Top 5 Best Bitcoin Exchangers In Nigeria 2020 And Why
Top 5 Nigeria’s most trusted, secure and reliable Bitcoin Exchange. In this article, you will see the Top 5 Best Bitcoin Exchangers In Nigeria 2020 And Why They Are Very Secure, Trusted And Reliable
Cryptocurrency exchange
A cryptocurrency exchange or a digital currency exchange is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies.
Note: Exchanges provide highly varying degrees of safety, security, privacy, and control over your funds and information. Perform your own due diligence and choose a wallet where you will keep your bitcoin before selecting an exchange.
How does a Bitcoin exchange work?
Bitcoin currency exchanges work in a manner similar to banks. One first deposits amounts of money in the currencies supported by the exchange, to his own account in the exchange, uses these balances to trade with other users of the exchange and then withdraws that money.
Top 5 Best Bitcoin Exchangers In Nigeria 2020 And Why
1. Luno.com
Luno is a Bitcoin exchange with a presence in South Africa, Singapore, Nigeria, Malaysia and Indonesia. It offers 0% fees for market makers, meaning you can avoid fees if you place a buy order then wait for a seller to take it.
Luno also offers an Instant Buy feature.
PROS
– One of the most trusted Bitcoin exchanges in Nigeria
– Free deposits and low withdrawal fees
– Low fees; 0% for market makers and only 0% – 1% for market takers (depending on fiat currency)
– High to infinite limits for exchange, depending on verification level
CONS
– Only supports Bitcoin and Ethereum
2. Instantcoins.ng
Instantcoins is a fully automated bitcoin exchange based in lagos Nigeria, you can buy and sell automatically and payments are made instantly. It offers 0% fees for all trades and partners with Paxful to make trading directly from your Paxful wallet instant. It also exchanges perfect money and Ethereum and they are all completed instantly via automated means.
PROS
– One of the most liked and trusted due to its automation and instant funding
– 0% trading fees, free deposits and free withdrawals
– extremely fast when selling bitcoin, bank account is credited instantly
– Infinite limit if KYC verified!
CONS
– Identity verification offers less privacy than other purchase methods in Nigeria, like LocalBitcoins
3. Localbitcoins.com
LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is cash deposit. However, users may advertise trades for whichever payment method they prefer.
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.
PROS
– Can be private, fast and easy
– In-person trades require no personal information
– Purchases of bitcoin can be made quickly via cash deposit
CONS
– Beware of scams; always follow the rules!
– Harder to buy large amounts of bitcoins compared to large exchanges
– Slightly to significantly higher prices than regular exchanges; premium for higher privacy
4. Nairaex.com
NairaEx is the largest Bitcoin exchange in Nigeria. Its customers can purchase bitcoins with Perfect Money, bank transfer or with cash via bank deposit.
PROS
– Long-running Nigerian exchange
– Several payment methods
CONS
– Identity verification offers less privacy than other purchase methods in Nigeria, like Local Bitcoins
– slow customer support response
5. Paxful.com
Paxful is an online escrow service which also helps to match bitcoin buyers and sellers. The most common method of payment for purchase is gift cards, However, users may advertise trades for whichever payment method they prefer.
Buying bitcoins via an in-person meeting, secured and facilitated by Paxful, may be one of the fastest and most private ways to buy bitcoins in any country.
PROS
– Can be private, fast and easy
– In-person trades require no personal information
– Purchases of bitcoin can be made quickly via cash deposit
CONS
– Very very slow customer care support, it may take a month to get a dispute resolved
– Beware of scams; always follow the rules!
– Harder to buy large amounts of bitcoins compared to large exchanges
– Slightly to significantly higher prices than regular exchanges; premium for higher privacy
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