8 Best Crypto Exchanges In Nigeria (Sep 2022) + $50 Signup Bonus

September 12, 2022
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Best Crypto Exchange Nigeria

Choosing the best cryptocurrency exchange in Nigeria is a difficult task for anyone, especially for crypto beginners. There are several options to choose from and figuring out which one is best for you can be tough, so we'll break down the top exchanges in Nigeria and discuss some of the factors you should think about when choosing one.

Capital is the favourite among knowledgeable Nigerian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Nigeria, I can’t recommend Capital highly enough.

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Zero trading fees

1. Capital – Best Overall

Zero Fees

Trading fees: 0%
Supports: 100+ coins
Customer support: Excellent

Trusted by millions.

★★★★★

Rated 4.9/5

Capital allows users to trade crypto alongside stockscommodities, forex, market indices, ETFs and more—all without any trading fees. It supports 100+ cryptocurrencies, and users can trade with 2x leverage on crypto (up to 500x leverage on other assets).

Capital charges a tight spread ranging from 0.1% – 0.3% (depending on the asset), making the overall cost of using the platform (0% trading commissions + 0.1% – 0.3% spreads) very low. It has a fully functional desktop platform, a well-rated mobile app (4.7/5 on Android and iOS), and an excellent demo account where you can practice trading with real assets in real-time.

Capital’s desktop platform and mobile app are well-designed and easy to use by beginners and advanced traders alike.

Capital is licensed by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, which means it’s a safe, secure platform. Every user receives a dedicated account manager they can reach by email or phone anytime, which is part of the reason Capital’s customer support team receives such positive reviews.

Deposits and withdrawals are always free with Capital, and you’ll never pay trading commissions regardless of whether you place spot orders or limit orders. Capital is ISO 27001 certified for meeting robust information security standards, making it an extremely safe platform to trade with.

The biggest drawback of Capital is that it can take several days to have your account verified since their verifications team is overwhelmed with signups right now. If you sign up using my referral link, though, you can skip the waitlist and start trading immediately.

I’ve personally used Capital for more than 4 years, and based on my experiences and those of millions of other users, I can’t recommend it highly enough. 

Features

  • Zero trading commissions
  • Tight spreads (0.1% – 0.3%) 
  • Supports 100+ cryptocurrencies
  • Allows up to 500x leverage (2x leverage on crypto)
  • Fully functional demo account for paper trading
  • Free deposits and withdrawals via debit/credit cards, bank transfer, POLi, PayPal, Apple Pay, etc.
  • Dedicated account manager you can reach at any time
  • Excellent desktop trading platform
  • Well-rated mobile app (4.7/5 on both Apple and Google)
  • Licensed by the Australian Securities and Investments Commission (ASIC)
  • ISO 27001 certified for meeting extremely high information security standards

Cost

  • Trading fees: 0%
  • Spreads: 0.1% – 0.3%
  • Deposits & Withdrawals: Free

Signup Bonus

Skip the waitlist and have your account approved immediately by using my referral link.

Best For

Investors looking for the best overall crypto trading experience with no trading commissions.

OPEN FREE ACCOUNT
Zero trading fees

2. CoinSmart – $50 Signup Bonus

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

CoinSmart offers very low trading fees: just 0.2%. It supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

As a Canadian exchange, CoinSmart is regulated by several Canadian financial authorities, which keeps your money safe and secure. CoinSmart is also a publicly-traded company on Toronto’s NEO stock exchange, which means they’re subject to third-party financial and security audits at least once per year.

I've personally used CoinSmart for over a year, and I’ve had nothing but excellent experiences with them. I've tried out many of the other cryptocurrency exchanges on this list, so I'm confident that CoinSmart is the best platform for most crypto investors.

From now until September 31, 2022, CoinSmart is offering a $50 signup bonus to Yore Oyster readers who fund their account with $200 or more. If you’re looking for a highly-respected exchange that offers the lowest fees, excellent customer service, and a slick mobile app, open a CoinSmart account today.

Features

  • Extremely low trading fees (just 0.20% per trade)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.20%

Signup Bonus

$50 bonus when you sign up using this link

Best For

Investors looking to trade stablecoins or altcoins with the industry’s lowest fees.

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Offer ends September 31, 2022.

3. LocalBitcoins

LocalBitcoins

LocalBitcoins takes a different approach than most of the others on this list: rather than trading with the broader market, you actually buy and sell with individual traders. It’s earned a loyal user base for its overall ease of use, and it’s one of the oldest cryptocurrency marketplaces around today.

The main reason I like LocalBitcoins, though, is for its low barrier to entry. Since you’re trading with other people, not with LocalBitcoins itself, it’s easy to get your account verified and start making trades.

