Best crypto exchanges in Nigeria

Roqqu
Roqqu is proudly one of the best Nigerian crypto exchanges and very much meets the needs of any Nigerian crypto trader (including crypto traders in Ghana).

This crypto exchange has over 100 cryptocurrencies listed on its platform. Users can easily buy and sell USDT, BTC, ETH and many other cryptocurrencies on the platform.

With Roqqu, you can buy crypto in multiple currencies like Naira, Dollars, Cedis, Pounds, and Euros via your credit card or bank transfer.

Roqqu also provides the ability to swap tokens, pay bills via crypto and receive payment in fiat currencies from anywhere in Africa. The exchange is also designed for business owners to accept payments from their customers anywhere in the world.

The exchange has a robust savings & loan feature that sets it apart from any other Nigerian crypto exchange.

Trading on Roqqu Exchange comes with minimal cost. To withdraw your crypto assets on the platform comes with a little charge, and this largely depends on how large the crypto amount is and where it will be sent.

Luno
Luno, a crypto exchange launched in 2013, is one of the biggest crypto platforms in Africa.

Although it has its headquarters in London, it is available in over 40 countries, including Nigeria.

This crypto exchange has over 20 cryptocurrencies listed on its exchange, including Bitcoin, Ethereum, USDT, and USDC.

Users can buy cryptocurrencies via their bank cards or through bank transfers. Through its simple p2p feature, you can swap crypto into Naira and withdraw this to your wallet or bank account.

Luno also provides users with trading tools like a price analytical dashboard, crypto charts, indicators, and helpful resources like articles & news, which can help users make better trading decisions.

However, Luno charges high transaction fees when trading on the exchange, and its sign-up process is quite exhausting. This is its major downside.

Another disadvantage is that compared to Roqqu, the cryptocurrencies listed on the Luno exchange are very limited. Therefore, traders who want to trade various altcoins and meme coins might not like this exchange.

Bitmama
Bitmama is a p2p crypto exchange founded in 2017 and offers various trading services on its platform. Over ten cryptocurrencies are listed on its exchange, including BTC, ETH, USDT, XRP, etc.

Users of this crypto exchange can also get crypto credit cards, which they can use to buy crypto, buy goods from anywhere in the world, and pay for any service.

Bitmama’s P2P feature allows users to buy crypto, especially USDT, at a favourable market rate. Users who need cash immediately can easily trade their USDT for Naira on the exchange at a favourable market price & fast.

The exchange is available in almost 20 countries, including the U.K., and charges little to no trading fees.

Quidax
Quidax is also a Nigerian crypto exchange which launched in 2018. It has its headquarters in Lagos, Nigeria and is available in over 50 countries, including Ghana.

This crypto exchange has over 70 cryptocurrencies listed. Users can buy and sell USDT, BTC, ETH and many other cryptocurrencies.

Quidax allows users to swap, deposit or save their cryptocurrencies for high rewards on its exchange. Users can buy crypto in Naira or Dollars and also receive their crypto through internal transfers from other Quidax users via their username or by receiving crypto via their wallet address.

Quidax also has an “Order book” tool which crypto traders can use to trade any cryptocurrency they choose in real-time.

However, this tool is designed for expert traders. You will need specialist trading to trade crypto using this tool.

Busha
Busha is a crypto exchange which began operating in Nigeria in 2019 before expanding its crypto operations to Kenya in 2023.

This crypto exchange has over 50 cryptocurrencies listed on it. Users can easily buy and sell USDT, BTC, ETH and many other cryptocurrencies on the platform.

Users can also buy and sell crypto in Naira, Dollars, or Kenyan Shilling through its P2P feature, add cash to their voucher via peer-to-peer cash deposit, send & receive crypto, and earn crypto through staking your USDT OR USDC.

Busha offers 8% APY (average percentage yield) whenever you save or stake your stablecoins on the platform.

On this exchange, customers can buy airtime data, & top up their betting wallets (over 35 betting wallets supported, including Bet9ja and 1Xbet) while buying shopping vouchers from favourite stores like SLOT, Shoprite, Spar, Healthplus and over 50 more.

You get a 5% discount when you buy any voucher.
Yellow Card
Unlike other crypto exchanges listed above, Yellow Card is an African crypto exchange.

It was founded in 2016 but began operations in Nigeria in 2019.

Today, this exchange is available in 20 countries and has over 1.7 million customers.

Users of this exchange can buy BTC, ETH, USDT, PYUSD, USDC, and many other cryptocurrencies via local bank transfers, mobile money or P2P funding.

The platform supports local currencies like Naira, Cedis, Kenyan shillings, USD, GBP, etc.

