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Best Crypto Exchanges in Nigeria 2024

Publisher

February 22, 2024
Disclosure At Cryptowinrate.com, we believe in transparency and building trust with our audience. Some of the links on our website are affiliate links, which means we may earn a commission at no additional cost to you if you decide to make a purchase through these links. Please note that we only recommend products and services that we have used ourselves or that have been highly recommended by trusted sources.
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Best crypto exchanges in nigeria reviewed

Nigeria’s weak currency, the naira, and failing economy have caused cryptocurrency to become a popular option in the country. This has made Nigeria the biggest Bitcoin market in Africa. That said, it can be difficult to find the best cryptocurrency exchange in Nigeria. After all, there are so many options to choose from.

When choosing an exchange, traders should keep in mind certain factors like security, regulation, supported payment methods, value for money, products and features, and so on. Fortunately, the exchanges mentioned in this article are regulated by the Nigerian Securities and Exchange Commission.

 

Top Crypto Exchanges in Nigeria Reviewed

We have analyzed more than 100 crypto exchanges in Nigeria to create this list of the top five in the country. At the end of this guide for Nigerian crypto exchanges, you will know exactly which platform is right for you.

  1. Bitget – Best Crypto Exchange in Nigeria
  2. BingX – Best Alternative Exchange
  3. Bybit – Best Derivatives Crypto Exchange in Nigeria
  4. Roqqu – Basic Exchange Platform in Nigeria
  5. Gemini – Oldest Cryptocurrency Exchange

 

1. Bitget

Bitget, established by Sandra Lou in 2018, caters to both advanced crypto enthusiasts as well as beginners. It will offer you access to more than 550 different cryptocurrencies and has an average daily trading volume of $2.8 billion. What makes Bitget the best crypto platform in Nigeria is its large number of features, like passive income products and low trading fees.

Bitget’s copy trading feature allows you to replicate the trading strategies of seasoned and expert traders. Bitget also has a highly user-friendly mobile application.

Bitget allows users to deposit funds through seamless bank transfers, credit/debit cards, or cryptocurrency. You can also buy cryptos from the Bitget exchange using Credit/Debit cards, P2P trading, and third-party merchants like Simplex, Banxa, Mercuryo, and AlchemyPay. Crypto deposits are free of cost and the withdrawal fee depends on the coin you choose.

If you want to learn more about the platform, you can read our full Bitget review.

Supported Cryptos: 500+

Futures Contracts: 250+

Max. Leverage: 125x

Spot Trading Fees: 0.1% maker / 0.1% taker

Futures Trading Fees: 0.02% maker / 0.06% taker

Deposits & Withdrawals: Deposits can be done via bank transfers, credit/debit cards, or cryptocurrency, and withdrawals can be done via your spot account

Licensed & Regulated: Regulated by FinCEN with MSB license, FSA, and CySEC.

👍 Bitget Pros👎 Bitget Cons
✅ Top Choice for Crypto Exchange in Nigeria❌ Limited Access to Educational Resources
✅ User-Friendly features❌ May Pose a Learning Curve for Beginners
✅ Extensive selection of 500+ cryptos
✅ Copy trading functionality
✅ Round-the-clock live chat assistance

 

Visit Bitget!

 

2. BingX

BingX is the second largest crypto exchange in Nigeria, and it hosts more than 20 million users in 130 countries. It has a lot of trading options, like futures trading, margin trading and spot trading. BingX offers more than 600 cryptocurrencies and has low trading fees, which makes it popular among crypto traders in Nigeria.

BingX is a top pick for a good reason, which is its great support in English. It is a reliable choice for both new and experienced Nigerian traders.

When using BingX, you get different Naira payment options like credit card, bank transfer, and e-wallets. The deposit and withdrawal fees are zero.

If you want to learn more about the exchange, you can read our full BingX review.

 

Supported Cryptos: 690+

Futures Contracts: 260+

Max. Leverage: 150x

Spot Trading Fees: 0.1% maker / 0.1% taker

Futures Trading Fees: 0.02% maker / 0.05% taker

Deposits & Withdrawals: Simple debit/credit card payments

Licensed & Regulated: Authorized for operation in Nigeria as well as 100+ other regions

 

👍 BingX Pros👎 BingX Cons
✅ User-friendly mobile app❌ Limited payment methods
✅ Offers earning opportunities through its social trading platform❌ No fiat withdrawals
✅ Provide demo trading and copy trading features
✅ Low fees
✅ Offer up to 150x leverage for futures
✅ Offer excellent 24/7 customer support

 

Visit Binance!

 

3. Bybit

Bybit stands as one of the leading crypto derivatives platforms for users, with a user base of 15 million traders and a daily trading volume exceeding $10 billion. What sets Bybit apart is its array of features which makes it an attractive choice for both learned traders and newcomers alike. Bybit offers more than 400 crypto assets.

It has a user-friendly website interface. Bybit also has an application that has simple features. All this makes Bybit the preferred platform for crypto enthusiasts in Nigeria.

You can purchase cryptocurrencies directly using credit card or debit cards. Plus, you can make withdrawals to your Funding or Spot account and deposit funds using cryptocurrency. There are no deposit charges, but there are some withdrawal charges depending on the cryptocurrency you withdraw.

If you want to learn more about the platform, do not forget to read our full Bybit review.

