Many Nigerians are in search for reliable trading apps in Nigeria, this is because many fake apps that promises to be reliable trading platform are out there. To shield you from fake crypto trading apps, we at MayorTechs have came with this article to help you identify best crypto trading apps in Nigeria 2023.
Cryptocurrency trading has gained a lot of popularity in Nigeria in recent years, and many people are looking for the best crypto trading apps to help them buy, sell and trade digital assets. There are various trading apps available in Nigeria, but not all of them offer the same features, security and ease of use.
In this article, we will look at the best crypto trading apps in Nigeria, their pros and cons, and what makes them stand out in the market. So without further ado, let’s begin!.
Best Crypto Trading Apps in Nigeria (2023)
Binance
Binance is a leading global cryptocurrency exchange that has a strong presence in Nigeria. The Binance app is available on both Android and iOS, and it is easy to use, even for beginners. The app offers a wide range of trading pairs, including Bitcoin, Ethereum, Binance Coin, and many others. Users can also access advanced trading features such as stop-loss orders, limit orders, and margin trading.
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Note: to register on binance, you have to be at least 18 with a valid government issued ID to verify you account.
Pros:
- Large selection of trading pairs
- User-friendly interface
- Advanced trading features
- High liquidity
- Low trading fees
Cons:
- Limited payment options
- Limited customer support
Luno
Luno is a popular crypto exchange that has been operating in Nigeria since 2015. This app has become one of the best crypto trading apps due to its high withdrawal and trading speed. Before you can trade on luno, you must be at least 18years of age, with a valid NIN, drivers license or any government issued documents to verify your account. I’ve traded BCH on luno a couple of times and must say they’re preferable in terms of simplicity and their app has easy to use interface.
Cryptos supported are: Bitcoin, litecoin, Ethereum, Bitcoin cash etc.
Pros:
- Easy to use interface
Supports local currency
- Secure and reliable
- Good customer support
Cons:
- Limited selection of trading pairs
- High trading fees
Quidax
Quidax is a Nigerian-based cryptocurrency exchange that was launched in 2018. The app is available for download on Android an iOS, this app was brought into spotlight by a music producer (Don jazzy), he was used to advertise the brand on various platforms and that made his loyal fans to try out quidax, this app helps it’s users covert cryptos to cash at low trading fees. The only thing I didn’t like about this app was that they don’t support much cryptos like XRP, BNB, Solana or Dogecoin.
Pros:
- Supports local currency
- Low trading fees
- Good customer support
- Wide range of trading pairs
Cons:
- Limited payment options
- Not as popular as other exchanges
BuyCoins
BuyCoin is another app that is used for trading cryptos in Nigeria. This app isn’t that popular due to the fact that they haven’t worked on their marketing strategy much or their services is not as reliable as other apps listed above, this app is legit but charges a high trading fee, the app is available for download on iOS and Android.
Pros:
- Easy to use interface
- Supports local currency
- Good customer support
- Offers a range of cryptocurrencies
Cons:
- Limited selection of trading pairs
- High trading fees
Bundle Africa
Bundle africa is a very popular crypto trading app available for Android and iOS. This app allows it’s users to trade cryptos and convert them to various local African currencies, their trading fee is low and they provide active customer support. You can use this app if you have a valid NIN (National Identification Number).
Pros:
- Easy to use interface
- Supports local currency
- Low trading fees
- Offers a range of cryptocurrencies
Cons:
- Limited selection of trading pairs
- Limited payment options
Conclusion
There are various crypto trading apps available in Nigeria, and the one you choose will depend on your preferences and needs. Binance, Luno, Quidax, BuyCoins, and Bundle Africa are all great options for beginners and experienced traders alike. I have provided you with this list for you to go through the pros and cons before deciding which is best, if you have more recommendations, please drop them in comments section, we’ll love to update this article with them.
FAQ
Are crypto trading apps safe to use in Nigeria?
Yes, as long as you choose a reputable and trustworthy app, such as the ones mentioned in this article. It’s important to also take basic security measures, such as using strong passwords and enabling two-factor authentication.
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Do I need to have a lot of money to start trading crypto?
No, you can start with as little as $10 or the equivalent in Naira. However, it’s important to remember that cryptocurrency trading is a high-risk activity, and you should only invest what you can afford to lose.
Can I buy cryptocurrencies using my debit card?
Some crypto trading apps, such as Binance and Quidax, allow you to buy cryptocurrencies using your debit card. However, it’s important to check if your bank allows transactions with cryptocurrency exchanges.
Are there any taxes on crypto trading in Nigeria?
The Nigerian government has not yet established clear regulations on the taxation of cryptocurrency trading. However, it’s important to keep track of your trades and consult with a tax professional to ensure compliance with local laws.