Adam Rosen - Lead financial writer
In 2019, the Central Bank of Nigeria issued a directive banning the use of virtual currencies and digital assets in the country. While many thought the move would put an end to the popularity of crypto in Nigeria, the ban has had little impact on its usage in the country. While the ban has been a setback for some users, those who are still keen on purchasing BTC in Nigeria have found alternative methods. Despite Nigerias high GDP, 40% of its population lives in extreme poverty. This is largely due to a lack of diversification in the economy. The governments revenue is primarily derived from oil exports and is therefore highly dependent on the export of crude oil. However, the country has several disadvantages that have led to its low GDP and a lack of economic diversification. For these reasons, the use of cryptocurrency in Nigeria is a way to lift the citizens of Nigeria out of poverty. Although the ban in Nigeria supposedly limited the number of transactions in the country, many young people have been able to make huge profits from the cryptocurrency space. A popular way to profit from this space is through holding cryptocurrency assets and selling them at a higher price than when they were purchased. This means that these currencies can become valuable investment opportunities in the country.
🤴 Used By: 23,200,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 41,693,321
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary. Overnight and weekend fees apply
💰 Withdrawal Fees: US$5 (minimum withdrawal of US$50)
💰 Deposit Fees: Fees vary (conversion fees for non-USD deposits)
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 13,000,000
⚡ Crypto Available: BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA, MIOTA, XLM and 27 more cryptocurrency.
📈 Traded Volume: 42,043,394
💵 Deposit Methods: Credit cards, VISA, MasterCard, Diners Club, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, China UnionPay, Giropay, Electronic wallets (eWallets), Ethereum, Bitcoin, Bitcoin Cash, Dash, EOS, Ripple XRP, Litecoin, Zcash, Payoneer,
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 4,000,000
⚡ Crypto Available: BTC, ETH, ETC, XTZ, CLV, EOS, OMG, BNB, LTC, UNI and 820 more cryptocurrency.
📈 Traded Volume: 5,945,756,067
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.20%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 1,000,000
⚡ Crypto Available: BTC and 1 more cryptocurrency.
📈 Traded Volume: 612,000,000
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: None
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Fees vary
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 8,000,000
⚡ Crypto Available: BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, TRX, NEO and 434 more cryptocurrency.
📈 Traded Volume: 110,957,137
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: 0.10%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, BCH, ETH, XRP, LTC, BTG, DASH, ETC, EOS, QTUM and 320 more cryptocurrency.
📈 Traded Volume: 924,266
💵 Deposit Methods: Cryptocurrency
💰 Trading Fees: Maker: 0.2%
💰 Withdrawal Fees: None
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 73,000,000
⚡ Crypto Available: ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC and 73 more cryptocurrency.
📈 Traded Volume: 7,622,846,254
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: Fees vary
💰 Withdrawal Fees: Instant Card Withdrawal: Up to 2% of the transaction plus a minimum of 0.45
💰 Deposit Fees: Credit/debit card: 3.99%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 450,000
⚡ Crypto Available: BTC, ETH, XRP, EOS, LTC, XLM, USDT, OMG, ZRX, MKR and 42 more cryptocurrency.
📈 Traded Volume: 64,141,140
💵 Deposit Methods: Bank transfer
💰 Trading Fees: Maker: 0.05-0.15%
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: No Fees
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 10,000,000
⚡ Crypto Available: BTC, ETH, USDT, XRP, ATOM, XTZ, XLM, LINK, CRO, BCH and 153 more cryptocurrency.
📈 Traded Volume: 2,630,000,000
💵 Deposit Methods: Credit card
💰 Trading Fees: Maker: 0.04-0.20%
💰 Withdrawal Fees: Cryptocurrency: Fees vary
💰 Deposit Fees: None
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
🤴 Used By: 2,300,000
⚡ Crypto Available: BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS and 10 more cryptocurrency.
📈 Traded Volume: 86,072,667,390
💵 Deposit Methods: Bank transfer (ACH)
💰 Trading Fees: 2.9-3.9% (depending on loyalty level)
💰 Withdrawal Fees: Fees vary
💰 Deposit Fees: Credit card: 5%
Trading cryptocurrencies can be high risk. Losses may exceed deposits when trading CFDs.
The cryptocurrency markets in Nigeria are highly volatile. This means that the fluctuations in the Nigeria cryptocurrency prices are rather abrupt and happen every now and then. These price fluctuations also have a large impact on the value of the coins.
To counter these sudden changes in prices, more people are turning to crypto exchanges where they can trade cryptocurrencies in different pairs.
Crypto exchanges function similar to stock markets, but they handle digital assets like cryptocurrencies instead of stocks or securities. The concept behind crypto exchanges is really simple; you deposit some amount of Bitcoin on the exchange by transferring from your wallet address to their wallet address, and then you use it to buy other currencies or assets listed on the exchange at that moment.
Thus, for example if you want to buy Ethereum (ETH), you will transfer BTC from your wallet address to an exchange's ETH wallet address, and then you will receive ETH for your Bitcoins at an agreed upon rate, this is called 'buying on margin' as this whole process works almost exactly like margin trading with traditional stocks or securities, except here we deal with digital assets instead of physical ones.