Yellow Card offers a range of services beyond trading crypto. These services include bill payments & remittances. Users can purchase airtime and data via crypto, buy or sell USDT via its P2P feature, etc.

Note: Global crypto exchanges you can also try out alongside those written above are Bybit, OKX, & Kucoin.

What to consider before choosing a crypto exchange
Before selecting a crypto exchange, it is essential to do your research to know more about the exchange.

However, when carrying out your research, it can be unclear what to look out for.

Not to worry, below I will highlight some key things to consider before selecting a crypto exchange.

1. Security standards
When searching for a crypto exchange, the first thing you should look out for is Security.
A secure crypto exchange makes use of the latest security standards.

Currently, the most secure security standard is AES key lengths of 128, 192, and 256 bits. This algorithm helps to encrypt your data, protecting it from hackers.

The crypto exchange should also use SSL(Secure Sockets Layer) and TLS(Transport Layer Security).

These protocols are cryptographic protocols that help to protect your data, like credit card details and passwords, during transactions.

You can verify this by checking if the website’s URL starts with “https://” and displays a keylock symbol in the address bar.

Additionally, it’s good to use an exchange that stores clients’ funds in cold storage. This means the cryptocurrency is stored offline, making it inaccessible to hackers.

Furthermore, secure exchanges regularly check their systems for weaknesses. They do this both by themselves or with verified cybersecurity experts like Hacken.io.

2. KYC
KYC, or Know Your Customers, is a vital process employed by secure cryptocurrency exchanges to verify the identity of their users. This is an important feature to check out when researching a crypto exchange.

It’s similar to how a bank verifies your identity when you open an account. KYC requires you to provide personal information and identification documents like your ID or passport before having full access to your account.

It is an essential security measure that helps prevent fraudulent activities, ensures compliance with financial regulations, and adds an extra layer of security to your crypto wallet.

3. Total balance in reserves
The total balance in reserves represents the amount of cryptocurrency and fiat currency the exchange holds in reserve to cover user withdrawals.

A secure exchange values transparency and typically provides real-time or regularly updated information on its website regarding its reserve balances.

It’s important to note that trustworthy exchanges often allocate a significant portion of user funds into cold storage wallets.

4. Social media presence
A secure crypto exchange has an adequate social media presence and usually engages with its community on various social media channels.

They use platforms like Instagram, Facebook, Twitter, Telegram, and Reddit to share news, updates, and educational content about the exchange.

Also, an exchange actively available on social media shows commitment to helping its users and being transparent.

5. Customer service
Effective customer service is vital for crypto exchanges, ensuring users can reach out and get assistance when needed.

These exchanges offer various communication channels like email, live chat, or support tickets.

These channels are to respond quickly to inquiries and maintain a knowledgeable support team.
They also operate 24/7 to cater to users across different time zones.

Multilingual support, efficient issue resolution procedures, positive user feedback, and educational resources further enhance the user experience and trustworthiness of the exchange.

Roqqu is very okay but they seem to have some challenges with transferring cryptos that uses tags such as XLM.

I sent twice thinking I made a mistake the first time but none of them went through. The support was absolutely no use on the issue.

Best Nigerian Exchange Wallets

Over the years, cryptocurrency exchange wallets have become very popular among Nigerians because many people are involved with crypto. Everyone prefers to use crypto to pay for goods or services or, more commonly, to earn profit for investors.

Whether you're just getting started or not, one important decision is choosing the right wallet to use. Whether you want to buy, sell, or trade, it's important to have a reliable and secure wallet to hold your assets.

To help you make that decision, we'll highlight what to consider when selecting a crypto wallet and give you a tour of the best Nigerian exchange wallets.

What Are Exchange Wallets?

It is a digital wallet provided by cryptocurrency exchange platforms. Users can send, receive, and store cryptocurrency assets directly within the exchange’s ecosystem.

Unlike regular crypto wallets, you get this by default whenever you sign up for an exchange platform. They are there to facilitate crypto trading.

What to Consider When Choosing the Right Wallet

Here are a few factors you should consider before you choose an exchange wallet to use

Security:

The security level of an exchange platform is essential for safeguarding your cryptocurrencies, as they are valuable targets for hackers.
Since many exchange wallets have some centralization, you risk losing your assets if someone breaches the exchange platform. However, you can avoid this by choosing an exchange with better security features, such as two-factor authentication (2FA).

User Interface:

The interface refers to a platform's visual elements, layout, and interaction pattern. Some exchanges are harder to navigate than a maze, and the looks may be visually appalling to many clients, making the exchange wallet use upsetting. So, before you choose, consider aspects like ease of use, accessibility, visual design, and responsiveness.

