Best Crypto Exchanges in Nigeria 2024: Fees, Prices, and Ecosystem

April 9, 2024
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4 min read

This is a Crypto Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

Nigeria’s crypto adoption continues to surge, with transaction volumes reaching $56.7 billion last year, marking a 9% growth. This dynamic reflects a broader trend in the African nation, where about 35% of its population, between 18 and 60, trades or invests in cryptocurrencies like Bitcoin.

As the crypto market enters its latest bull run and positive sentiment continues to grow across digital assets, it’s important to select the right crypto exchange that can provide traders with a safe and secure trading environment. Centralized crypto exchanges are the best medium for users to access cryptocurrencies without facing any significant learning curve and complexity issues.

This article reviews the best crypto exchanges in Nigeria for 2024, comparing fees, prices, and the broader ecosystem to help users make informed decisions.

Bitget – Best Crypto Exchange in Nigeria

Bitget stands out as the premier choice for cryptocurrency trading in Nigeria. It is one of the largest derivatives exchanges by trading volume. This platform caters to a wide array of trading needs, from purchasing cryptocurrencies with fiat to engaging in spot market trades. It offers a rich trading environment where derivatives traders can leverage high margins or utilize trading bots for futures trading.

Trading Features

For those new to the cryptocurrency scene, Bitget introduces a unique copy trading feature, allowing beginners to mimic the strategies of more experienced traders as they hone their skills. Additionally, Bitget Earn presents an attractive option for users looking to accrue more tokens through staking select cryptocurrencies, offering competitive annual percentage yields.

The exchange supports over 600 cryptocurrencies and nearly 700 trading pairs, including leading tokens like USDT, USDC, BTC, ETH, and Bitget’s own token, BGB. Users can also buy crypto with Nigeria’s local currency, Naira. Also, for Africa as a market they have regular offers and easy ways to win giveaways.

Trading Fees

Bitget doesn’t charge any deposit fees and only has a 0.1% fee on spot trading which now has been removed under the current 0 trading fees campaign for Bitcoin and Ethereum. Notably, users can secure a 20% discount in spot trading when fees are paid using BGB. The withdrawal fees vary based on market conditions and blockchain networks. For example, the current withdrawal fee for USDT on the Tron (TRC20) network is 1 USDT.

Security

Bitget’s commitment to transparency and security is evident in its pledge to hold 100% of users' assets in reserves, a promise backed by regular publications of its Merkle Tree proof, platform reserves, and reserve ratios. The platform also has a $539 million protection fund, providing a robust shield against cybersecurity threats.

Bybit – Best User Interface

Bybit is the second largest crypto exchange globally in terms of daily trading volume. This platform offers access to both spot trading and a wide array of crypto derivatives products. With the option of high leverage, Bybit opens up various trading possibilities for advanced users looking for more sophisticated strategies. Apart from its robust trading capabilities, Bybit also introduces ways for users to increase their crypto holdings through staking and lending passively.

Features and Fees

One notable aspect of Bybit is its adaptability to the needs of Nigerian users. Although it does not provide trading pairs in NGN, the platform facilitates the purchase of cryptocurrencies with NGN. This is possible through Bybit's P2P marketplace and its integration with third-party crypto onramps like Moonpay, making it highly accessible for users in Nigeria.

Bybit maintains a transparent fee structure, with spot trading fees set at 0.1%. The platform does not impose fees for internal transfers or on-chain crypto deposits into Bybit accounts. However, transaction fees may apply for certain currencies and payment methods as determined by the service provider.

Payment Methods

Bybit supports a range of bank cards, including Visa, Mastercard, and Google Pay.

Security

Bybit has an insurance fund to mitigate the risk of high liquidation. The exchange also ensures a 1:1 reserve on all user assets, adhering to a policy of full transparency. The platform pledges to publish details regarding its reserves and user assets openly, fostering trust and transparency within its community.

OKX – Best for Advanced Trading

Features

Along with the basic trading benefits, OKX offers a suite of advanced trading features for the Nigerian market. It has an easily accessible derivatives market with 650+ trading pairs. Users can purchase cryptocurrency with Naira via the platform's P2P trading or utilizing integrated crypto onramp services.

A distinctive feature of OKX is its Web3 wallet, which simplifies interaction with decentralized applications (dApps) and helps manage crypto portfolios across multiple blockchains. These features, alongside the exchange’s robust liquidity, position OKX as a top choice for cryptocurrency investors of all kinds.

Security

The exchange ensures a 1:1 reserve of all users' funds, reinforcing its commitment to financial integrity. This is further bolstered by regular proof of reserves reports, which OKX undertakes to enhance transparency regarding the assets held on the exchange. However, the exchange has no user protection fund or insurance scheme.

To Sum It Up

Overall, Bitget, Bybit, and OKX emerge as standout platforms for investing and trading cryptocurrencies in Nigeria. Each platform offers unique features and security measures tailored to a variety of investor needs.

However, it’s important to note that Nigerian authorities have been heavily regulating and cracking down on crypto platforms in recent months. Users must review the platform’s website for the latest news on its availability and accessibility in their regions.

Sign up to start your crypto journey today and win USDT deposits and giveaways

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

This Brand Press article was not written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.
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This Brand Press article was not written by Techpoint Africa’s editorial team. To promote your brand via Brand Press, please email business@techpoint.africa.

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