If later down the road when you sold your Ethereum (for example) for Bitcoins, you would use that same mechanism but in reverse order: first sell ETH back into BTC so it goes into your exchange account again; then go ahead and withdraw back your BTC from the exchange account right back into your own personal wallet address since this operation is called 'withdrawing', all these steps can normally be done within seconds or minutes by using an intuitive user interface provided by most crypto exchanges nowadays.
The trading of cryptocurrency is the most recent craze to hit the Nigeria financial industry. Many Nigeria crypto traders are seeing significant increase of trading crypto asset volume, which is attracting the attention of many other new Nigeria traders. Successful cryptocurrency trading in Nigeria, needs the short listing and identification of reputable, Nigeria regulated cryptocurrency exchanges that are well-known and accessible to Nigeria residents.
A Nigeria cryptocurrency exchange is a platform that enables Nigeria cryptocurrency traders to perform their transactions on the Nigeria crypto trading platforms. These Nigeria crypto exchanges enable you to purchase and sell cryptocurrencies whenever you choose, from the comfort of your own Nigeria home. A Nigeria cryptocurrency exchange also provides Nigeria traders with the ability to convert one digital currency into another. It is possible to change your Bitcoin into Ethereum, Litecoin or Dogecoin, for example.
To buy cryptocurrency coins, Nigeria crypto users who are interested in buying and selling crypto assets in Nigeria will have to register with a Nigeria crypto exchange and go through a series of verification processes before being able to transfer Nigeria funds into an account for buying coins in their chosen digital currency.
When using a Nigeria crypto exchange, it is feasible for a Nigeria crypto trader to purchase ordinary Nigeria currency in return for cryptocurrency. Using U.S. dollars, for example, you could purchase Bitcoin, Ethereum or Litecoin and then convert it into conventional Nigeria money. If you wish to convert your cryptocurrency into Nigeria cash, a Nigeria crypto exchange may also provide you with cash in your Nigeria bank account.
In general, Nigeria cryptocurrency exchanges and wallets do not provide the same level of protection and security in the same manner that a Nigeria bank would when holding Nigeria fiat money.
As the value of cryptocurrencies has risen, so has the number of thefts and Nigeria crypto exchange assaults, which have climbed in number.
The value of a cryptocurrency has risen and dropped substantially in recent years, and crypto assets are often considered to be very volatile investments for Nigeria crypto traders.
Only buy or sell cryptocurrency assets with a Nigeria cryptocurrenct exchange that is well regulated around the world as well as specifically for Nigeria residents
Due to the fact that Nigeria cryptocurrency trading platforms are currently largely unregulated, most Nigeria crypto trading platforms are under no duty to comply with Nigeria financial reporting rules or to offer securities investor protection processes.
Only use a Nigeria cryptocurrency exchange that has been approved and regulated to provide services to Nigeria cryptocurrency traders.
To safeguard money and Nigeria retail crypto traders in Nigeria against theft and misuse, financial-regulated Nigeria exchanges are expected to take additional steps.
As mentioned before one of their main functions is being able to provide liquidity between different cryptocurrencies or digital assets because basically every single coin has a small market cap which means there is never enough volume traded on any given day thus making it hard for someone who wants to buy small amounts of a coin like 1-10 dollars worth not only because he won't get such a small amount but also because even getting close would require him paying too much money as high spreads exist.
Buying cryptocurrency can be a little confusing for the first time. It is important to do your homework and research different exchanges before deciding on one. The best way to purchase cryptocurrency is through an exchange which allows you to use fiat currency (USD, EUR, GBP etc) to purchase cryptocurrency.
We recommend well established Nigeria crypto exchanges like eToro, Coinbase and Binance, because they are easy to use, have a good reputation and large user base and offer good crypto liquidity to crypto exchange users in the Nigeria.
It also takes just a few minutes to set up your account with these Nigeria crypto exchanges and verify your identity, making them one of the fastest ways to get started with buying popular crypto coins like Bitcoin or Ripple in the Nigeria.
When choosing a Nigeria cryptocurrency exchange, make sure it is financially regulated, safe, and has enough crypto liquidity so you can buy and sell your crypto quickly when needed. Make sure you're aware of the funding and withdrawal fees for local Nigeria and worldwide crypto exchanges. We list below in detail what you should check with your Nigeria crypto exchange before signing up.
When trading cryptocurrency in the Nigeria you will need to check what cryptocurrencies are available to you to buy and sell. You could want to look for an exchange that offers certain stablecoins, altcoins, trading pairings, and other trading services like margin trading or over-the-counter (OTC) transactions.
Financial regulation is very important when buying or selling cryptocurrencies with your Nigeria crypto broker or exchange.
Financial regulation protects you the consumer and your data. As cryptocurrency trading in the Nigeria is still relatively new and is seeing new growth, crypto financial regulation is needed as new crypto coins are released everyday.