LocalBitcoins users do need to proceed with caution, though; it’s possible to get scammed by other users on the site, especially when selling Bitcoin for cash. One common scam, for example, is a buyer who pays you via PayPal and then files a PayPal dispute once they’ve received your Bitcoin. Other payment methods (eg. INTERAC transfer and bank wires) are much more secure, but still, be careful. If it seems too good to be true on LocalBitcoins, it probably is.

Features

  • Easy to use
  • Very easy to start trading
  • Low transaction fees
  • Deposit Nigerian nairas via bank transfer, INTERAC, Moneygram, Wise, PayPal, ATM deposit, and more
  • Helpful customer support

Fees

  • Trading fees: 0.00006 BTC (~$3 USD) flat fee per transaction
  • Depositing funds: Free
  • Withdrawing funds: Free

Best For

Investors looking to buy and sell Bitcoin quickly and easily.

4. Coinbase

Coinbase is an American cryptocurrency exchange that was originally founded in 2012. It’s based in San Francisco and it’s one of the oldest cryptocurrency exchanges in the world. It’s also the second-largest crypto exchange in the world, the first being Binance.

It was designed to be one of the easiest places to buy, sell, and trade cryptocurrency, and it serves retail investors, businesses, and institutions alike. Originally, it only supported Bitcoin, but it now supports a wider array of digital assets.

Features

  • Supports 100+ cryptocurrencies
  • Coinbase Pro, the premium service of the platform
  • Coinbase Earn, a bundle of learning resources and tools ideal for beginners
  • Coinbase Wallet app that allows you to store your cryptocurrencies safely
  • 98% cold storage policy to keep your funds secure
  • Insurance for hacked funds

Cost

  • Bank account fee: 1.49%
  • Debit or credit card fee: 3.99%
  • Coinbase USD Wallet fee: 1.49%
  • Credit transaction fee: 2%
  • ACH transfer fee: Free
  • Bid-ask spread: 0.5% (Can vary)

Best For

Crypto investors looking for learning resources on crypto and a wide array of supported cryptocurrencies.

5. Kraken

Kraken is a cryptocurrency exchange and bank originally founded in 2011. It's located in the United States (specifically San Francisco), and it enables you to trade fiat currencies like NGN or USD for cryptocurrencies and vice-versa. It also allows you to trade one type of cryptocurrency for another.

The exchange provides price data for digital assets to the Bloomberg Terminal, and as of December 2021, Kraken is accessible in 48 US states and 176 different countries, making it one of the more global exchanges around today.

Features

  • Very wide range of supported crypto (90+)
  • Simple and intuitive user interface
  • Kraken Crypto Watch feature that allows you to keep track of the crypto market
  • A plethora of information and educational resources on crypto for its users
  • 24/7 customer support through a variety of methods

Cost

  • Trading fees: Between 0% and 0.26% per trade
  • Crypto credit card purchases: 3.75% + €0.25
  • ACH crypto purchases: 1.5%

Best For

Cryptocurrency investors looking for an exchange with a wide array of supported altcoins and stablecoins.

6. Binance

Binance is an international cryptocurrency exchange that currently serves as the world's largest crypto trading platform by volume of daily trading. It began operations in 2017 and is now headquartered in the Cayman Islands.

Binance was founded in Hong Kong but later moved its headquarters overseas due to increased government intervention in cryptocurrencies. It has several notable characteristics, including powerful charting tools and access to the Binance Earn feature, as well as a Binance Visa Card.

Features

  • Supports 300+ cryptocurrencies
  • Supports 50+ fiat currencies
  • Binance Earn feature
  • Binance Visa Card
  • Advanced charting tools
  • Earn lower fees by using the exchange's native currency (Binance Coin)

Cost

  • Crypto deposit fees: Free
  • Fiat deposit fees: From 0% to 3.5%
  • Crypto withdrawal fees: From 0% to 2,5%
  • Taker fees: From 0.04 to 0.1%
  • Maker fees: From 0.02 to 0.1%
  • Futures trading maker fees: 0.02%
  • Futures trading taker fees: 0.04%
  • Instant buy/sell trade fees: 0.5%
  • Debit/credit card purchases: 4.5%

Best For

Investors interested in investing in relatively unknown altcoins.

7. Remitano

Remitano is an online peer-to-peer escrow marketplace that makes purchasing and selling cryptocurrencies easy. The cryptocurrency trading platform is built to allow customers to buy and sell crypto in both fiat currencies and other digital tokens.

