Top Crypto Platforms in Nigeria

Identifying the premier cryptocurrency trading platforms in Nigeria involves rigorous research, and we've examined over 20 exchanges in depth. We've utilized our internal evaluation methodology, focusing on aspects such as regulatory compliance with the Central Bank of Nigeria (CBN), feature sets, array of tradable assets, user-friendly interfaces, deposit options in NGN, transaction charges, among others. The subsequent list offers an exhaustive review of the top five crypto exchanges within the Nigerian domain.

‍1. Binance

Binance takes the number one spot as the best overall cryptocurrency exchange in Nigeria. This ranking is attributable to its extensive selection of supported cryptocurrencies, robust security measures and regulatory compliance in the country, and user-friendly interface. Binance provides Nigerian users a versatile trading experience, accommodating beginner and expert traders with its dual interface feature. The platform also offers various services, including spot trading, futures trading, crypto staking, lending and borrowing services, making it a one-stop-shop for crypto enthusiasts. 

  • Fees: Deposit & withdrawal fees vary depending on your method and are between 0.5% - 1.8%. Spot trading is 0.1%, and the derivatives maker/taker rebate is 0.02%/0.04%.
  • Supported Assets: 350+ Cryptocurrencies.
  • Regulation & Licensing: Regulated by the SEC in Nigeria.
  • Customer Support Options: 24/7 support via live chat, email & online ticketing system.
  • NGN Deposit Methods: Bank Transfer, Cashlink & Credit/Debit Card.

2. Bybit

Ranked second in Nigeria, Bybit stands out as the best platform for cryptocurrency derivatives trading. Bybit is renowned for its advanced futures trading platform that allows users to leverage their positions up to 100x. This functionality attracts experienced traders seeking to maximize their trading potential. Additionally, the platform offers a sophisticated trading interface, efficient customer service, and impressive liquidity, features that collectively enhance the overall trading experience. Its high-performance matching engine further establishes Bybit as a leader in the Nigerian crypto market.

  • Fees: Deposits and withdrawals are free, and there is a 0.1% fee on spot trading. The maker/taker rebate for futures trading is 0.01%/0.06%.
  • Supported Assets: 400+ Cryptocurrencies.
  • Regulation & Licensing: Not regulated by any government authority (hence no KYC requirements).
  • Customer Support Options: 24/7 support via live chat, email, ticketing system & phone.
  • NGN Deposit Methods: Bank Transfer, Bank Card, Google Pay & Maestro.

‍3. Luno

Occupying the third rank is Luno, an exchange that has gained a reputation as the best African cryptocurrency exchange. Luno has a strong presence in Nigeria, thanks to its focus on African markets and supporting the buying, selling, and storage of cryptocurrencies. It supports the most popular cryptocurrencies and allows direct trading in Nigerian Naira, making it an appealing choice for local users. Moreover, Luno's learning portal offers educational resources catering to newcomers and experienced traders, solidifying its position in Nigeria's crypto space.

  • Fees: Luno charges a fee of 1% on fiat-to-crypto and 0.25% for crypto-to-crypto trades. Deposit and withdrawal fees may vary depending on the method used.
  • Supported Assets: 40+ Cryptocurrencies.
  • Regulation & Licensing: Luno is registered with the Financial Sector Conduct Authority in South Africa.
  • Customer Support: 24/7 customer support is available through live chat, email, and an online support centre.
  • NGN Deposit Methods: Bank Transfer, Credit/Debit cards, or PayPal.

4. Kraken

Kraken holds the fourth position and is distinguished as the best cryptocurrency exchange for institutions in Nigeria. Kraken offers advanced features like futures and margin trading, OTC trading, and robust security measures, which cater to the needs of institutional investors. The platform is also known for its comprehensive regulatory compliance, contributing to its reputation as a trustworthy and reliable exchange. Furthermore, Kraken provides top-notch customer service and support and a highly intuitive user interface.

