Cryptocurrency trading in nigeria

We suggest Capital because it doesn't charge any trading fees, holds licenses in both Australia and the UK, and offers real-time customer support via phone, email, and live chat. To buy Bitcoin or any crypto with Nigerian nairas, you'll need to open an account with Capital and make a deposit of NGN. The best cryptocurrency exchange platform in Nigeria is Capital , which is regulated in both Australia and the UK and doesn't charge any trading fees.

Capital users can open an account and start trading crypto in less than 5 minutes, making it an extremely quick, easy way to start investing in cryptocurrency. The best Bitcoin wallet in Nigeria is Capital , thanks to its bank-level security, free signup and usage, and easy-to-use mobile app.

The best app for cryptocurrency in Nigeria is Capital. Unlike other crypto apps like Luno and Quidax, Capital charges zero trading commissions, making it both the cheapest and best crypto exchange platform available in Nigeria today. Does Coinbase Accept Nigerians? Instead, we recommend you use one of our top-rated exchanges, which you can see at the beginning of this post.

Can Nigerians Use Binance? Yes, Nigerians can use Binance, but we don't recommend using Binance because of its frequent regulatory issues and history of closing user accounts without warning. Instead, we recommend trading with our 1-rated crypto platform, which you can see at the start of this post. Yes, you can use Luno in Nigeria, but we don't recommend using Luno because it only supports a very limited number of cryptocurrencies, and its platform is very basic compared to others.

Is Luno Legit In Nigeria? Yes, Luno is a completely legitimate exchange in Nigeria, though we still don't recommend using it due to its lack of altcoin support and poor user reviews. I believe you'll be happier using Capital , an easy to use exchange with high user ratings and support for more than cryptocurrencies.

Is Kraken Available In Nigeria? Yes, Kraken is available in Nigeria, but we don't recommend it because users need to comply with IRS tax regulations in the United States, making it an overwhelming experience for Nigerian users. Both Paxful, which has opened an office in Abuja to lobby the government to change its attitude to crypto, and Yellowcard said Nigerians generally turn to crypto for business rather than speculation.

Chainalysis, in a report last month on African crypto, said the central bank ban locked most Nigerians out of traditional crypto exchanges, so many shifted to a peer-to-peer system. This goes via platforms such as Paxful or Local Bitcoins, which vet both parties. But other users just exchange crypto for Nigerian naira or other currencies with people they find on WhatsApp or Telegram. As a result, Chainalysis said Nigeria's crypto use is likely even higher than its figures suggest.

Risks remain, however. In August, the central bank froze the accounts of some crypto users for allegedly sourcing funds from illegal foreign exchange dealers, leaving many companies that use cryptocurrencies reluctant to talk about it. Joseph, though, is undeterred.

Entertaining crypto asset fund argentina regret

One such area of innovation is cryptocurrencies which have been around for a while now. However, as innovative as the cryptocurrency advent is, it has faced major resistance from countries around the world due to its propensity to be used to aid terrorism-financing, commit fraud, money laundering, tax evasion, illicit funds flow, loss of investment, etc. Nigeria is not left alone in this trend as it has been very reluctant in granting a general usage to cryptocurrency by issuing circulars warning about its usage, mandating financial institutions such as banks to desist from transacting in it as well as declaring it illegal or worthy of recognition as a legal tender or a form of exchange.

Cryptocurrencies are digital currencies in which transactions are verified and recorded by a decentralized system using Cryptography, rather than by a centralized authority. On January 12, , the CBN issued a statement stating that digital currencies such as bitcoin, Litecoin and others are used in terrorism financing, and money laundering given the anonymity of virtual transactions thereby urging banks and other financial institutions to be wary of the risks associated with its use and to desist from transacting in cryptocurrencies pending substantive regulation or decision by the CBN.

Similarly, on February 27, , the CBN warned against investing in cryptocurrencies and posited that dealing in it or facilitating payment through it is prohibited. If you are hoping to have a buy or sell offer filled quickly on a P2P exchange you will want to check to see which ones generate the most traffic and therefore the most volume, otherwise you may be waiting a long time to make a trade. Many successful trades have been reported with the help of this Escrow service fostering smooth p2p transaction on these Exchanges.

You have a local wallet within their platforms, where your money is stored. Crypto assets are converted to naira within their platforms and vice versa. For a platform like Patricia, they only deal in BTC. Since they can buy in dollar or any currency, you can send money to them; they will convert to currency used in that country and then purchase digital coins for you, after which they send to your wallet address.

This is very safe, though based on trust. Platforms you can safely trade crypto in Nigeria There are many crypto exchange companies offering p2p crypto services that make it easy for Nigerians to use their platforms. These companies are in no particular order.

It stands out of its rival because it charges zero fees for posting offers or transacting P2P. It also has very cheap gas fees compared to its rivals. A gas fee is defined as the fee required to successfully conducting a transaction on the Ethereum blockchain. It is a very safe platform, which ensures that p2p transactions are successfully done. It is widely used for Nigerians on a daily basis, because it contains lots of coins, giving you lots of options to buy. It also has a LITE version to make it easy for users to navigate through.

Remitano It competes with Binance has the most frequently used p2p exchange in Nigeria. It has a customer base of over 2 million and used in more than 30 countries. Remitano has also recorded lots of successful p2p transaction with its strict escrow feature. Paxful This is a Peer to Peer Bitcoin marketplace where buyers and sellers connecting together. However, Paxful supports only Bitcoin and has these fees; Paxful charges users who sell Bitcoin some percentage for its services.

Paxful has a rating system for users where you can easily find the most legitimate users in order to deal with them for buying and selling bitcoins directly. You only buy at the price fixed by the seller you chose.

LocalBitcoins It allows its users to post advertisements, stating the exchange rate and payment methods for buying and selling Bitcoin, the only Cryptocurrency it supports.