Cryptocurrency is a digital currency that is not regulated by a bank or a government. As more individuals hear about it, its popularity has recently increased in Nigeria. Cryptocurrency is unique in that it may be sent directly to other users without the involvement of an intermediary. This makes using it quick, safe, and affordable. Because they believe it to be a wise investment, many people in Nigeria are interested in purchasing cryptocurrencies with some of the best crypto apps in Nigeria.
Cryptocurrency trading has gained significant popularity in Nigeria, particularly among the country’s tech-savvy youth. With the rise of digital currencies, Nigerians are finding opportunities to participate in global financial markets and diversify their investment portfolios by using crypto apps.
More and more individuals are looking for the best cryptocurrency apps in Nigeria to conveniently buy, sell, and manage their cryptocurrencies as cryptocurrency acceptance in the country keeps expanding.
Nigerian youths have embraced cryptocurrency trading as a means to access alternative investment opportunities and protect their wealth against inflation. With a large population of tech-savvy young people, Nigeria has witnessed a surge in crypto adoption, facilitated by the country’s developing fintech ecosystem and the increasing availability of crypto apps.
In this article, we will explore the legality of crypto trading in Nigeria and highlight some of the best crypto apps in Nigeria available for buying and selling digital assets.
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Is Cryptocurrency Trading Legal in Nigeria?
Before diving into the best crypto apps in Nigeria, it’s important to address the legality of cryptocurrency trading in Nigeria. In February 2021, the Central Bank of Nigeria (CBN) banned all regulated financial institutions from facilitating cryptocurrency transactions. However, this ban did not outlaw individuals from cryptocurrency trading on peer-to-peer platforms.
Furthermore, the Securities and Exchange Commission (SEC) has taken a more open and proactive approach to regulating the cryptocurrency ecosystem in Nigeria. In recognition of the industry’s potential, the SEC has classified digital assets as securities, bringing them under its regulatory oversight. This move aims to protect investors while promoting the growth of the sector.
Which Bitcoin App Is Legit In Nigeria?
Users can purchase and sell Bitcoin using the cryptocurrency program NairaEx, which is situated in Nigeria. The site is user-friendly and gives consumers a safe, dependable way to exchange Bitcoin. NairaEx offers users a variety of payment options, including mobile payments and bank transfers, making transactions simple.
It is a well-established Nigerian exchange even though its ID verification gives less privacy than other P2P platforms in Nigeria.
On its platform, NairaEx provides services that are as straightforward, quick, and user-friendly as possible. The services offered include purchasing and selling digital currencies like Perfect Money and other e-currencies.
On this platform, the cryptocurrencies supported include;
- Bitcoin Cash
The Nigerian Naira (NGN) is the sole fiat money that is accepted here.
It’s important to take your unique wants and objectives into account while choosing the best crypto app in Nigeria. When choosing a crypto platform, factors to take into account include the types of cryptocurrencies supported, the scope of features and services provided, the costs and fees related to using the app, and the platform’s security and dependability.
Best Crypto Apps in Nigeria
Here are the best crypto apps in Nigeria.
Binance is one of the leading global cryptocurrency exchange platforms, and its app offers a user-friendly interface for Nigerians to buy and sell digital assets. It supports a wide range of cryptocurrencies and provides access to advanced trading features.
It provides access to a strong trading platform, safe storage choices, and a wide range of services, such as the ability to purchase and sell different cryptocurrencies. Additionally, Binance has a mobile app for iOS and Android that makes it simple to access your account while on the go.
Luno is a well-established cryptocurrency exchange that has gained popularity in Nigeria. It is one of the best crypto apps in Nigeria and allows users to easily buy, sell, and store popular cryptocurrencies, including Bitcoin and Ethereum.
Luno has extensive capabilities for more seasoned traders in addition to a straightforward layout that is ideal for newcomers. Luno provides secure storage alternatives and facilitates the purchasing and trading of Bitcoin, Ethereum, and Litecoin. Additionally, there is an iOS and Android mobile app for it.
