Cryptocurrency sales and use is not regulated in Nigeria. It is not recognised as a legal tender neither is there a law criminalising cryptocurrencies.
As a result of the lack of regulation and recognition of cryptocurrencies by the Central Bank of Nigeria and the SEC, those buying and selling crypto do that at their own risk.
To protect yourself from the risk of trading and storing your Crypto assets with an exchange that is scandalous, it is necessary that you carry out thorough research.
In this article, we have put together some of the best Crypto currency trading apps to help you choose.
We use factors like security, number of Crypto assets, availability of wallet, fees and customer service to create this unbiased list.
Best Forex Brokers in Nigeria
Here is our list of the best crypto trading apps for traders in Nigeria that are considered safe & low risk as per our reviews.
- Binance – Overall Best Crypto Trading App in Nigeria
- Luno – Top Liquidity Broker in Nigeria
- Coinbase – Best Crypto App for Beginners
- eToro – Crypto Trading App with Copytrading
- Crypto.com – Reputable Crypto Trading App
- Remitano – Crypto Trading App with P2P
Now we look deeper into these crypto trading apps for more details to help you choose the best one.
#1 Binance – Overall Best Crypto Trading App in Nigeria
Binance Exchange was established in 2017 and is regulated and licensed in more than 15 different countries. Some of the regulators of Binance include: Autorité des Marchés Financiers (AMF), Organismo Agenti e Mediatori (OAM), Bank of Spain, Cyprus Securities and Exchange Commission (CySEC), and Financial Services Authority (FSA) Japan etc.
The Binance mobile app is available on play store and app store. It has over 50 Million downloads and a 4.4 star rating on playstore. On the app store, the app has a 4.7 star rating
Number of cryptocurrencies: You can trade up to 350+ cryptocurrencies on Binance include Bitcoin, Ethereum, Ripple, Tron, polygon, litecoin, Dog coin, etc.
Binance also has its cryptocurrency called BNB. Aside from cryptocurrencies, you can also trade NFTs on Binance.
It is noteworthy to add Binance offers several trading options like: peer to peer, and margin trading, spot trading.
Fees: Binance charges low spread on cryptocurrency pairs and a commission fee of 0.10% per trade.
Security: Binance offers two factor authentication, in order to protect your app from hackers. However, this two factor authentication is not automatically applied on your app. You have to enable 2FA before you can use it.
Wallet: Binance does not have its own digital wallet, rather it recommends Trust Wallet to its users.
Customer service: Binance customer service is available 24/7 via live chat and email. They also have a self support center were you get solutions to some basic problems you may be facing without speaking to a customer service agent
Buy and Trade Option: You can buy cryptocurrencies on Binance using your debit/credit card or by converting on crypto currency to another.
Binance Pros
- Wide range of cryptocurrencies
- Customer service is available 24/7
- Availability of 2FA
Binance Cons
- Regulatory issues in some jurisdictions
- No proprietary wallet
#2 Luno – Top Liquidity Broker in Nigeria
Luno is a cryptocurrency exchange wallet provider that was established in 2013. Luno is regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC), UK Financial Intelligence Unit, Autorité des marchés financiers (AMF), Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI), Nigerian Financial Intelligence Unit, and US Financial Crimes Enforcement Network (FinCEN) etc.
This cryptocurrency trading platform is available on app store and playstore. It has over 10 million downloads on playstore with a rating of 4.0.
Number of cryptocurrencies: You can trade up to 25 cryptocurrency and fiat pairs on Luno. However, Luno supports only 11 cryptocurrencies which include: Bitcoin, Avalanche, Ripple, Ethereum, Bitcoin cash, USDC, Litecoin, Solana Uniswap, chainlink , and Cardano.
Fees: Luno charges a buy and sell fee of 2.00% when you use Luno wallet for instant buy or sell.
Security: You can enable two factor authentication on your Luno wallet. When 2FA is enabled, you will have to enter your password and a verification that will be sent to your phone before you can access your wallet.