The Remitano platform allows consumers to interact with other crypto traders in a secure environment. Remitano has a global presence and serves clients from more than 30 countries, including Malaysia, Nigeria, Vietnam, and several others.

Features

  • User-friendly crypto exchange
  • Competitive withdrawal fees
  • 0% deposit fees
  • 24/7 customer support
  • Allows you to margin trade
  • Has global support

Cost

  • Trading fees: 1%

Best For

Crypto traders who want to buy and sell digital tokens in a safe and secure environment.

8. Luno

Luno is a fiat-to-crypto currency exchange that provides services in Nigeria, South Africa, Singapore, Malaysia, the United Kingdom, and 35 other European nations.

Luno is Nigeria's most popular cryptocurrency exchange. This platform, like Coinbase, includes both a crypto exchange and a Bitcoin and Ethereum wallet system.

Luno's user interface is one of the most simple to understand, and connecting your bank account for instant transactions such as withdrawal and deposit is also pretty easy to do.

Features

  • Instant withdrawals and payments
  • Easy to understand user interface
  • Very low fees
  • Has an explore section so that you can learn more about crypto
  • Allows you to set up price alerts
  • Has a mobile app

Cost

  • Maker-taker fees: 0% to 0.1%

Best For

Beginner crypto investors or those looking to buy and sell Bitcoin and Ethereum quickly.

What To Look For In The Best Crypto Exchanges In Nigeria

There are several things to consider while choosing a Nigerian crypto exchange. Some of these factors include:

Supported coins: Different exchanges support different cryptocurrencies, so make sure the exchange you choose supports the coins you want to trade, as a bare minimum.

User interface: A user-friendly interface is key, as it makes trading easier and faster. However, if you're a more experienced trader, you may prefer exchanges with more complex interfaces that offer more options.

Fees: All exchanges have different fees, so it's important to compare and find the best one that suits your needs. Generally, lower fees mean better value for your investments, while higher fees eat into your profits.

Regulation: Some cryptocurrency exchanges are not regulated in the same way as banks are, so it's important to do your research and make sure you're comfortable with the exchange's regulatory status. The more regulated an exchange is, the more secure your funds will be.

Deposit & withdrawal options: Different exchanges offer different deposit and withdrawal options, so it's important to find one that has a payment method you're comfortable with. Some exchanges allow you to deposit funds directly into your bank account, while others allow you to use other methods.

Account security: One of the most important factors to consider when choosing an exchange is how secure your account will be. Look for exchanges that have multiple layers of security, such as two-factor authentication.

Customer support: A good customer support team is key if you ever have any problems with your account or experience a hack. Look for exchanges that offer live chat, email, and phone support so you can get help quickly if needed.

How To Trade Cryptocurrency In Nigeria

Choosing the exchange you want to use is the hard part of this process, and I hope that the rest of this post has been able to help you in making that decision. Here's how to start trading cryptocurrency in Nigeria:

  1. Open an account with the crypto exchange of your choice. I personally use and recommend Capital due to its zero trading fees and great customer support, but you can choose whichever exchange feels right to you.
  2. Verify your identity using government-issued ID plus a selfie with that piece of ID. The specific documents you’ll need to provide will vary by exchange, but if you have any of these documents, you should be fine:
    1. Nigerian passport
    1. Nigerian driver's license
    2. National identity card (front and back) + NIN
    3. Electronic identity card 
    4. Voter's Card (green) / Permanent Voter's Card
  3. Deposit money into your account and start trading.

In Summary

Choosing the best cryptocurrency exchanges in Nigeria is a difficult task for anyone, especially for crypto beginners. There are several options to choose from and figuring out which one is best for you can be tough, so we'll break down the top exchanges in Nigeria and discuss some of the factors you should think about when choosing one.

Capital is the favourite among knowledgeable Nigerian crypto investors, both for its enterprise-grade security and zero trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Nigeria, I can’t recommend Capital highly enough.

OPEN FREE ACCOUNT
Zero trading fees

Best Crypto Exchange Nigeria FAQs

Can I Buy Cryptocurrency In Nigeria?

Yes, you can buy cryptocurrency in Nigeria using a crypto exchange. Capital is the exchange we recommend for most Nigerians, since they don't charge any trading fees while offering excellent customer support over the phone, email and live chat.

Luno and LocalBitcoins are also decent options, though neither of them are as good as Capital.

What Is The Best Bitcoin Trading Platform In Nigeria?

The best Bitcoin trading platform in Nigeria is Capital, both for having zero trading fees and for its easy-to-use desktop platform and mobile app. If you want to buy and sell Bitcoin with the best exchange in Nigeria, Capital is the one for you.

