Ever since cryptocurrencies went mainstream, many financially aware Nigerians have been using them to make transactions, save money, and earn income.
The current economic situation, characterized by inflation and a weakening naira, further strengthens the case for these netizens who’ve chosen crypto as a tool for income generation, transactions, and wealth preservation.
Crypto traders can do all of that without the excessive fees and delays associated with conventional banks or intermediaries using crypto apps–mobile or web-based applications that act as gateways for users to interact with the cryptocurrency market.
Despite the proliferation of cryptocurrency apps in the market, only a few are optimized to support Nigerian users. This article will give you an overview of the best crypto app options in Nigeria and how they operate.
Disclaimer: This material is not intended to endorse any particular provider, service, or offering, including cryptocurrencies. Do your research before making any investment decisions.
Is Crypto Trading Legal in Nigeria?
In February 2021, the Central Bank of Nigeria (CBN) banned all regulated financial institutions from facilitating cryptocurrency transactions. However, this ban did not outlaw individuals from trading on peer-to-peer platforms.
Although there is not yet any legal backing for cryptocurrency trading in Nigeria, the regulatory landscape is currently undergoing a significant shift. In December 2023, CBN issued new guidelines to increase transparency and accountability in the crypto industry.
While direct interaction with traditional banks for crypto transactions remains restricted, these new regulations indicate a makeover for crypto businesses in Nigeria.
Likely, future policies and regulations will further shape the landscape for individual traders.
The Best Crypto Apps in Nigeria
Below are the best apps to use for buying and selling cryptocurrencies in Nigeria according to customer ratings:
Trust Wallet
Launched in 2017, TrustWallet was created by Viktor Radchenko and Pavlo Vasylyev as a mobile wallet primarily for Ethereum tokens, quickly becoming popular for its user-friendly design and emphasis on decentralization. Its acquisition by Binance in 2019 significantly expanded its capabilities and reach.
TrustWallet now supports a broad range of cryptocurrencies, offers direct access to decentralized exchanges (DEXs) and decentralized applications (dApps), and enables users to earn interest through staking and DeFi participation.
Additionally, it supports NFT transactions and prioritizes security with robust private key management and authentication features.
Despite some criticism for centralization post-Binance acquisition, TrustWallet maintains a high user rating, praised for its functionality, security, and comprehensive crypto management tools.
With recent updates like MetaMask Swap integration and BNB Chain support, TrustWallet continues to enhance its service, affirming its status as a leading cryptocurrency platform.
Coinbase
Coinbase is now accessible in Nigeria and 24 other African countries, expanding its comprehensive exchange services to a broader audience. For 13 years, the platform has continued to simplify the process of converting fiat currency into cryptocurrency.
It’s important to note that direct Naira exchanges and P2P trading are currently unavailable on Coinbase in Nigeria.
The Coinbase mobile app, available for users in Nigeria, supports several popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
The exchange platform was designed with novice traders in mind. With its intuitive interface and wide range of supported currencies, Coinbase could be a valuable tool for Nigerians navigating the crypto market.
Luno
In recent years, Luno has positioned itself as a leading cryptocurrency platform in Africa, capturing a substantial presence in Nigeria.
The platform enables Nigerians to purchase cryptocurrencies using naira-domiciled cards and local transfers, featuring Naira trading pairs for easy conversion between crypto and fiat–although the Central Bank of Nigeria’s ban in February 2021 has impacted this service.
Luno supports a selection of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash, in addition to fiat and the USDC stablecoin trading. The widespread adoption is largely attributed to its mobile app, which is accessible on both older and newer devices. Designed for an optimal trading experience, the app is user-friendly and comes packed with robust trading tools such as a price analytical dashboard, charts, and various indicators.
Despite its status as the only pure fiat-to-crypto exchange, Luno’s higher transaction fees and limited trading options may deter day traders. Nonetheless, for many in Nigeria, the convenience and simplicity of purchasing crypto through Luno outweigh these drawbacks, making it a favored choice for those looking to engage in the cryptocurrency space.
Binance
The platform, which was established in 2017 by Changpeng Zhao, is well-known for its large selection of trading digital assets, which includes its native token, Binance Coin (BNB), as well as Bitcoin, Ethereum, and many other altcoins.
In addition to offering trading services, Binance has made investments in educational programs in Nigeria to raise people’s knowledge and comprehension of cryptocurrency. Intending to create an informed and competent user base, these programs include online webinars, workshops, and community involvement events.
There have been difficulties with Binance’s activities in Nigeria. Obstacles have been created by regulatory oversight from Nigerian authorities, especially the Central Bank of Nigeria (CBN).
The CBN ordered banks and other financial organizations to stop processing payments for cryptocurrency exchanges, such as Binance, at the beginning of 2021. Because it gave Nigerians another way to obtain bitcoins, this decision increased reliance on P2P trading on the Binance platform.
Quidax
Quidax has established itself as a go-to platform for Nigerians looking to engage with cryptocurrencies, focusing on ease of use and security to build a trusted presence in the local market.
It features a straightforward interface suitable for both newbies and seasoned traders, supports a variety of major cryptocurrencies, and ensures user safety with robust security measures like cold storage and two-factor authentication. Additionally, Quidax is recognized for its low transaction fees and high liquidity, enhancing the trading experience.
In 2019, Quidax expanded its services with a peer-to-peer platform and a partnership with Flutterwave, simplifying fiat transactions. Despite occasional feedback on transaction speeds, its high rating on the Google Play Store reflects user satisfaction with its functionality, security, and cost efficiency.
Quidax stands out as a reliable, user-friendly option for Nigerians in the cryptocurrency market, balancing occasional speed issues with significant benefits in accessibility and security.
