Search TradingPlatforms
Home » cryptocurrency » invest in crypto

If you want to know how to invest in crypto currency in Nigeria, you’ll have to choose from over 17,000 different cryptocurrencies and select one or two platforms among 462 exchanges. Narrowing things down to just the best crypto to invest in for long term will help you find what crypto to invest in right now.

In this guide, we’ll be going through the key learnings for how to invest in crypto in currency in Nigeria, provide some of our opinions on the best crypto to invest in 2022, and some smartest crypto to invest in as well.

Contents

How to invest in cryptocurrencies in Nigeria?

Although it is important to identify the best crypto to invest in now as well as the best upcoming crypto to invest in, it’s also important to know how to open an account to start your crypto investing journey. Here is a step-by-step guide on how to invest in cryptocurrency in Nigeria through OKX.

Step 1: Open an Account with OKX

67% 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.

Here is how to invest in crypto in Nigeria with OKX. First, head to the OKX site and click on the Trade Now button. You can either connect a Facebook, Google, or Apple account to register or you can fill in an email and password to start.

Step 2: Upload ID

After registering, the platform will prompt you to upload valid IDs in order to fully verify your account. Providing a clear image of your driver’s license or passport will suffice.

Step 3: Deposit Funds

In order to buy some of the best new crypto coins to invest in, you’ll first have to fund your Binance account. There are multiple deposit options from wire transfer, bank cards like Visa and MasterCard, and other e-payment methods like PayPal. The minimum deposit requirement is just US$50.

Step 4: Buy Cryptos

If you already know what cryptocurrency to invest in, you can already buy them with your funded Binance account. Search it through the overview dashboard of the OKX platform. Click on the Buy button to open an overview of crypto and proceed to buy the crypto CFD. You can even find the available list of crypto to invest in the OKX platform.

67% 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.

Why Invest in Cryptocurrencies?

Before we go about finding the best crypto to invest in 2022 and how to invest in cryptocurrency in Nigeria, we have to ask why people invest in crypto in the first place.

Decentralisation of cryptocurrencies gives you control over your assets

One key property of cryptocurrencies is that it gives you more control over your assets. When you store money in a bank account, you hand over your money to a central authority which is the bank itself. The bank can do whatever they want with the money which is usually loaning or investing it.

Cryptocurrencies, however, are stored in a decentralised way so that if you have your crypto assets stored in a crypto wallet, only you have access to it. You can potentially lend it out yourself to earn more interest than what they would give at a bank.

Cryptos are mostly deflationary in nature

It’s pretty well known that most cryptocurrencies can be mined. However, not many know that a lot of cryptocurrencies have a maximum supply of coins. Some of the best crypto to invest in 2022 are programmed to intentionally burn the supply of coins to increase its value. In any case, some may consider the deflationary properties of a token when learning how to invest in crypto in Nigeria.

Cryptos are transparent and secure

Anyone can view transactions on most cryptocurrencies, so everything is very transparent. This is a huge appeal of cryptocurrencies as an investment since no under-the-table transactions can happen. Don’t worry, transactions only require wallet addresses which are anonymous as well. It’s also virtually impossible to create fake transactions on the blockchain making it secure too.

Crypto investments could give you big returns

Many crypto coins have seen doubling or even tripling in just a few days or weeks. These huge returns are in store for those who know how to invest in cryptocurrency with the best crypto to invest in the long term. Depending on what crypto to invest in and finding good crypto coins to invest in, how much you actually earn or risk will vary.

Crypto trading provides you with the necessary independence and flexibility

Similar to the forex market, the crypto market operates 24/7. This gives crypto traders an advantage over stock market traders as the former has more independence and flexibility when trading. This can also mean those looking to learn how to invest in crypto in Nigeria have a more flexible time frame too.

Where you can buy crypto in Nigeria?

Not only will finding a good crypto trading platform help you identify some of the best crypto to invest in now, but it can also help you find some of the best upcoming crypto to invest in as well.

