10 Best Exchanges to Buy Bitcoin in Nigeria (2020)

In this post, I listed the top 10 of the Best Exchanges to Buy Bitcoin in Nigeria 2020.

This top 10 was selected after a careful review of over 80 bitcoin exchanges in Nigeria.

From my over 4 years of experience in cryptocurrency trading, these are the most efficient, reliable, reputable, and safest exchanges used by most Nigerians.

I will also explain the types of exchanges there are and how to buy bitcoin in Nigeria.

So, lets get started.


Table of Content


Top 10 Exchanges to Buy bitcoin in Nigeria

Luno
luno logo png
4.6 Star Rating
Quidax
quidax logo png
4.5 Star Rating
Binance
Binance Logo
4.6 Star Rating
Remitano
Remitano Logo PNG
4.5 Star Rating
BlockVila
Blockvila
4 Star Rating
BuyCoins
BuyCoins
4 Star Rating
Paxful
Paxful Logo Png
4.1 Star Rating
Redeeem
Redeeem
4.6 Star Rating
Yellow Card
Yellow card
4.4 Star Rating
LocalBitcoins
localbitcoins logo png
4.1 Star Rating


1. Luno

buy bitcoin on Luno

Luno is the most popular cryptocurrency exchange in Nigeria.

It was launched as Bitx in 2013 and later rebranded to Luno. Its biggest market is South Africa and Nigeria.

Luno has one of the easiest to use interface. The ease of using its app is second to none.

It is the first exchange to allows makers to buy and sell cryptos at zero transaction fee

Luno processes deposits and withdrawals instantly 24/7, it’s a must-have exchange if you want to buy bitcoins fast and securely in Nigeria

Exchange TypeBroker & Exchange
Services– Wallet
– Instant Buy/Sell
– Trading Platform
Supported CryptosBTC, BCH, ETH, LTC, XRP
Pros– Solid User Interface
– Instant Payment & Withdrawal
– Responsive support
– 0% Maker trading fee
ConsNGN Pair for only BTC & ETH
ReviewOfficial Website

2. Quidax

Buy Bitcoin on Quidax

Quidax is a leading Nigeria Bitcoin Exchange that was launched in August 2018. It is the first exchange owned by a Nigerian to meet and surpass International Standards.

Quidax is the first bitcoin exchange to support instant deposit and withdrawal of the Naira 24/7. It also introduced a 0% maker fee making it the exchange to buy bitcoin in Nigeria at the cheapest price.

Exchange TypeBroker & Exchange
Services– Wallet
– Instant Buy/Sell
– Trading Platform
Supported CryptosBTC, BCH, ETH, LTC, XRP, Dash, USDT
Pros– Solid User Interface
– Instant Payment & Withdrawal
– Responsive support
– 0% Maker trading fee
ConsTrading platform not yet in App.
ReviewOfficial Website

3. Binance

exchanges in Nigeria Binance

Binance was launched in 2017 after a successful ICO.   

It is the biggest cryptocurrency exchange in the world by trade volume with over 100 coins actively trading on the platform.

Up to 1 billion USD worth of bitcoins is traded on Binance each day.

Binance in 2020 introduced the Naira wallet allowing Nigeria users to buy bitcoin directly with Naira on the platform.

Deposits and withdrawals are also instant on Binance.

Exchange TypeBroker | Exchange | P2P
ServicesOver 10 products and services including;
– Wallet
– Instant Buy/Sell
– Trading Platform
– P2P
Supported CryptosBTC, BCH, ETH, LTC and over 100 others
Pros– Solid User Interface
– Instant Payment & Withdrawal
– Responsive support
– Low trading fee
ConsIt can be overwhelming because of the number of products  
ReviewOfficial Website

4. Remitano

Remitano buy bitcoin in Nigeria

Remitano is the safest and the most used P2P Bitcoin exchange in Nigeria. Over 800-million-naira worth of bitcoins are traded on Remitano from Nigeria each day.

It beats other Peer-to-Peer exchanges in terms of security, customer support, services offered, and the number of supported coins.

Remitano remains my favorite P2P cryptocurrency exchange since 2016.

Exchange TypeP2P
Services– Wallet
– P2P
– Invest
Supported CryptosBTC, BCH, ETH, LTC, XRP and 10 others
Pros– Solid User Interface
– 24/7 Live Chat Support
– Safe and Secure
Cons1% Transaction fee (Medium)  
ReviewOfficial Site

5. BlockVila

blockvila logo

Blockvila is the most trusted and reputable OTC exchange in Nigeria.

It was launched in 2017 as Ngexchanger but later rebranded to Blockvila to indicate that its business now extends beyond the shores of Nigeria.