Kucoin
As one of the largest cryptocurrency exchanges internationally, including in Nigeria, KuCoin offers margin, futures, and peer-to-peer trading in addition to primary trading.
NGN is supported along with other top currencies on the platform. KuCoin offers low trading fees. It charges 0.1% of the maximum taker fee and 0.1% of the maximum maker fee. The minimum deposit starts at $1.
KuCoin offers cheap trading costs that are among the lowest in the industry, which is one of the major advantages of the platform in Nigeria. Its affordability and strong security features make it more appealing to Nigerian customers, who are increasingly searching for trustworthy and reasonably priced cryptocurrency trading platforms.
Furthermore, KuCoin has a feature-rich mobile app that makes trading comfortable while on the go, a critical feature in a region where mobile usage is the norm, like Nigeria.
In Nigeria’s cryptocurrency scene, KuCoin has made a name for itself despite regulatory obstacles. It provides an extensive selection of digital assets at affordable prices, but it has to deal with the challenges posed by a regulatory environment that is changing quickly.
Read Also: The Top 6 Dollar Saving Apps For Nigerians
ByBit
ByBit is a cryptocurrency exchange that operates in Nigeria, and where crypto traders can benefit from various trading features with highly advanced technology, über-fast transactions, and excellent customer service. The platform also accepts multiple currencies such as NGN, BRL, CAD, CHF, COP, USD, etc. As of now, Bybit requires a minimum deposit of $1, and its maximum taker and maker fees are 0.1%.
ByBit’s main advantage in Nigeria is that it prioritizes offering sophisticated trading tools including high-leverage options that are appealing to seasoned traders while still maintaining an easy trading experience.
In a market where these attributes are highly prized, ByBit also provides strong customer service and is dedicated to quick transaction times, which makes it more appealing to users.
Yellow Card
Yellow Card’s secure trading platform is used by over 1 million people across 14 African countries. Yellow Card is a crypto app that has made waves in Nigeria for its commitment to financial inclusion.
This platform aims to provide easy access to cryptocurrencies for everyone, especially those without access to traditional banking services. It offers a range of services beyond trading, including bill payments and remittances.
Features:
- Financial Inclusion: Yellow Card enables people in underserved areas to access cryptocurrencies and financial services.
- Mobile Wallet: Users can create a mobile wallet on Yellow Card to manage their digital assets.
- Bill Payments: The app allows users to pay bills and purchase airtime with cryptocurrencies.
- Remittances: Yellow Card facilitates cross-border remittances, offering a cost-effective alternative to traditional methods.
- KYC Verification: The platform prioritizes security by implementing Know Your Customer (KYC) verification processes.
OKX
Nigerian customers and traders can trade cryptos on OKX (OKex). This platform supports NGN, as well as USD, EUR, GBP, KRW, JPY, and RUB. This crypto exchange has a maximum taker fee of 0.1% and a maximum maker fee of 0.08%. Deposits on OKX start at 0.00005 BTC / 0.00000001 USDT.
Key Features:
- Professional to novice educational resources: On OKX’s website, you can access dozens of beginner tutorials and videos under the “Learn” section. Additionally, OKX offers timely articles, industry analysis, and the chance to become a broker.
- Daily Bitcoin earnings: As a reward for regular use of its mobile app, OKX has a unique loyalty program. A new “learning mission” is posted to the app daily, including a video or article to watch or read. Upon completing each task, the user receives 50 Satoshis, one Satoshi equals approximately 100 millionths of a Bitcoin. By earning 10,000 Satoshis, the user can convert the reward into an equal amount of Bitcoin, which can then be held, staked, or traded on OKX.
- Anti-phishing code: Using OKX’s anti-phishing code, users can verify that emails are authentic and avoid phishing scams.
MEXC
The MXC exchange platform ( Now MEXC) has a user-friendly interface which makes it a favorite of several users. The platform constantly adds new features to provide users with the best trading experience. Moreover, the platform has faced no event hacking so far and is reliable to use. MEXC is a global crypto exchange without mandatory KYC. 0% Fees & up to 30 BTC Withdrawal Limits.
MEXC has an intuitive interface that can be used by both novice and experienced traders. Nigeria is a cost-conscious market, therefore the platform’s inexpensive trading fees are especially tempting. A crucial component for traders, MEXC’s high-performance trading engine guarantees quick and dependable transaction processing.
Busha
Busha offers you several flexible options to buy and sell your crypto. Experience the most convenient platform for trading your Bitcoin and other crypto assets instantly.
- Trade Instantly: Deposit your fiat or crypto instantly into your secure wallet on Busha and instantly buy, sell, and swap within assets. Instantly withdraw your fiat and crypto externally.
- Schedule Recurring Buys: Automatically buy crypto every day, week or month. Recurring buys use the buy price on Busha at the time of execution. Monitor your average gains in real-time.
- Set Limit Orders: Place a buy or sell order at a price you set.
NairaEx
NairaEx is a Nigerian-based crypto app that allows users to buy and sell Bitcoin. The platform is easy to use and offers a secure and reliable way for users to trade Bitcoin. NairaEx supports multiple payment methods, including bank transfers and mobile payments, making it convenient for users to make transactions.
The app also features a live market price tracker, which allows users to stay up-to-date with the latest Bitcoin prices. In addition, NairaEx offers a user-friendly interface, making it accessible to both experienced and new users.
NairaEx is a great option for those looking to buy and sell Bitcoin in Nigeria. NairaEx uses a combination of hot and cold wallets to store users’ assets and also provides two-factor authentication for added security.
Conclusion
As cryptocurrencies become increasingly sought-after for alternative investments in Nigeria, it’s crucial to navigate this space with caution and only invest what you’re prepared to lose.
