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People trading cryptocurrencies are bound to find a reputable cryptocurrency exchange platform that suits their requirements for buying and selling currencies such as Bitcoin, Ethereum, and Ripple.

Choosing the right cryptocurrency exchange platform can be challenging when many options to choose from. Our guide showcases the best crypto exchanges and Bitcoin Trading platforms in Nigeria.

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Best Crypto Exchanges Nigeria List 2022

Currently, there are a lot of unregulated cryptocurrency exchanges operating in the online arena. Therefore, finding a reliable cryptocurrency exchange service provider is not easy.

Apart from security, it is necessary to examine essential parameters, such as payment methods, prices, marketplace features, and platform handling convenience.

Below, a list of the most popular cryptocurrencies on the market has been compiled to help clarify doubts.

  1. OKX– Best Platform For Begginers In Nigeria
  2. Binance – Best Crypto Platform For Day Traders Nigeria
  3. Coinbase – The Global Largest Crypto Exchange In Nigeria
  4. Crypto.com – Buy New Crypto Coins On A Fast-growing Nigeria Cryptocurrency and Bitcoin Exchange
  5. Kraken – Cheaper Bitcoin and Crypto Trading in Nigeria Than Competitors

Best Crypto Exchanges Nigeria Reviewed

1. OKX- Best Platform For Begginers In Nigeria

OKX is our first recommendation. This platform offers over 100 different cryptocurrencies, including Bitcoin and Ethereum. It is constantly updated with new cryptocurrencies, so you will always have a wide selection to choose from.

With OKX, beginners can gain knowledge about the market through various educational resources, and experts can find different tools and advanced charts.

OKX provides its users with an app for iOS and Android through which they can trade any cryptocurrency instantly. OKX takes security very seriously. 95% of clients’ digital assets are stored offline on the platform.

OKX charges relatively low commissions when it comes to cryptocurrency trading and investing. Since OKX offers a wide range of trading options, such as the currency used and the volume associated with an account, there are multiple fees associated.

Credit and debit cards may also charge a fee if used as a deposit method at OKX. The average commission at OKX is 0.10% or less for most users.

OKX fees:

Fee Amount
Crypto trading fee 0.10% per trade
Inactivity fee Free
Withdrawal fee Depends on account verification level

 

Pros:

  • Low trading fees
  •  Zero OKX deposit fees
  •  Accepts multiple payment methods
  •  Huge selection of crypto coins
  •  Allows an extensive range of pro-trading options like spot, futures, and derivatives trading. Also, offer margin trading.
  •  It has an easy interface together with a separate mobile application

Cons:

  • Demo account service is not available
  • There are certain limitations for withdrawals

2. Binance - Best Nigerian Crypto Platform For Day Traders

best exchange for cryptoBinance could also be the right platform for you if you are a cryptocurrency day trader, i.e., you actively buy and sell digital currencies to make profits frequently. It is currently the most popular cryptocurrency trading platform, despite being introduced in 2017. It frequently exceeds $10 billion in daily trading volume. And one of the big advantages Binance proposes for day traders has to do with its low commissions.

The reputation of this free cryptocurrency platform stems from several aspects. For starters, it hosts different cryptocurrency exchanges with several hundred pairs. Major pairs, such as BTC/USDT and BTC/ETH, and several micro currency markets.

Binance turns out to be a good choice if you are interested in investing in Dogecoin and various minor altcoins, such as Shiba Inu, IOTA, Dash Coin, and Monero, or if you want to buy the best cryptocurrencies. On the other hand, Binance features quite competitive trading fees.

For example, commissions start from 0.10%, which means a $1,000 order can go for $1.

Also, the platform supports transfers through bank accounts and transfers through debit/credit cards. But depending on your location, you may not be able to take advantage of this benefit.

Generally, bank transfers are completely free of charge on this platform, although you will have to wait a few days for them to go through.