It is based in Port Harcourt Nigeria and still remains one of the safest exchanges to buy bitcoins of any volume in Nigeria.

Exchange TypeBroker OTC
Services– Buy/Sell
– Cloud Mining
Supported CryptosBTC, BCH, ETH, LTC, STEEM and 9 others
Pros– Easy to Use
– 24/7 Live Chat support
– Can exchange any cryptos on request
ConsNo Mobile App  
ReviewOfficial Site

6. BuyCoins

Buycoins Africa logo

BuyCoins is a P2P exchange that is situated in Lagos, Nigeria.

The exchange was launched in 2017 as Bitkoin Africa but later rebranded to BuyCoins in February 2018.

It was founded by Timi Ajiboye, a software developer, and a team of 9 others.

It caters to Nigerians in Nigeria who are interested in trading cryptocurrencies.

Exchange TypeBroker | P2P
Services– Wallet
– Buy/Sell
– Coinlock NGNT
Supported CryptosBitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)
Pros– Superb Customer Support
– Instant P2P through NGNT
– Exceptional mobile app
ConsAvailable only in Nigeria  
ReviewOfficial Site

7. Paxful

buy bitcoin on Paxful

Paxful is a peer-to-peer bitcoin exchange that was founded in the USA.

Its unique selling point is that it has over 300 payment methods to buy bitcoin with. Most of its customers in Nigeria are those selling Gift Cards (Amazon, iTunes, Google, etc) for Bitcoin.

I personally have not sold gift cards for Bitcoin on this platform but I have sold Neteller and Webmoney for Bitcoins.

Another amazing thing to know about Paxful is their Charity outreach. They have sponsored a number of school building projects in Africa. You can check out the YouTube video here.

However, unlike Remitano that makes it very difficult for a trader to defraud other traders on its platform, Paxful is less regulated by its customer support thus you have to observe safety precautions not to get defrauded.

You can check out my review of Paxful for more details

Exchange TypeP2P
Services– Wallet
– P2P
Supported CryptosBitcoin (BTC)
Pros– Over 300 Payment methods
– 24/7 Live Support
– Cross country P2P trades  
ConsSupports only BTC  
ReviewOfficial Site

8. Redeeem

Redeeem giftcards for bitcoins

Redeem is the safest P2P exchange to sell and buy over 30 gift cards for Bitcoin at the best rate.

It’s a P2P platform but however does not allow direct interaction between buyers and sellers to ensure maximum safety and anonymity.

It was founded in 2018 by Kyle Hill and Mike Townsend from Los Angeles California.

I have done an extensive review of the platform and how to use it.  

Exchange TypeP2P
Services– Gift Card
– P2P
Supported CryptosBitcoin (BTC)
Pros– Over 30 Gift Cards,
– Commendable rates
– Very safe
Cons– Supports only BTC  
– Gift Cards sale might not be instant
ReviewOfficial Site

9. Yellow Card

Yellow Card bitcoin merchant in Nigeria

Yellow card is a relatively new platform. It was sponsored by Binance to increase the adoption of Bitcoins and other cryptocurrencies in Africa.

Yellow card lets you;

  • Buy bitcoins and other cryptos at a very good rate with naira using cash and bank transfer
  • Accept bitcoins for your goods and service and have the equivalent sent directly to your bank account
  • Become a bitcoin vendor i.e. easily buy and sell bitcoins to your customers at a physical location using the Yellow Card app.

With these unique features, Yellow Card has seen increased adoption in Nigeria.

Exchange TypeBroker
Services– BTC Wallet
– Buy/Sell Bitcoin
– Bitcoin Merchant  
Supported CryptosBitcoin (BTC)
Pros– Easy to use
– Superb customer support
– Accept bitcoin for goods/services
ConsSupports limited countries  
ReviewOfficial Site

10. LocalBitcoins

localbitcoins-nigeria-bitcoin-community

LocalBitcoins is one of the oldest bitcoin exchanges wordwide

It is the first P2P bitcoin exchange and was founded in June 2012 and it’s still thriving to date.

On this platform, you can buy and sell bitcoin using over 30 payment methods including Altcoins.

Exchange TypeP2P
Services– Buy/ Sell of Bitcoin using 30 + payment methods
– BTC wallet
Supported CryptosBitcoin (BTC)
Pros– P2P exchange
– Available worldwide
– Bitcoin wallet
ConsSupports only BTC  
ReviewOfficial Site

Exchanges with Great Potentials that did not Make the List

Redimit: 
This OTC exchange is 2019 new. It offers excellent service and might make my list in 2021. Currently, you can only sell bitcoins on Redimit.

InstantGold: 
This exchange has existed for over 10 years now. The service is solid. However, It needs to upgrade its interface.

