What Are the Top 8 Crypto Exchanges in Nigeria?
Nigeria is one of the biggest cryptocurrency hubs in Africa, and the country is first worldwide in P2P crypto traading volume. Here is a list of eight of the best exchanges you can use in Nigeria based on the number of users, and sorted by monthly visits based on Similarweb data: Binance, NairaEx, Quidax, Luno, Bybit, Kucoin, OKX and ByBarter.
Key Takeaways
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Nigeria accounts for a majority of crypto-related activities in Africa and is dominant in global crypto-related activities as well.
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Nigerian crypto reported investors moved over $56 billion worth of cryptocurrencies and stablecoins in the previous year.
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P2P trading platforms operated by global and native cryptocurrency exchanges account for a significant percentage of the daily cryptocurrency transactions in the region, and Nigeria ranks first worldwide in terms of P2P trading volume.
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Based on Similarweb data, the top exchanges in Nigeria by traffic are Binance, NairaEx, Quidax, Luno, Bybit, Kucoin, OKX and ByBarter.
Nigeria sits at the heart of West Africa in the Gulf of Guinea and houses a population of over 250 million people spread across 36 states and the Federal Capital Territory. In addition to a diverse cultural heritage, Nigeria boasts Africa’s largest economy with a GDP of over $390 billion in 2023, expected to rise by 79% in the next 5 years. With an economy of its size and a resource-rich topography, Nigeria is a fertile ground for numerous economic activities, including ones related to cryptocurrencies and other digital assets. Here’s how cryptocurrency has fared in this region over time.
State of Cryptocurrency in Nigeria
The national legal provisions for crypto-related activities in Nigeria are unclear at the time of writing, although just like in many other countries, cryptocurrency is not legal tender in Nigeria at time of writing. However, this has not deterred the growth of crypto-related businesses and the adoption of crypto assets and blockchain technology in this region. According to data published by CoinGecko, Nigeria accounts for over 66% of tracked interest in cryptocurrency in Africa.
Cryptocurrency serves two purposes here, a swift banking medium and a financial investment. Evidently, the latter is the principal attraction, but there have been instances of local Nigerian businesses accepting cryptocurrency payments. While blue chips like Bitcoin and Ethereum, along with stablecoins (USDT predominantly) are the most desired assets in this region, Nigerian investors are also interested in cryptocurrencies as an investment. In line with the goal of generating significant and fast income from crypto investments, Nigerian investors have also shown a strong attraction for memecoins, NFTs, low-cap altcoins, and incentivized programs like airdrops and bounty hunting. For Nigerians, cryptocurrencies, especially stablecoins also play a minor role as a hedge against inflation.
Nigerians have also shown strong interest in other areas related to crypto. A CoinGecko research piece places Nigeria as the country with the third highest interest in crypto jobs with a search score of 143. This also follows a number one rank in CoinGecko’s “Top 15 countries most curious about cryptocurrency”. Nigerians’ interest in cryptocurrency and crypto jobs stems from the enthusiasm its youths are known for; an additional catalyst is the recorded high rate of unemployment and under-employment in the region. Trading Economics reports a 53% ATH in youth unemployment in Nigeria in 2020 – a figure similar to that recorded for South Africa with over 51% youth unemployment in 2022, according to Statista
A Chainalysis report ranks Nigeria as the nation with the highest reported P2P trading volume and an overall second in the worldwide ranking of cryptocurrency activity index. Statista reports an average revenue of $5 and about 1.4% penetration in the region. This means that at least 1.4% of the Nigerian population has used a crypto-related product. This figure is projected to climb by almost 100% to 2.56% in 2027. According to a report by Punch, a local Nigerian news firm, Nigerians have moved over $56 billion in cryptocurrencies between July 2022 and June 2023, a 9% increase from the previous year.
Now, let's look at the top crypto exchanges in Nigeria.