Fees:

It's normal for exchanges to charge fees for certain transactions. However, some charge fees for most actions performed on the platform, such as deposits, withdrawals, trading, swapping coins, etc.

While some don't try to attach fees to every action, they sometimes have ridiculously high fees for the ones they charge for. That's why you should look for the pricing before choosing an exchange wallet.

Customer support:

Choosing a platform with good customer support is essential as it impacts your experience. You want a platform ready to respond whenever you have a complaint or difficulty navigating their website or app services.

Support should be easily accessible through email, phone calls, or live chat on the exchange platform. They should also be quick to respond, transparent, and capable of resolving various issues.

Take this to be a deal breaker. You’d want answers if your money suddenly goes missing, so if an exchange isn't capable of any of these, there's no point using their wallet, and you should look the other way.

The Best Exchange Wallets

You're probably here because you need help choosing a wallet. Here are some wallets you can start with.

Binance

Binance is one of the largest and most popular crypto exchanges globally. It offers many features for users, both traders and investors. It supports an extensive selection of over 350+ cryptocurrencies for its users to buy, sell, and trade.

The exchange offers users several features, like a wallet for storing crypto, good customer support, security, and low trading fees. It also offers trade discounts for users of Binance coins (BNB).

Although Binance's design appeals to users and investors alike, its interface could be better suited for beginner use.

Roqqu

Established in Lagos, Nigeria, Roqqu is a Nigerian-based crypto exchange and trading platform boasting 113+ tradable assets. Since its founding, Roqqu has had a user base of 1.6 million in and outside Nigeria.

Roqqu offers a bill payment processor that allows Nigerians to easily make international payments and pay bills like power bills, subscriptions, etc. You can convert crypto to naira and send it directly to your local bank.
You can directly deposit and transfer fiat currencies into and out of the exchange platform. It allows users to swap one type of crypto for another, crypto for fiat (Naira, USD, etc), and vice versa.

In addition to all this, Roqqu offers users a wallet app that they can use to send and receive over 75+ cryptocurrencies from anywhere in the world with zero deposit and withdrawal fees.

The platform's general user interface is very beginner-friendly and easy to access. Security is also rock-solid, as there's no history of hacking, and with its intelligent fraud detection, it detects AI fraudulent activities in milliseconds.

Luno

Luno is a crypto exchange and wallet platform with a secure and transparent trading and transaction system. Users can purchase, sell, and store crypto in the wallet.
It supports cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin. It also has a mobile app for users to trade and transact on the go.
Luno also prioritizes security with measures like two-factor authentication. It is an ideal platform for both starters and experts.

Quidax

Quidax is known for its accessibility. Its user-friendly interface makes navigating the platform seamless and easy for even beginners.
It supports many cryptocurrencies, including popular ones like Bitcoin, Litecoin, Ethereum, etc. Quidax incorporates two-factor authentication and cold wallet storage techniques to secure user funds against theft.
For traders on the go, Quidax has a mobile app that helps users to oversee their funds and trade from their phones or tablets.

Bybit

Bybit is a straightforward crypto exchange focused on trading. It could be more beginner-friendly, as its design suits more advanced traders. However, it still offers a variety of features, like an exchange wallet and a crypto debit card, for easy payment.
As for security, Bybit protects user funds by storing most of them in cold wallets (which are offline and won’t easily give way to hacking). Bybit also has 24/7 customer support that is responsive and always there to help you when needed.

Finally, It's hard to decide which platform best suits your needs. As such, you can investigate any of these platforms to determine whether you want to try out their services.