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Binance fees

Fee Amount
Crypto trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee 0.80 EUR (SEPA bank transfer)

Pros:

  • Customizable indicators on an advanced charting platform
  • View the Bitcoin trading order book and depth chart
  • Fees are extremely low with a discount for using BNB
  • FCA-regulated
  • Measures to ensure security

Cons:

  • There are no stop-loss or if-then orders
  • Customer service is only available via a ticket system

Your money is at risk.

4. Coinbase - The Global Largest Crypto Exchange In Nigeria

best crypto exchange for day tradingIn 2012, Coinbase created the world's largest exchange, making it the largest exchange in the world. Also, this exchange works similarly to a classical exchange: At the top of each web page, you will see the words resources. This area will find everything from basic advice to market news perfect for beginners.

Coinbase users can purchase and sell a variety of currencies on the platform. However, this exchange's main source of income is to charge for each crypto-currency transaction because of the nature of the exchange.

Coinbase is a traditional brokerage firm that operates based on the principle of supply and demand. The money is stored in a digital wallet, which is called.

best crypto exchange nigeria

Coinbase fees

Fee Amount
Crypto trading fee Commission, starting from 0.50%
Inactivity fee Free
Withdrawal fee 1.49% to a bank account

Pros:

  • New users, as well as experts, will find the interface easy to use.
  • Transactions on Coinbase are one of the fastest in the world, and it is one of the most liquid exchanges
  • Coinbase supports many coins
  • Balance requirements are low

Cons:

  • Complex Schedule of fees
  • Trading on other platforms is more expensive

Your money is at risk.

 5. Crypto.com - Buy New Crypto Coins On A Fast-growing Nigeria Cryptocurrency and Bitcoin Exchange

best crypto swap exchangeCrypto.com is a cryptocurrency exchange that has grown rapidly over the past few years. The site is fast and secure due to several developers and a strong marketing team.

In the portfolio of the staking program, there are more than 40 cryptocurrencies and stablecoins. These coins have a return of 14% every year.

Taking market capitalization into account, the CRO coin from Crypto.com ranks 12th on our list with a market capitalization of $15.6 billion. Nevertheless, the platform has the potential to be a huge success.

In addition to offering margin trading on derivatives, the company also plans to move into the non-financial trading market. At Crypto.com, you can invest as little as $1.

best crypto exchange app

Crypto.com fees

Fee Amount
Crypto trading fee 0.4% per trade
Inactivity fee Free
Withdrawal fee Free

Pros:

  • Supports a wide range of cryptocurrencies
  • Competitive and transparent fees with discounts
  • Support an ecosystem for cryptocurrencies

Cons:

  • Higher fees unless you use CRO
  • Unsatisfactory customer service
  • It can be challenging to navigate trading fee discounts

Your money is at risk.

6. Kraken - Cheaper Bitcoin and Crypto Trading in Nigeria Than Competitors

best crypto exchange app in nigeriaIn 2011, Kraken was founded, a cryptocurrency exchange that was one of the biggest in the world at that time.

The company's Bitcoin trading platform has been used by over 4 million people worldwide since its launch in 2013.

Users can also trade 66 different cryptocurrencies on the platform and stake them. Kraken is regulated by some agencies, including the FCA, AUSTRAC, and the FSA in the United Kingdom. In addition, a number of its subsidiaries are also regulated by these agencies.

This platform allows you to trade futures using cryptocurrencies, which are unavailable on most other platforms. It is also equipped with several protection and security features that make it one of the best platforms in the industry. As well as being easy to use, it also offers a variety of currencies and has a wide margin, making it quite appealing.

best exchange for crypto in nigeria

Kraken fees

Fee Amount
Crypto trading fee For sellers, commissions start at 1% per trade. Free for buyers
Inactivity fee Free
Withdrawal fee According to the currency withdrawn. 0.0005 for BTC

Pros:

  • Provides a charting platform with numerous technical indicators
  • 66 pairs and futures are available for trading
  • An easy-to-use cryptocurrency
  • Margin trading is permitted
  • Earning cryptocurrency by staking
  • Lowest prices in the industry

Cons:

  • Deposit and withdrawal methods are limited
  • Customer service sometimes takes a long time to respond

Your money is at risk.

