Crypto exchanges are the most legal method to purchase cryptocurrencies and there are a number of them in Nigeria. This article teaches us about the best crypto exchanges in Nigeria in 2023.
Nigerian business owners are not immune to the global trend of using cryptocurrency as a method of payment. The new digital economies are being incorporated into the country’s established economic system. As a result, digital assets like Bitcoin and similar cryptocurrencies have become the next worldwide economic phenomenon.Â
As more and more people in Nigeria express an interest in using digital currencies, it’s likely that they’ll be mainstreamed into the economy before too long. As a result of the growing demand for buying and selling cryptocurrencies, several reputable exchanges have opened across Nigeria.
But not every market is created equal; different features of different exchanges may attract different user bases. Nigerian crypto traders can choose from a variety of exchanges and markets. However, they have a variety of options for both infrastructure and trading features to pick from.
You should think about things like the costs that may be incurred during the exchange procedure, the availability of coins and tokens, the security, the experiences of other users as reflected in reviews, and whether or not the crypto exchange supports NGN when determining which one is best for Nigeria.
What are Crypto Exchanges?
An online marketplace where users can buy, sell, and trade cryptocurrencies are known as a cryptocurrency exchange. Crypto exchanges function in a manner analogous to that of online brokerages in that customers can deposit fiat currency and then use those funds to buy cryptocurrency.Â
In addition, users are able to swap their cryptocurrency for other cryptocurrencies, and many exchanges even provide users with the opportunity to earn interest on assets that are kept in their exchange accounts. Identical to online brokerage platforms, cryptocurrency exchanges facilitate the buying and selling of cryptocurrencies and tokens such as Bitcoin, Ethereum, and Dogecoin.Â
Considerations such as supported assets, fees, payment methods, and security should be taken into account while selecting a cryptocurrency exchange. The purchase of cryptocurrencies from a crypto exchange is the most secure and legitimate option. Yet that isn’t the only advantage of using an exchange.Â
Some of the advantages of using a cryptocurrency exchange are discussed below. By providing a platform for trading digital currencies online or via mobile app, crypto exchanges have facilitated the widespread adoption of cryptocurrency and made it possible for consumers to participate in the cryptocurrency market from virtually any location.
Tokens and digital currencies are typically available on a wide variety of cryptocurrency exchanges, giving traders and investors a lot of leeways when it comes to creating a diversified digital asset portfolio.
Cold storage is commonly used by reputable cryptocurrency exchanges to protect user cash. International cryptocurrency markets typically adhere to financial and KYC/AML standards. Users can rest easy knowing they aren’t dealing with a shady business or dishonest traders.
Best crypto exchanges
When looking at the best cryptocurrency exchange, we must understand that each cryptocurrency exchange comes with its pros and cons, and as such, each exchange comes with its unique strengths and is grouped as such;
- Best Crypto exchange for security: Gemini
- Best crypto exchange for altcoins: BitMart Exchange
- Best crypto exchange for decentralized exchange: Bisq
- Best crypto exchange for experienced traders: Kraken
Gemini
Gemini gives its users the ability to review and approve any devices that are used to log onto their trading accounts, and it strongly recommends that users implement two-factor authentication in order to keep their accounts safe.Â
Gemini is SOC 2-certified, which means that independent auditors have confirmed that the company’s security and compliance procedures are up to par. This certification is yet another one of Gemini’s impressive security features.
BitMart Exchange
BitMart has solidified its position as the preeminent trading place for low- and medium-volume cryptocurrency transactions. Since BitMart provides access to a greater number of assets and trading pairs than its competitors that are at the forefront of the market, investors who are looking to diversify their cryptocurrency holdings with lesser-known or newly introduced cryptocurrencies are likely to find what they are looking for on this exchange.
Additionally, customers of BitMart have the ability to use the Earn feature of the exchange to earn interest on cryptocurrency assets that are held with the exchange. When users have the exchange’s native token, BMX, in their possession, they are eligible for trading fee savings.
