3 Best Crypto Wallets In Nigeria (May 2022)

February 7, 2022
Blog

Given the many crypto wallets accessible now and all of their various functions, identifying the good ones from the bad may be difficult when it comes to selecting the best cryptocurrency wallet in Nigeria. We’ll look at some of the top cryptocurrency wallets available to cryptocurrency investors in Nigeria and compare them head-to-head in this post.

ZenGo is a free, open-source software wallet that uses blockchain technology to provide greater security and simplicity than traditional cryptocurrency wallets. ZenGo is the default wallet of choice for seasoned Nigerian crypto investors, and I couldn’t recommend them highly enough given how well they’ve served me throughout my dealings with their services.

Get $10 cashback, only available using my referral link.

What Is The Best Crypto Wallet In Nigeria?

1. ZenGo

ZenGo Crypto Wallet Canada

ZenGo is a non-custodial, keyless crypto wallet that’s significantly more secure than traditional wallets while still being extremely easy to use. It supports more than 70 crypto assets, and it takes less than 30 seconds to open your free ZenGo wallet.

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 cease operations.

ZenGo is a free software wallet, which means you don’t need to buy an expensive piece of hardware like the others on this list. Sending and receiving crypto to and from your ZenGo wallet is also free, and they offer 24/7 customer support, answering most support queries in 5 minutes or less

Overall, ZenGo represents the next generation of crypto wallets: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 70+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.6/5 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
  • Earn 5% APY interest on your Bitcoin
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Free

Promotion

$10 cashback after your first transaction when signing up with my referral link and promo code ZENX0B4G

Best For

Crypto investors looking for a safe, secure wallet with support for as many cryptocurrencies as possible.

Get $10 cashback, only available using my referral link.

2. 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.

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

  • The largest array of supported cryptocurrencies (300+)
  • Wide array of supported fiat currencies (50+)
  • 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

International cryptocurrency investors that are interested in investing in rare or relatively unknown altcoins.

What Is A Crypto Wallet?

A cryptocurrency wallet is a digital tool that keeps track of your public and private keys, allowing you to send and receive cryptocurrencies. Instead of storing money, crypto wallets store the public and private keys that give you access to your virtual currency.

Bitcoin and other cryptocurrencies are received using public keys. You can share your public key with others so they may send you Bitcoin or another cryptocurrency.

Private keys are used to move funds between addresses. If you wish to send or spend your cryptocurrencies, you’ll need access to your private keys. Never give anybody your private keys because they would have access to your money. Consider your private keys to be the password for your online banking account, and don’t share them with anyone.

What Types Of Crypto Wallets Exist?

The three most common kinds of crypto wallets are:

#1 Software Wallets

The most common type of crypto wallet is the software wallet, which comes in a range of formats. Desktop software wallets need you to install the program on your computer, while mobile software wallets are apps that may be downloaded to your smartphone.

I suggest using ZenGo as a software wallet, considering it adds several levels of protection to guarantee that your cryptocurrency is secure.

#2 Hardware Wallets

Hardware wallets are physical devices that keep your cryptocurrency off the internet. They often resemble USB flash drives and allow you to access your money without requiring any software or network connection.

Hardware wallets are one of the most secure and user-friendly methods to store cryptocurrencies. They are, however, somewhat costly, so they may not be suitable for everyone.

#3 Paper Wallets

A paper wallet is a term that refers to a piece of paper with your public and private keys printed on it, which is used to keep your digital currency offline. Paper wallets are considered one of the most secure ways to store Bitcoin, but losing the paper or having it destroyed also means that you lose access to your funds.

You should copy your paper wallet and store it in different locations if you want to preserve it for a long period of time. You might also scan your paper wallet into a digital format so that you may keep it on your computer or phone, but this is not recommended.

Are Crypto Wallets Safe?

The safety of crypto wallets will be determined entirely by the type of wallet and how you’re using it.

The most secure way to store your coins is in a hardware wallet (also known as cold storage). Because they keep your private keys offline, hardware wallets are extremely safe since no one can access them unless they’re right in front of the wallet, and even then, it’s a tough thing to do.

Software wallets, unlike physical wallets, are more practical and less safe since they are online and susceptible to attacks. ZenGo is the only software wallet that overcomes this issue, however.

Paper wallets also offer their fair share of safety; nevertheless, the chance of losing your private keys is never zero, and there’s no way to get them back if you do.

Best Crypto Wallets In Nigeria FAQs

Which Bitcoin Wallet Is Best In Nigeria?

For its bank-level security, simplicity of use, and 24/7 customer service, the ZenGo Bitcoin wallet is the most popular option in Nigeria. It can store a variety of cryptocurrencies at once and has no trouble interacting with platforms like LocalBitcoins and Luno.

What Is The Safest Crypto Wallet In Nigeria?

ZenGo is the safest cryptocurrency wallet in Nigeria. Even if your phone is lost, stolen, or destroyed, its keyless technology ensures that your cryptocurrency is kept safe.

Which Crypto Wallet Has The Lowest Fees?

Aside from the cost of buying a Bitcoin wallet, most Bitcoin wallets do not charge fees. Many of the wallets I discussed in this post, for example, do not have any extra fees you should consider.

On the other hand, several crypto exchanges charge fees, and some of these fees are bigger than others. If you’re searching for a dependable and well-respected exchange with low trading fees, I recommend using either LocalBitcoins or Luno.

How Do I Buy Cryptocurrency In Nigeria?

In Nigeria, you may exchange cryptocurrencies on a cryptocurrency exchange like LocalBitcoins or Luno. Each platform offers its own set of features and perks, but these are some of the best crypto exchanges to use in Nigeria for buying and selling digital currency.

In Summary

Choosing the finest cryptocurrency wallet in Nigeria may be tough, given the many wallets available and all of the various functionalities each of them has. As a seasoned crypto enthusiast, I’ve spent years keeping up with the most recent and greatest wallets, so I’m confident recommending ZenGo for its high level of security as well as its ease of use.

Another important consideration than simply selecting the proper wallet is trading on an exchange that keeps its coins in cold storage. LocalBitcoins is a popular choice among seasoned Nigerian cryptocurrency investors, and I can’t recommend them enough.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5