BusinessDay
Nigeria's leading finance and market intelligence news report.

5 Companies to Trade in Cryptocurrencies in Nigeria

Nigeria is one of the leading countries that trade in cryptocurrencies. When people of Nigeria wonder about where to invest, their first thought is to join oil profit and second to invest in cryptocurrency.

There are two things involved in crypto trading; buying and selling. Trading is usually done through an exchange to successfully carry out these operations. Choosing the best exchange platform might be hard for you, here is a list of five best cryptocurrency exchanges in Nigeria where you can easily trade:

LocalBitcoins

It is an escrow service that helps people buy and sell cryptocurrency specifically bitcoin. Users can trade their cryptocurrency for whichever payment method suits them. The highlighted thing about this exchange is that you need to buy bitcoins via an in-person meeting.

It is a fast, more secure, and facilitated form of buying bitcoins. An in-person meeting is also referred to as the fastest and private method for buying bitcoins. Similarly, in-person trading has the same benefits and users feel more comfortable in opting for it.

However, there are always some loopholes in everything so the flaw of this exchange is that it is difficult to buy bitcoins in large numbers from here. Secondly, it has slightly higher prices than the other exchanges.

Read Also: Is There a Ban on Cryptocurrency in Nigeria?

BitPesa

It is a remittance company that sells cryptocurrency in most parts of Africa like Kenya, Uganda, and Nigeria. There are different methods of buying digital currency here. In Nigeria, the method used for buying crypto from BitPesa is that you use your debit card or Paga account.

However, in Uganda, you can buy with MTN and Airtel. Similarly, the selling methods are also different in various countries like for Kenya the selling technique is via M-PESA (mobile payment service).

The flaw that BitPesa has in its bucket, it is less private as compared to other exchanges used for trading. Privacy is very important to the users of digital currency so this is counted as a major flaw of the exchange.

Luno

There are some online platforms as well that can assist you in trading your cryptocurrency like Luno. It is giving a tough competition to CoinBase which is by far the best trading application. The application Luno was launched in 2013 and it has been growing since then.

Luno got most of its support from Africa specifically, South Africa and Nigeria. Now it is expanding towards Europe, Indonesia, and Uganda. The latest development in the platform is that they have added Litecoin as well for trading along with Bitcoin, Ethereum, and XRP.

Binance

Another growing platform in Nigeria is Binance. The users have reported that it is easy to use and very convenient that gave rise to its popularity. Another reason for the rise in its popularity is that it has hosted its first Crypto Master class in Benin, Nigeria, in early 2020. Thus, it increased awareness amongst people and educated them about bitcoin along with blockchain.

Unlike the above mentioned LocalBitcoins, Binance does not charge any transaction fee so the price you see is the price you earn. Thus, many people choose it over other platforms because ultimately the goal of crypto trading is profit earning. The exchange stands out from the pack because of its strong advocacy programs.

NairaEx

One of the largest bitcoin exchanges in Nigeria is the NairaEx. It is easy to purchase cryptocurrency from this platform with perfect money, cash via bank deposit, or bank transfer. Similarly, when you want to trade your coins, you can sell the currency easily.

Conclusion:

Cryptocurrency trading is gaining popularity every day and if you have not yet joined the trend, you still have an opportunity. As a novice trader, you might find it hard to trade cryptocurrency. That’s why, you need to choose an auto-trading platform or exchange and start your trading process.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.

Comments are closed.