1. OKX- Best Crypto Exchange For All Traders

Star Xu launched OKX in 2017 to settle trading fees. The platform is based in Seychelles.

However, you can also make cryptocurrency loans and bet on cryptocurrencies to generate returns.

Using the platform’s demo account is possible before investing in cryptocurrencies. Additionally, you will find an extensive section of guides and educational videos to help you better understand the cryptocurrency investment process. In addition to Bitcoin, Ethereum, Ripple, and Cardano, you can invest in this platform.

OKX charges relatively low commissions for investing and trading compared to other cryptocurrency exchanges. Despite this, OKX has many commissions associated with its trading options, such as the currency it uses and the volume it holds.

Credit and debit cards may also charge a purchase fee on OKX. However, most users’ average commission on OKX is 0.10% or less.

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. Axi- Best CFD Crypto Trading Platform

Axi is a well-known forex trading platform that also offers cryptocurrencies as CFDs. The online broker is regulated in the UK and Australia by the FCA and ASIC regulatory bodies and is available to use in over 100 countries around the world.

When buying cryptocurrency CFDs, you are not buying the asset directly. Instead, you purchase a contract for difference which tracks the underlying price of a crypto token. This is great for day traders or for those who do not want to store crypto assets in a wallet.

Axi users can use either Autochartist or MetaTrader to analyze charts and place trades. Furthermore, the platform offers a demo trading account which is ideal for testing out new strategies and trying the platforms various features before putting any real money at risk.

Axi does not charge any deposit or withdrawal fees. The platform also charges zero commission and has no minimum deposit. You can trade with as little as 0.01 lots which makes it a great platform for those who don't want to risk huge amounts of money.

Axi fees

Fee Amount
Crypto trading fee $3.50
Inactivity fee Free
Withdrawal fee N/A

Pros:

  • Trusted in over 100 countries
  • No minimum deposit required
  • Regulated by FCA and ASIC
  • Demo account available
  • Zero withdrawal or deposit fees

Cons:

  • $3.50 crypto trading fee
  • Only offers cryptocurrency CFDs

Cryptoassets are speculative and carry high volatility levels. Always consider the risks involved. 

4. Binance - Best Crypto Exchange for New Coins

what crypto should i invest in right now

Binance is perhaps one of the best platforms if you’re looking for the best upcoming crypto to invest in. It’s the best crypto exchange for new coins as they have a list of crypto to invest in as well as the trending best crypto to invest in now. They also have other crypto investing products such as staking, rewards, and a non-fungible token (NFT) marketplace.

Binance fees

Fee Amount
Crypto trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee N/A

Pros:

  • Hundreds of billions in trading volume per day
  • Highly liquid markets as a central exchange
  • Provides support for hundreds of cryptocurrency pairs
  • Bank cards available for deposit options at almost instant speeds
  • Commissions start at just 0.1% per slide
  • Earn 25% discount when using Binance Coin (BNB) for fees
  • Earn from cryptocurrency holdings - based on the Binance Earn review
  • Provides cryptocurrency savings accounts

Cons:

  • Not FCA regulated
  • Withdrawals in NGN currently unavailable

Cryptoassets are speculative and carry high volatility levels. Always consider the risks involved. 

4. Coinbase - Great Beginner Platform for Crypto Nigeria

crypto to invest in

If you’re having trouble finding some of the best crypto to invest in the long term and learning how to invest in cryptocurrency in Nigeria as a beginner, Coinbase is the exchange platform for you. They offer some of the most popular and best crypto to invest in 2022 in the 50 different cryptos they offer. What’s cool is that all users can access Coinbase Pro, a sub-platform with lower fees and more cryptos to trade.

Coinbase fees

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

 

Pros:

  • Over 100 tradable cryptocurrencies
  • Great for beginners
  • Easy-to-use platform
  • Registered as a Money Services Business with FinCEN
  • Tons of crypto-related educational resources
  • 24/7 live phone support
  • Supports debit cards and bank transfers
  • Top-rated mobile app
  • Offers a crypto asset wallet

Cons:

  • Limited trading tools
  • No copy trading or social trading features
  • Crypto only – unable to invest in other assets like stocks

Your money is at risk.