Top Crypto Exchanges in Nigeria
Crypto trading activities in the region are dominantly spot and P2P trading. Global crypto exchange service providers like Binance and OKX offer a platform for general and special trading services for Nigerian investors, along with local trading platforms that also account for a significant percentage of the recorded cryptocurrency transactions. Here are some top crypto services providers in Nigeria, ranked by estimated monthly website traffic according to Similarweb.
Binance – Leading Global Centralized Cryptocurrency Exchange
Binance offers spot, derivatives, and P2P trading services for its users. According to data from Statista, Binance receives about 32% of crypto trading transactions by Nigerians, and the full-suite trading platform accounts for a bulk of trading activities by Nigerians. At the time of writing, there are no geographical restrictions that apply to Nigerians, therefore, you can enjoy all of the services provided by Binance from Nigeria. Binance has also developed support for the Nigerian Naira (NGN) for spot fiat trading. The NGN/BTC and NGN/USDT spot pairs are live on the Binance trading platform.
Fiat Deposit Methods
Binance supports on-ramp Naira deposits and direct purchases through third-party financial firms. Due to the unclear legal provisions for cryptocurrency in Nigeria, it is not certain if Binance works directly with Nigerian banks for on-ramp services, although bank transfers are supported.
Trading And Other Fees
The same fee structure applies to Nigerians and traders from other locations. Binance charges fees for Naira deposits and withdrawals, trading, and crypto withdrawals as well. According to the new fee structure, Binance charges a 0.5% fee of Naira for deposits and withdrawals, and the minimum amount (for deposits and withdrawals) is 100NGN. Binance also charges a 0.1% trading fee and charges also applied to crypto withdrawals vary according to the asset.
Customer Support Channels
Binance has a dedicated support system for their users worldwide. Users can channel their complaints to customer support through social media channels like X, communities like Telegram, and on-site complaint channels.
Safety And Security
Proof of Reserves details for the Binance is available. Binance also claims to operate a customer funds deposit insurance system (SAFU) to preserve customer’s funds. It has also delineated its fund-handling strategies like splitting funds across several hot wallets. As a user, 2FA and password security systems are also available on Binance.
However, Binance is still a custodial platform, where the institution holds all deposits in its custody, so users are still advised to apply caution while using the platform.
KYC Requirements
Binance operates a compulsory KYC system. Users must complete the KYC verification process before using any services on the platform. Nigerians can verify their identity using their NIN identity cards.
Additional Features
Binance’s staking services are available to Nigerians. Investors from Nigeria can also participate in extra activities like IEOs.
NairaEx – Bitcoin P2P Trading Platform For Nigerians
NairaEx has been live since 2015 and has processed Bitcoin trades for Nigerians since this time and has maintained its old-fashioned user interface. The platform claims to have over 130,000 users and has processed over 900,000 Bitcoin trades to date. NairaEx provides exclusive support for Bitcoin P2P trading. Users can buy and sell Bitcoin through the P2P trading platform. NairaEx claims to process payments for sales and purchases instantly to any Nigerian bank.
Fiat Deposit Methods
NairaEx supports Naira deposits through bank transfers and debit/credit cards.
Trading And Other Fees
Trading on the platform is free, with no hidden or extra fees. However, NairaEx charges fees for withdrawals of Bitcoin from the NairaEx wallet to external addresses based on the Bitcoin network transaction fees.
Customer Support Channels
A 24/7 automated customer support feature is available on the NairaEx platform. The customer support team is also available on the project’s Telegram community to support users.
Safety And Security
NairaEx claims to securely protect users’ profiles and users’ funds, with 2FA and password features used to secure user accounts, although our team was unable to uncover specific details around how the platform protects users’ funds. That said, like all custodial exchanges, users are advised to apply caution while using their platform.
KYC Requirements
New users must verify their identity before they can use the platform. KYC documents include either a user’s driver’s license or NIN identity card.
Additional Features
NairaEx offers Bitcoin trading services exclusively. No extra services are offered on the platform. No extra asset is traded on the platform as well. The referral program, however, rewards users for inviting their peers to use the platform.