Best Nigerian Crypto Exchanges - Fee Comparison

Platform Crypto trading fee Inactivity fee Withdrawal fee
Binance Commission, starting from 0.1% Free 0.80 EUR (SEPA bank transfer)
Coinbase Commission, starting from 0.50% Free 1.49% to a bank account
Crypto.com

 

0.4% per trade

 

Free

 

Free

 

Karen For sellers, commissions start at 1% per trade. Free for buyers

 

Free

 

According to the currency withdrawn. 0.0005 for BTC

 

How to Choose the Best Cryptocurrency Trading Platform for You

Regarding the online crypto currency market, there are currently about 300 crypto exchanges operating, according to CoinMarketCap, which have generated a lot of money since the launch of the first cryptocurrency.

As a result, choosing a cryptocurrency trading platform that fits your desires could be a complicated process.

If you have a checklist of fundamental metrics, such as security, tradable markets, payment method, and certain fees, the decision to choose a provider will not be difficult.

Let's take a closer look at the essential requirements.

Regulation and Safety

We have already mentioned that there are currently just over 300 online exchanges offering cryptocurrency exchange and trading services. However, the vast majority of these providers are unregulated and unlicensed.

This poses a serious problem, as you can never be 100% convinced whether your money is protected or not. Nevertheless, as many of these cryptocurrency exchanges feature industry-leading fees, inexperienced investors are unwittingly attracted.

In this regard, we should make it very clear that you should never hire a cryptocurrency trading platform that does not offer a number of safety nets and account protection.

The best way to select this is to review whether the cryptocurrency trading platform is regulated.

Assets

Many cryptocurrency trading platforms have numerous marketplaces, although others concentrate on just a few.

If you are thinking about a combination of crypto with crypto, it typically comes in two forms: crypto with fiat or crypto with crypto.

Converting crypto to fiat will be available if you employ a regulated platform. That is, you will exchange a cryptocurrency for fiat currency. BTC/USD, for example, is composed of Bitcoin and the US dollar.

Crypto to crypto: On most existing platforms in this space, crypto to crypto pairs are offered. The exchange rate will operate on two different digital assets. For example, the BTC/ES pair consists of Bitcoin and EOS.

To complement the above, you may find digital currency derivatives interesting. So, for example, there are Bitcoin futures and options markets on the major cryptocurrency exchanges. These markets often include leverage and short-selling functions.

best crypto exchange for arbitrage

Fees

This guide has addressed the best cryptocurrency trading platforms in Nigeria. However, it will always consider the payment of a commission when it comes to buying or selling digital currencies.

Following are a few aspects of the main commissions to research for when choosing a provider.

Deposit and Withdrawal Fees

To start trading with the best cryptocurrency, you will need to deposit it into your account. If you do not yet have admission to certain digital currencies, you need to select a provider that offers you the opportunity to make deposits in fiat currency. The most famous cryptocurrency exchange platforms charge your credit or debit card a significant amount to fund your account.

Ultimately, it would help offset this profit figure by paying such a high fee for depositing funds to break even.

Commission Fees

Cryptocurrency exchange companies apply a commission, similar to securities trading platforms, currency exchange platforms, and CFD trading platforms. It usually consists of a flexible commission multiplied by the value of the transaction unless minor amounts are traded.

Commissions are always charged on a "sliding" basis, meaning that they are paid when a cryptocurrency is bought and again when it is sold. Therefore, the higher your position, the higher the commissions will be.

At OKX, you can buy and sell cryptocurrencies for free, different from the commission rule. This means that you only pay the margin, i.e., the difference between the bid and ask price of the respective crypto asset.