Bisq
Individuals from all over the world are able to engage in peer-to-peer trading of a variety of digital currencies and tokens thanks to a piece of software called Bisq, which is an open-source cryptocurrency trading platform. Over 120 different digital assets can currently be supported by it.
This decentralized exchange does not mandate that its customers go through a Know Your Customer (KYC) identity verification process, nor does it restrict its trading software to users located in only certain regions. Users are able to buy and sell Bitcoin and other cryptocurrencies using a wide variety of payment methods on the Bisq platform. These payment methods include bank wire transfers, ACH transfers, and cash deposits.
Despite the fact that Bisq is well-liked among early adopters of cryptocurrencies due to the fact that it upholds many of the principles upon which Bitcoin was founded, such as decentralization, privacy, and sovereignty, the exchange is not very user-friendly for newcomers.
Kraken
The cryptocurrency exchange known as Kraken is widely considered to be among the most trustworthy in the world. Kraken Pro is a professional-grade trading platform that offers investors the ability to buy, sell, and store over 185 different cryptocurrencies while charging low fees. The Kraken exchange is situated in San Francisco.
In the early days of the cryptocurrency market, this cryptocurrency exchange distinguished itself by becoming the platform of choice for professional investors. It has since maintained its status as a dependable and professional trading venue, which contributed to its establishment as the go-to platform.
Paxful
Paxful, a cryptocurrency exchange launched in 2015, facilitates trades between buyers and sellers by connecting them directly. Financial services are based on AML requirements to protect Nigerian users from financial scams, and the site accepts more than 350 different payment methods. Paxful is currently affiliated with more than 30,000 individuals from Nigeria and beyond.
There is a wide range of advantages to using Paxful. Paxful allows trade crypto at 0-1% spreads in financial markets to acquire Bitcoin in Nigeria. If you’re looking to buy Bitcoin in Nigeria, one of the safest P2P exchanges to do so is Paxful. Paxful systems support more than 180 different wallets in addition to credit cards and bank transfers.
How to choose the best crypto exchanges
- Discover the supported assets of each platform
- Research the crypto exchange fees
- Choose an exchange with strong security
- Customer service
- Research crypto exchange’s reputation
- Choose an exchange with a suitable payment method
Discover the supported assets of each platform
Before choosing an exchange, it is important to check out the list of supported assets, especially if you are interested in purchasing cryptocurrencies other than Bitcoin. Some exchanges only handle a limited number of cryptocurrencies, but others give users the ability to trade hundreds.
Research the crypto exchange fees
It is essential to do research on the fees associated with a cryptocurrency exchange before you register an account with that exchange because high costs can eat away at your investment returns. The most common fees that cryptocurrency exchanges charge are those associated with trading and withdrawals, however additional fees may also be applicable.
Choose an exchange with strong security
Hackers who are interested in obtaining cryptocurrencies frequently focus their attention on cryptocurrency exchanges. The environment of crypto exchanges is rife with security breaches and cyber theft, which is why it is imperative to select an exchange that has robust security measures already in place.
Customer service
Selecting an exchange that provides high-quality customer service is likely to be the best course of action, particularly if you are new to the world of cryptocurrency or investing and may have questions or require assistance getting started.
Research crypto exchange’s reputation
It is a good idea to do some background research on the reputation of a cryptocurrency exchange before you sign up for an account with that exchange. Read reviews left by previous customers, investigate the history of the exchange, and search for any recent news reports that may provide some illuminating background information.
Choose an exchange with a suitable payment method
The majority of cryptocurrency exchanges provide a variety of deposit and withdrawal options, in addition to the ability to buy cryptocurrencies outright. Even though wire transfers are supported by the vast majority of exchanges, some platforms also give users the ability to acquire cryptocurrency with credit cards, debit cards, and other digital payment methods.
Summary
Because there are currently so many cryptocurrency exchanges available, it may be challenging to select the one that is most suitable for your needs. It is crucial that you select the cryptocurrency exchange that is most suitable to your requirements if you want to get started with trading or investing in cryptocurrencies. Whether you are looking for a wide variety of digital assets to trade, the fewest fees feasible, or the most convenient way to trade on your mobile device, we have what you need.
