6 Best Crypto Exchanges In Nigeria

April 17, 2023
Blog

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.

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

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What Is The Best Crypto Exchange In Nigeria?

1. ZenGo — Best Overall

Good All-Around

Account Opening: Free
Security: Best in class
Customer Support: Excellent

Top-notch security + average fees.

★★★★

Rated 4.4/5

ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.

Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Features

  • Supports 75+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.7/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Account Opening: Free

Best For

Crypto investors looking for the most secure trading experience + low fees.

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2. Capital

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 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.

3. 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.

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. 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.

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 ZenGo 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

There's no doubt in my mind that ZenGo is the best crypto exchange in Nigeria, both for its enterprise-grade security and low trading fees. If you’re looking for a safe, cost-effective way to buy and sell crypto in Nigeria, I can’t recommend ZenGo highly enough.

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Best Crypto Exchange Nigeria FAQs

Can I buy cryptocurrency in Nigeria?

Yes, you can buy cryptocurrency in Nigeria using a crypto exchange. ZenGo is the exchange we recommend for most Nigerians, since they offer excellent customer support right in their easy-to-use app.

Capital is also a good option, though it's not as good as ZenGo for most Nigerian users.

What is the best Bitcoin trading platform in Nigeria?

The best Bitcoin trading platform in Nigeria is either ZenGo or Capital, both for their easy-to-use desktop platform and mobile apps. If you want to buy and sell Bitcoin with the best exchange in Nigeria, ZenGo is probably the best option for you.

What is the best site to buy Bitcoin in Nigeria?

The best site to buy Bitcoin in Nigeria is ZenGo. ZenGo offers some of the lowest spreads in the industry and is pioneering next-generation security technology, ensuring it's a safe 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 ZenGo, 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 or ZenGo because they take security extremely seriously and offer real-time customer support inside their apps.

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 75+ other cryptocurrencies.

You could also buy direct from a Bitcoin ATM, but that's drastically less secure.

What is the best Bitcoin wallet in Nigeria?

The best Bitcoin wallet in Nigeria is ZenGo, thanks to its bank-level security, free signup and usage, and easy-to-use mobile app. It can hold 75+ 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 low 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 one of our top-ranked exchanges, Capital or ZenGo, two well-respected exchanges that put 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 or ZenGo, two easy-to-use exchanges with high user ratings and support for dozens of 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 ZenGo or Capital, which are much simpler to use than Kraken and have robust mobile apps 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 ZenGo or Capital, both of which offer 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 ZenGo, which supports 75+ cryptocurrencies and charges low trading fees.

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