What Is The Best Site To Buy Bitcoin In Nigeria?

The best site to buy Bitcoin in Nigeria is Capital. Capital doesn't charge any trading commissions, has the lowest spreads in the industry (just 0.1% – 0.3%), and is regulated in the UK, ensuring it's a secure platform you can trust.

How Can I Sell Bitcoin In Nigeria?

There are several different ways to sell Bitcoin in Nigeria, though the easiest is to sell it directly from the crypto wallet that you're holding it in. We recommend the Ledger Nano S, both because it's a highly secure, easy to use wallet and also because you can buy and sell Bitcoin directly inside it, maximizing your security and ensuring you don't get scammed or lose any of your funds.

Can I Trade Crypto In Nigeria?

Yes, you can trade crypto in Nigeria if you work with the right exchange. We suggest Capital because it doesn't charge any trading fees, holds licenses in both Australia and the UK, and offers real-time customer support via phone, email, and live chat.

How Do I Buy Crypto With Naira?

To buy Bitcoin (or any crypto) with Nigerian nairas, you'll need to open an account with Capital and make a deposit of NGN. Your nairas will be converted into dollars with zero currency exchange fees, and then you can use those dollars inside Capital's mobile app or desktop platform to buy and sell Bitcoin or 100+ other cryptocurrencies.

You could also open an account with LocalBitcoins and find someone selling Bitcoin in naira near you—or buy direct from a Bitcoin ATM—but both of these methods have downfalls in the form of drastically reduced security and

What Is The Best Crypto Exchange Platform In Nigeria?

The best cryptocurrency exchange platform in Nigeria is Capital, which is regulated in both Australia and the UK and doesn't charge any trading fees. Capital users can open an account and start trading crypto in less than 5 minutes, making it an extremely quick, easy way to start investing in cryptocurrency.

What Is The Best Bitcoin Wallet In Nigeria?

The best Bitcoin wallet in Nigeria is Capital, thanks to its bank-level security, free signup and usage, and easy-to-use mobile app. It can hold 100+ different crypto assets at a given time, and we strongly recommend it as a safe, secure crypto wallet ideal for Nigerian crypto investors.

Which App Is Best For Cryptocurrency In Nigeria?

The best app for cryptocurrency in Nigeria is Capital. Unlike other crypto apps like Luno and Quidax, Capital charges zero trading commissions, making it both the cheapest and best crypto exchange platform available in Nigeria today.

Does Coinbase Accept Nigerians?

Yes, Coinbase accepts Nigerian clients, but we don't recommend using Coinbase due to its high deposit fees (4% on debit & credit cards) and currency conversion fees (2%), which significantly reduce your trading profits. Instead, we recommend you use one of our top-rated exchanges, which you can see at the beginning of this post.

Can Nigerians Use Binance?

Yes, Nigerians can use Binance, but we don't recommend using Binance because of its frequent regulatory issues and history of closing user accounts without warning. Instead, we recommend trading with our #1-rated crypto platform, which you can see at the start of this post.

Can I Use Luno In Nigeria?

Yes, you can use Luno in Nigeria, but we don't recommend using Luno because it only supports a very limited number of cryptocurrencies, and its platform is very basic compared to others. If you're looking for a crypto exchange that offers 100+ coins and advanced trading on its web platform and mobile app, I suggest our top-ranked exchange, Capital, a UK-based exchange that puts security first.

Is Luno Legit In Nigeria?

Yes, Luno is a completely legitimate exchange in Nigeria, though we still don't recommend using it due to its lack of altcoin support and poor user reviews. I believe you'll be happier using Capital, an easy to use exchange with high user ratings and support for more than 100 cryptocurrencies.

Is Kraken Available In Nigeria?

Yes, Kraken is available in Nigeria, but we don't recommend it because users need to comply with IRS tax regulations in the United States, making it an overwhelming experience for Nigerian users. Instead, I recommend using Capital, which is much simpler to use than Kraken and also has a robust mobile app for trading on the go.

Is Paxful Available In Nigeria?

Yes, Paxful is available in Nigeria, but we don't recommend it because it only offers Bitcoin, Ethereum and Tether (USDT), and also because it's a peer-to-peer platform, which means users are susceptible to scams. Instead, I recommend using Capital, which offers a much wider selection of coins on a fully secure platform so you can trade without worrying about being taken advantage of.

Is Quidax Still Working In Nigeria?

Yes, Quidax still operates in Nigeria, but we don't recommend using them because they only offer 7 cryptocurrencies and charge higher-than-average trading fees. Instead, I recommend trading with Capital, which supports 100+ cryptocurrencies and doesn't charge any trading fees.

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