Without financial regulation monitoring Nigeria crypto exchanges, consumers may be prone to market manipulation of volatile new cryptocurrencies.
The more liquid a given exchange is, the larger the trade volume is. Liquidity allows transactions to be completed more quickly, easily, and without having to cope with price volatility. Check to determine if an exchange offers "locked-in" pricing, which assures you the price at the time of your transaction even if it does not settle right away.
Be warned that liquidity for different trading pairs may vary for your chosen Nigeria crypto exchange. For example, liquidity could be high for BTC/USD but very low liquidity for the trading pair BTC/EUR. Its something you must check and be aware of when trading with your Nigeria cryptocurrency exchange.
Nigeria Crypto Exchange may charge fees when you buy, sell, or convert cryptocurrencies.
Nigeria Crypto Exchange fees are calculated by your Nigeria cryptocurrency platform at the time your order is placed. Nigeria Crypto Exchange fees based on a number of factors, including the payment method you choose, the size of your transaction, and market circumstances including volatility and liquidity.
Withdrawal fees may differ not only for each Nigeria Crypto Exchange, but each cryptocurrency. For example withdrawal fees for stablecoins and some altcoin withdrawal fees may differ.
Depending on the deposit method you use when funding your Nigeria Crypto Exchange account the fees charged may vary. For example if you decide to fund your Nigeria Crypto Exchange account with a debit or credit card there may be a percentage fee or 5% or more.
When actively trading with a Nigeria crypto exchange its security measures are of the upmost importance. If a Nigeria crypto exchange is not secure your crypto money may be hacked and disappear. Your funds could be stolen if an exchange is unsecure.
Make sure you use secure cold wallet storage solutions with your Nigeria crypto exchange. Cold wallets are not directly connected to the internet so are safer then hot wallets on your Nigeria crypto exchange.
Because of security concerns, two-factor authentication is required when buying and selling cryptocurrency on a Nigeria crypto exchange. When logging in or withdrawing funds from a Nigeria crypto exchange, multi-factor authentication adds an extra degree of security to passwords. A text message to a phone device or an e-mail can be used for two-factor authentication.
A great security feature of the best crypto exchanges in the Nigeria are withdrawal notifications.
Withdrawal notifications are email or txt messages to your mobile phone notifying you as soon as a withdrawal request is made to your Nigeria crypto exchange account. If you did not make the withdrawal request you will have a chance to cancel the transaction request.
You can open an account with a Nigeria cryptocurrency exchange or two once you've decided on the best Nigeria crypto exchange that best suits your needs. You may be required to prove your identification depending on the platform and the amount you intend to purchase from the Nigeria crypto exchange. This is a necessary step in preventing fraud and complying with strict financial regulation, which all reputable crypto exchanges in the Nigeria adhere too.
You might not be able to buy or trade cryptocurrencies in the Nigeria until the verification process has been completed. You may be required to produce a copy of your driver's licence or passport, as well as a recent photograph to verify that your appearance matches the KYC documentation you submit to your crypto exchange in the Nigeria.
To purchase cryptocurrency in Nigeria, you must first ensure that you have enough funds in your Nigeria crypto account.
It's not that hard to get started with crypto in Nigeria. However, there are some things you need to watch out for when it comes to funding your Nigeria crypto account. You also need to be careful about where you keep your private keys.
Depositing your funds into your shortlisted Nigeria crypto exchange should be free of fees. However, don't forget that you may have to pay a transaction fee if moving your funds from multiple exchanges. You might have to pay a withdrawal fee to take your crypto out or a fee if there is a currency conversion fee for depositing with your Nigeria crypto exchange.
For many people, the idea of sending funds directly from their Nigeria bank accounts will make sense because they are already familiar with this process. It's simple enough and there shouldn't be any issues getting funds into an exchange if you have the right information on hand.
After you've linked your Nigeria bank account, Just follow the online instructions and send over the required amount. Again, keep in mind that fees may apply depending on which exchange you choose and local Nigeria currency exchange fees.
If you don't like paying fees or if there is a limit on withdrawals from your Nigeria bank account then using a credit card could be a better alternative than waiting around longer periods of time or paying more money on transfer fees.
However, many exchanges require KYC before accepting credit cards so consider this before depositing funds into an exchange!
Many of the larger more established crypto exchanges in the Nigeria allow funding of your crypto account with many popular cryptocurrencies like Bitcoin, Ethereum and even Dogecoin.
Check with your shortlisted Nigeria crypto exchanges to see what cryptocurrency funding methods they support.
Following are the most commonly asked questions (and their answers) about Nigeria:
Yes, Nigeria is backed by high profile investors and regulated by reputed financial authorities.
Users can withdraw their Nigeria crypto exchange to fiat currencies any time they want through an ACH transfer. Such transfers normally take 1-2 working days.
Yes you will need to check with an accountant and your local tax office in the Nigeria to check if any crypto taxes are due.
If Nigeria isn’t quite what you are looking for you can check out some of the best Nigeria alternatives below.
If you would like to see Nigeria compared agains some of the best Nigeria crypto exchange alternatives available right now you can do so by clicking on the links below.