5. Crypto.com - Fast and Secure Cryptocurrency Exchange

best crypto to invest in 2022

If you ask: how can I invest in crypto leveraged positions, then we recommend looking into Crypto.com. Not only is it one of the fastest and most secure crypto exchanges out there, but it lets you take on leveraged positions through perpetual and futures contracts. Find some of the leveraged best crypto to invest in for the long term among their 250 tradable cryptos and stablecoins.

Crypto.com fees

Fee Amount
Crypto trading fee 0.04% maker and taker fees
Inactivity fee Free
Withdrawal fee According to the currency withdrawn. 0.0004 for BTC

Pros:

  • Supports over 250 cryptocurrencies and stablecoins
  • 14% annual returns on staking stablecoin on the platform
  • Spend with the Crypto.com Visa Card and get up to 8% back
  • NFT marketplace available
  • Multiple DeFi integrations on the site
  • Fees that are competitive, transparent, and offer discounts
  • Support a cryptocurrency ecosystem

Cons:

  • Higher fees unless you use CRO
  • Difficult to navigate trading fee discounts

Your capital is at risk.

Invest in Crypto Nigeria - Fee Comparison

  Binance Coinbase Crypto.com
Crypto Trading Fee Commission, starting from 0.1% Commission, 0.034% 0.04% maker and taker fees
Inactivity Fee Free Free Free
Withdrawal Fee N/A 1.49% for a US bank account According to the currency withdrawn. 0.0004 for BTC

Best Crypto to Invest In

When looking for some of the best crypto to invest in 2022 or even the best crypto to invest in now, there are a few things you’ll want to consider. Do you want a cryptocurrency that you can stake? How long is your time frame? What ecosystem or technology will your best crypto to invest in for the long term have?

Looking into how to invest in cryptocurrency through staking, you’ll find some proof-of-stake (PoS) coins along the way. In the list of the top PoS crypto to invest in by market cap are the likes of Cardano (ADA), Solana (SOL), and Algorand (ALGO).

For some other potential best crypto to invest in 2022, smaller-cap options like Fantom (FTM) and Elrond (ELGD) are there. Once you’ve formulated you how to invest in cryptocurrency in Nigeria strategy which includes how long you’re willing to hold, then you will be better equipped to find some of the best crypto to invest in now.

Major cryptocurrencies to Invest In

Cryptocurrencies with the largest market cap are usually those that have already established themselves as some of the best crypto to invest in for the long term. They could also be considered some of the smartest crypto to invest in as many large institutions have invested in them as well.

Bitcoin (BTC)

how to invest in crypto currency

Bitcoin is the largest cryptocurrency with a market cap of US$661 billion at the time of writing. It’s currently worth around 42 percent of the entire crypto market. Many consider Bitcoin to be the best crypto to invest in for the long term as the crypto asset is inherently deflationary and is known to have zero correlations with financial markets like gold.

Ethereum (ETH)

buy ethereum logo

Ethereum is the second-largest cryptocurrency with an 18 percent hold on the entire crypto market. Many think that it is also one of the best crypto to invest in 2022 as Ethereum 2.0, its latest iteration, is scheduled to launch this year. It might also be one of the smartest cryptos to invest in for those who want to buy more energy-efficient crypto assets. ETH 2.0 is a move from the energy-heavy Proof-of-Work (PoW) consensus to the less energy-hungry PoS mechanism.

67% 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.

Small cryptocurrencies to Invest In

Major cryptocurrencies might not be the best crypto to invest in 2022 if you’re looking for larger price movements. For higher growth opportunities, consider smaller-cap cryptocurrencies that are much easier than the major ones.

Avalanche (AVAX)

crypto to invest in now

A lot of the smaller-cap cryptocurrencies look to improve on the systems of their predecessors. Avalanche aims to dethrone Ethereum as the most popular blockchain for smart contracts. It launched in 2020 with its own ecosystem of decentralised apps (dApps) and decentralised finance (DeFi). It remains a very scalable blockchain while also having a lot of transactional speed.

