👍 Top 10 Most Reputable Crypto Exchanges in Nigeria

Crypto fever has certainly caught on across Nigeria over the last few years! With large youth populations tech-savvy to new digital trends and alternatives to traditional finance, it’s no surprise many Nigerians have started exploring the world of bitcoin and cryptocurrencies.

However, this interest is also driven by pressing economic realities.  With high inflation eating away savings, large scale youth unemployment, and a rapidly devaluing naira, many Nigerians view crypto as a chance to gain financial freedom.

With so many cryptocurrency exchanges now operating in Nigeria, finding the ideal one seems complex. This review covers ten leading platforms across different categories to help you make the right choice. We want investing in crypto to be as frictionless as possible, empowering Nigerians to take control of their financial futures.

Top 10 Trusted Crypto Exchanges in Nigeria for Beginners

Below are the top best cryptocurrency exchanges for Nigerians in 2024:

1. Luno
2. Binance
3. OKX
4. Bybit
5. Yellow Card
6. Quidax
7. Paxful
8. KuCoin
9. NairaEx
10. Kraken

1) Luno

Luno is a global cryptocurrency exchange that offers an on-ramp for Nigerians looking to buy Bitcoin, Ethereum, and other altcoins. Founded in 2013 and backed by large investors, Luno now has over 8 million customers across 40 countries.

Luno Nigeria provides an easy-to-use platform for first time cryptocurrency users to safely buy, sell and store assets like Bitcoin and Ethereum. Their mobile and web apps offer user-friendly ways for Nigerians to access crypto using local Naira payments like bank transfers or cards.

As a global brand known across Africa, Luno provides some confidence for uncertain Nigerians with their expanding presence and largely positive reputation so far.

However, Luno charges a 2% fee for both buying and selling crypto using Naira. For example, when depositing Naira via voucher there is an additional 2% charge, up to a max of ₦3,000. These fees can quickly eat into potential profits from bitcoin price swings that first attracted users.

Check out our in-depth Luno review where we comprehensively assess fees, supported markets, security score, lessons for beginners, and more.

2) Binance

As the world’s largest cryptocurrency exchange by trading volume, Binance offers Nigerians a deep pool of assets and liquidity if they want exposure beyond Bitcoin or Ethereum.

Founded in 2017, Binance now supports over 600 different crypto coins and tokens. It’s known for having one of the widest selections available to trade or convert between digital assets.

However, Binance’s global scale and focus on advanced trading features can also make it more complex for beginners. The platform layout, number of menus/options, and additional products like crypto loans or their own BNB token takes some learning.

While Binance doesn’t directly integrate Naira payments like some solely Nigerian exchanges, Nigerian users can fund their account by purchasing stablecoins like USDT first and then trading those for any other cryptocurrencies.

Read our complete Binance review covering security, trading costs, supported currencies, sign-up ease, risks and overall verdict on Binance.

3) OKX

OKX is one of the largest global crypto trading platforms, known for offering hundreds of coin pairs and futures, options and other derivatives trading.

Originally founded in 2017 as OKEx, OKX has over 50 million clients in over 100 countries. The exchange aims to cater to more active and professional crypto traders with advanced products.

For Nigerians, OKX provides robust spot and derivatives trading across popular coins like Bitcoin, Ethereum and also niche altcoins. However, OKX does not directly integrate with Naira payments. Users have to first purchase USDT stablecoins via P2P trading and then exchange the USDT for other cryptos on OKX.

If you’re considering OKX, see our full OKX cryptocurrency exchange review analyzing supported assets, account types, rewards, insurance, profits and more.

4) ByBit

Bybit is a popular crypto derivatives exchange founded in 2018 that focuses specifically on crypto futures, perpetual swaps, and options trading rather than spot trading.

These leveraged and advanced trading products enable traders to long or short top cryptos like Bitcoin and Ethereum with added leverage by borrowing from peers on the exchange.

While derivatives like 100x leverage futures may appeal to thrill-seeking traders – it also comes with substantial risks if you don’t properly manage positions, margin balances and market volatility.

While not regulated in Nigeria specifically, Bybit is still a legit and secure exchange by many Nigerian traders.

See our complete Bybit exchange review for a transparent view of leverage risks and how they are insured.

5) Yellow Card

Yellow Card is a cryptocurrency exchange focused specifically on the African market, with operations across Nigeria, South Africa and additional launch countries.

As a startup founded in 2019 and backed by major Silicon Valley investors, Yellow Card is focused on crypto adoption across emerging markets like Nigeria by providing easy fiat on-ramps.

Their model allows Nigerians to use familiar payment methods like bank transfers or P2P trades to directly purchase and sell major cryptocurrencies with no deposit, trading or withdrawal fees which makes onboarding frictionless. Their app also has a built-in wallet.

However, Yellow Card does come with higher posted exchange rates compared to other exchanges since they don’t charge explicit platform fees. And their overall liquidity and altcoin products are also more limited at this stage as a newer entrant.

6) NairaEx

NairaEx is one of the longest running cryptocurrency exchanges founded and operating specifically within Nigeria since 2015. Their focus has always been providing easy access for Nigerians to buy and sell major coins like Bitcoin, Ethereum and USDT using the local Naira currency.