Quidax – Cryptocurrency Custody And Exchange Application For Nigerians
Quidax is a cryptocurrency exchange and custody application. It offers several products that it claims will help Nigerians (and cryptocurrency investors in other countries where it is available) cryptocurrency investors to transact using crypto. Quidax supports crypto purchases using the Nigerian Naira through on-ramp crypto purchases and also through the Quidax exchange. Over 50 cryptocurrencies including memecoins and stablecoins are tradable on the Quidax exchange.
Fiat Deposit Methods
Quidax has three deposit methods. Quidax Direct enables users to deposit directly from their banks, Quidax also has a voucher deposit and withdrawal feature. Through Quidax Pocket, users can deposit Naira via third-party fintech applications.
Trading And Other Fees
Quidax charges fees in Naira for fiat deposits and withdrawals. The minimum fee charged for deposits and withdrawals is N100, higher charges apply to higher amounts. Quidax also charges a 0.1% trading fee and withdrawal fees for crypto assets are charged according to the asset. See full details of charges on Quidax.
Customer Support Channels
Quidax has dedicated customer support facilities on the official website and social media as well. Users can get quick assistance using the live support feature or reach out to customer support via email tickets or on any of their social media communities.
Safety And Security
2FA and password security features are available for user profiles. Quidax claims that users’ funds are completely secure on the platform, however, the technology setup for their security is unknown. Regardless, it is advised that users take security precautions while using the application, as Quidax is a custodial platform.
KYC Requirements
New users must provide the required personal documents for the KYC process. KYC verification is compulsory to access any of Quidax’s products.
Additional Features
Additional features on Quidax include a virtual card facility, Quidax's ‘save in USD’ feature with a 10% interest, and the Quidax Vault. Quidax Vault is a portal for users to stake their crypto assets, which offers rewards in the Quidax token.
Luno – Cryptocurrency Wallet and Exchange
Luno is a one-stop crypto trading platform available in over 40 countries including Nigeria, offering routine trading services via the integrated exchange. Over 20 crypto assets including Bitcoin, Ethereum, and stablecoins can be traded on the Luno exchange. Luno also offers fiat deposits, crypto purchases, and withdrawals for Nigerians as well as other supported locations. The Luno application is available for Android and iOS devices.
Fiat Deposit Methods
Luno supports Naira deposits through bank transfers and debit/credit card deposits. It also offers Naira deposits through vouchers; registered users can purchase Naira vouchers and redeem them in their Luno accounts. Vouchers can also be used for withdrawals.
Trading And Other Fees
Luno charges a 2% fee on Naira deposits with a maximum charge of N2,000 per deposit. The 2% fee also applies to Naira withdrawals. Trading fees vary across trading pairs but range from 0-0.4% depending on the user’s tier, which is determined by their trade volume over the last 30 days. Fees also apply to crypto withdrawals and vary according to assets and the direction of withdrawal. Here’s a breakdown of the fee structure for Luno.
Customer Support Channels
Luno has a dedicated customer help center and customer support social media Twitter (X) account. Users can channel their complaints to the customer support team. Customers can also reach out on social media with their complaints.
Safety And Security
Luno claims to be a regulatory-complaint firm and employs strategic security practices to keep users’ funds safe. It claims to store the majority of customers’ funds in ‘deep freeze’. Luno’s ‘deep freeze’ security structure consists of a multi-signature wallet where the keys are generated and stored entirely offline and offsite. The keys are managed by Bitgo Custody and Fireblocks. Again, because Luno is still a custodial platform, it is still recommended that users apply security precautions while using the platform.
KYC Requirements
To use Luno, users must complete a compulsory KYC process. A minimum of Level 1 KYC verification (mobile number and basic personal details) is required to use any of Luno’s services. Limits are applied to Level 1 and Level 2 verification levels. Nigerians can verify their identity using their NIN identity cards, although Level 3 verification requires additional personal information such as occupation and source of funds.