Terra (LUNA)

what crypto to invest in right now

Terra is a PoS blockchain that was launched in 2019 with the intention to maximize the potential of crypto as a mass payment processing system as well as create a useful stablecoin. The Terra ecosystem is characterized by low payment processing fees. Terra’s native network coin, Luna, can be one of the best crypto to invest in now as holders are bullish on the Terra ecosystem.

67% 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.

New cryptocurrencies to Invest In

Perhaps some of the best upcoming crypto to invest in and the smartest crypto to invest in are the ones that are very new to the market. Here are some of the new best crypto to invest in 2022.

LuckyBlock (LBLOCK)

list of crypto to invest in

LuckyBlock (LBLOCK) looks to be a worldwide lottery that leverages blockchain protocols to create transparency and fairness in gaming. LBlock holders can spend some of their tokens to participate in a daily jackpot lottery. However, holders can also opt to just leave their tokens in their wallets and earn the daily dividend payout. If you’re big on online gaming, LBlock might be one of the best crypto to invest in 2022for you.

Your capital is at risk

Shiba Inu Coin (SHIB)

what crypto currency to invest in

Shiba Inu coin or SHIB is now really a crypto coin but actually a token on the Ethereum network. Holding the meme-coin actually lets users utilize smart contracts and even offers holders rewards.

You can provide liquidity on ShibaSwap to earn BONE, its governance token that lets you vote on future proposals.

67% 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.

Best cryptocurrencies to invest in 2022 for the long-term

The best crypto to invest in for the long term is usually the most established cryptocurrencies like Bitcoin and Ethereum. Kind of like how there are blue-chip stocks in the stock market, major cryptocurrencies can be seen as a lower risk option compared to other cryptocurrencies.

Best cryptocurrencies to invest in 2022 for the short-term

If you want to know how to invest in cryptocurrency in Nigeria for the short term, you might find some success in the best upcoming crypto to invest in. If you can identify these coins as being popular and sustainable in the near future, then they can be some of the best crypto to invest in now. It’s usually the new or smaller-cap cryptocurrencies like Dogecoin, Elrond, and Curve to name a few that have better short-term growth chances.

How to build a good crypto investment portfolio?

Step 1: Find the right crypto exchange

As mentioned in the start of this guide, learning how to invest in crypto in Nigeria and figuring out what is the best crypto to invest in 2022 is identifying the right platform to use. Do your research on the platform’s fees, features, and even the type of investments it lets you make.

Step 2: Identify your strategy

It’s really difficult to make progress if you know which cryptocurrency is the best to invest in but don’t have a strategy for it. Some of the things to consider for a strategy are how long you will hold your positions, what methods you will use to invest in cryptocurrency, and how much you are willing to invest.

It’s one thing to know what is the best crypto to invest in and another to know which strategy will work best.

Step 3: Diversify

best upcoming crypto to invest in

With the right strategies and some of the best crypto to invest in 2022 figured out, the next thing you’ll want to do for your crypto portfolio is to diversify it. Don’t put all your eggs in one basket. This lets you better manage your risk since an investment can make up for the loss of another in your portfolio.

How to store your crypto investment in a secure wallet?

how can i invest in crypto

eToro Money Wallet

The eToro Money Wallet is the official crypto wallet of eToro, our overall recommended platform for investing in cryptocurrencies. You’ll want to use a secure wallet like the eToro Money Wallet for crypto that you will be holding for the long term. Store crypto such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin in this crypto wallet.

Coinbase Wallet

The Coinbase Wallet has support for over 4,000 crypto assets and many dApps. Aside from industry-leading security so your cryptos are safe, the Coinbase Wallet app also lets you explore the decentralised web.

Binance Exchange Wallet

Binance’s official crypto wallet is Trust Wallet, a crypto wallet that lets you use dApps, staking services, and other features that let you earn passively from your stored cryptocurrencies. You can also use this wallet to swap cryptocurrencies on different decentralised exchanges or DEXs.