Also read: Bitcoins exchanges in Nigeria: The Complete list (over 80)


My Verdict: Which is the Best exchange to Buy Bitcoin in Nigeria?

If you have carefully followed this post, you will see that the exchanges are of different types. They have their particular use cases and types which I will explain in the next section.

So the best of the best depends on what you want to use it for.

… When buying BTC I have to consider

  • My payment method (debit card, gift card, bank transfer, etc)
  • Price (Which exchange have the best price at that instant)
  • Speed (how quickly do I need it)
  • Motive (Buy to trade, store or shop)

For me, Luno, Quidax, Binance are a must-have if you want to quickly buy, sell, or trade bitcoins.

Since they all support instant deposit and withdrawal in Naira, you should create an account with the 3 of them in case of an arbitrage trading opportunity.

On Remitano, you can buy a huge amount of bitcoin at a very good stable price if you understand how to use it.

If you need to sell or buy GiftCards safely at the best price, Redeeem is no doubt the best.

Finally, if you want to sell or buy e-currencies like Neteller, Paypal, Perfect Money, etc. for bitcoins, you go for Paxful or LocalBitcoins depending on the one that gives you the best price.

I personally have account with all the exchanges listed above. You can do the same.

That said let’s talk about exchange types and how they work.


Bitcoin Exchange Types | Their Pro and Cons

There are basically 3 types of bitcoin exchanges. They are;

  • Broker OTC (Over the Counter) exchange
  • P2P (Peer to Peer) OTC exchange
  • Trading Platform.

Some exchanges, however, combined 2 or 3 of these types in one.

Broker OTC Exchange

This is the simplest type of exchange. It is the first generation of BTC exchanges. How it works basically is that you pay money to the exchange and they send bitcoin to you or, you send bitcoin to the exchange and they send money to your bank account? 

Pros

  • High Trust Factor: Most of these brokers are registers and have a physical office so you are sure you are dealing with a company that is reputable and will not run with your money.

Cons

  • Susceptible to Government Interference: Since they operate a central account, they can have their bank account frozen if they fall out with the government. There is a case where a broker receives a huge amount of money to buy bitcoin from a hacked bank account. EFCC froze the account for investigation. To mitigate against this, Broker OTC exchanges require ID and residency verification from their customers before they can-do high-volume transaction.
  • Some of them are slow and might not operate 24/7 since it requires someone to manually operate it, However, there are technologies to automate this now.

P2P (Peer-To-Peer) OTC Exchange

This type of exchange does not directly sell or purchase BTC from its users, rather they connect buyers to sellers and modulate the transaction using an escrow system. This is an OTC between two persons directly. This is how It works;

Say Ivory want to buy bitcoin from Mike on a P2P exchange.

  • Ivory will enter the number of bitcoins she wants to buy from Mike on the exchange.
  • The exchange will hold onto that number of Mike’s bitcoin and make it inaccessible to Mike.
  • Ivory will pay the equivalent in fiat (say Naira) to Mike’s bank account and indicate that she has made payment.
  • Once Mike receives the money, he will confirm that he has received it.
  • The exchange will release the bitcoin to Ivory immediately.

In case Ivory refuses to make the payment or Mike refuses to confirm it, they both have to present proof to the exchange, and the exchange will release the bitcoin to whoever is correct and probably ban the liar.

Pros

  • There is no central account and thus it’s not susceptible to government interference.
  • Trades can go on 24/7 once there are people to trade

Cons

  • Fraud due to human error: Some persons have mistakenly confirmed a transaction or were tricked into confirming a transaction by other users without actually receiving the money in their bank account. By doing this, they lose their bitcoin and never got it back. As a safety measure, the exchange always warns users to make sure they received their money before confirming a transaction.
  • Risk of getting account frozen: Just as we mentioned in the OTC Cons, you might receive money from a hacked bank account for BTC especially if you are trading high volume. This might lead to EFCC blocking your bank account for investigation. To mitigate against this, P2P requires users to verify their ID and Residency, They also inform users to take note that the fund they receive is coming to an account with the same name as the person they are trading with.

Here is a visual made by Remitano of how the escrow works.

Trading Platform/Exchange

These are platforms where traders trade cryptocurrency pairs such as BTC/NGN, BTC/USDT BTC/ETH etc. OTC platforms that have incorporated this call it “Exchange”. The Exchange is actually P2P, but in this case, you are trading only on the platform, and you don’t know who you are trading with, you are only concerned with the numbers on the screen.  Trades here are executed instantly. 

Pros

  • Its has high volume and liquidity
  • It’s instant
  • It provides users with charts and trading tools
  • Traders can set up bots to trade for them
  • Pro traders make a living using this platform.