How To Choose The Best Crypto Wallet
With cryptocurrency's constant growth and demand, it remains a worldwide asset. Trading of crypto assets is now global, but when people gain access to these assets, where do they store them? Crypto wallets, of course.
Crypto wallets are media for sending, receiving, and storing crypto. Because of their large number, deciding on the right one is difficult. Do you want to protect your cryptocurrency? Consider these before deciding on your crypto wallet.
Types of Crypto Wallets
There are three main categories: paper wallets, hardware wallets, and software wallets, further classified into hot and cold storage wallets. Selecting a good wallet is a basic yet important part of getting into crypto. To choose the best crypto wallet, you must understand and differentiate between a "Hot" wallet and a "Cold" storage wallet.
Hot Wallet
A hot wallet is classified as a software wallet that connects to the internet and cryptocurrency network. Here, crypto is easily accessible for trading, and hot wallets aren't the best choice if you intend to store crypto assets in the long term.
Hot wallets store your private keys online, are easy to use, and can retrieve assets from backups on multiple devices. Examples of Hot wallets are Coinbase Wallet and Trust Wallet.
This type of storage wallet has several pros and cons for its internet connection. A noteworthy con for hot wallets is their poor cybersecurity, which can lead to vulnerability and hacking.
Cold Wallet
Cold wallets are hardware wallets, meaning they aren't internet-enabled. They store your crypto and private keys offline, which makes them less susceptible to hacking.
Cold storage wallets are physical devices that protect your cryptocurrency offline. Think of them as a USB or paper carrying your private keys away from the internet. However, to transfer assets in cold storage wallets, you must connect to the internet for transactions.
Cold wallets are widely considered an efficient, secure cryptocurrency storage option. They are convenient for long-term storage, protecting large amounts of digital assets, but not for daily transactions due to their lack of connection to the Internet. A common con is their retrieval; losing the wallet can lead to a permanent loss.
A good example is Roqqu, which stores 98% of its assets offline in cold storage wallets and grants its users quality cyber security. The Ledger USB wallet and TREZOR are examples of hardware wallets.
Factors to Guide You When Choosing a Crypto Wallet
When choosing the best crypto wallet, you must prioritize your needs and assets. Some questions that will help you make a better decision include: Do you want to transfer your crypto daily or hold it long-term? Are you storing large amounts? Some other factors to consider are;
Purpose
The purpose of needing a wallet is fundamental to consider when choosing one. It will narrow your decision regarding the type of wallet needed. You need different wallets capable of efficiently carrying out tasks for different purposes.
The Hot wallets connect to the internet and are easily accessible, making them the best choice if you intend to make daily transactions. However, cold wallets are offline, making it difficult to transact regularly.
Hot wallets are online, and it isn't advisable to store your crypto long-term because of its vulnerability to hacking. Cold storage wallets like Roqqu are the best choice for holding cryptocurrency you won't touch for a while.
Security
Security is an important factor to consider when choosing a crypto wallet. A wallet's security is a defense to keep your crypto and private keys from the wrong hands. In crypto, you have public and private keys.
Public keys are your wallet address;, they do not need to be heavily secured. Private keys, however, are alphanumeric codes that serve as your PIN and need to be heavily secured. Unauthorized access to them leaves your finances at risk.
Hot wallets have built-in security measures to protect your private keys, but they are online and more vulnerable to online threats. Cold wallets like Roqqu, which are offline and have security features like two- factor authentication, have an edge over hot wallets in terms of security.
Supported Tokens
Today, over 400 crypto tokens exist, from Bitcoin and Ethereum to newer ones and even unknown ones. A single crypto wallet cannot support all of them.
Crypto wallets like Binance and Roqqu support a wide range of crypto tokens with over 100+ tokens listed. It is important to know the tokens supported before choosing a wallet. You cannot choose a wallet that does not support your tokens. The best crypto wallets today support a wide range of crypto tokens.
Backup and Recovery
When choosing a crypto wallet, it is important to consider the efficiency of the backup and recovery system. If your device is lost or damaged, having a reliable means to recover and access your funds is important.
Hot wallets are easier to retrieve than cold wallets. It isn't advisable to keep your private keys online. You can create written backups of the keys, keep them hidden, and use the recovery options set up by the wallet. Cold storage wallets in the form of physical devices need securing. Losing the device can lead to permanent loss of your assets.
Fees
Crypto wallets tend to charge transaction fees, which vary in amount. Some transactions can be free, some charge small amounts, and some charge high amounts.
These transaction fees help the wallet to ensure that the transfer is quicker. Users need to control the fees they pay to suit their comfort.
People who prioritize this factor when choosing the best crypto wallet need one that offers fast, medium, and slow transactions. Barely anyone wants to pay high transaction fees for a fast process. Roqqu and Binance are good examples of wallets with cheap transaction fees.
Choosing the best crypto wallet can be overwhelming because of the large number available today. Both hot storage wallets and cold storage wallets offer several benefits to users. It is important to choose a wallet that meets your requirements. While we recommend Roqqu, there are other good crypto wallets.

How To Choose The Best Crypto Wallet

With cryptocurrency's constant growth and demand, it remains a worldwide asset. Trading of crypto assets is now global, but when people gain access to these assets, where do they store them? Crypto wallets, of course.

Crypto wallets are media for sending, receiving, and storing crypto. Because of their large number, deciding on the right one is difficult. Do you want to protect your cryptocurrency? Consider these before deciding on your crypto wallet.