Other Fees to Consider

It is also worth considering the following cryptocurrency trading platform fees that may be charged in addition to commissions and deposits/withdrawals.

Cryptocurrency markup: The vast majority of cryptocurrency trading platforms apply a surcharge fee. Your bank charges you an exchange fee for using your debit card abroad, which is similar.

Spreads: When trading cryptocurrency pairs with less liquidity, you need to consider the spread. The spread corresponds to the existing difference between the bid and asks prices. Thus, to break even, you need capital gains of 0.9% to be able to have a spread of 0.9%.

Margin fees: If you want to leverage yourself when trading cryptocurrencies, you need to consider margin fees.

This is the interest you pay when you trade more than the amount you have in your account on the platform.

Trading Tools & Features

Many useful features can suit investors of all classes and sizes on the best cryptocurrency trading platforms.

Support for Crypto Trading Robots

The growth of cryptocurrency bots has been massive in recent years.

Such a bot acquires, trades, and trades cryptocurrencies for you based on an algorithm that acts in response to market circumstances. There is no need for you to participate in this process.

In order to know how the bot works, you should understand that the process is as follows:

  • You sign up for a third-party cryptocurrency bot platform.
  • You purchase an already programmed bot from the marketplace, or you can build one from scratch.
  • Then, you connect the bot to your favorite cryptocurrency trading platform with an API code.
  • This bot will trade for you.

Copy Trading

If you prefer automated cryptocurrency trading, we advise you to use the Copy Trading feature provided by some brokers. This way, you can choose a more experienced and successful cryptocurrency trader. You can then copy trades between pairs in a fully regulated environment.

The trades are always proportional to the amount you invest in the trader.

It is a much safer alternative due to several reasons. First, you will be relying on a proven human trader, so there is no chance of the individual not performing correctly, as can happen with a robot, which operates automatically.

Second, the human trader is fully aware of the important news, whereas robots rely solely on the technical elements.

Leverage and Short-Selling

Many newcomers to cryptocurrencies intend to invest more long-term in their chosen cryptocurrency. However, if you consider yourself a day or cycle trader, choosing a platform with advanced trading tools is best. In this regard, platforms such as Kraken offer the possibility to apply leverage to your cryptocurrency trading.

This way, you can increase the value of your position and thus trade with more money than you have in your account. In addition, cryptocurrency, as mentioned earlier, trading platforms accept short selling. This allows speculation about the value of a cryptocurrency on the downside and is ideal for bearish trends.

Education, Research & Analysis

The best cryptocurrency platforms we have reviewed offer a large number of educational materials. These resources are very useful for those who have little or no experience in the world of cryptocurrency trading.

So, if you intend to trade actively, we recommend that you select a provider with chart interpretation tools and indicators. In addition, the trader should provide you with feedback.

Liquidity

Let's think that you register on a cryptocurrency trading platform that you are both unfamiliar with and unfamiliar with the cryptocurrency environment. If so, it is practically obvious that the liquidity fees will fall below. This can be detrimental, as it could be very complicated to enter and exit the cryptocurrency market you have selected.

For those who don't know, liquidity is defined as the capital held by a Bitcoin exchange in a specific pair. In other words, if there is a lot of liquidity, the platform benefits from large trading volumes.

Thus, you will have much lower spreads, which will reduce your transaction costs. What is more relevant, when using a cryptocurrency trading platform with high liquidity levels, you will always have the possibility to find a buyer the moment you consider selling a position.

User Experience

While searching for the best crypto trading platforms, we found some that didn't provide the best user experience. Because there was no fully-functional search tool, we sometimes had difficulty finding our preferred marketplace.

Some trading platforms were difficult to use, especially when placing orders. Remember, you will be investing money, so choose a crypto trading platform that makes investing easy and seamless.

Mobile App

Proprietary mobile apps will be available on the largest and most popular cryptocurrency trading platforms by 2022. As a result, you have the same functionalities and tools at your disposal as the desktop trading platform.