Cons

  • To withdraw your money to your bank account, you will have to go through an OTC or P2P.
  • Most of these exchanges are centralized thus making it susceptible to hackers.

Now that we have known the type of bitcoin exchanges there are, let’s dive right into the 10 best bitcoin exchanges in Nigeria.


How to Buy Bitcoin in Nigeria

  1. Go to Luno, create an account, and verify it.
  2. Click on ‘Wallet’ and to deposit Naira into your Luno Naira wallet either by bank transfer or by Debit card.
  3. Click on Buy, select ‘Bitcoin’ to buy bitcoin with the naira in your naira wallet. This happens instantly and the bitcoin can be seen in your Luno Bitcoin wallet. You can transfer it to anywhere from there.

The short video below outlines these simple steps.


Conclusion

I have shown you the best 10 bitcoin exchanges in Nigeria and how to buy Bitcoin really fast on Luno.

Now its your turn…

What do you think about the list?

Is there any exchange that should be there that is isn’t or one that is there that shouldn’t?

Or maybe you have a question.

Let me know right away in the comment section.

Don’t forget to share.

Cheers.


PS.

If you want to learn how to trade cryptocurrencies profitably, then enroll for our Crypto Currency Mastery Course by going to www.ctmastery.com. You can also join our Telegram community at https://t.me/ctmastery

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30 thoughts on “10 Best Exchanges to Buy Bitcoin in Nigeria (2020)”

  1. Woooooow…! Awesome….! Splendid…! Am overwhelmed. You have opened my eyes.Almighty bless you.althought I am a novice to everything you are saying, I am fully interested but I have questions
    1.when you talked about ‘trade platform/exchange ‘of BTC/NGN,is it in MT4 or what platform?
    2.How much do I need to start trading as a beginner ?
    3. When will the course be out?
    4. Do you hold seminars? I yes,when will you be coming to Port Harcourt?

    Reply
  2. Thanks for the hard work Mr. Jude, honestly
    I want to let pple know about Zcnox.ng too
    BTC withdrawal fee= free for e-mail withdrawal and 0.0002btc for bitcoin address
    Naira withdrawal= N200 flat
    Naira/bitcoin deposit fee= Free
    Physical office address: 914 Ahmadu Bello Way, Wuse, Abuja, Nigeria

    Reply
  3. Thanks Jude for this write up, I hope to learn more from you and start trading bitcoin again. I used luno in 2017 but when I withdraw, they cut a lot of money… For example i want to withdraw 256K(as displayed on their app), but I get about 230K credited in my account.
    Could you please explain why this happens?

    I have reinstalled luno yesterday but son of man is broke and I dont know if you have ever experienced such before.

    Reply
  4. for me i think instantcoins.ng is the best of them all since it doesn’t have any fees and is in partnership with paxful so when we sell our paxful bitcoin we pay no wallet fees!

    Reply
  5. Please is dia any physical office that deals with bitcoin trading bcuz i cum across a company name dat dey said dey r register members under bitcoin d name of d company is Richers Multi Purpose Inter-Biz ltd and dey say dia head quarters is in Lagos and dey hv branch in Abuja recently, Is dat true pls.

    Reply
    • There is a physical location to purchase bitcoins depending on your city.

      I don’t know about Richers Multi-Purpose Inter-Biz. please drop the link to their website. Thank you

      Reply
    • There is physical location to purchase bitcoins depending on your city.

      I don’t know about Richers Multi-Purpose Inter-Biz. please drop the link to their website. Thank you

      Reply
  6. Pls it’s my first time in BITCOIN trade & I have registered with LUNO but they refused to verify my account
    so,I’m searching for another on that won’t ask for verification

    Reply
    • Contact support or Try Quidax.

      Most crypto trading platform will require verification for regulation sake and curtailing scam.

      It a good thing because you will rest assured that the platform you are dealing with is registered.

      Reply
  7. I am new in crytoxurrecncy world and I really want to know much about how it works..I want to buy bitcoin worth of 5k how do I trade or monitor the trade to know when exactly to sell the bitcoin to make profit on paxful

    Reply
    • you can create and an account and purchase bitcoin with as low as N300 on Luno and Quidax

      Crypto trading to make a profit is a question I receive all the time. I am developing a full-fledge course on that, I will let you know when its out.

      Reply
  8. Thanks for your review Jude.
    Can we get an OTC platform like Quidax but with lower NGN withdrawal fee(<N200) per transaction?

    Reply
    • The OTC platform like Quidax is Luno. and they charge the same N200. However note that the N200 withdrawal fee does not go to quidax or Luno but to the payment processor; flutterwave, pay U, Paystack, etc.

      other exchanges like Ngexchanger and Nairaex may charge you nothing in withdrawal fees, but their transaction fees might be higher.

      Reply

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