Cryptocurrency exchange platforms have become increasingly popular, despite their somewhat complicated operations. This is partly because of the proliferation of cryptocurrency as a digital asset and their convenience.
Crypto Exchanges allow investors or traders to buy or sell cryptocurrencies using various currency sources, such as hard cash deposits via bank transfers. There are many different types of exchanges available today, the most well-known being centralized and decentralized. Learn more about crypto punks in our other articles
This blog post will focus on Nigeria’s top cryptocurrency exchange platforms and why they are among the best available.
As discussed above, Cryptocurrency Exchange platforms support trading crypto to other cryptocurrencies and fiat currencies such as USD, EUR, or GBP, NGN. Therefore, it is essential to do your due diligence when choosing a platform for trading cryptocurrencies as there are a lot of risks involved, and not all platforms are safe for users’ money.
Luno
Luno is one of Nigeria’s most well-known cryptocurrency exchanges. This platform serves as a cryptocurrency exchange and a wallet for Bitcoin and Ethereum. It is comparable to Coinbase but differs somewhat.
Luno is a fiat to a cryptocurrency exchange primarily serving Nigeria, South Africa, Singapore, Malaysia, the United Kingdom, and other 35 European nations. It offers one of the most outstanding and accessible user interfaces available, and the app’s ease of use is unparalleled. It’s also the first exchange to provide clients the ability to purchase and sell cryptocurrency with no transaction fees.
Pros and Cons of Luno
Pros
- One of Africa’s and Asia’s most reputable Bitcoin exchanges.
- Deposits are free, and withdrawals are inexpensive.
- Payment & Withdrawal in Real-Time
- Market makers pay 0% commission, whereas market takers pay 0% to 1% commission (depending on fiat currency)
- For trade, there are high to indefinite limits. This is dependent on the level of verification.
- Excellent User Interface
Cons
- Only Bitcoin and Ethereum are supported.
Binance
Binance is the world’s largest crypto exchange platform, with over 1000 coins regularly trading. This cryptocurrency corporation has recently shown excellent support for its Nigerian clientele.
Binance hosted their first Crypto Masterclass in Benin, Nigeria, in 2020. Local specialists organized these events to educate and raise knowledge about Bitcoin and other cryptocurrencies. As a result, Nigerians can now buy, sell, and trade cryptocurrency on Binance’s platform more easily than ever before.
Binance’s Pros and Cons.
Pros
- Excellent and reliable user interface
- Very Low Trading Fees
- Excellent P2P gateway
- Payment & Withdrawal in Real-Time
Cons
- Because of the large number of products available, it might be daunting.
Quidax
Quidax is an African cryptocurrency exchange that supports buying and selling cryptocurrencies using fiat/native money.
This exchange site accepts Bitcoin, Ethereum, Ripple’s XRP, Litecoin, and Tether in Nigeria. It also has an Instant Buy/Sell tool that allows you to buy/sell Bitcoin and other cryptocurrencies instantaneously, as well as an order book exchange.
Pros and Cons of Quidax
Pros
- Excellent user interface and user experience
- There is no maker trading cost.
- Payment & Withdrawal in Real-Time
Cons
- There is no mobile app available.
Remitano
Remitano is a peer-to-peer online escrow marketplace that makes buying and selling cryptocurrency simple. The cryptocurrency trading platform allows users to buy and sell cryptocurrencies using fiat and crypto.
In addition, users can connect with other bitcoin buyers and sellers to transact securely using the platform. Remitano, a global cryptocurrency exchange, serves clients in more than 30 countries, including Malaysia, Nigeria, Vietnam, etc.
While Remitano has a presence in over 30 countries, it is important to remember that the number of partners varies greatly based on geography. As a result, there may be a few users in some geographic areas, while there are hundreds elsewhere. In addition, Remitano accepts bank transfers and cryptocurrency payments.
Pros and Cons of Remitano
Pros
- User-friendly
- Only three cryptocurrencies are accepted: Bitcoin, Bitcoin Cash, and Ethereum.
- Fees for withdrawal that are comparable
- Fees on deposits are 0%.
- Accepts local currencies as payment
Cons
- Supports only 6 cryptocurrencies for deposits and withdrawals
Paxful
Paxful is also an online marketplace where buyers and sellers can connect and trade Bitcoins. Paxful, like LocalBitcoins, offers a diverse selection of payment methods and buying choices not available on regular exchanges.
Paxful allows customers to purchase Bitcoin using practically any payment option available. In addition, the user interface is incredibly user-friendly.
Paxful also provides a website payment processing service, allowing retailers to accept a wide range of payment methods. You won’t need to pay any fees on Paxful if you buy Bitcoin there.
However, different merchants may impose a fee or a premium depending on your payment option, as I indicated before. In addition, the firm receives a 1% commission from Paxful sellers.
