As digital currencies gradually gain mainstream adoption in Nigeria, many crypto exchanges have recorded high trade volumes in the country. And the increasing interest in cryptocurrency has also attracted several exchanges around the world to the country.
However, for many traders and users, it is not easy to select the best from this suite of exchanges. For beginners, especially, one of the most important factors to consider when choosing an exchange platform is the cost or trading fees. We will briefly discuss the top five popular crypto exchanges in the industry.
Binance is currently the largest cryptocurrency exchange in the world. It supports naira deposits and withdrawals, allows users to trade over 200 cryptocurrencies on one platform. Binance announced its support for Nigeria in October 2019. And since then, it has become the choice for most traders.
The P2P platform also links you directly to a buyer or seller. That way, there are no limits since payment processors are not necessary. Binance currently supports three direct NGN pairs – BNB/NGN, BTC/NGN, and BUSD/NGN.
Luno is a cryptocurrency exchange founded in South Africa but now operates in over 40 countries across Europe, Africa, and some parts of Asia. It is one of the most popular cryptocurrency exchange wallets in Nigeria. Reports show that it reached 4 million users in March 2020 with an increase in trading volume. Traders can buy and sell cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
The platform also permits instant trading and an order book exchange where a user can place bids and ask prices on trades. Amongst other cryptocurrency exchanges, Luno has a mobile wallet app with a user-friendly interface for beginners.
In addition to its mobile wallet, the exchange has no history of hacking. However, it also has a compulsory Know-Your-Customer procedure (divided into three), which is inconvenient for some users. There are no fixed rates for trading, as the fees vary according to the market.
KurePay is a fiat-crypto payment wallet with a payment gateway like Paystack. It was introduced in 2018 and has successfully attracted over 30,000 users to its platform. It also allows online traders to receive payments conveniently, with no fixed rate or fee.
In addition to that, the exchange offers a swapping service. Users can swap their cryptocurrencies, both Bitcoin, Ethereum, and Dash. They can also swap instantly for naira and withdraw to their bank account within a few minutes.
Furthermore, the platform enables multiple deposit options, including USSD banking, bank transfer, and PayPal. It is currently the only exchange with PayPal as a deposit option. This, in turn, is an advantage for the freelancing market.
Patricia is an emerging platform in the Nigerian cryptocurrency exchange market. It was introduced in August 2017. The exchange best describes itself as an e-commerce platform that allows users to buy and sell gift cards (iTunes cards, Amazon cards, steam cards, and google play gift cards) and Bitcoin.
The exchange operates a Bitcoin wallet service. In other words, it allows users to buy, hold, and sell Bitcoin with ease. Users can also trade Bitcoin to naira, and vice versa. The brand exudes fun, enthusiasm, and engagement.
Patricia is also into influencer marketing, with top Nigerian celebrities as its brand ambassadors. The exchange recently launched an exclusive Bitcoin ATM card to improve the user experience for daily transactions.
Naijacrypto is a Nigerian exchange platform introduced in March 2019. Since its inception, it has been offering quality services for digital assets. The exchange is also on Coinmarketcap, where users can view its trading volume and subsequent data.
The exchange has a mobile app available on Playstore to improve users’ experience while trading. It also has plans to launch Naijacrypto Academy. The academy will enable users to learn more about cryptocurrencies and trading in general.
In addition to that, it currently offers fiat and cryptocurrency deposits and withdrawals at a low cost. All coins in the exchange are stored in cold storage, so the security of assets is guaranteed. The exchange also charges a flat 1% trade fee on buy-and-sell orders on all the trading pairs on its platform.
The cryptocurrency exchanges listed above have been able to attract thousands of users to their platforms compared to other exchanges; hence, the reason behind this list. However, this list does not rule out the uniqueness or features of other platforms. They are all suitable for both experts and beginners.