Top Crypto Trading Platforms in Nigeria

Nigeria's cryptocurrency sector operates under regulations established by the Securities and Exchange Commission (SEC). Exchanges in Nigeria must register with the SEC and follow stringent standards designed to protect investors and prevent financial crimes. Here is a comparison table of the five leading cryptocurrency exchanges for Nigerian traders accepting NGN deposits.

1. Bybit

Bybit is a top choice for crypto traders in Nigeria, known for offering an extensive selection of crypto assets, advanced trading tools, and attractive bonus incentives. Since its establishment in 2018, it now serves over 67 million registered users across Nigeria and 160 other countries, and facilitates NGN deposits. 

There are numerous trading products, including spot markets, perpetual futures, crypto options, and leveraged derivatives. Key features that set Bybit apart include its powerful AI-driven analysis tool, TradeGPT, copy trading service, automated trading bots (Grid, Futures Combo, and DCA) and staking options. 

Users can participate in frequent promotional events like trading competitions, VIP challenges, and deposit bonuses, often with prize pools reaching up to 1 million USDT. Security is prioritized through multi-signature cold wallet storage, rigorous identity verification protocols, and regular 1:1 proof-of-reserve audits.

Platform Highlights:

• Fees: Competitive spot trading fee of 0.1%.
• Supported Assets: Over 1,800 cryptocurrencies.
• Regulation & Licensing: Globally regulated, fully compliant with Nigeria’s KYC/AML regulations.
• NGN Deposit Methods: Bank transfers, UPI, IMPS, credit card, debit card, Google Pay, Samsung Pay, and Apple Pay.

2. MEXC

MEXC has become increasingly popular among Nigerian crypto traders for offering exceptional leverage, enabling users to trade futures with up to 400x leverage, among the highest levels globally. The exchange features spot trading, high-leverage futures contracts, meme tokens, and pre-market opportunities.

Popular features of MEXC include instant crypto conversions with zero fees, exclusive privileges for MX token holders, and regular events like their popular March Futures Competition. Traders benefit from deep liquidity, tight spreads, and fast trade executions, enhancing profitability and trading confidence.

The platform takes security seriously, as demonstrated through its comprehensive reserve coverage exceeding 100%, futures insurance funds protecting against excess losses, and secure cold and hot wallet strategies. Nigerian traders can easily deposit funds in NGN via local bank transfers and P2P trading.

Platform Highlights:

• Fees: Maker 0% & taker 0.05% for spot trading.
• Supported Assets: Over 1,600 cryptocurrencies.
• Regulation & Licensing: Has an Estonian license and is available to Nigerian investors.‍
• NGN Deposit Methods: Debit cards, credit cards and peer-to-peer (P2P) payments.

3. Gate.io

Gate.io is a top choice among Nigerian traders seeking variety, currently supporting over 3,800 digital assets. Founded in 2013, it has attracted 21 million traders by offering an impressive range of products including spot and margin trading, leveraged ETFs, and futures contracts with leverage options up to 125x.

Beyond standard trading, it offers "Pilot," allowing early access to trending blockchain projects, and "Moments," a feature providing real-time industry insights and updates. Additionally, the copy trading service lets users replicate strategies from top traders or automated trading bots across futures and spot markets.

The exchange has industry-leading protection measures such as advanced asset custody solutions, strict KYC verification procedures, and continuous security audits. Nigerian traders appreciate the straightforward NGN deposit methods, including convenient peer-to-peer trading and local banking solutions.

Platform Highlights:

• Fees: Spot trading fees starting from 0.2%.
• Supported Assets: Over 3,800 cryptocurrencies.
• Regulation & Licensing: Regulated globally and accessible from Nigeria.
• NGN Deposit Methods: Bank transfers, credit cards, debit cards, Google Pay, and Apple Pay.

4. Luno

Luno is Nigeria's most trusted crypto exchange, recognised for its strong focus on safety, compliance, and investor education. It emphasises responsible crypto investing by strictly adhering to local KYC and AML protocols, ensuring secure onboarding and transactions for all users.

Users can conveniently buy, sell, and securely store 17 cryptocurrencies. Its intuitive mobile app supports recurring purchases, enabling customers to steadily build their portfolios through scheduled investments, daily, weekly, or monthly, thus promoting disciplined investment habits.

Additionally, Luno offers valuable educational content via its Discover platform, empowering Nigerian investors to make informed decisions about their crypto strategies. Depositing funds into Luno accounts is straightforward, supporting direct NGN deposits through local bank transfers, debit cards, or Google Pay.

