10 Best Exchanges to Buy and Sell Cryptocurrencies in Nigeria

This post is a compendium of the 10 best exchanges to buy and sell cryptocurrencies in Nigeria.

Following the invention of Bitcoin in 2009, cryptocurrencies have become the most profitable investment anyone can venture into.

To date, it has done well over 1000% consecutively each year. This is to be modest as some cryptos have recorded more than that in a single year.

This is way beyond the return on investment(ROI) from any other type of investment.

But yet… It becomes a huge obstacle for crypto lovers to find credible exchanges where to buy and sell these coins(especially if you are in Nigeria).

And that, dear reader, is the main reason for this post!  After months and years of thorough researching and testing, I present you with the 10 best exchanges to buy and sell cryptocurrencies in Nigeria.

So sit back, relax, and enjoy this interesting piece.


Post Overview

To  make sure that you fully comprehend and follow-through with today’s post, these subheadings contain the points I will be discussing:

Tap on any of the subheadings to access the details directly.

Enjoy the post!


Overview of Exchanges

With the emergence of Bitcoin and other altcoins comes the need for people to change the coins they have for other currencies or coins.

And this brought about the emergence of ‘Exchanges’.

Exchanges are companies that allow users to interchange cryptocurrency for fiat money or other currencies.

Some of these exchanges are strictly Peer-to-Peer (Remitano, Coindirect,e.t.c.), others serve as Trading Platforms(Quidax, Luno, e.t.c.), the rest are Brokers(Blockvila, NairaEx,e.t.c) while some of them combine 2 or all of these services(Binance, CEX.IO,e.t.c.).

To use these exchanges, you have to register with them and fund your wallet using any of its supported payment methods.

Now, with so many scam sites available online, I have listed the 10 best exchanges to buy and sell cryptocurrencies below.

Just scroll down to view the list.

Read also: 10 Best Exchanges to Buy Bitcoin in Nigeria(2019)


10  Best Exchanges to Buy and Sell Cryptocurrencies in Nigeria

The list(which is in no particular order) include the following exchanges:

  1. Luno
  2. Quidax
  3. Binance
  4. Remitano
  5. Blockvila
  6. Paxful
  7. Redeeem
  8. LocalBitcoins
  9. Yellow Card
  10. Changelly

Quidax

Quidax Image

Broker/Trading
4.3 Star Rating
Luno

Luno Image

Broker/Trading
4.1 Star Rating
Blockvila

Blockvila

Broker
3.9 Star Rating
Redeeem

Redeeem

P2P
4 Star Rating
Remitano

Remitano Logo

P2P
4.1 Star Rating
Paxful

Paxful Logo Png

P2P
4 Star Rating
LocalBitcoins

localbitcoins logo png

P2P
4 Star Rating
Yellow Card

yellow card

Broker
4 Star Rating
Binance

Binance Logo

Trading
4.2 Star Rating
Changelly

changelly light logo

Trading
3.7 Star Rating


Find the details below:

1. Luno

buy bitcoin on Luno

Luno was founded in Singapore in 2013 and later expanded to other countries from there.

Formerly branded Bitx, it changed to its current brand name ‘Luno’ in January 2017.

It provides services for users in 44 countries including Nigeria, South Africa, Europe, e.t.c.

Services

  • Luno Trading Platform
  • Instant Buy and Sell
  • Wallet Services

Supported Payment Methods

  • For Nigerians: Naira debit card, bank transfer
  • Other users: Dependent on your country

Supported Fiat Currencies

  • Nigeria Naira (NGN)
  • South African Rand (ZAR)
  • Euro (EUR)
  • Indonesia Rupiah (IDR)
  • Malaysian Ringgit (MYR)
  • Zambian Kwacha (ZMW)

Supported Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • BitcoinCash (BCH)
  • Ripple (XRP)
  • Litecoin (LTC)

Supported Trading Pairs: There are  3 crypto pairs available for trading: BTC/ETH, BTC/BCH, and the third is dependent on the user’s country.