As the pioneering Nigerian exchange platform, NairaEx integrated multiple payment methods early on like bank transfer and debit/credit card payments in Naira that made adoption frictionless.

However, after being acquired in 2021 by another African exchange Yellow Card, some Nigerian traders complain that NairaEx’s trading fees have steadily increased over the past year across deposit, trading and withdrawal transactions which eat into profitability.

For our candid cost comparison focused on bank transfer and debit deposits, pricing markups, withdrawal turnaround times and special warnings on trading leveraged coins click.

7) Paxful 

Paxful is a peer-to-peer (P2P) bitcoin marketplace founded in 2015 that connects buyers with sellers of crypto. As a P2P platform, individuals can post their own trade listings indicating the purchase or sale price and payment methods they want to use.

What makes Paxful interesting for Nigerian traders is it supports over 300 different payment options for bitcoin trades including bank transfer, gift cards, cash in person and more. This unique model essentially lets users pay with whatever is most convenient or available to them locally.

However, with P2P comes risks. Trading is with regular people instead of a trusted intermediary. And there are lots of listings to parse with pricing discrepancies and potential disputes or fraud. Fees also tend to be higher overall.

See our meticulous transaction cost analysis, privacy protections assessment, typical user experience positives and negatives and alternatives reviewed at the link here.

8) KuCoin 

KuCoin is a global crypto exchange that launched in 2017 and quickly became one of the most popular platforms for trading a wide variety of alternative cryptocurrencies (altcoins) beyond Bitcoin.

They list many smaller cap coins and blockchain projects that may not meet larger exchanges’ criteria. And with over 600 coin options now, KuCoin provides exposure opportunities to exotic assets early Nigerian traders may not find elsewhere locally.

However, KuCoin does not directly support Naira payments or withdrawals currently. So Nigerians need to purchase popular stablecoins like USDT first elsewhere that can then be deposited to fund trades on KuCoin’s markets, adding steps.

Check out our overview of KuCoin’s pros and cons specifically for Nigerian traders covering altcoin variety, profit monitoring tools and recommended verification levels in our flagship review.

9) Quidax 

Quidax is a homegrown Nigerian cryptocurrency exchange launched in 2018 with headquarters in Lagos that aims to make it seamless for Nigerians to invest in and use digital assets.

As Nigeria’s first indigenous crypto exchange, Quidax provides an easy-to-use platform for buying, selling and storing crypto using Naira through a wide variety of local payment options preferred by users like bank transfers and credit/debit cards.

They also charge zero fees on Naira deposits – making onboarding very cost-friendly for its target Nigerian audience compared to international players. Customer support is also localized.

However, Quidax does have limited coin listings focused mainly on top assets like Bitcoin and Ethereum. Altcoin diversity lags global exchanges. And order book liquidity is lower than larger global players – so prices can slip with large volume.

For a transparent analysis of Quidax examining how they support Naira payments, typical spreads, limitations for altcoins and better alternatives click the full review link.

10) Kraken

Kraken is one of the oldest and consistently top ranked cryptocurrency exchanges globally after first launching trading services in 2013. It now provides services to over 10 million clients across 190 countries, including emerging markets like Nigeria.

Kraken offers Nigerians a solid platform to buy, sell, and trade 60+ crypto assets including Bitcoin, Ethereum, and other altcoins. Their quarterly trading volume exceeds $207 billion indicating exceptional liquidity to move assets.

As a US-based and regulated exchange, Kraken has strict security practices and compliance standards giving comfort especially to larger investors wary of crypto’s volatility. Indexes like the S&P 500 now use Kraken’s pricing data showcasing prestige.

Read our full cryptocurrency exchange Kraken review assessing liquidity score, staking mechanisms, deposit and withdrawal turnaround and special considerations for high balance traders through the link.

How to Choose the Best Crypto Exchange in Nigeria

When weighing the various platforms available locally, here are key criteria Nigerians should consider:

• Supported coins – Are your target assets like Bitcoin, Ethereum or altcoins listed?
• Local payment support – Can you easily deposit/withdraw Naira with low fees?
• Trading costs – Compare all deposit, transaction, and withdrawal fees.
• User experience – Is the platform interface understandable for your skill level?
• Security and compliance – Review exchanges transparency and policies.
• Liquidity needs – transaction volumes and market depth if actively trading.

There can be major differences choosing exchanges purpose-built for Nigeria vs global players. Checking whether an exchange checks all your boxes for coins, payments, fees and trust can avoid frustrations or risks later. Analyze the exchange landscape before transferring funds anywhere to determine the optimal fit.

Conclusion

As we reviewed, Nigeria’s top crypto exchanges like Luno, Quidax, Yellow Card and Binance each have unique advantages and tradeoffs for investors to consider. New Nigerian traders may prefer the simplicity of Luno or Token to get started. While more advanced users will find P2P access from Paxful or derivatives on Bybit compelling.

There can be big fee differences though between platforms once transaction volumes increase. And only you can define priorities like altcoin needs, everyday payment usability, localized support, or appetite for central oversight vs decentralization.

So evaluate exchanges holistically through the lens of your goals, values and changing skills. The crypto world still promises opportunity despite volatility, if you pick optimal partners for the journey ahead as adoption grows.