Platform Highlights:

• Fees: Trading fees range between 0.1% – 0.75%, based on volume.
• Supported Assets: 17 cryptocurrencies.
• Regulation & Licensing: Fully compliant with Nigerian SEC guidelines and local AML/KYC standards.
• NGN Deposit Methods: Bank transfers, debit cards, Google Pay (Android), instant local currency deposits.

5. KuCoin

KuCoin is a leading exchange widely favoured by Nigerian traders, particularly newcomers, thanks to its intuitive interface and extensive range of accessible features. Founded in 2017, it currently lists over 900 cryptocurrencies, enabling Nigerian investors to discover new coins through GemSPACE.

It offers a variety of straightforward trading and investment products, including spot trading, leveraged tokens, margin trading, and futures contracts. Notably, KuCoin Earn allows users to generate passive income with minimal effort, and its trading bots let users manage trades without continuous monitoring.

The platform maintains industry-leading security standards, featuring encryption, robust account protection, and regular Proof-of-Reserves audits, confirming full asset backing. Nigerian traders find KuCoin especially convenient due to easy NGN deposits supported through P2P transactions.

Platform Highlights:

• Fees: 0.1% for spot trading.
• Supported Assets: Over 900 cryptocurrencies.
• Regulation & Licensing: Operates globally and is available in Nigeria.
• NGN Deposit Methods: P2P transactions.

Is Crypto Regulated in Nigeria?

​Nigeria's approach to cryptocurrency regulation has been dynamic and multifaceted. In 2017, the Central Bank of Nigeria (CBN) instructed financial institutions to avoid virtual currency transactions. This stance intensified in February 2021 when the CBN prohibited banks from facilitating cryptocurrency transactions, directing them to close accounts associated with crypto exchanges. 

Despite these restrictions, the Securities and Exchange Commission (SEC) recognized digital assets as securities in September 2020. Further developments occurred in March 2025 when Nigerian lawmakers passed the Investment and Securities Bill, pending presidential approval, which would legally recognize cryptocurrencies and establish a framework for their regulation.

How is Crypto Taxed in Nigeria?

​Nigeria has recently taken steps to integrate cryptocurrency transactions into its tax framework. In 2023, the Finance Act introduced a 10% tax on profits from the sale of digital assets, including cryptocurrencies, aiming to capitalize on the growing digital economy. 

The SEC is amending regulations to ensure that all eligible transactions on regulated exchanges are subject to taxation, thereby formalizing the crypto sector and enhancing revenue collection. Additionally, the government is considering imposing a 0.5 – 1% capital gains tax on crypto profits and a 10% value-added tax (VAT) on exchanges.

Cryptocurrency Adoption in Nigeria

Nigeria’s cryptocurrency market is experiencing significant growth, with projected revenues reaching approximately US$1.6 billion by mid-2025. The expanding crypto sector is driven by its young population, widespread mobile phone use, and growing demand for alternative financial solutions beyond traditional banking. 

Around 25.86 million Nigerians, representing 11.02% of the country’s population, are expected to actively participate in cryptocurrency trading and investments by the end of the year.

How to Buy Bitcoin in Nigeria

To safely buy Bitcoin in Nigeria, investors must choose reputable exchanges compliant with regulations set by Nigeria’s Securities and Exchange Commission (SEC). Here's a straightforward guide for securely purchasing BTC in Nigeria:

1. Choose a Reliable Exchange: Select a trusted platform approved by Nigeria’s SEC or widely recognised for robust security measures, such as Binance, Luno, or Paxful, that accept Nigerian Naira (NGN) deposits and peer-to-peer transactions.
2. Verify Your Account: After registering on your chosen platform, complete the required Know Your Customer (KYC) procedures. You will typically need a valid ID (passport, driver’s licence, or national ID), proof of residence, and basic personal information.
3. Deposit Funds: Add Nigerian Naira (NGN) to your exchange wallet using methods like bank transfers or approved peer-to-peer deposit options supported by the platform.
4. Buy Bitcoin: Navigate to the exchange’s trading page, select Bitcoin, input the desired purchase amount, carefully review all associated fees, and confirm your transaction.

By following these simple steps, Nigerian investors can confidently engage in Bitcoin transactions using trusted platforms compliant with national financial guidelines.

Final Thoughts

Choosing the right cryptocurrency exchange in Nigeria involves more than just low fees or asset selection, it requires aligning your choices with secure, regulated platforms that fit your investment goals. 

While the regulatory environment evolves, platforms like Bybit, MEXC, Gate.io, Luno, and KuCoin remain trusted options that simplify trading through robust security measures and accessible NGN deposit methods.