For example, a user from Nigeria will have the following trading pairs:

  • BTC/ETH
  • BTC/BCH
  • BTC/NGN

Transaction Charges: View information on its fees here.

Read more: Luno Review (2020 Update) | The Complete Review and Comparison

Visit Site


2. Quidax

Buy Bitcoin on Quidax

Founded in August 2018, Quidax is now ranked among the top exchanges in Nigeria.

It supports users from around the world and processes its over the counter(OTC) transactions using Flutterwave.

Services

  • Quidax Trading Platform
  • Instant Buy and Sell
  • Wallet Services

Supported Payment Methods

  • Credit/Debit cards
  • Bank transfer
  • USSD deposits

Supported Fiat Currency: Nigerian Naira(NGN)

Supported Cryptocurrencies

Supported Trading Pairs

  • BTC/NGN
  • ETH/NGN
  • XRP/NGN
  • ETH/BTC
  • XRP/BTC
  • LTC/BTC

Transaction Charges: This can be viewed here

Read the full review of Quidax here including a video on how to use the platform.

Visit Site


3. Binance

exchanges in Nigeria Binance

Binance, which was launched in 2017, is a trading platform for over 500 cryptocurrency pairs.

It was founded in China by a developer, Changpeng Zhao and now offers a lot of other services besides crypto trading.

The exchange can be accessed by users all around the world except for 13 States of the USA.

It recently launched Binance.US to serve US citizens but users from 13 States are still restricted from using Binance.US.

Services

  • Exchanges
  • Margin Trading
  • Markets
  • Trust Wallet
  • Buy Crypto

Payment Methods

  • Bank Transfer
  • Credit/Debit card
  • All supported cryptos

Supported Cryptocurrencies

  • Supports over 100 cryptocurrencies including the top 100 cryptocurrencies on coinmarketcap.com

Transaction Charges

  • Trading fees – 0.1%

Find out more information about the fees here.

Read the Amazing Binance Review to learn more about this exchange.

Visit Site


4. Remitano

Owned by Babylon Solutions Limited, Remitano was launched in April 2016 and supports more than 50 countries.

It started off as a P2P Bitcoin exchange but has expanded over the years to include more services and currencies.

Services

  • P2P Exchange
  • Remitano Invest
  • Remitano Swap
  • Wallets
  • Affiliate program

Supported Payment Methods and Fiat Currencies

  • This depends on the country of the user. For example, a user from Nigeria will use NGN and one from Europe will use EUR

Supported Cryptocurrencies

Currencies supported at the P2P and Wallet

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Tether (USDT)

Currencies supported at Investment

  • EOS (EOS)
  • Binance Coin (BNB)
  • Cardano (ADA)
  • Stellar (XLM)
  • Tron (TRX)
  • Tezos (XTZ)
  • ChainLink (LINK)
  • Monero (XMR)
  • Ethereum Classic (ETC)
  • Neo (NEO)

Transaction Charges

Withdrawal fees

  • BTC: 0.0002
  • ETH: 0.005
  • USDT: 5
  • BCH: 0.0001
  • LTC: 0.0005
  • XRP: 0.00001

Deposit fees:

  • BTC: 0.0002
  • ETH: 0.005
  • USDT: 0
  • BCH: 0.0001
  • LTC: 0.0005
  • XRP: 0

P2P Exchange fees

  • Makers – 1%
  • Takers – 0%

Note that the Maker would likely include this fee in his rate.

Investment fees

  • When you close an investment in profit – 1%
  • When you close at a loss – 0%

Read more: Remitano Review (2020 Update) – The Complete Review and Comparison

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5. Blockvila

blockvila logo

Formerly known as Ngexchanger, Blockvila is an exchange based in Port Harcourt, Nigeria

It was founded in 2017 and specializes in buying, selling, and exchanging digital currencies.

The company has customers from all around the globe.

