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3 weeks ago

Best cryptocurrency exchange in Nigeria

Luno

 

Luno (formerly Bitx)  is a fiat to crypto exchange company that operates mostly in Nigeria, SA, Malaysia, Singapore, UK and other 35 European countries It's similar to coinbase. Luno is not just only an exchange it's also a wallet system for storing Bitcoin and Ether. You can link your bank account with Luno to have an instant transaction like deposit and withdrawal. You can buy bitcoin in Luno with as little as 300 Naira and also engage in trading currency pair.

Supported cryptocurrencies: Bitcoin (BTC), Ethereum (ETH).

Funding Method: Depends on the country. For Nigerians, the only available method is Visa/MasterCard deposit others include; SEPA Transfer, Interbank GIRO/IBFT, EFT, Bank Transfer, ATM Transfer, Doku Wallet, Cash deposit.
Note that you can deposit Bitcoin or Ethereum into Luno wallet and withdraw it in your local currency.

Headquarter: London

Founder: Timothy Stranex

Year of formation: 2013

Withdrawal fee: 1%

Deposit Fees: 0%

Security level: 9/10 (uses 2FA) 

PROS:           

1. Among the trusted Bitcoin exchanges in Nigeria.

2. Low withdrawal fees.

3. Free deposit fees (depends on region)

4. High to infinite limits for exchange, depending on verification level

5. User-friendly.

 

CONS:

Requires verification.

Remitano

 Remitano is a peer-to-peer exchanged like localbitcoins although they offer more cryptocurrencies. Remitano is not just a fiat to crypto exchange but is an escrow  system that allows users to buy and sell bitcoin and ethereum directly to other users.     They operate in 52 countries, including Nigeria.

Supported Currencies: Bitcoin, Bitcoin Cash, Ethereum, Tether.

Funding Method: Bank/Wire Transfer, Cash in Person.

Year of formation: 2015

Security level: 9/10 (uses 2FA)

Withdrawal fee: 1%

Deposit Fees: 0%

Withdrawal Method: Bitcoin and Ethereum

Headquarter: Seychelles

PROS:

1. Comparable withdrawal fees.

2. 0% on deposit fees

3. User-friendly

4. Accepts local currencies

5. Escrow

6. Privacy

 

CONS:

It accepts just three cryptocurrencies - Bitcoin, Bitcoin cash and Ethereum.

NairaEx

 NairaEx is currently the largest Bitcoin exchange in Nigeria. Its platform is built on trust and ease of access for Nigerians. It also provides 24/7 support on WhatsApp, online chat and a phone call. Their office is located in Ogun state.

Funding Method: Bank Transfer, Bank Deposit, Cash and Perfect Money.

Supported Currencies: Bitcoin, Ethereum, Litecoin, Perfect Money, Bitcoin Cash.

Year of formation: NA

Security level: 9/10

Withdrawal fee: NA

Deposit Fees: NA

Withdrawal Method: NA Headquarters: Nigeria 

PROS:

§  Accepts bank transfers

§  Cryptocurrency options

 

CONS:

§  Verification problems for non-Nigerian users

§  Focused only on one country - Nigeria.

 

Localbitcoins

LocalBitcoins is an escrow service that offers users access to exchange fiat to Bitcoin or Ethereum.  They allow users to either buy online or meet in person to securely perform their trade.
Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country.

Supported Currencies: Bitcoin, Litecoin, Monero, Ethereum, Dash and Ripple, credit card and bank transfer.

Payment Method: Localbitcoin accepts all payment method including online wallets like PayPal. For Cryptocurrencies they                                   support; Bitcoin, Litecoin, Monero, Ethereum, Dash and Ripple.

Year of formation: 2012

Security level: 9.1/10

Withdrawal fee: 1%

Deposit Fees: 0%

Withdrawal Method: Bitcoin and Ethereum

Headquarter: Finland.

Buy at localbitcoins

PROS:     

1. Private, fast and easy

2. In-person trades require no personal information

3. No KYC

 

CONS:

1. Beware of scams; It's mandatory to read rules and follow appropriately!

2. Harder to buy large amounts of bitcoins compared to other exchanges.

 

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