Types of Crypto Wallets

There are three main categories: paper wallets, hardware wallets, and software wallets, further classified into hot and cold storage wallets. Selecting a good wallet is a basic yet important part of getting into crypto. To choose the best crypto wallet, you must understand and differentiate between a "Hot" wallet and a "Cold" storage wallet.

Hot Wallet

A hot wallet is classified as a software wallet that connects to the internet and cryptocurrency network. Here, crypto is easily accessible for trading, and hot wallets aren't the best choice if you intend to store crypto assets in the long term.

Hot wallets store your private keys online, are easy to use, and can retrieve assets from backups on multiple devices. Examples of Hot wallets are Coinbase Wallet and Trust Wallet.

This type of storage wallet has several pros and cons for its internet connection. A noteworthy con for hot wallets is their poor cybersecurity, which can lead to vulnerability and hacking.

Cold Wallet

Cold wallets are hardware wallets, meaning they aren't internet-enabled. They store your crypto and private keys offline, which makes them less susceptible to hacking.

Cold storage wallets are physical devices that protect your cryptocurrency offline. Think of them as a USB or paper carrying your private keys away from the internet. However, to transfer assets in cold storage wallets, you must connect to the internet for transactions.

Cold wallets are widely considered an efficient, secure cryptocurrency storage option. They are convenient for long-term storage, protecting large amounts of digital assets, but not for daily transactions due to their lack of connection to the Internet. A common con is their retrieval; losing the wallet can lead to a permanent loss.

A good example is Roqqu, which stores 98% of its assets offline in cold storage wallets and grants its users quality cyber security. The Ledger USB wallet and TREZOR are examples of hardware wallets.

Factors to Guide You When Choosing a Crypto Wallet

When choosing the best crypto wallet, you must prioritize your needs and assets. Some questions that will help you make a better decision include: Do you want to transfer your crypto daily or hold it long-term? Are you storing large amounts? Some other factors to consider are;

Purpose

The purpose of needing a wallet is fundamental to consider when choosing one. It will narrow your decision regarding the type of wallet needed. You need different wallets capable of efficiently carrying out tasks for different purposes.

The Hot wallets connect to the internet and are easily accessible, making them the best choice if you intend to make daily transactions. However, cold wallets are offline, making it difficult to transact regularly.

Hot wallets are online, and it isn't advisable to store your crypto long-term because of its vulnerability to hacking. Cold storage wallets like Roqqu are the best choice for holding cryptocurrency you won't touch for a while.

Security

Security is an important factor to consider when choosing a crypto wallet. A wallet's security is a defense to keep your crypto and private keys from the wrong hands. In crypto, you have public and private keys.

Public keys are your wallet address;, they do not need to be heavily secured. Private keys, however, are alphanumeric codes that serve as your PIN and need to be heavily secured. Unauthorized access to them leaves your finances at risk.

Hot wallets have built-in security measures to protect your private keys, but they are online and more vulnerable to online threats. Cold wallets like Roqqu, which are offline and have security features like two-factor authentication, have the edge over hot wallets in terms of security.

Supported Tokens

Today, over 400 crypto tokens exist, from Bitcoin and Ethereum to newer ones and even unknown ones. A single crypto wallet cannot support all of them.

Crypto wallets like Binance and Roqqu support a wide range of crypto tokens with over 100+ tokens listed. It is important to know the tokens supported before choosing a wallet. You cannot choose a wallet that does not support your tokens. The best crypto wallets today support a wide range of crypto tokens.

Backup and Recovery

When choosing a crypto wallet, it is important to consider the efficiency of the backup and recovery system. If your device is lost or damaged, having a reliable means to recover and access your funds is important.

Hot wallets are easier to retrieve than cold wallets. It isn't advisable to keep your private keys online. You can create written backups of the keys, keep them hidden, and use the recovery options set up by the wallet. Cold storage wallets in the form of physical devices need securing. Losing the device can lead to permanent loss of your assets.

Fees

Crypto wallets tend to charge transaction fees, which vary in amount. Some transactions can be free, some charge small amounts, and some charge high amounts.

These transaction fees help the wallet to ensure that the transfer is quicker. Users need to control the fees they pay to suit their comfort.
People who prioritize this factor when choosing the best crypto wallet need one that offers fast, medium, and slow transactions. Barely anyone wants to pay high transaction fees for a fast process. Roqqu and Binance are good examples of wallets with cheap transaction fees.

Choosing the best crypto wallet can be overwhelming because of the large number available today. Both hot storage wallets and cold storage wallets offer several benefits to users. It is important to choose a wallet that meets your requirements. While we recommend Roqqu, there are other good crypto wallets.