many Nigerians are using these exchanges
To come up with this list, I actually reviewed 89 cryptocurrency exchanges that Nigerians can use and came up with this list of 10. Note that some of them are foreign exchanges and some of them are Nigerian exchanges. That said, let’s get to my list of TOP 10 CRYPTOCURRENCY EXCHANGES IN NIGERIA
It is a Nigerian exchange that has been around since 2016. it used to be an OTC (Over the Counter) exchange by the name NG XCHANGER, but later Rebranded to BLOCKVILLA and upgraded it to a P2P exchange. This enables them to not only cater for Nigerians but customers from other countries.
BLOCKVILLA has over 80,000 users and has processed over 50 million dollars’ worth of transactions.
If you’re watching the BIG BROTHER NAIJA show season 6 SHINE YA EYE, then you must have heard of PATRICIA. They are one of the major sponsors of the show. PATRICIA was launched from Nigeria in 2018 but now has branches in the USA, UK and Ghana. On PATRICIA you can buy and sell bitcoin and order digital assets like Perfect Money as well as over 30 gift cards for naira. They also have a card and let you pay your bills in crypto. PATRICIA has over 300,000 users.
BINANCE is the biggest exchange in the world as well as the biggest exchange in Nigeria. every Nigerian trader has a BINANCE account. BINANCE has over 15 million users worldwide and over 13 billion dollars’ worth of cryptocurrencies are traded on BINANCE every single day. BINANCE supports about 400 cryptocurrencies and over a thousand trading pair. The BINANCE P2P was launched in 2020 and it is overtaking existing P2P like PAXFUL and REMITANO in the P2P market. BINANCE as a plethora of services including; P2P, SPOT trading, MARGIN, FEATURES, BINANCE EARN, STAKING, LIQUIDITY MINING and this is just to mention a few. BINANCE also has the BINANCE SMART CHAIN with over a thousand Dapps running on it.
BUYCOINS is another crypto exchange base in Lagos, Nigeria and it has been around since 2017. It is the first exchange to support the NGNT crypto token. Even with the crypto ban, you can easily fund and withdraw naira from buy coins using a service called TRANSFER.AFRICA. This takes away the risk associated with p2p.
As at the time of this video you can buy and sell 11 cryptos on BUYCOINS as well as lock your coin and earn 12 percent interest per annum.
It is another powerful P2P exchange that has been around since 2015. its major selling point is that you can buy and sell bitcoin and USDT using over 350 payment methods, any payment method you can conceive at all is available on PAXFUL. It has over 6 million users worldwide with the number of Nigerian users leading in Africa. PAXFUL is a reputable platform but you have to be cautious of scammers when trading on PAXFUL.
It was launched in 2018 as the first Nigerian exchange to have a standard trade room. They also launched a P2P platform in 2021 after the Nigerian crypto ban. On QUIDAX, you can easily convert your naira to crypto or your crypto to naira and trade other crypto pairs. QUIDAX has also launched the QUIDAX vault where you can stake the QSD token to earn more cryptos for free. QUIDAX has about 400,000 users from over 70 countries.
OKEx was launched in 2014. It has over 20 million active users turning over 3.5 billion dollars in trading volume every single day. The services offered on OKEx is quite similar to those on BINANCE this include the P2P, SPOT trading, FEATURES, MARGIN, STAKING and so on and so forth. OKEx also has its own decentralized network, the OKChain, where developers can build dapps.
KUCOIN is another exchange that has caught the heart of many Nigerians, probably because of its listing of a lot of bullish coins. if you can use BINANCE, then you can use KUCOIN because the services and build of the two exchanges are similar. KUCOIN also has a trading bots that you can set up to trade for you. It recently launched its P2P making it perfect for any Nigerian. KUCOIN has been existing for four years now and they have over 5 million active users with a daily trading volume of about two billion dollars. there’s a lot more that KUCOIN has to offer.
Now, there is one platform that always makes my list every single year, but did not make the list this year and this is because of the Nigerian crypto ban and that platform is LUNO. LUNO is loved by every Nigerian. It is really easy to use and I would say it’s the most user-friendly platform there is. And according to LUNO, it is not going to launch a P2P platform, that was a statement released by their CEO. They rather wait and work with the government so the ban is lifted. They have done this in other countries and they don’t want to expose their customers to the risk associated with P2P. That is why they don’t want to launch the P2P platform. So for LUNO, we just have to wait till the ban is lifted for us to start using LUNO again and I hope that next year LUNO is going to make this list.
So that is that for the 10 BEST CRYPTOCURRENCY EXCHANGES IN NIGERIA, I hope you love the list. Go to the comment section and tell me which of these exchanges do you think should not be on this list and is there any exchanges that you are hoping to see on the list that I did not mention – let me know.