7 Best Crypto Exchanges in Nigeria

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Nigeria's booming crypto market offers countless exchange options, but finding the right platform can be challenging. Here are the seven best cryptocurrency exchanges in Nigeria, evaluated for security, fees, and ease of use to help you trade confidently.

Here's our short list of the best crypto exchanges in Nigeria:

1. Binance Nigeria (best overall exchange for Nigerians)
2. Bitget (best option for derivatives trading)
3. Gemini (best for security)
4. Luno (convenient and straightforward)
5. Coinbase (best mobile app)
6. Busha (best local crypto platform)
7. Nairaex (alternative local platform)

Best Crypto Trading Platforms In Nigeria Reviewed

1. Binance Nigeria – Best overall exchange for Nigerians

Why we picked it

As the leading worldwide cryptocurrency exchange, Binance has emerged as the preferred platform for Nigerian traders looking for reliability, variety, and creativity in their digital asset transactions. Binance's unique advantage in the Nigerian market is its dual-system approach, which includes a conventional order book exchange and a peer-to-peer (P2P) marketplace, providing users with unmatched flexibility in cryptocurrency interactions.

Although the top crypto platform does not enable direct Bitcoin purchases with Naira on its primary exchange, Nigerian users have established an effective workaround. The procedure is simple:

• Convert Naira to USDT (Tether)
• Trade USDT for Bitcoin

This two-step method has become second nature to most Nigerian Binance users, and it is only a minor inconvenience for access to the world's largest cryptocurrency exchange.

The real game-changer for Nigerian traders is Binance's P2P platform, which is revolutionizing local crypto transactions. This marketplace eliminates the middleman, allowing direct trades between users. 

Nigerian users have faced challenges since the Central Bank of Nigeria (CBN) restricted cryptocurrency transactions in 2021, which led Binance to stop direct Naira deposits and withdrawals. Despite this, Binance continues to innovate with new features to meet the needs of its Nigerian users. It remains the most comprehensive and reliable platform for traders in Nigeria looking to engage in the global cryptocurrency market.

For more information on how to get a $300 Binance bonus, read this article on claiming the Binance referral code. Read our Binance review.

2. Bitget – Best option for derivatives trading

Why we picked it

Bitget has rapidly become a leading option for Nigerian traders seeking access to sophisticated financial products such as futures, options, and leveraged trading. Although it may not be as extensive as Binance or Bybit, Bitget distinguishes itself with its user-friendly trading interface, attractive fees, and distinctive social trading features.

Bitget specializes in derivatives trading, offering:

• Futures & Options – Engage in leveraged trading on leading cryptocurrencies such as BTC, ETH, and various popular altcoins.  
• Spot Trading – An expanding range of coins with attractive liquidity options.  
• Copy Trading – New traders can automatically replicate the strategies of successful traders.  
• Low Trading Fees – Starting at 0.1% for spot trading and 0.02%/0.06% (maker/taker) for futures, with potential discounts available for high-volume trades.  

Though direct Naira deposits aren’t supported, Nigerian users can easily fund their accounts with stablecoins (USDT, USDC, etc.) via third-party payment channels before swapping for BTC, ETH, or altcoins.

If you prefer to fund your account with stablecoins and focus on derivatives or automated tactics, Bitget is a solid alternative to Binance and Bybit. Nevertheless, if you require direct deposits in Naira or greater liquidity, you may still depend on Binance P2P for fiat on-ramps.

For more information, read our Bitget review.

3. Gemini – Best for security

Why we picked it

Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is a reputable cryptocurrency exchange known for its strong security features and user-friendly trading experience. It stands out for its commitment to regulatory compliance and high-level security, appealing to investors prioritizing safety and transparency.

Gemini’s operations are built on security. It holds SOC 1 Type 2 and SOC 2 Type 2 certifications, demonstrating compliance with strict financial and data security standards. As a New York Trust Company regulated by the New York Department of Financial Services (NYDFS), it operates under a rigorous financial framework. Additionally, Gemini follows a full-reserve policy, ensuring all customer assets are fully backed and available for withdrawal at any time.