Services

  • Buy and Sell e-currency
  • Bitcoin Wallet
  • Investment Scheme

Supported Payment Methods

  • ATM Transfer
  • Cash Deposit

Supported Fiat Currency

  • Nigerian Naira (NGN)

Supported Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Ethereum Classic (ETC)
  • NEO (NEO)
  • EOS (EOS)
  • Steem Coin (STEEM)
  • Binance Coin (BNB)

If you will want to buy any coin(even though not listed), contact the support team and it will be provided.

Supported e-currencies

  • Perfect Money, e.t.c.

Transaction Charges

  • Deposit Charge = N50

The exchange generates most of its revenue from hidden charges. This is because of its high rates which cover for the lack of visible transaction charges. 

For example, Ether(ETH) that is valued at $50 will cost you N20,000 instead of N18,000 at the current dollar to naira exchange rate.

Read more about Blockvila in this review.

Visit Site


6. Paxful

buy bitcoin on Paxful

Paxful was founded in 2015 by Ray Youssef and Artur Schaback.

It is a P2P exchange that is headquartered in the USA.

The exchange serves users from around the globe except for these countries.

Services

  • P2P Exchange
  • Wallet
  • Kiosk Service
  • Vendor Service
  • Affiliate Program

Payment Methods

  • 9 Bank Transfer options (SWIFT, SEPA, e.t.c.)
  • 114 Gift Cards (Amazon, iTunes, e.t.c.)
  • 128 Online Wallets (Skrill, PayPal,e.t.c.)
  • 55 Cash options (Bank deposits, Cash in Person, e.t.c.)
  • 26 Digital currencies (ETH, LTC, e.t.c.)
  • 20 Credit/Debit Cards (Visa/ Master cards, e.t.c.)

Supported Fiat Currencies

  • Any fiat currency

Supported Cryptocurrency

  • Bitcoin

Transaction Charges

(Charged sellers alone)

  • Bank Transfers: 0.1%
  • Credit/Debit Cards: 1%
  • Digital Currencies: 1%
  • Online Transfers: 1%
  • Cash Deposits: 1%
  • Gift Cards: 5% iTunes and Google Play. 2% for every other gift card

Further reading: Paxful Review (2020 Update)| The Complete Review and Comparison

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7. 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.

Services

  • Gift cards
  • P2P

Payment Methods

  • Gift cards
  • Supported cryptos

Supported Cryptocurrencies

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Dai
  • Dash
  • Dogecoin
  • EOS
  • Ether Classic
  • Ether
  • NEO
  • Sai
  • STEEM
  • Tron
  • TrueUSD
  • USD/C
  • Tether USD
  • NEM
  • Monero
  • ZCash

Transaction Charges

Withdrawal fees

  • Urgent: 29 satoshi/byte~$0.64 in fees
  • Normal: 29 satoshi/byte~$0.64 in fees
  • Economy: 13 satoshi/byte~$0.29 in fees

Deposit fees

Free (no fee is charged for making deposit)

Buy/Sell Card fees

  • Buy Card – 3%
  • Sell Card – 4%

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

Visit Site


8. LocalBitcoins

LocalBitcoins

LocalBitcoins is founded in 2012 and has its headquarter in Finland.

It was the first P2P exchange and has Sebastian Sonntag as its CEO.

The company serves users from more than 240 countries including Nigeria.

Services

  • Buy/Sell Bitcoin

Payment Methods

Various payment methods( up to 30) are accepted on LocalBitcoins depending on your country and on the seller’s preferred payment option.

Some of  them are:

  • Cash (in person: if you are in close proximity with the seller)
  • Wire Transfer
  • Bank Transfer
  • Webmoney
  • Western Union
  • Paypal

Supported Fiat Currencies

  • Depends on the user’s country

Supported Cryptocurrency

  • Bitcoin

Transaction Fees

  • Trading fee(Seller) – 1%
  • Merchant invoicing fees – 0.5%

Read our LocalBitcoins Review here for more information.

Visit Site


9. Yellow Card

Yellow Card

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 at a very good rate with naira using 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.

