Best Crypto Exchanges in Nigeria
Explore our guide to the best crypto exchanges in Nigeria for safe, user-friendly platforms that cater to traders of all types.
Summary: In Nigeria, purchasing Bitcoin and other cryptocurrencies is both safe and simple, thanks to platforms regulated by the Nigerian Securities and Exchange Commission. You can use well-known payment options such as bank transfers, Quickteller, and Flutterwave for depositing Nigerian Naira (NGN). This allows you to start buying, holding, or trading digital assets confidently.
Our experts have carefully selected the top 5 platforms in Nigeria to ensure your seamless transition into the world of cryptocurrency. Here are your best choices:
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Best Cryptocurrency Exchanges in Nigeria
After carefully reviewing over 20 cryptocurrency exchanges, we've pinpointed the top platforms ideal for Nigerian investors. Our selection criteria included adherence to the Central Bank of Nigeria's standards, a wide selection of cryptocurrencies, ease of use, NGN deposit capabilities, and competitive transaction fees. Explore our select list for an insightful overview of Nigeria's five best cryptocurrency trading platforms.
1. Bybit
Bybit stands out as the leading cryptocurrency exchange in Nigeria, offering a platform that meets the diverse needs of the Nigerian crypto community. It features an extensive portfolio of over 1,000 digital currencies, ensuring secure transactions within a compliant and regulated environment. Bybit makes it easy for users to start trading by accepting direct deposits from major Nigerian banks, enabling transactions in Nigerian Naira (NGN).
Bybit is renowned for its wide variety of cryptocurrencies, staking options, and futures contracts, offering up to 100x leverage and superior liquidity. These features cater to different investment strategies, enhancing its appeal to a broad audience. With low fees, a maker fee at 0.01%, a taker fee at 0.06%, and a global community of over 20 million users, Bybit solidifies its place as a leading exchange in the cryptocurrency market.
- Fees: Maker fee at 0.01%, taker fee at 0.06%.
- Supported Cryptocurrencies: Access to over 1,000 digital assets.
- Regulation & Licensing: Operates in compliance with international regulatory standards, ensuring a secure environment for users in Nigeria.
- NGN Deposit Methods: Supports bank transfers and other local payment methods, making it easily accessible for Nigerian investors.
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2. MEXC
MEXC has established itself as a key player for Nigerian cryptocurrency traders, boasting a wide selection of over 300 crypto assets and providing the opportunity for high-leverage futures trading, with leverage up to 200x. This feature is particularly attractive to seasoned traders. MEXC operates under a stringent regulatory framework with licensing in Estonia and headquarters in Seychelles, ensuring a secure trading environment.
In Nigeria, MEXC serves a diverse range of trading preferences with offerings like spot and margin trading, staking, and Initial Exchange Offerings (IEOs). Its ability to process over $2 billion in daily trading volume highlights its dedication to market adaptability and user safety. MEXC's broad trading options, attractive fee structure, and commitment to enhancing the user experience make it a favored choice among traders.
- Fees: Offers competitive maker fees from 0.020% to 0.060% and taker fees between 0.060% and 0.080%.
- Supported Assets: Hosts an extensive selection of over 300 cryptocurrencies, including major assets and a range of altcoins.
- Regulation & Licensing: Maintains an Estonian license and is based in Seychelles, providing a robust regulatory foundation for users.
- NGN Deposit Methods: Supports various deposit methods, making it accessible for Nigerian investors.
3. Gate.io
Gate.io solidifies its position as the third-best choice for cryptocurrency trading in Nigeria, particularly excelling in altcoin variety. This exchange distinguishes itself with an impressive lineup of over 1,700 cryptocurrencies, positioning it as a preferred destination for traders seeking a wide range of digital assets. Gate.io attracts attention with its policy of no trading fees for specific purchases, enhancing its appeal to a broad spectrum of traders.
Boasting a 24-hour trading volume that surpasses $5.89 billion and a user base of more than 14 million, Gate.io showcases its capability and popularity in the cryptocurrency domain. The platform enriches the trading experience with features like automated trading bots and a startup section that hosts initiatives like Gate Wealth Wednesday and assorted trading competitions, offering users multiple avenues to engage with the market effectively.
- Fees: Competitive fees starting at 0.1% for maker orders and 0.2% for taker orders.
- Supported Cryptocurrencies: An extensive selection of over 1,700 digital assets.
- Regulation & Licensing: While headquartered offshore in Seychelles, Gate.io operates in compliance with global standards, supporting transactions in NGN.
- NGN Deposit Methods: Offers a variety of deposit options, including local bank transfers and major digital payment methods, ensuring accessibility for Nigerian users.
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4. Luno
Luno, securing the fourth spot in Nigeria, stands out for its user-friendly approach, making cryptocurrency accessible to millions worldwide. With its headquarters in Lagos and registration with the Nigerian Financial Intelligence Unit (NFIU), Luno prioritizes strict compliance with KYC and AML standards, working closely with Nigerian regulators to shape effective and suitable crypto regulations for the country.
