Maybe you’ve heard about the soaring price of Bitcoins, and you’d like to reap from the frenzy around it. Or perhaps you’ve been around cryptos for a while, but you’re looking for an easier way to trade.
If you’re in either of these categories, you could get some help from this article. Here we’ll be sharing information about some of the better-known crypto trading apps in Nigeria. You may choose from any of the five options we present to you.
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Our selection includes apps from both local and international companies. Each has a unique advantage. But they all have at least a fairly large user base, so there’s enough information about them from users that you can check out for due diligence purposes.
These are our picks for cryptocurrency exchange apps you may want to try out.
Remitano is a P2Pcryptocurrency exchange. This means that users trade directly with each other, without mediation from the platform. It was created in 2016 by Babylon Solutions, a company based in Seychelles.
On Remitano, you can buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, Binance Coin, Tether USD, among others. There’s a 1% charge on each trade.
To prevent fraud, Remitano works with an escrow system that holds cryptos and only releases them to the buyer when the parties involved confirm making or receiving payment for it.
Binance is the world’s largest crypto exchange by volume of transactions. It’s a favourite crypto trading option for many Nigerians because it has features that allow them to trade almost seamlessly.
Thanks to its P2P platform, Nigerians can carry on with trading digital currency without contravening the CBN’s ban on banks processing crypto transactions from crypto exchanges. Binance’s recently introduced FIAT/NGN pair and Express Mode features make it even easier for Nigerians to use the platform.
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Find out more about Binance here.
BuyCoins was founded in 2017 by three Nigerian tech entrepreneurs—Timi Ajiboye, Tomiwa Lasebikan, and Ire Aderinokun. Since then, it’s attracted thousands of users to its exchange. It allows them to trade Bitcoin, Ethereum, and Litecoin.
Following the restrictions on crypto trading imposed by the CBN, BuyCoins introduced new features to its app that lets users continue trading without contravening the apex bank’s rules. One of these involves automatically matching the deposits and withdrawals of different users in real-time.
There are no fiat transaction fees, and wallets are protected thanks to the security measure that BuyCoins has put in place.
This is the most widely used crypto exchange in Africa. Nigeria is the second-largest bitcoin market on the platform, just behind the United States.
One of Paxful’s many advantages is that it allows up to 300 modes of payment, including bank transfer and mobile money. Payments via bank transfers attract a 0.5% fee; the charge for online transfers is 1%.
On the downside, Paxful only supports trade in Bitcoins.
Roqqu is the second Nigerian crypto app on our list. With it, users can buy, store, and sell Bitcoins, Ethereum, and EOS, and also pay merchants for services.
This platform stores most of its digital currencies offline to protect them from crypto thieves. It employs other security measures as well, including multi-stage verification, passcode locks, and remotely disabled access.
Roqqu recently announced that it had launched a P2P system for traders, which would allow them to scale the hurdles created by the CBN’s prohibition of crypto-related bank transactions.
The apps discussed here are just some of the cryptocurrency apps that Nigerians can explore. But they are a good starting point for anyone interested in trading cryptos. These apps are all available for download on the Google Play store. Be sure to do your due diligence before settling for any of them.
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