Over the last 5 years, there has been an increased wave of cryptocurrency adoption in Nigeria, with Nigeria taking the lead amongst many African countries and even in the world.
This widespread adoption is aided by top crypto exchanges that are helping traders to gain access to market features, and trade functionalities.
In this piece, we’d be looking at top 7 crypto exchanges in Nigeria, their features, and why they are the top exchanges in Nigeria.
Top Crypto Exchanges in Nigeria
Below is a list of 7 crypto exchanges in Nigeria, their features, and what makes them stand out.
- Breet
- Bybit
- Luno
- KuCoin
- Remitano
- Binance
- Bitget
1. Breet
Breet is rated the best crypto to cash app in Nigeria. It is a reputable crypto exchange that stands out as an over-the-counter crypto exchange created to solve the constant issue of high fees and slow transactions faced by Nigerians.
With over 250,000 growing user base in Nigeria, Breet is widely known for speedy transactions, and a seamless trading environment for traders.
Pros
- Transaction Speed: Breet processes transaction under 287 seconds, one of the fastest right now in Nigeria
- Transaction Fee: Breet offfers very low transaction fees to users looking to sell Bitcoin in Nigeria or other crypto coins on the platform.
- User Interface: Breet has a simple interface that is designed to offer a seamless trading experience to both beginners, and pro traders.
- Fast Crypto-to-cash Conversion: Breet operates an automated system to handle crypto conversion to fiat, such that funds are deposited to users bank accounts in few seconds.
Cons
- No advanced trading features like copy trading, spot, and futures for pro traders
- Only crypto to cash trading is available. You can’t buy crypto on Breet
2. Bybit
Bybit is a popular centralised exchange in Nigeria. It is renowned for its advanced trading features that makes it a go-to for pro traders.
Cons
- Cases of p2p scams has been reported on the platform
- Direct credit card deposits from users bank accounts restricted.
3. Luno
Luno is another crypto exchange that is well known, and widely used by Nigerians, especially newbies. It focuses on the African market and is beginner friendly.
Cons
- Supports a limited number of cryptocurrencies
- Advanced trading feature not available
4. KuCoin
KuCoin is a globally recognized centralised exchange, operational in Nigeria. KuCoin is known to offer advanced trading features to traders, and also supports over 650 cryptocurrencies.
Cons
- Direct credit card deposits from users bank accounts restricted.
- Interface may be a bit sketchy for beginners
5. Remitano
Remitano is a crypto platform in Nigeria that specialises in P2P transactions. It is known for it’s escrow feature that makes it a safe haven for p2p trading.
Cons
- Limited advanced feature for pro traders
- Limited number of altcoin
6. Binance
Binance has retained it’s spot as the king of exchanges for years now. It is a world renowned exchange known for it’s widespread adoption and user base. Binance is operational in Nigeria, and also offers advanced trading options for Nigerian users.
Cons
- Regulatory concerns in Nigeria
- Restricted P2P platform for NGN transactions
7. Bitget
Bitget is a singapore based exchange, that is fully functional in Nigeria. It is known to offer a blend of simplicity for beginners, and technical features like copy trading for advanced traders.
Cons
- Direct credit card deposits from users bank accounts restricted.
- Platform may be a bit too technical for beginners
Key Considerations for Choosing a Crypto Exchange in Nigeria
Here are things to watch out for before choosing a crypto exchange for use, in Nigeria.
1. Security: Make security your priority when choosing a crypto exchange in Nigeria. Watch out for security features like 2FA, regulatory compliance, e.t.c.
2. NGN Support: As a Nigerian user, it is better to go for platforms like Breet that is NGN compatible, to fast track your transactions without hassles.
3. Fees: Platforms with very low transaction fees like Breet, will help to maximize your profitability.
4. Ease of Use: As a user, you deserve ease of use, and a seamless experience when using platforms. Go for platforms with good user interface, and platforms that process transactions fast to enjoy trading without hassles.
Conclusion
After reviewing all the crypto exchanges in Nigeria mentioned on this list, with Breet standing tall as the best exchange that accommodates both beginners and pro traders with its outstanding features, and functionalities.
Are you are a newbie or pro trader? Security is key as you interact with any of these exchanges, and so it is important to keep your login and transaction details safe, and use secure platforms for your transactions.
Disclaimer: The press release above isn’t produced by Insider Monkey’s editorial team. We don’t verify the contents of press releases for accuracy. It is strongly recommended that you perform due diligence before investing or trading in anything, including consulting a professional financial advisor.