  • Fees: Deposits and withdrawals vary depending on the method. Spot trading fees are between 0.16% - 0.25%. The futures maker/taker rebate is 0.02%/0.05%.
  • Supported Assets: 180+ Cryptocurrencies.
  • Regulation & Licensing: Regulated by the FinCEN in the US. 
  • Customer Support Options: 24/7 customer support is available through live chat, email and phone.
  • NGN Deposit Methods: Credit & Debit Card.

5. OKX

Rounding off the top five is OKX, recognized as the best platform for DeFi (Decentralized Finance) and NFTs (Non-Fungible Tokens) in Nigeria. OKX stands out for its extensive support for DeFi coins and NFT trading, reflecting the latest trends in the cryptocurrency world. The platform offers many innovative features, including spot trading, futures trading, perpetual swap, and options trading. As for DeFi-related services, it boasts an NFT marketplace, its own blockchain (OKX chain), a crypto wallet (OKX Wallet) and a native utility token called OKB.

  • Fees: Free deposits and 0.1% trading fee for spot, maker/taker is 0.02% & 0.06%.
  • Supported Assets: 300+ Cryptocurrencies.
  • Regulation & Licensing: OKX Bahamas FinTech Company Limited is a Bahamas registered company ("OKX Bahamas").
  • Customer Support Options: 24/7 customer support via live chat and email.
  • NGN Deposit Methods: Bank Transfer, Debit Card & Credit Card.

Is Crypto Investing in Nigeria Legal?

‍Yes, buying and selling cryptocurrency in Nigeria is completely legal and safe. The Nigerian government, led by its central bank, has established frameworks permitting transactions with digital currencies, leveraging the growth of FinTech industries and mitigating risks associated with illegal activities. This move reinforces Nigeria's position as a crypto-friendly nation, facilitating crypto-entrepreneurship and promoting blockchain-based solutions. It encourages Nigerians to capitalize on the potential benefits of cryptocurrency, such as seamless cross-border transactions.

How is Crypto Taxed in Nigeria?

Nigeria's regulatory approach towards cryptocurrency taxation is marked by clarity and thoroughness. Nigeria's Federal Inland Revenue Service (FIRS) classifies cryptocurrencies as intangible assets subject to capital gains tax (CGT) when disposed of. Profits made from the buying and selling of cryptocurrencies are taxed at a flat rate of 10% under CGT. Additionally, cryptocurrencies received as income are subject to personal income tax at a progressive rate from 7% up to 24%, depending on the taxpayer's income level. 

How to Buy Crypto in Nigeria

‍For those eager to venture into the cryptocurrency market in Nigeria, this simple, short and detailed guide will help you get started: 

  1. Select a regulated platform: Opt for exchanges compliant with the regulatory authorities.
  2. Establish and verify your account: Sign up using your email, formulate a secure password, and complete the Know Your Customer (KYC) process by providing the necessary identification and proof of residence.
  3. Load your account with NGN: Fund your account through bank transfers, mobile payments, or debit/credit cards.
  4. Purchase cryptocurrency: Select the specific digital currency and volume in NGN or crypto, then confirm the transaction.
  5. Safeguard your investments: Transfer your digital assets to a private wallet for enhanced security.

By adhering to these instructions and opting for a trusted, regulated exchange, you can securely and legally acquire cryptocurrencies in Nigeria and Africa.

Bottom Line

In conclusion, navigating Nigeria's dynamic cryptocurrency market involves choosing a regulated, licensed exchange like Binance, Bybit, Luno, Kraken, or OKX. Each platform brings unique strengths to the table, offering various features and services to suit diverse investor needs.

Whether you're a seasoned trader or a newcomer, understanding Nigeria's cryptocurrency environment is crucial. By aligning with a platform that fits your goals and using our guide, you can leverage the opportunities available in Nigeria's crypto landscape. Always trade responsibly and remember that understanding is the key to successful trading.