Many people have been scammed in trying to purchase bitcoin because they did so either from a WhatsApp group or from the wrong exchange. I wrote on the 10 recommended exchange to buy and sell in Bitcoin in 2017 which helped a lot of people to buy and sell bitcoins safely. However, this is 2018, the list has changed, there are more efficient Bitcoin exchanges now.
I took my time to go through all the digital currency exchanges that support the purchase and sale of Bitcoins in Nigeria and came up with the top 10. My selections are based on the efficiency of service, reputation and community opinion. I have personally used all the exchange-listed below. I have used some for some years others I just tested out for the purpose of this review. You will also notice that some of the exchanges listed last year did not make the list this year.
Five of these exchanges are owned by Nigerians and have their offices in Nigeria while the other five are foreign companies that offer bitcoin exchanges services in Nigeria note that the order in which they appear is not a grade on their efficiency. Enjoy
Top 10 Bitcoin Exchanges in Nigeria 2018 (Indigenous Exchanges)
Ngexchanger is an indigenous Nigerian bitcoin exchange. They are currently at the top of the game when it comes to cryptocurrency exchange in Nigeria. You can buy and sell Bitcoin and every other altcoin from this company. They have great customer care and a user-friendly website. Ngexchanger has its office in Port Harcourt Nigeria. This company does not display on the cryptocurrencies they sell, you can contact them if they altcoin you want to buy is not displayed on the site.
This exchange is relatively new. It is the first Nigerian exchange that is a strong alternative to Remitano, Paxful and LocalBitcoins. They this site works is that they create a platform for buyers and seller to trade bitcoin through an escrow. This exchange provides you with a bitcoin wallet, trade alert, 24 hours customer service through the live chat and an easy to use the platform. I see it becoming a top indigenous exchange to trade bitcoin in Nigeria in the nearest future.
This is another good exchange to buy & sell bitcoins in Nigeria. Their office is located in Onitsha Anambra State. I performed my first transaction with this exchange in March 2017. The transaction was smooth and took only 10 mins. Naira2Usd upgraded in January 2018 to include the exchange of additional nine (9) currencies.
Instant Gold Nigeria
Instant Gold Nigeria has been operating in Nigeria for 11 years now. It is the first e-currency exchange in Nigeria that have stayed that long and still standing strong. They opened a branch office in Port Harcourt in December 2017, however, their headquarter is still in Lagos Nigeria. You can Purchase & Sell Bitcoins and 12 other currencies on Instant Gold Nigeria.
Nairaex became popular in 2016, they were amongst the top 3 companies to Buy Bitcoins in Nigeria at that time – the others being LocalBitcoins and instantgoldnigeria. Although they started with bitcoin exchange services alone, you can now buy and sell 4 more cryptocurrencies from them. Nairaex only accepts trades of a minimum of NGN20,000 worth of cryptocurrencies. Their office is Located at Abeokuta Nigeria.
Top 10 Exchanges to Buy and Sell Bitcoin in Nigeria 2018 (Foreign Exchanges)
I discovered changelly in late 2017. When you talk about speed, efficiency and reliability, they have got it. Changelly does not provide wallets for cryptocurrencies but provides an exchange for virtually any combination of altcoin you can think of. You can also pay with your Master/VisaCard. Changelly makes compete for exchanges by scanning through trading platforms like Binance and Bittrex, comparing the prices and making the exchange for you. It saves you the stress of registering at these trading platforms yourself and paying withdrawal fees. It is also integrated with wallets like Coinomi which enables users to make exchanges within the wallet.
This exchange is what I call the LocalBitcoins killer. It’s a total improvement of LocalBitcoins. The exchange rates on Remitano are sometimes cheaper (this depends on the country), they support buys and sales of more currencies (Bitcoins, Ethereum, Bitcoin Cash, Tether) with plans to add more, and they provide a faster customer service than LocalBitcoins. However, they are one present in 52 countries while LocalBitcoins is worldwide. Remitano connect Buyer and Seller who want to trade and moderate the process using the escrow system. The 1-minute video below explains what the escrow is and how it works
Luno has become the most popular foreign the exchange in Nigeria, it accepted Nigerians and some other countries that Coinbase rejected. Its popularity is due to the convenience they provide. They provide users with wallets, an exchange platform and top-notch security. You can convert between bitcoin, naira and Ethereum instantly and withdraw your money directly your bank account. You can buy bitcoin on Luno with ad little as 300 Naira, to buy bitcoin or Ether on Luno, you will have to first fund your account in Naira with your Master/Visa Card. Bitcoin rates on Luno are quite cheap although Remitano is sometimes cheaper. I personally buy in Remitano and sell in Luno. This exchange like Coinbase has also implemented SegWit to reduce the cost of bitcoin transaction.
Paxful is a Bitcoin Exchange Similar to LocalBitcoins and Remitano. The edge they have over these two is the numerous payment method (over 300) that is supported. This enables Buyers and Sellers from different countries be able to trade which sometimes lead to lower prices. Paxful is a USA entity, the service is available in all countries except 16 countries – this is so that they can remain OFAC Compliance as a USA entity. This exchange has also financed lots of Charity projects around the world.
This is the oldest bitcoin exchange in the world, it is available in all countries. Their reputation and integrity have enabled them to stand the test of time. LocalBitcoins provide a platform for Buyers and Sellers to trade Bitcoins, they moderate the process through an Escrow (see remitano video above). This is the same way Remitano, Paxful and Bitkoin.Africa moderates their transactions, however, LocalBitcoins is the very first bitcoin exchange to use escrow. Localbitcoins is still the largest bitcoin exchange, they still have the highest volume of exchange per 24 hours and of recently launched a bitcoin ATM machine in some countries where anyone can buy and sell bitcoins directly from the Bitcoin ATM machine.
Conclusion: Which is the Best Exchange?
All the Bitcoin exchanges mentioned above are reputable and easy to use. It all comes down to which is most convenient for you and offers the best price at the time you want to buy or sell. by convenience I mean does it accepts the payment method you want, do you have a wallet already in do you want to wallet provided, can you also buy altcoins from it? You can go through all the exchanges to find out the one that best suits you.
If you want to buy other cryptocurrencies beside bitcoins (Altcoins), then, you should read Top 10 Cryptocurrency Exchanges in Nigeria.
If there is an exchange that you believe should be in the top 10, let me know in the comment section.
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