Gemini's dual-interface model caters to traders of all experience levels. People can use a simplified buy/sell interface with easy navigation, instant purchases via card, and options for recurring buys. More experienced traders can access the ActiveTrader interface, which offers professional-level charting tools such as TradingView, various order types, and rapid trade execution. All are available on the mobile app for trading on the go.

Gemini features a transparent fee structure starting at 0.2% for makers and 0.4% for takers, with volume-based discounts for high-frequency traders. There are no minimum deposit requirements, making the platform accessible to all investors. While fees may be higher than those of unregulated exchanges, they reflect the value of compliance and security measures.

4. Luno – Convenient and straightforward

Why we picked it

Since its inception in 2013, Luno has positioned itself as a trustworthy cryptocurrency platform focused on emerging markets like Nigeria. The exchange has gained traction by facilitating an effortless shift from conventional banking to digital assets. What mainly enhances Luno's appeal in Nigeria is its direct facilitation of Naira deposits and withdrawals, tackling one of the significant obstacles that local crypto enthusiasts face. 

Luno emphasizes accessibility through its straightforward and user-friendly interface, which makes crypto trading easier for most. The platform allows for direct Naira transactions through various methods, including bank transfers, debit/credit cards, and voucher-based deposits, a distinctive feature that increases convenience. 

Although Luno offers a limited selection of cryptocurrencies (primarily focusing on Bitcoin, Ethereum, and a few stablecoins), this selective approach aims for stability instead of pursuing unpredictable altcoins.

The mobile application is notable for its optimization across various devices, from older smartphones to the most recent models, ensuring widespread accessibility. Traders gain access to essential tools such as price charts, indicators, and an analytical dashboard, although advanced traders may consider the features somewhat basic compared to global exchanges.

Although high-volume traders may lean towards platforms that offer lower fees and a wider range of assets, Luno's dependability, local customer support, and integration with fiat currencies distinguish it in Nigeria's cryptocurrency market. Its emphasis on education and stability – over speculative trading – establishes it as a viable choice in Africa's rapidly expanding digital economy.

5. Coinbase – Best mobile app

Why we picked it

Coinbase is widely recognized as a user-friendly cryptocurrency platform, especially favored by beginners. Its intuitive design facilitates easy trading of major coins like Bitcoin and Ethereum. However, Nigerian traders face significant challenges, as the platform does not officially support the Nigerian market.

While Coinbase's streamlined interface simplifies account management and trading, Nigerians cannot access its complete services. The platform lacks options for depositing in Naira, does not offer Naira trading pairs, and does not allow account registration for Nigerian residents. These limitations prevent Nigerian users from fully benefiting from Coinbase compared to those in supported countries.

Despite some limitations, users in Nigeria can still use Coinbase for essential services. The platform allows for sending and receiving cryptocurrencies through its wallet and offers secure storage options with the Vault feature. Some traders find ways to fund their accounts via global payment systems, but these methods can be more complex than using local exchanges.

Coinbase's security is strong, with 98% of assets stored in cold storage and robust two-factor authentication. While the platform provides FDIC insurance for USD funds and evaluates new cryptocurrencies carefully, Nigerian traders can only partially access these benefits.

You might be interested in this: Is Coinbase Safe To Use?

Regarding fees, Coinbase tends to be pricier than competitors like Binance. Standard trading fees are higher, and credit card use adds extra costs. Although Coinbase Advanced offers lower fees, users must switch to a different interface. This pricing model positions Coinbase as a premium service for beginners rather than a budget-friendly option.

However, Coinbase has the potential to expand its offerings in Nigeria, especially following its Nasdaq listing in 2021, which shows its commitment to regulatory compliance. Until then, local traders should weigh Coinbase's security benefits against its accessibility limitations when choosing a cryptocurrency platform.

Read our full review of Coinbase.

6. Busha – Best local crypto platform

Why we picked it

As one of Nigeria's first SEC-backed cryptocurrency exchanges, Busha has fostered six years of trust by prioritizing regulatory adherence and transparency. The platform has positioned itself as a dependable gateway for traders in Nigeria, catering to over 800,000 verified users who have carried out more than 8 million trades across over 45 digital assets.

