Cryptocurrency Apps in Nigeria

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Cryptocurrency apps in Nigeria

Top 4 Bitcoin Wallets for All Cryptos Available in Nigeria

1. Luno

Luno is a cryptocurrency wallet and exchange. It was first released in 2013 under the name BitX. The company’s headquarters are in Singapore, although it maintains offices worldwide. In South Africa, Luno has the most extensive trade volume, followed by Nigeria. Luno is a web wallet that provides the services and products listed below.

  • Luno Application Programming Interface (API)
  • Exchange
  • Luno Enterprises
  • Buying and selling
  • Wallet

Luno accepts five different cryptocurrencies.

2. Quidax

Quidax is a cryptocurrency exchange and wallet that first opened its doors in August 2018. The platform is headquartered in Malta, while most of its operations are carried out in Nigeria. It provides the essential services for any crypto investor to participate in the crypto market. The following are some of Quidax’s services:

  • Exchange
  • Buy and sell instantly
  • Wallet

It does not give you access to your private key because it is an online wallet. However, people who will be trading and swapping cryptocurrencies, which will be done directly on the platform, will find the wallet helpful. Quidax has users from over 70 countries, demonstrating its reliability. There have been no hacks or scams reported on Quidax. There’s also a smartphone app.

Only the Nigerian Naira (NGN) is accepted for the time being.

3. Bitpay

Bitpay is a cryptocurrency payment processor situated in Atlanta, Georgia. It was founded in 2011, but its wallets service was introduced in 2016. You can use this wallet to convert bitcoins to fiat currency and purchase Bitcoin products.

Bitpay gives its users a visa card that they can use to withdraw cash from any ATM that takes cryptocurrency anywhere in the world. Bitpay is a cryptocurrency accepted in over 200 countries, including Nigeria.

4. Coinomi

Coinomi was previously a mobile wallet available solely on Android devices. However, its desktop and iOS versions were just released.

With over a hundred thousand users, the wallet was launched in 2014 and is one of the oldest and most reputable wallets.

The Best Exchanges to buy Bitcoin in Nigeria (2022) –Top 10

1. Luno

Luno is Nigeria’s most popular bitcoin exchange. It was known initially as Bitx before being renamed Luno in 2013. South Africa and Nigeria are her two most important markets. Luno’s interface is one of the most user-friendly. Its app is second to none in terms of ease of use. It is the first exchange to offer producers the ability to buy and sell cryptocurrency with no transaction costs.

2. Quidax

Quidax is a popular Nigerian Bitcoin exchange that first opened its doors in August 2018. It’s the first Nigerian-owned exchange to meet and exceed international standards. Quidax is the only bitcoin exchange to accept Naira deposits and withdrawals 24 hours a day, seven days a week. It also announced a 0% maker fee, making it the cheapest exchange in Nigeria to purchase bitcoin.

3. Binance

Binance was founded in 2017 following a successful initial coin offering (ICO). With over 100 coins actively trading on the platform, it is the world’s largest cryptocurrency exchange by trade volume. Each day, up to one billion dollars worth of bitcoins are traded on Binance. Binance launched the Naira wallet in 2020, allowing Nigerians to buy bitcoin directly on the platform using naira. Binance also offers quick deposits and withdrawals.

4. Remitano

Remitano is Nigeria’s safest and most popular peer-to-peer Bitcoin exchange. More than 800 million naira worth of bitcoins is exchanged on Remitano from Nigeria every day. It outperforms other peer-to-peer exchanges in terms of security, customer assistance, services supplied, and the number of accepted coins. Since 2016, Remitano has remained my preferred peer-to-peer bitcoin exchange.

5. Paxful

Paxful is a bitcoin peer-to-peer exchange based in the United States. Its distinct selling point is that it accepts over 300 different payment ways for purchasing bitcoin. In Nigeria, most of its customers are those selling Amazon, iTunes, Google, and other gift cards for Bitcoin.

I have not sold gift cards for Bitcoin on this site, but I have sold Neteller and Webmoney for bitcoins. Paxful’s charity outreach is something else to watch out for.

