In this article, we will consider 5 of the best exchanges to buy cryptocurrency in Nigeria in 2021.
These exchanges were selected from many exchanges in Nigeria. They are reliable, efficient, safe, and also reputable exchanges that most Nigerians use.
Binance
Binance was launched in 2017. It is the biggest crypto exchange throughout the world (in terms of trade volume) and over 100 coins are being traded on the platform. About $1 billion worth of Bitcoins is traded on Binance daily.
Binance offers instant deposits and withdrawals. Services that the platform offers include:
- Instant buying and selling
- Wallet
- Trading platform
- Peer-2-Peer transactions
The platform supports Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and over 100 other coins.
Pros
- Binance has a solid user interface
- The support is responsive
- It offers instant deposit and withdrawal
- The trading fee is low
Con
- It can be overwhelming due to the huge number of products on the platform.
<< Read Also: 5 Must-Know Tips For Choosing The Best Bitcoin Exchange >>
Kraken
Kraken was founded in the middle of 2011. It is one of the largest crypto exchanges in the world and the largest in Europe (considering the average trading volume executed daily). Kraken can be found in almost all countries.
You can buy Bitcoin, Ethereum, Dogecoin, and dozens of other cryptos on this platform.
Pros
- It has a very low taker fee of 0.25%, falling to 0.1% due to sufficient trading volume.
- It has a low maker fee, falling to 0% due to sufficient trading volume.
- The platform offers top-notch security and data protection.
Con
- It requires ID verification, thereby making it not to be private.
LocalBitcoins
LocalBitcoins acts as an escrow platform that matches Bitcoin buyers and sellers. Users are free to advertise trades for any type of payment method they prefer.
This platform offers one of the safest and most private means of buying bitcoins in any country. It facilitates the process of buying bitcoin through a secured and in-person meeting.
Pros
- It offers a fast and easy way to buy Bitcoins.
- You can quickly buy Bitcoin through a cash deposit.
- The in-person trades do not require any personal information.
Cons
- It is hard to buy large amounts of Bitcoin through this platform.
- It has slightly higher transaction fees than regular exchanges.
NairaEx
This is the largest bitcoin exchange platform in Nigeria. The platform allows you to buy Bitcoins using Perfect Money or cash.
Pros
- It is a long-running Nigerian exchange.
- It offers many payment methods.
Con
- The platform requires identity verification; making it less private than other platforms, like LocalBitcoins.
BitPesa
BitPesa acts as a Bitcoin remittance company. The company sells Bitcoin in Kenya through the M-PESA mobile payment service. It is also available in two other countries (Nigeria is one of them). Those in Nigeria can use BipPesa to purchase Bitcoins with a Paga account.
Pro
- It offers a convenient way of buying Bitcoin.
Con
- The platform requires identity verification thereby making it less private than other platforms, like LocalBitcoins.
Conclusion
In this article, we have considered 5 of the best exchanges that you can use to buy cryptocurrency in Nigeria.
Which of these platforms have you used?
If you found this article valuable, you will also love our guide on how you can make money with stablecoins.