Bybit – Centralized Exchange For Spot, P2P, And Derivatives Trading
Bybit is available to Nigerians and offers spot, P2P, and derivatives trading services. Nigerians can trade crypto for Naira through the P2P platform and also make direct crypto purchases from their banks. However, the Nigerian Naira is not supported for spot trading on the platform yet.
Fiat Deposit Methods
Fiat deposits through bank deposits are supported on the platform. Nigerians can purchase crypto directly from their banks using the on-ramp service. Bank transfers are also supported on the P2P trading platform.
Trading And Other Fees
Bybit charges a 0.1% fee on spot trades. It claims that P2P trades are free of charge. Withdrawal fees for crypto assets vary according to the asset and direction of withdrawal. Here’s a breakdown of the Fee structure for ByBit exchange.
Customer Support Channels
Bybit’s customer support team is available on the project's social media and communities to assist users. The live support feature is also available on the project’s platforms and users can also contact the support team through support tickets.
Safety And Security
Bybit’s Proof of Reserves data is available on the platform, and ByBit claims that users' funds are safe on the platform. On the user's end, they can protect their accounts using 2FA and passwords. However, it is still important to for users to apply adequate security precautions while using the platform as it is a custodial platform.
KYC Requirements
Users are required to complete at least the basic KYC verification process to use crypto trading services on Bybit. Nigerians can complete their verification using their NIN identity cards and their BVN.
Additional Features
In addition to the trading services, Bybit also offers passive income opportunities through the staking program and crypto lending services. Web3 applications like an NFT marketplace are also available on the platform.
Kucoin – Centralized exchange with support for P2P trades with Naira
Kucoin’s exchange services are available to Nigerians. It offers spot, derivatives, and P2P trading services, and on-ramp crypto purchases are also available. Nigerians can also trade crypto with Naira on the P2P trading platform and withdraw to their traditional financial institutions.
Fiat Deposit Methods
The Nigerian Naira isn’t supported for spot trading on Kucoin yet, however, Nigerians can deposit Naira to the platform using direct bank deposits or through debit or credit cards. KuCoin has also released a bank transfer deposit for NGN-USDT.
Trading And Other Fees
According to the exchange, P2P trading is free of charge. A 0.1% fee applies to spot trades. Cryptocurrency withdrawals are charged according to the asset and the direction of the transfer. Here’s a detailed fee structure report for Kucoin Exchange.
Customer Support Channels
Dedicated user support channels are available on the platform. The customer support team is also available on social media channels and online communities
Safety And Security
Users can protect their accounts using 2FA and passwords. Proof of Reserves data is available and Kucoin claims that users' funds are safe on the platform. As KuCoin is a custodial platform, remember to apply safety precautions while using the platform.
KYC Requirements
Kucoin is a KYC-compulsory platform. Users must verify their identity before using the services. Nigerians can complete their KYC using their identity cards and driver’s license.
Additional Features
Additional features on the platform include the staking program and the savings program with APR up to 25%. These services are available to Nigerians.
OKX – Zero Fee P2P Trading Platform for Nigerians
OKX offers spot, derivative, and P2P trading services to Nigerians. The Nigerian Naira is not available for spot trading on the platform; however, Nigerians can purchase cryptocurrencies directly from their bank account using the on-ramp service or through the P2P trading platform.
Fiat Deposit Methods
On-ramp purchases using NGN are supported on the trading platform through bank transfers. Alternatively, users can purchase crypto from the P2P platform, which supports Nigerian banks.
Trading And Other Fees
OKX claims that its P2P trading service is devoid of trading fees. Fees apply to spot and derivative trading. OKX charges up to 0.1% of the traded amount, while crypto withdrawal fees vary according to the asset. Get the complete details of the charges applicable on OKX exchange.
Customer Support Channels
The OKX customer support team is active on social media platforms and the project's Telegram community. Users can also create a complaint ticket on the platform. The live support feature is also available on the platform.
Safety And Security
OKX claims to secure users’ funds using offline and online storage systems and the OKX shield. Profile security systems like 2FA and passwords are also available to users. Users are still advised to apply caution while using the platform, as OKX is a custodial platform.