6. BuyCoins

BuyCoins is a peer-to-peer (P2P) exchange based in Lagos, Nigeria. Timi Ajiboye, a software developer with nine others, formed it. It is aimed at Nigerians who are interested in cryptocurrency trading.

7. BlockVila

Blockvilla is Nigeria’s most renowned and trusted OTC exchange. It was first launched in 2017 as Ngexchanger. However, it was then renamed Blockvila to reflect that its operations now extend beyond Nigeria’s borders. It’s situated in Port Harcourt, Nigeria, and it’s still one of the safest places in the country to buy bitcoins in any amount.

8. Redeem

Redeem is the safest peer-to-peer exchange for selling and buying Bitcoin gift cards. Although it is a peer-to-peer platform, it does not enable direct connection between buyers and sellers to maintain maximum safety and anonymity. Kyle Hill and Mike Townsend, both from Los Angeles, launched the company in 2018.

9. Yellow Card

Yellow card is a platform that is still in its infancy. Binance sponsored the event to encourage Bitcoin and other cryptocurrency acceptance in Africa. Using naira and cash or bank transfer;

  • you can buy bitcoins and other cryptocurrencies at an unprecedented rate.
  • accept bitcoins as payment for your goods and services and deposit the equivalent into your bank account.
  • use the Yellow Card app to become a bitcoin vendor, which allows you to quickly purchase and sell bitcoins to your customers at a physical location.

10. LocalBitcoins

LocalBitcoins is one of the most established bitcoin exchanges in the world. It was the first peer-to-peer bitcoin exchange, and it is still going strong today. You may purchase and sell bitcoin on this site using over 30 different payment methods, including Altcoins.

The Best Exchange for Bitcoin in Nigeria

When purchasing BTC, you must consider the following factors:

  1. Payment method (debit card, gift card, bank transfer, etc.)
  2. Price (Which exchange have the best price at that instant)
  3. Quickness (how quickly do you need it)
  4. Perseverance (Buy to trade, store, or shop)

If you want to purchase, sell, or trade bitcoins rapidly, Binance, Quidax, and Luno are must-haves –that’s our opinion.

Buying Dogecoin in Nigeria

Step 1: Open an account and protect it

Step 2: How much Dogecoin should you buy?

Step 3 – Buying Dogecoin Payment Methods

Step 4 – Trading or Buying Your First Dogecoin

Step 5 – Get Ready for your Crypto Future!

Exchange Types –Bitcoin

Bitcoin exchanges are divided into three categories. They are:

  • Trading Platform
  • P2P (Peer to Peer) OTC exchange
  • Broker (Over the Counter) exchange

However, some trades blended two or three of these categories into one.

Trading Platform/Exchange

These are trading platforms for cryptocurrency pairs such as BTC/ETH, BTC/USDT, BTC/NGN, etc.

The trading platform is referred to as “Exchange” by OTC systems implementing it. The exchange is essentially a peer-to-peer network, but you are only trading on the platform in this case. Also, you have no idea whom you are dealing with; all you care about are the numbers on the screen.

P2P (Peer-To-Peer) OTC Exchange

This is a direct OTC between two people. Let’s say Tony wants to buy bitcoin from Temi on peer-to-peer exchange.

  • Tony will use the exchange to enter the number of bitcoins he wishes to buy from Temi.
  • The exchange will keep that amount of Temi’s bitcoin and deny her access to it.
  • Tony will deposit the equal amount in fiat currency (for example, naira) into Temi’s bank account and notify that he has done so.
  • As soon as Temi receives the funds, she will confirm receipt.
  • The bitcoin will be sent to Tony right away by the exchange.

Broker OTC Exchange

This is the most basic sort of transaction. It is the first of the Bitcoin exchanges. You pay money to the business, and they send you bitcoin, or you send bitcoin to the exchange, and they send money to your bank account?

Bottom Line

Are you visiting Nigeria? Or you reside in Nigeria; well, it’s safe to say you know where to see when you want to make that vital crypto-transaction. All the exchanges and wallets in the article are considered reliable. So while our ranking might be acceptable across the board, we believe the best deal for you to be the one with the best rates, better security, and greater customer satisfaction.