Security and risks of crypto investing

Even if you have some of the best crypto to invest in 2022 and the smartest crypto to invest in your portfolio, having your account hacked or your crypto wallet key was stolen can lose all your crypto coins. It's best to avoid scams in the crypto sphere by keeping your private keys stored safely and using established and secure platforms.  

Compare Nigerian Cryptocurrency Exchanges

  Binance Coinbase Crypto.com
Regulatory/Safety bodies FCA MSB, FinCEN FDIC
Minimum deposit None None US$1
Assets available 500+ 50+ 100+

Is cryptocurrency mining a better investment?

With the proper hardware and tools, anyone can mine cryptocurrencies as long as they are PoW coins. If you’ve made a rundown on the required computational power, electricity costs, and timing, you should be able to determine how well crypto mining can be. You’ll usually need to calculate the costs of all of these versus the potential profit that you will make when you sell your mined coins.

Is cryptocurrency staking a better investment?

A more environmentally friendly and sustainable way to earn from your crypto investments is by staking them. PoS cryptocurrencies let you lock your coins and earn rewards as you contribute to the overall sustainability of the blockchain system when doing so. Coins like Cardano (ADA) and Solana (SOL) can be staked whereas coins like Bitcoin and Ethereum cannot.

Selling your cryptocurrency investment

If you bought your coins in a crypto trading platform like Binance, you can easily sell them by closing your positions on your account. If you want to sell the cryptocurrencies that you have in your crypto wallet, then consider finding an online exchange to help you do so. Selling some of the best cryptos to invest in for the long term at great prices can yield fine profits.

Taxes and regulations regarding crypto in Nigeria

Currently, there are no tax laws or legal frameworks regarding crypto in Nigeria aside from the crypto ban from the Central Bank. Last year, the Central Bank of Nigeria prohibited financial institutions from facilitating crypto trading and holding. This did not, however, significantly halt the growth of crypto trading in the country.

Conclusion

Depending on your overall risk tolerance, investment time frame, and investing strategy the best crypto to invest in now has to be chosen by you. We can give some examples and some strategies, but at least there are thousands of coins to choose from. We can recommend the Binance platform as it is a great place to discover cryptocurrencies as well as trade them.

Binance – Best Trading Platform to Buy Cryptos in Nigeria

binance logo

67% 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

How much to invest in crypto?

The amount that’s required to invest in crypto depends on how much capital you are willing to place away for crypto. Many platforms don’t require high amounts of capital to start investing in crypto. In Binance for example, you can open a crypto position with a minimum of US$1.

How many people are investing in cryptocurrency?

With a current market cap of US$1.5 trillion and reaching a peak of US$3 trillion back in November of 2021, there are an estimated 81 million unique crypto wallets.

How to learn to invest in cryptocurrency?

There are many ways to learn how to invest in crypto and some crypto trading platforms like Binance have beginner-friendly guides to get started. Other platforms even offer free trading courses and other educational resources and seminars.

How to invest in Bitcoin ETF?

Even if your broker does not offer crypto trading, you can still invest in the price action of Bitcoin via a Bitcoin ETF. Check if your broker has Bitcoin ETFs available such as the BITO.

Are banks investing in cryptocurrency?

Yes, many major institutions have invested quite heavily in crypto. Big names like Standard Chartered and Morgan Stanley have invested in crypto and other cryptocurrencies.

What is the best cryptocurrency to invest in?

Ultimately, the best crypto to invest in will depend on your time frame and overall attitude to the digital asset. Generally, users looking to invest long term would look to huge names like crypto and Ethereum for their crypto investments. Others look to more niche crypto to invest in that promises to offer tons of value in the future.

aquinoapa@gmail.com'
About Jose Rafael Aquino
About Jose Rafael Aquino

Jose Rafael Aquino is a Filipino writer and entrepreneur that specializes in finance, technology, cryptocurrency, and sports. Versed in the startup tech space, he has written for websites such as The GUIDON, StockApps, and BuyShares.