Supported Cryptos: 400+

Futures Contracts: 240+

Max. Leverage: 100x

Spot Trading Fees: 0.1% maker / 0.1% taker

Futures Trading Fees: 0.2% maker / 0.55% taker

Deposits & Withdrawals: Deposits via crypto and withdrawals can be made to your Spot or Funding account

Licensed & Regulated: Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA) with MVP license

👍 Bybit Pros👎 Bybit Cons
✅ Affordable fees❌ Complex advanced features, may overwhelm beginners
✅ Excellent mobile app❌ Unavailable for users in the US
✅ Wide range of cryptocurrencies❌ Limited fiat withdrawal options
✅ Passive income solutions and copy trading

 

Visit Bybit!

 

4. Roqqu

Roqqu was founded in 2019 by Benjamin Eseoghene Onomor, an entrepreneur. Since its inception, the platform has gained recognition as a secure and reliable cryptocurrency exchange in Nigeria, with a user-friendly interface and instant buy/sell functionality. Currently, it has a user base of more than 1.6 million people, actively trading on the platform.

At Roqqu, users can enjoy a dependable environment for trading cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. The platform also emphasizes education and financial inclusion by providing resources to help users gain a better understanding of cryptocurrencies.

When it comes to security, Roqqu has advanced measures like two-factor authentication, cold storage, and SSL encryption. All this ensures the safety of users’ accounts. The website is user-friendly, making it easy to navigate. You can make Naira ₦ withdrawals and deposits using Bank Transfer or Visa and MasterCard. The great thing is that there are no deposit and withdrawal fees.

Supported Cryptos: 100+

Deposits & Withdrawals: Naira ₦ deposits and withdrawals via Bank Transfer, Visa, and MasterCard

Licensed & Regulated: Licensed in Lithuania by the Financial Investigation Unit (FIU) of Lithuania

👍 Roqqu Pros👎 Roqqu Cons
✅ Low fees❌ Limited selection of crypto assets
✅ Encrypted security❌ Unavailable for users in the US
✅ Advanced trade charts❌ Poor customer service

 

Visit Roqqu!

 

5. Gemini

Gemini has more than 5 million users as well as a daily trading volume of more than $100 million. With support for 120+ cryptocurrencies, Gemini offers an excellent platform for making your cryptocurrency portfolio. What makes it a hit is its ability to cater to newcomers with its simplicity.

Gemini has a mobile app as well, which makes it easy for users to enjoy trading on the go. Gemini also has some advanced trading tools and staking options. While newcomers might initially find the platform a bit overwhelming, its collection of guides can help them.

You can make withdrawals and deposits in Naira ₦ using bank transfers and debit or credit cards. There are no cryptocurrency deposit fees and the withdrawal fees depend on the cryptocurrency you select.

If you want to learn more about the platform, do not forget to read our full Gemini review.

 

Supported Cryptos: 200+

Futures Contracts: 95+

Max. Leverage: 50x

Spot Trading Fees: 0.16% maker / 0.26% taker

Deposits & Withdrawals: Naira ₦ deposits and withdrawals via Bank Transfer and Debit or Credit Card

Licensed & Regulated: Regulated by FinCEN and CySEC with MSB license

 

👍 Pros👎 Cons
✅ Intuitive application interface❌ High fees
✅ Opportunity to earn interest on stored cryptocurrency❌ Fewer trading pairs supported
✅ Insurance available for the Gemini Wallet

 

Visit Gemini!

 

Is Crypto Legal in Nigeria?

Yes, crypto is legal in Nigeria. The Central Bank of Nigeria was cautious about cryptocurrencies in the beginning. But this did not lead to an outright ban of cryptocurrencies. The cryptocurrency space is regulated by Nigeria’s Securities and Exchange Commission. Also, the institution supports the legal acquisition, sale, and trading of cryptocurrencies in the country.

That said, Nigeria’s Central Bank clearly stated cryptos such as Bitcoin are not considered legal tender. Currently, there is no legislation in Nigeria regarding the taxation of cryptocurrencies. Nevertheless, the Federal Inland Revenue Service has indicated that if you earn money through cryptocurrency transactions, you may be required to pay taxes on those earnings.

The Nigerian government is considering implementing regulations for taxing cryptocurrencies and digital assets in the future. They are currently working on a proposal known as the Finance Bill, which if approved would potentially subject profits from assets, digital lotteries, and gaming businesses utilizing digital assets to taxation.

 

How to buy Crypto in Nigeria?

It is very easy and inexpensive to buy cryptocurrencies in Nigeria. Go through our step-by-step guide on how you can safely buy cryptos in Nigeria:

  1. Select a crypto exchange: The first thing you have to do is choose an exchange platform that operates in Nigeria. The main factor that you cannot miss out on is value for money. To get that, Bitget is your best bet, thanks to its affordable trading fees.
  2. Apply & Verify Your Identity: To get started on a cryptocurrency platform, you will need to go through a KYC verification. It is quite simple and only requires a government issued ID or Passport.
  3. Buy Cryptos: Once you are verified, the next step is to buy cryptocurrencies. You can exchange your funds for options like BTC or USDT. Bitget offers a fee of 0.1% for your purchases.
  4. Secure Assets: To keep your investments secure, it is advisable not to store them. Instead, consider transferring your assets to a cold storage service as it provides an added layer of security.

 

Final Thoughts

It is perfectly legal to buy, sell, or trade cryptocurrencies in Nigeria. Also, the process is straightforward when using platforms like Bitget and Bybit.

If you are looking for an exchange in Nigeria for buying cryptocurrencies, Bitget is the top choice. It provides value for your money. Plus, it offers low deposit and trading fees, which is always great. It also prioritizes security measures to safeguard your assets. The platform’s user-friendly interface and great number of products & features make it appealing to all kinds of traders, be it experienced or beginners!

 

Our recommendation:

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