Have you recently taken a decision to invest in cryptocurrencies? Have you been buying cryptocurrencies before, but you’re currently looking for a new seller? Whatever your reason for looking for cryptocurrency dealers, it is very important to be on high alert! In the world of cryptocurrency transactions, there are also thieves and scammers that are looking to run away with your cash or coins, so it is important to have the right information, and stay woke.
It is important to point out that a Cryptocurrency Wallet is different from a Cryptocurrency Exchange platform. A cryptocurrency wallet contains public and private cryptographic keys which is used to perform transactions on the blockchain. Cryptocurrency exchange on the other hand, is a digital market place where you can buy and sell different cryptocurrencies, and exchange fiat currencies (in this case naira) for crypto. After buying cryptocurrencies from an exchanger, you can withdraw them from the exchange account to your personal wallet. Standard practice is to buy cryptocurrencies from cryptocurrency exchanger(s), then withdrawing them to your cryptocurrency wallet. This helps you gain full control over the currency.
This article is for people looking for safe ways to buy bitcoins and ethereum safely without risk of being defrauded by anyone claiming to sell cryptocurrencies. There are a lot of cryptocurrency exchangers out there today, picking the perfect one for you is paramount to the success of your cryptocurrency investment. Below are a list of cryptocurrency exchangers that allows direct exchange of naira to bitcoins and ethereum.
Best Cryptocurrency Exchange Platforms in Nigeria
To buy cryptocurrencies from most cryptocurrency exchange platforms, you first of all need to create an account with them. This account is used to facilitate your transactions on the platform. When choosing a cryptocurrency exchanger, one must consider a lot of parameters which includes (but not limited to); level of security, transaction fees, and customer service. The list below contains the 5 top naira/cryptocurrency exchange platforms that I have used, and was satisfied with the service provided:
Luno is a cryptocurrency exchange platform focused on developing countries like Nigeria. They have a mobile app that makes changing your naira to bitcoin or ethereum very easy. There are many reasons why Luno stands out tall from other exchange platforms in Nigeria, one of which is the ability to display charts, and detailed reports on the cryptocurrencies it supports. Fees charged for transactions are not more than 5% per transaction, and transaction limits depends on level of verification.
Quidax is a Nigeria based cryptocurrency exchange platform. You can easily exchange naira for cryptocurrencies, and you can sell too. Just like Luno, it has app available for android and iOS users. With a beginner friendly interface, even if you haven’t use a currency exchange platform before, carrying out transactions is quite easy. The fee structure is quite pleasant, deposit through bank transfer is NGN150 (irrespective of volume of the transaction), and bank card deposits is 1.4% of amount deposited (max fee that can be charged through this means is NGN 2000). Overall, it’s a very secure and easy-to-use platform for exchanging naira for cryptocurrencies.
This Nigeria based cryptocurrency exchange platform is one of the fastest-growing platforms out there. They offer exchange for a wide range of crypto cryptocurrencies, not just bitcoin and ethereum alone. This platform makes my top five primarily because of the nature and level of security it offers to its customers. Large portion of assets are kept in cold storage (hardware storage), and use of two-factor authentication is supported for all users. They also have some sort of quiz section that beginner traders can use to practice trading with real time stats, without necessarily losing money.
This exchange platform engages in a variety of cryptocoins, and e-currencies. Though only web based, they currently don’t have a mobile app, they provide arguably the best customer service when compared with other exchange platforms. Its head office is based in Onitsha, Nigeria. 24/7 customer service is available via mail, and other channels like WhatsApp, telephone, and web chat is available during office hours. Aside having a secure transaction platform, excellent customer service is key before picking a cryptocurrency exchanger.
NairaEx is a fairly decent platform for exchanging naira to cryptocurrencies like Bitcoin and Ethereum. The company based in Lagos currently have over 130K customers, and are often regarded as a big name when it comes to the level of customer service they offer. Sometimes I call they exchange platform for the big boys, because minimum deposit to a user account is NGN 30,000. Outside the relatively high threshold for deposit, it is a fine platform for exchanging currencies.
Generally, it is ill-advised to exchange currencies with people or platforms without a brand. Chances are they are phoney exchangers looking to run away with your funds once you make an initial deposit. That being said, if you have used a good exchange platform not listed here, let us know so we can add it to the list.