Quidax is another Nigerian-based crypto exchange platform and is one of the best crypto apps in Nigeria that offers seamless trading experiences. The app supports various cryptos and provides a simple interface for beginners.
Bundle is a Nigerian-owned and operated crypto app that focuses on providing a user-friendly experience for buying and selling cryptocurrencies. It stands out for its simplicity and social features, allowing users to send and receive crypto easily.
With Breet, customers may sell their cryptocurrencies and receive cash in their local bank accounts. Breet is a novel OTC cryptocurrency exchange platform and is one of the best crypto apps in Nigeria. Breet is an automated crypto-to-fiat program because it transforms users’ crypto quickly into the fiat equivalent of its value rather than using peer-to-peer trade.
Users are able to convert and withdraw their cryptocurrency in less than five minutes because of how quickly this procedure moves along. Breet is a convenient and economical choice for consumers wishing to sell their cryptocurrency because there are no withdrawal fees or additional costs.
Breet offers a number of other distinctive advantages in addition to its quick transaction times, such as user point awards, excellent security, and round-the-clock customer service. One of the top cryptocurrency apps in Nigeria is definitely Breet.
It offers a variety of payment choices, including bank transfer, credit/debit card, and mobile money, and has a mobile app that is available on both iOS and Android. BuyCoins is one of the best crypto apps in Nigeria with an emphasis on providing a simple and convenient way for users to purchase and sell Bitcoin.
An excellent program for cryptocurrency trading that enables users to purchase and sell Bitcoin is Remitano. Its user interface is recognized for being simple to use and is one of the best crypto apps in Nigeria.
Remitano offers a reliable and secure platform for trading Bitcoin, putting a strong emphasis on security and customer service.
A peer-to-peer trading system is another aspect of the program that enables users to interact with one another directly rather than through a centralized exchange. This increases the flexibility and control of the trading process. More than 50 nations offer support for Remitano, which is available on both iOS and Android.
A platform for sending bitcoins is called BitPesa. The company is present in Kenya, Uganda, and Nigeria. With the mobile payment platform BitPesa, you may purchase and sell Bitcoins. BitPesa makes it simple for traders to purchase bitcoins using a debit card or Paga account.
A peer-to-peer cryptocurrency trading platform called LocalBitcoins enables users to trade Bitcoin directly with one another.
Users of the software, which works on both iOS and Android, can create their own purchase or sell offers and look for compatible ones in their neighborhood. Escrow services are used to facilitate transactions by holding Bitcoin until the transaction has been approved by both parties.
Prior to making a transaction, users of LocalBitcoins can check the trading histories of other users thanks to its reputation system. LocalBitcoins is ranked as one of the best crypto apps in Nigeria.
Only the buying and selling of Bitcoins is supported by Paxful. The app has 200 million users and accepts up to 300 different forms of payment. It is one of the best crypto apps in Nigeria. It is distinct from Luno in that it is strictly P2P.
Cryptocurrency trading in Nigeria presents a significant opportunity for individuals to participate in the global digital economy. While the regulatory landscape may be evolving, the growing number of crypto apps available in Nigeria reflects the demand among Nigerians for secure and accessible platforms. Whether you are an experienced trader or just starting your crypto journey, these crypto apps in Nigeria provide a range of options to buy and sell digital assets.
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Frequently Asked Questions
Are these crypto apps safe to use in Nigeria?
These apps prioritize security measures to protect user funds and personal information. However, it is recommended to follow best practices, such as utilizing strong passwords, enabling two-factor authentication, and conducting due diligence on each app’s security features.
Can I trade cryptocurrencies using Nigerian naira (NGN)?
Yes, most of the crypto apps in Nigeria support trading with the Nigerian naira, making it easier for locals to convert their fiat currency into digital assets.
How can I deposit or withdraw funds from these crypto apps?
Each app provides various deposit and withdrawal methods, including bank transfers and digital wallets. You can find detailed instructions on their respective websites or within the app itself.
Are there any fees associated with using these apps?
Yes, most crypto apps in Nigeria charge transaction fees for buying, selling, and withdrawing cryptocurrencies. These fees vary between platforms, so it is advisable to review each app’s fee structure before trading.