Nigeria has one of the largest crypto markets in Africa, with a growing number of individuals and businesses adopting cryptocurrencies for various purposes such as remittances, online transactions, and investments. According to the report shared by Trading Browser, an internet-based casino guide, Nigeria ranked first in terms of cryptocurrency adoption and ownership in 2022, with 45% of its population using or owning these digital assets. This percentage represents a total of over 90 million individuals, which is almost 1.5 times the population of the United Kingdom. The data reveals a 17% increase in cryptocurrency adoption and ownership in Nigeria from 2019 to 2022, with more than 34 million people adopting these digital assets.

When choosing a crypto trading platform for your needs in Nigeria, think through what you plan on using it for, there are situations where you will need to use multiple exchanges to benefit from their different areas of specialty, like using one for its range of coins and another for access to NFTs or staking features. These are 5 best crypto exchanges apps in Nigeria you can go for:

•  Binance

With a significant presence in Nigeria, Binance is a favored global cryptocurrency exchange that provides diverse features, such as trading numerous cryptocurrencies, utilizing a powerful trading platform, and storing assets securely. The mobile app, available on iOS and Android devices, allows for convenient account access while on-the-go.

• Luno

Luno is a renowned cryptocurrency application that is prevalent in Nigeria, providing a user-friendly interface that is ideal for novices, alongside advanced features for expert traders. The app supports the purchase and sale of Bitcoin, Ethereum, and Litecoin, with secure storage options available for users. Furthermore, Luno has a mobile app, compatible with both iOS and Android devices.

• BuyCoins

BuyCoins is a crypto application based in Nigeria, dedicated to providing an effortless and expedient method for users to purchase and vend Bitcoin. It presents several payment choices, including bank transfers, credit/debit cards, and mobile money, and also has a mobile app that is compatible with both iOS and Android platforms.

• Coinbase

Coinbase is a renowned global exchange known for its beginner-friendly approach to crypto. It is also one of the world’s most used crypto exchanges, with more than 103 million verified users across 100+ countries and some of the largest daily trading volumes. Coinbase’s best-known product is its crypto trading platform. Customers can buy, sell or convert cryptocurrency instantly through a streamlined and simple user interface that has been designed to suit total newcomers. It is becoming equally well-known for its Learn and Earn program which rewards users with free cryptocurrency for every learning module they successfully complete. If you are looking for something more advanced, Coinbase’s Advanced Trade (formerly Coinbase Pro) features offer lower trading frees and more trading options including limit orders and stop loss orders.

• Breet

Breet, a distinctive over-the-counter cryptocurrency exchange platform, facilitates the sale of cryptocurrency by allowing users to receive cash directly in their local bank account. Unlike peer-to-peer trading, Breet automatically converts the user’s cryptocurrency into its fiat equivalent value, functioning as an automated crypto-to-fiat application. The process is speedy, with users being able to convert and withdraw their cryptocurrency within five minutes, with no additional charges or withdrawal fees. Breet is an economical and user-friendly option for individuals who wish to sell their cryptocurrency. Breet is also known for its unique features, such as point rewards, top-notch security, and 24/7 customer support, making it one of the most exceptional cryptocurrency applications available in Nigeria and Ghana.

Bottom line

Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it’s essential to do your own research.

In conclusion, before you decide which to use compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.