In Nigeria, Luno provides a varied selection of cryptocurrencies that can be purchased with NGN, including leading assets like Bitcoin, Ethereum, Bitcoin Cash, USDC, XRP, Litecoin, Chainlink, Uniswap, Cardano, Solana, and Avalanche. Starting is straightforward: verify your Luno account to Level 2 or higher, then use vouchers to fund your NGN wallet, allowing for easy purchases via the Instant Buy feature or through their exchange platform.
- Fees: A 1% fee for fiat-to-crypto trades and 0.25% for crypto-to-crypto transactions.
- Supported Assets: Offers access to 20+ cryptocurrencies.
- Regulation & Licensing: Fully registered with the NFIU and committed to high compliance standards.
- NGN Deposit Methods: Includes bank transfer, credit/debit cards, and PayPal, facilitating accessible and flexible funding options.
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5. KuCoin
Rounding out our list is KuCoin, celebrated for its global presence in over 200 countries and a daily trading volume exceeding $2.48 billion. Offering Nigerian traders access to more than 700 cryptocurrencies and 100 assets for staking, KuCoin opens the door to a vast array of potentially profitable crypto investing strategies.
KuCoin emphasizes a secure trading atmosphere with cutting-edge security features, including Proof of Reserves (PoR), to ensure user transparency and safety. Its comprehensive service suite, from a variety of derivatives trading options to the innovative Halo Wallet, coupled with round-the-clock customer support, positions KuCoin as a choice platform for Nigeria’s crypto traders, linking its 29 million worldwide investors.
- Fees: Offers free NGN transactions; spot trading starts at 0.1%, with derivatives providing a 0.02%/0.06% maker/taker rebate.
- Supported Assets: More than 700 cryptocurrencies for trading and staking.
- Regulation & Licensing: While it operates globally, KuCoin’s regulatory status and proof of reserves should be noted by users.
- NGN Deposit Methods: Supports multiple deposit options, enhancing accessibility for Nigerian users.
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Is Crypto Regulated in Nigeria?
Cryptocurrencies in Nigeria are not recognized as legal tender by the Central Bank of Nigeria (CBN), which, in February 2021, banned commercial banks from participating in cryptocurrency transactions. This move aimed to protect citizens from potential fraud and criminal activities associated with cryptocurrencies, thus isolating them from the nation's financial ecosystem. Nevertheless, cryptocurrency trading remains legal and vibrant, predominantly through peer-to-peer (P2P) exchanges, reflecting the high level of interest and activity in the crypto sector among Nigerians.
In response to the regulatory gap, the Securities and Exchange Commission (SEC) of Nigeria introduced guidelines for the crypto industry. In May 2022, the SEC published comprehensive rules titled "New Rules on Issuance, Offering Platforms, and Custody of Digital Assets," offering a framework for financial institutions' engagement with digital assets.
These regulations, which require crypto exchanges to obtain permits, signify a forward-looking approach to crypto regulation in Nigeria, balancing the need for innovation with efforts to ensure economic stability and currency control.
What Crypto Exchanges are Banned in Nigeria?
In an effort to stabilize the Nigerian naira and manage economic stability, Nigeria has restricted access to major cryptocurrency exchanges. According to directives from the Nigerian Communications Commission (NCC), platforms such as Binance, Coinbase, and Kraken have faced intermittent access issues for consumers within the country.
This action aims to curb currency speculation and regain control over the naira's valuation, with the government and advisors highlighting the influence of cryptocurrency exchanges on local foreign currency exchange rates and advocating for stringent measures against these platforms to protect the national currency.
How is Crypto Taxed in Nigeria?
In Nigeria, gains from digital assets, including cryptocurrencies, are taxed under a new law introduced by the Buhari-led government in 2023, as part of amendments to the 2022 Finance Act. This legislation imposes a 10% tax on profits from digital assets.
The Capital Gains Tax Act was amended to include “digital assets” after “debt,” broadening the scope of taxable assets to encompass cryptocurrencies, non-fungible tokens (NFTs), and other tokenized assets. This move, aimed at generating new revenue sources amidst Nigeria's significant budget deficit and debt service costs, targets the substantial volume of crypto transactions conducted in the country.
Bottom Line
In conclusion, navigating the cryptocurrency landscape in Nigeria presents unique opportunities and challenges, reflecting the dynamic interplay between innovation and regulation. The careful selection of top cryptocurrency exchanges, including Bybit, MEXC, Gate.io, Luno, and KuCoin, offers Nigerian investors diverse platforms that cater to different needs, from beginners to advanced traders seeking derivatives trading.
Despite the Central Bank of Nigeria's stance on cryptocurrencies, the market thrives, bolstered by peer-to-peer trading and a community keen on digital assets. The introduction of a crypto tax by the government underscores the growing recognition of cryptocurrencies' economic significance, amidst efforts to harness this burgeoning sector for national fiscal health.
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