Pros and Cons of Paxful
Pros
- Support is available 24/7
- There are over 300 payment options available.
- Peer-to-peer trade across borders
Cons
- Spammers and Scammers
BuyCoins
BuyCoins Africa, formerly known as Bitkoin Africa, is a cryptocurrency exchange founded in 2017 and renamed BuyCoins Africa in 2018. BuyCoins allows users to purchase and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. You may buy directly from BuyCoins or through other platform users.
In addition, it offers secure wallet services for all supported cryptocurrencies, eliminating the need for you to use external wallets to conduct transactions, and BuyCoins wallets offer transparent payment options.
Pros and Cons of BuyCoins
Pros
- Exceptional Customer Service
- Excellent mobile application
Cons
- Low liquidity and supported countries.
LocalBitcoins
LocalBitcoins is a peer-to-peer (p2p) marketplace that connects buyers and sellers and allows them to converse and exchange Bitcoins directly. LocalBitcoins allows users to communicate directly. It’s similar to Craigslist when it comes to buying and selling Bitcoins. Its vendors provide a wide range of payment alternatives, and the integrated trust gives the customer more protection.
Simply put, if you can’t locate your desired payment option elsewhere, LocalBitcoins is a decent way to acquire Bitcoin. However, the rates on this market are typically higher, and you should conduct due research to prevent being deceived.
Pros and Cons of LocalBitcoins
Pros
- Personal information is not required for in-person trades.
- Private, quick, and simple
Cons.
- Buying significant amounts of bitcoins is more complex than on other exchanges.
- There is no need for a Know Your Customer (KYC)
NairaEx
NairaEx.com is one of the websites that has specialized in a certain market. Because the website caters to the Nigerian market, its slogan is incorporated into the site’s name. The website offers money in exchange for Bitcoin, starting with the word “Naira.”
The average market price for USD is calculated at NairaEx.com by multiplying the average market price for USD across different exchange sites by the Naira / USD exchange rate.
NairaEx allows two deposit methods in general. This would come from a bank account in Naira or Perfect Money.
Pros and Cons of NairaEx
Pros
- There are a lot of Cryptocurrency Exchanges.
- Bank transfers are accepted.
- Non-Nigerian users face verification issues.
- Excellent mobile application
Cons
It is available only in Nigeria
The Kraken
Regarding volume and liquidity in euros, Kraken, situated in San Francisco, California, claims to be the largest Bitcoin exchange. The platform is available in the United States (with the exception of New York, due to BitLicense), Canada, Africa (including Nigeria), the European Union, and Japan.
The exchange was founded in 2013 and has received more than $100 million since then, with the most recent round concluding in February 2019. Kraken is known for its high liquidity, industry-leading technology, and 24-hour live customer help. / 24 hours a day, 7 days a week.
It provides its clients with a complex trading interface that includes points and is designed for more experienced traders.
Most significantly, while Kraken’s design has many features, it isn’t the most user-friendly, which is something to keep in mind if you’re new to cryptocurrency.
Kraken, however, has some of the lowest fees of all of the leading bitcoin exchanges. This is because your trading volume determines the fees you pay during the previous 30 days. In general, the manufacturer bases the charges on the buyer.
Pros and Cons of the Kraken
Pros
- Fees for deposits and withdrawals are reasonable.
- On occasion, the website is slow.
- There are numerous cryptocurrencies and trading pairs to choose from.
- High-security measures, highly secure to use, account log in with two-factor authentication
- For great services, it is well-known among experienced traders.
Cons
- Not for the faint of heart.
- For intermediate and pro-level accounts, the verification process is slow.
Changelly
Changelly is also a cryptocurrency exchange service that allows you to trade practically any cryptocurrency quickly and anonymously. Most significantly, Changelly allows you to instantaneously swap cryptocurrencies without having to register or verify your identity with any exchange.
Users can also trade between cryptocurrencies quickly and easily, depending on their needs. In the world of cryptocurrencies, a 0.5 percent transaction fee isn’t exorbitant; in fact, it’s pretty reasonable for such a useful product.
On the other hand, the corporation could be a little more open about its operations. The most important thing to know is that Changelly should not be used for fiat transactions because the exchange rates are absurdly high.
Pros and Cons of Changelly
- Pros
- Widgets and an API are available.
- A flat fee of 0.5 percent applies to all bitcoin exchanges.
- Customer service is available around the clock.
- There is no previous history of security breaches.
Cons
- Fees for changing fiat currencies are quite high.
- It has the potential to be slow.
The Final Word
After reading the list, you may be unsure which of the ten top bitcoin exchange companies to choose from. So, it’s up to you to make a decision. I recommend that the best exchange business to use at any given time be determined by the type of transaction you want to complete at that time. You can read about top 10 crypto news sites and top 10 crypto currencies in Nigeria