Busha sets itself apart with its regulatory-first strategy, fully complying with SEC standards to reassure users. The platform upholds strong security measures while providing 24/7 human customer support, uncommon in Nigeria's cryptocurrency market. Traders enjoy numerous account protection features and the confidence of using a licensed exchange.

Thanks to its zero-fee crypto-trading structure, the platform delivers one of Nigeria's most affordable trading experiences. Users can instantly deposit fiat and crypto, execute immediate trades between supported assets, and withdraw funds externally without hidden charges. This fee-free model makes Busha particularly attractive for frequent traders looking to maximize their returns.

Busha provides multiple trading solutions to suit different investment strategies:

• Instant Trading: Convert between crypto and fiat seamlessly within the secure Busha wallet
• Recurring Buys: Automate purchases on daily, weekly, or monthly schedules
• Limit Orders: Set precise entry and exit points for strategic trading

Through Busha Earn, users can generate up to 7.5% APY on stablecoin holdings with several unique benefits:

• No minimum lock-in periods
• Daily interest payouts
• Accessible with as little as 10 USDT
• Option to redeem interest at any time

Despite the emergence of new competitors, Busha's long-standing reputation and adherence to regulations make it a preferred option for both novice and seasoned crypto users in Nigeria. The platform's blend of security measures, earning opportunities, and trading flexibility establishes it as a well-rounded solution for Nigeria's expanding digital asset community.

Busha stands out as one of Nigeria's most reliable cryptocurrency platforms for traders who value regulatory confidence and strong trading capabilities. It is supported by years of dependable service and ongoing enhancements.

7. Nairaex – Alternative local platform

Why we picked it

Established in 2015 in Abeokuta, Nigeria, NairaEx is a simple cryptocurrency exchange targeting the Nigerian market exclusively. Although it was once recognized as one of the early Bitcoin platforms in Nigeria, its current services are somewhat restricted compared to contemporary exchanges. The platform has around 190,000 users and has conducted over 900,000 transactions, mainly serving individuals needing fast conversions from Naira to cryptocurrency.

NairaEx provides only basic buy-and-sell functionality for four cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)

The platform lacks advanced trading products like margin trading, staking, or derivatives, making it unsuitable for intermediate or professional traders. Liquidity is inconsistent—during testing, some assets were only available for either buying or selling, not both.

NairaEx is designed for a specific function: fast and straightforward cryptocurrency purchases using Naira. Although its long-standing presence indicates trustworthiness for simple transactions, the platform has not adapted to the changing needs of Nigeria's crypto market. Users looking to do more than occasional Bitcoin trades will probably need to consider more comprehensive exchanges.

The State of Cryptocurrency in Nigeria

Nigeria has become a global frontrunner in cryptocurrency adoption, fueled by economic difficulties, a tech-savvy youth demographic, and the demand for alternative financial options. With more than 22 million users, Nigerians increasingly leverage cryptocurrencies like Bitcoin and USDT to hedge against inflation (over 28% in 2024) and navigate restrictive banking regulations. Even after the 2021 prohibition on bank-facilitated crypto transactions, peer-to-peer (P2P) trading has flourished, positioning Nigeria as one of the largest P2P markets worldwide.

Nonetheless, uncertainty regarding regulations continues. Authorities have targeted exchanges like Binance while simultaneously considering launching their digital currency, the eNaira, which has faced challenges in gaining popularity.

The outlook for cryptocurrency in Nigeria is currently uncertain. Despite ongoing restrictions from authorities, the substantial public interest ensures that cryptocurrencies remain a significant part of the economy, utilized for remittances, savings, and international trade. If Nigeria implements balanced regulations, it could tap into the potential of cryptocurrencies to enhance financial inclusion.

On the other hand, the market may gravitate further towards decentralized platforms, leaving regulators behind. Nigerians are discovering creative methods to incorporate cryptocurrency into their everyday lives at this stage, demonstrating its resilience amid persistent obstacles.

Frequently Asked Questions