Services

  • BTC Wallet
  • Buy/Sell Bitcoin
  • Bitcoin Merchant

Payment Methods

  • Cash
  • Bank/ Instant Bank Transfer
  • Debit/Credit Card

Supported Fiat Currencies

  • Nigerian Naira (NGN)
  • South African Rand (ZAR)
  • Botswanan Pula (BWP)
  • United States Dollars (USD)

Supported Cryptocurrency

  • Bitcoin (BTC)

Transaction Charges

Deposit fees

CountriesNigeriaSouth AfricaBotswana
Pin FreeFree Free
Cash deposit at bank Branch N/AR8 + 3.2% N/A
Cash deposit at ATM N/AR4.50 + 1.02% 0.41%
Bank Transfer Free Free Free
Instant Bank Transfer 50NGN N/A N/A
Debit Card1.5% + 100NGN N/A N/A

Withdrawal fees

CountriesNigeriaSouth AfricaBotswana
Instant Withdrawal100NGNR60 N/A
Maunual Withdrawal N/AR15 5BWP
Instant Money Voucher N/AR20 N/A

Merchant fees

The merchant fees for both topping up your Yellow Credit account or selling to a merchant is the same.

Check it out in the table below.

LowestHighestYellow Card Collects
500500050
500110,00075
10,00150,000150
50,001100,000200
100.001Infinity250

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10. Changelly

Changelly( which was once a subsidiary of the Minergate team but not anymore) was launched in 2015.

It partners with MyEtherWallet, Exodus, Binance, BRD, Edge, Coinomi, Simplex, Trezor, Ledger, Enjin, Indacoin, Huobi Wallet and other well-known players in the crypto industry.

Services

  • crypto-to-crypto exchange
  • fiat-to-crypto exchange that can be made via its partners Simplex and Indacoin

Payment Methods

  • Credit/Debit cards

Supported Fiat Currency

  • USD
  • EUR
  • GBP

But you can send any currency you have and it will be exchanged automatically according to the rates of your bank.

Supported Cryptocurrencies

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Monero (XMR)
  • Dash (DASH)
  • Ripple (XRP) and 100+ more

Transaction Charges

  • Commission – 0.5%

Read also: Changelly Review 2020 – All You Need  to Know

Visit Site


Which is the Best?

Having listed the 10 top exchanges to buy and sell cryptocurrencies in Nigeria, you may be wondering which of them is the best.

As we must have learnt, these exchanges have their specialties and peculiarities.

Well…The choice is yours to make!

The best exchange for you at any moment should be determined by the type of transaction you want to carry out at that point.

For example: To buy Bitcoin with gift cards, I check for a better price on CoinCola and Paxful, when I choose to use a credit/debit card, I go to Coindirect or Changelly, but I carry out most of my trades on Quidax and Luno.

But do note that this is not financial advice and it is not in any way an endorsement of any of the listed services.

Do tread with caution when carrying out any transaction.


Conclusion

Now we’ve come to the last part of this post; the part where we get to cool off…

And we also get to talk to each other… And ask questions.

So far through the post, is there something still unclear?

Do you know of any exchange that should make this list?

Or you’ve had an experience with any of the aforementioned exchanges that you will love to share?

Just scroll at once to the comment section and let it all out.

And that quote that ‘good food tastes sweeter when shared with friends‘ is still very much true.

Share this ‘good food’ you have just tasted with friends using the social media buttons below.


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15 thoughts on “10 Best Exchanges to Buy and Sell Cryptocurrencies in Nigeria”

  1. Hi Jude, what are the valid ways one can profitably deal in Bitcoin and what other cryptocoins show growth potentials and worth investing on?

    Reply
  2. Hello, Please is it safe to leave ur coin in Luno? I noticed that the fee of transferring one’s coin from Luno wallet to another is very very high. Can I just leave the coin in their wallet and watch it grow?

    Reply
    • The best wallet to keep your cryptos is the hard wallet such as bitfi because it give your complete and exclusive control of your cryptos. However,Luno have no record of theft or hack. So no user so far have lost their cryptocurrency leaving their crypt on luno.

      Reply
  3. thanks for all the information, am really interested in cryptocurrency and i need a guide because i just want to start no matter how small.

    Reply

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