In this post, I will be discussing the 7 top crypto trading platforms used by most Nigerians.
A growing number of Nigerian entrepreneurs have ventured into crypto trading in recent years.
This is because it helps for easier access to the international markets.
The booming of crypto trading in Nigeria can also be attributed to:
- the significant fall in the value of the Nigerian Naira since 2013
- a significant rise in the value of Bitcoin within the same period
Cryptocurrencies are not yet recognized as legal tender by the Central Bank of Nigeria (CBN).
But there are many companies in Nigeria that accept Bitcoin and other altcoins.
Examples of such companies are Belfrics Nigeria Pvt Ltd, Cadex Vendors, Seabold Valley Limited, e.t.c.
You can still buy cryptocurrency with the Nigerian Naira or you can convert them to Naira or altcoins at exchanges.
Read more: 10 Best Exchanges to Buy Bitcoin in Nigeria(2022)
Some of the exchanges that Nigerians use mostly include:
I made a tabulated presentation below:
The details are as follows:
1. Luno
Luno was founded in 2013 in Singapore.
It serves more than 40 countries including Nigeria, South Africa, Europe, and others.
The company was initially called ‘Bitx’ but changed its name to ‘Luno’ in 2017.
It supports 5 fiat currencies including the NGN and the following cryptocurrencies:
- Bitcoin
- Ethereum
- Bitcoin Cash
Options for payment are dependent on your country.
For example, those in Europe can make payments through SEPA and credit/debit card and those in Nigeria can pay via bank transfers and Naira debit cards.
Read also: Luno Review (2019 Update) | The Complete Review and Comparison
2. Quidax
Quidax was founded in 2018.
It is an African-focused cryptocurrency exchange.
It provides a platform for sending, receiving, storing, buying, and selling of digital currencies.
The company provides the following services:
- Instant Buy and Sell
- Wallet Services
- Exchange of Cryptos
Recently, Quidax deployed a new feature that added an extra layer of security to users’ accounts especially those that do not have 2FA activated on their account.
This new feature introduces email verification for every withdrawal transaction.
This simply means that each time you want to send cryptos or withdraw, you will receive an email to confirm your withdrawal.
Note that this feature does not serve as a substitute for 2FA which is highly recommended for all users.
For payments, Quidax supports the Nigerian Naira and the following cryptocurrencies: Bitcoin, Ethereum, Tether, Litecoin, Ripple, and Dash.
Read further: Quidax Review & Comparison – 7 Key Things to Know About the Fastest Growing Exchange
3. Binance
Binance is a trading platform that supports more than 1oo altcoins.
It was launched in 2017.
It has come to become the leading global digital asset exchange with users from over 180 countries.
The company comprises of several arms like Binance Labs, Binance Launchpad, Binance Charity e.t.c
Despite losing more than 7,000 BTC to a large scale hack from its platform in May this year (2019), it just received an ISO/IEC 2700 accreditation.
This is a universally recognized information security management system issued by the International Security of Organization(ISO).
It supports the Nigerian Naira and other fiat currencies, cryptocurrencies, bank transfer, and credit/debit cards as payment options.
Read more: Binance Review (2019) – My Amazing Review
4. Bitfxt
Bitfxt is an exchange where persons and businesses can buy, sell, store, and learn about digital currencies.
It is based in Lagos, Nigeria.
It has Franklin Peters as its CEO.
A team of over 60 experts in finance and technology pilots its affairs.
Its services are global.
This is because there are no known restrictions on any country at the moment.
The supported fiat currencies are:
- Nigerian Naira(NGN)
- Kenyan Shilling(KES)
Bitfxt team is working on other payment gateways to support Ghana Cedis(GHC), Ugandan Shilling(UGX), South African Rand(ZAR), e.t.c.
Payments can be made via Wire transfer and Credit/Debit cards but are currently working on integrating Skrill which is a global payment gateway.
The company supports the following cryptocurrencies:
- Bitcoin
- Ethereum
Bitfxt announced an upgrade on its user interface on 29th September 2019.
Some of the added features include:
- The Boundlesspay coin prepaid card: This is directly linked to the accounts of users
- A smart drop feature: Allows users to earn monthly rewards of various cryptos for staking their coins.
- A voting function: This allows users to vote for their favourite coins to be listed on the exchange
- An IEO feature: Through this, new projects are vetted to give its users access to new cryptocurrencies which will be listed and at lower prices
- A chat feature which fosters communication amongst users
- A referral program which helps users earn amazing rewards when they bring new people on board.
Note: Bitfxt has launched an Initial Exchange Offering(IEO) for its Boundlesspay Coin(BXTC) on 2 platforms:
- bitfxt.com
- shortex.net
The IEO is going to run for 30 days.
Within this period, about 3 million coins will be available for grabs.
At the end of the IEO, trading will start for BXTC on Shortex, Bitfxt, and other exchanges that will be announced soon.
5. Bitstamp
Bitstamp was founded in 2011 and is a European based exchange.
It is available in more than 80 countries.
The supported cryptocurrencies are:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Ripple
- Litecoin
The fiat currencies are USD and EUR.
Its payment methods are credit/debit cards, bank transfer, and fiat currencies(USD and EUR).
Read also: Bitstamp Review 2019- A Complete Beginner’s Guide
6. CEX.IO
CEX.IO is a crypto trading platform that started off in 2013 as a Bitcoin mining pool.
It has since transitioned to the exchange model.
It has more than 2.7 million users and serves up to 90% of the globe.
In order to assure its users of its genuineness, it actively pursues regulated status all over the world.
In just 2019, it has obtained licenses to operate in 9 states of the USA with many more to come.
Its payment options include cryptocurrencies, bank transfer(SEPA, ACH, e.t.c.), and Visa/ MasterCard.
The fiat currencies supported are USD, EUR, GBP, and RUB.
Though it does not support the NGN, you can always pay using your Visa/MasterCard.
Read more: CEX.IO Review (2019) – What You Should Know
7. HitBTC
HitBTC was founded by experienced system architects and technology experts in 2013.
It is run by HIT Solution Limited, a Hong Kong-based company.
The platform offers tools and features that will enable users to engage in real-time trade with high reliability.
The company was the first on the market to offer automated and traders reliable and fast REST, WebSocket and FIX API.
It has more than 800 trading pairs and over 500 spot instruments supported.
Supported cryptocurrencies are:
- Bitcoin
- Ethereum
- EOS
- Litecoin
- Tron, e.t.c
Its fees schedule is as follows:
From the fees schedule, it can be seen that the fees reduce with the increase in trade volume.
Payment option: Credit/ Debit Cards
Read more: Adapting API Automation to Your Crypto Trading Strategy
Learn How To Trade
If you want to learn how to trade cryptocurrencies profitably, sign up for free on Afibie.
You can join our Telegram channel, where we hold live sessions and give trade signals.
Conclusion
So there you have the top Crypto trading platforms used by most Nigerians.
Now tell me: Have you traded cryptos before?
What was your experience?
Have you used any of the exchanges I mentioned?
Is there any exchange that you feel should make this list?
Just let me know your answers in the comment section at once.
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