KYC Requirements
Users are required to complete at least Level 1 KYC verification before they can use the platform. Nigerians can verify their identity using their NIN identity cards.
Additional Features
OKX offers extra products like staking services and lending facilities. These services are available to Nigerians on the platform.
ByBarter – Decentralized P2P Trading Platform
ByBarter is a decentralized P2P trading platform available in over 248 countries including Nigeria. Users can purchase cryptocurrency from their peers on the platform using the Nigerian Naira. ByBarter offers an interactive approach to exchange, similar to other P2P platforms, however, it adopts a self-custody strategy powered by the blockchain and smart contracts. The ByBarter trading contract mediates the trade, the crypto seller commits the traded amount to the smart contract and releases the funds to the buyer once they confirm that fiat payment has been made to their provided bank account.
Fiat Deposit Methods
The fiat phase of P2P trades on Bybater is settled on the user end. The seller provides their bank details while the buyer executes the fiat transfer using a desired traditional finance service provider. Crypto deposits and withdrawals from the platform are done via personal wallets.
Trading And Other Fees
P2P trading on ByBarter is free of charge. Crypto transfers are on-chain, where applicable fees are dependent on network conditions.
Customer Support Channels
Users can make their complaints on ByBarter’s Telegram channel or by contacting the support team through social media platforms.
Safety And Security
Users retain custody of their cryptocurrencies while using the platform, and no deposits are required. It is advised that traders confirm that the fiat has been received on their end before completing the trade.
KYC Requirements
There are no KYC requirements to use the platform. Users only need to connect their wallets to the platform.
Additional Features
ByBarter only offers P2P fiat trading for the Nigerian Naira. No additional services have been added to the platform at the time of writing.
Overview Of The Best Centralized Cryptocurrency Exchanges In Nigeria
Below is a summary of the top 7 centralized crypto exchanges in Nigeria.
| Binance | NairaEx | Quidax | Luno | Bybit | KuCoin | OKX | |
|
Deposit Method |
Credit or debit cards, bank transfers |
Credit or debit cards, bank transfers |
Bank transfers, vouchers, third-party applications |
Credit or debit cards, vouchers |
Credit or debit cards, bank transfers |
Credit or debit cards, bank transfers |
Credit or debit cards, bank transfers |
|
Services |
On-ramp, Spot, P2P, Derivatives |
Direct Trades |
On-ramp, Spot |
On-ramp, Spot |
On-ramp, Spot, P2P, Derivatives |
Spot, P2P, Derivatives |
On-ramp, Spot, P2P, Derivatives |
|
P2P Fees |
Free |
Free |
Free |
Free |
Free |
Free |
Free |
|
Spot Trading Fees |
0.1% |
Free |
0.1% |
0.2% |
0.1% |
0.1% |
0.08%-0.1% |
|
KYC |
Compulsory |
Compulsory |
Compulsory |
Compulsory |
Compulsory |
Compulsory |
Compulsory |
|
Proof of Reserves |
Available |
Unavailable |
Unavailable |
Available |
Available |
Available |
Available |
Final Thoughts
Nigerians have a sustained attraction for cryptocurrency, mainly for the financial benefits it promises. This has made the region an important role player in the space and a fertile ground for the progression of crypto adoption amidst unclear regulatory provisions for digital currencies in the region.
Statista’s projections, including an over 2.5% penetration by 2027 against the current 1.4% penetration show continuous growth in crypto activities in Nigeria. Exchanges and other crypto-related projects in the region will play a vital role in meeting this projected adoption, through accessible platforms for routine and interactive crypto transactions, providing users with a platform to learn practical crypto applications.
Having said this, note that this article only serves to educate readers on available exchanges for crypto trading activities in Nigeria. This article is not meant to be taken as financial advice, and users should do their own research before choosing any cryptocurrency platform.
Joel is deeply interested in the technologies behind cryptocurrencies and blockchain networks. In his over 7 years of involvement in the space, he helps startups build a stronger internet presence through written content. Follow the author on Twitter @agboifesinachi
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