Likewise, it is recommended that you find out how mobile trading works, as we discovered some apps that did not work well and crashed frequently.

Payment Methods

Payment methods are discussed in depth in this guide. Ultimately, though, you will need to add funds to your account before you can trade crypto online. Due to the popularity of cryptocurrency, many of the top platforms accept debit/credit cards and e-wallets like PayPal.

Deposits from bank accounts are accepted by other companies. Crypto is the preferred method of deposit and withdrawal most of the time. In most cases, the provider can't accept fiat currency since they don't have the legal authority to do so.

Customer Service

On some cryptocurrency trading platforms, there are millions of traders. This, however, does not guarantee excellent customer service. It is not always possible for trading platforms to hire full-time customer service representatives.

How to Start Crypto Trading – OKX

We will now walk you through OKX end-to-end process so you can begin trading crypto from the comfort of your home.

Follow these instructions, and you'll place your first crypto trade within 10 minutes!

Step 1: Open an Account

If you click the 'Join Now' button on the website, you can sign up for OKX online or through your mobile device.

Providing some personal information is the next step. You must include your name, address, date of birth, mobile phone number, and email address.

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2: Upload ID

OKX is regulated and requires you to upload a copy of your ID and a proof of address (utility bill or bank statement). These verifications usually take less than five minutes.

Step 3: Deposit Funds

After you have funded your account with OKX, you should search by the market to access your desired crypto asset. The point that it supports a variety of crypto-to-fiat and crypto-cross pairs means you will find a market on OKX that interests you.

Step 4: Trade Cryptos

Your next step is to decide whether you should buy or sell the pair based on your prediction of whether it will go up or down. If you are too short, you should change the order to a sell order at OKX. The default order is to buy.

In the next step, you must enter your stake - at a minimum of $25. If you want to enter and exit a trade at a specific price, you may want to set up stop-loss, limit, and take-profit orders.

To complete your commission-free trade on OKX, click the 'Open Trade' button.

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

Considering that there are now close to 300 crypto trading platforms on the market, you must choose the right provider for you. However, it is important not to be blinded exclusively by low fees, as several other factors are considered. Safeguards, customer support, markets for trading and payment options are all part of this.

As a result, we found that Capital  is by far the best crypto trading platform for retail investors. Three regulatory bodies regulate this provider, allowing you to trade commission-free cryptocurrencies. In addition, the minimum stake is just $25, and the provider accepts debit/credit cards or e-wallets for instant funding.

OKX – Overall Best Cryptos Trading Platform in Nigeria

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is a crypto exchange?

Cryptocurrency trading platforms function similarly to stock, forex, or CFD platforms. In other words, crypto trading platforms allow you to trade digital currencies in the comfort of your own home.

Which crypto trading platforms offer the most leverage?

You will need to use a regulated crypto trading platform (which would be a good idea). Then, depending on your country of residence, you'll be able to access leverage. However, if you use an unlicensed provider like BitMEX, the leverage can reach 1:100.

What is the cheapest crypto trading platform?

With a commission of just 0.10%, Binance is often regarded as a low-cost trading platform. You will, however, be charged 4.5% for using a debit card to deposit funds. A regulated platform like which has no commissions on its crypto markets, is a cheaper alternative. Deposits made with debit cards only cost 0.5%.

What is the best crypto exchange for Nigerian citizens?

You should stick to crypto trading platforms registered with FINRA if you are a Nigerian citizen.

How do I start crypto trading?

As little as 10-15 minutes are needed to start trading crypto on a regulated platform. Once you log in, upload your ID, and deposit money immediately with your debit/credit card or an e-wallet, you're ready to begin. After that, it takes just a few minutes to start trading crypto.

About Carlos Sereno
About Carlos Sereno

Journalist from Universidad Jorge Tadeo Lozano. Translator of Spanish and English. English as a second language. Interested in International media and sports media.