Wallet: Luno has its proprietary crypto wallet were you can store your cryptocurrency
Customer service: You can reach Luno customer service via email.
Buy and Trade Option: Luno allows you to deposit and withdraw funds using your credit or debit card. You cannot convert from one cryptocurrency to another, you would have to sell the Crypto you own to buy another one. .
Luno Pros
- Availability of 2FA
Luno Cons
- Limited number of cryptocurrencies
- Inability to convert from one cryptocurrency to another
- High fees
#3 Coinbase – Best Crypto App for Beginners
Coinbase is a cryptocurrency brokerage that was founded in 2012. Coinbase is regulated in up to 30+ states in the United States, some of which include: New York, Washington, Michigan, North Carolina etc. They are also regulated in Germany by the German Federal Financial Supervisory Authority (BaFin).
The Coinbase mobile app is available on play store and app. It has over 10 million downloads and a rating of 3.6 on playstore.
Number of cryptocurrencies: You can trade 10,000+ assets on coinbase. This includes Bitcoin, Ethereum, Ripple, BNB, USD coin, etc.
Fees: : Coinbase charges 1% commission on every trade, spread, and a fee of 3.99% for using credit/debit cards to buy cryptocurrency.
Security: Coinbase offers two factor authentication. This serves as an added security to your username and password. This 2FA is used every time you want to send crypto out of your coinbase account, sign in from another phone number, or an unauthorized device.
Wallet: Coinbase has its proprietary wallet where you can store cryptocurrency, NFTs and Tokens.
Customer service: Support is available 24/7 via live chat
Buy and Trade Option: You can buy cryptocurrencies using your credit/debit or by converting one cryptocurrency to another.
Coinbase Pros
- Availability of 2FA
- Wide range of crypto assets
Coinbase Cons
- Fees are too high
#4 eToro – Crypto Trading App with Copytrading
eToro is a retail broker that was founded in 2007. They are regulated by the financial conduct authority (UK), Cyprus Securities Exchange Commission (CySEC), Australian Securities and investment Commission (ASIC) etc.
eToro mobile app is available on android and iOS. On Google play store it has up to 10M+ downloads.
Number of cryptocurrencies: eToro offers up to 60+ cryptocurrencies including Bitcoin and Ethereum.
Fees: eToro charges a commission of 1% when you buy or sell cryptocurrencies. They also charge 0.1% when you convert one cryptocurrency to another. If your account has been inactive for more than one year, eToro charges an inactivity fee of $10 per month .
Security: You can enable two factor authentication on your mobile app to protect it from the prying eyes of hackers. This requires that you have an active phone number where the two factor authentication code will be sent.
Wallet: eToro has its proprietary wallet where you can store cryptocurrency and tokens.
Customer service: eToro has a complaint center where you can get solutions to your basic complaints. However, if that doesn’t work, you will need to open a ticket and wait for customer service to get back to you. Customer service is available 24/6.
Buy and Trade Option: You can use your debit card to buy cryptocurrency, you can also convert from one crypto asset to another.
eToro Pros
- Availability of two factor authentication
- Customer service is available 24/6
- Well regulated
eToro Cons
- Inactivity fee
#5 Crypto.com – Reputable Crypto Trading App
Crypto.com is an online cryptocurrency exchange that was founded in 2016. They are regulated by the Monetary Authority of Singapore, Financial Conduct Authority, Malta Financial Services Authority, Cyprus Securities and Exchange Commission etc.
The crypto.com mobile app is available on android and iOS. On Google it has a 4.3 star rating and over 10 million downloads.
Number of cryptocurrencies: Crypto.com supports up to 250+ cryptocurrencies and 20+ fiat currencies. They also have their own exchange token called Cronos (CRO).
You can trade cryptocurrency and cryptocurrency related financial assets as derivatives, spot, futures, and options on crypto.com.
It is essential to add that Crypto.com offers margin trade where you can trade with up to 3x leverage.
Fees:Crypto.com does not charge deposit fee, however withdrawal fee varies depending on the cryptocurrency. For Bitcoin, the withdrawal fee is 0.0005. To enjoy better trading fees, Crypto advises its users to look up CRO.
Security:Crypto.com offers two factor authentication by using a Time-based One-time Password (TOTP). Two factor authentication is mandatory for all transactions on the trading platform.
Wallet: Crypto.com has its proprietary wallet were you can store supported cryptocurrencies, NFTs and Tokens.
Customer service: You can reach customer service via live chat.
Buy and Trade Option: Crypto.com has a visa card which can also be used to buy cryptocurrency. When you buy things using the crypto.com visa card, you get 8% cash back.
Using the card to purchase stable coins, it earns you 10% cash back and you also get 14% cash back on crypto holdings.
Cypto.com Pros
- Well regulated
- Wide range of cryptocurrencies
- Nigerians can use the Crypto.com visa card to make deposits
Crypto.com Cons
- You cannot use one coin to buy another
#6 Remitano – Crypto Trading App with P2P
Remitano is a cryptocurrency platform that was founded in 2015. This broker is unregulated.
The Remitano mobile app is available on play store and app store. On playstore, the app has over 1 million downloads and a 4.4 star rating.
Number of cryptocurrencies: Remitano supports about seven cryptocurrencies for peer to peer which includes: Bitcoin, Ethereum, USDT, Ripple, bitcoin cash, Litecoin and Binance coin. However, for swap transactions, Remitano supports 35+ fiat and cryptocurrencies including naira.
Fees: Remitano does not charge a deposit or withdrawal fee that depends on the coin. Peer to peer transaction is free, but swap transaction fee ranges from 0.25% to 0.5%.
Security:Remitano allows two factor authentication. However, enabling two factor authentication requires that you download an app called Authy app and scan a barcode.
Wallet: Remitano has a proprietary wallet where you can store cryptocurrencies.
Customer service:Customer service is available 24/7 via live chat.
Buy and Trade Option:You can buy cryptocurrencies with your debit or credit card. You can also swap cryptocurrencies.
Remitano Pros
- Customer service is available 24/7
- Availability of 2FA
Remitano Cons
- High-risks because Remitano is unregulated
Factors To Look Out For In The Best Crypto Trading Apps In Nigeria
Product
When choosing a crypto trading app, you may want to consider the number of cryptocurrencies that the platform supports. While some platforms support only bitcoin and a few other cryptocurrencies, others support up to 200+ coins.
If you are looking to trade with several cryptocurrencies, platforms that support only a few may not suit your trading style.
Security
A good cryptocurrency trading app should be secure. You want to consider platforms that protect your funds and trading platforms.
Two factor authentication is one of the methods brokers and exchanges protect clients trading platforms.
Fees
You may want to consider exchanges and brokers who offer fair and competitive fees.
Yes, all brokers and exchanges charge fees because that’s how they make money, however those who charge high fees can eat into your profit.
Availability
Good cryptocurrency trading app should be easily available. It should be available for all kinds of mobile devices, this way even if you change your device, you can still log in to your trading account.
Wallet
Some crypto apps come with an in-built wallet for storing support coins, NFTs and tokens while others require that you download another app. It is easier to manage your trade and store your coins on the same app.
Customer service
Irrespective of how easy to use a trading app may be, you may still run into trouble from time to time. As such, you may want to consider exchanges whose customer service is easy to access and readily available.
FAQs on the Best Crypto Trading App
What is the most used crypto app in Nigeria?
Binance is the most used crypto app in Nigeria.
What is the best app to buy crypto in Nigeria?
Any app that is well regulated is recommended when buying cyrptocurrencies.
Can I buy crypto with Kuda?
No. Nigerian banks are not permitted to process crypto transactions.