Best Crypto Brokers in Nigeria for 2024 - TOP 5

TU Expert Review for the best Crypto Brokers in Nigeria

Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.

His opinion as for the best Crypto Brokers in Nigeria is posted below.

Exness - TU Expert Review

Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.

Eightcap - TU Expert Review

Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.

TeleTrade - TU Expert Review

Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.

Bybit - TU Expert Review

Bybit is a relatively young cryptocurrency exchange that has relied on a little-known and comprehensible product—cryptocurrency derivatives. And it does a great job of competing with larger sites. The Bybit presents a VIP program, the participants of which receive priority access to the crypto exchange support service chat for prompt issue resolution. The secret of Bybit's success is simplicity and technology. At first glance, the trading rules seem confusing, but in fact, it is enough to understand the terminology here and everything will immediately fall into place. Bybit provides its clients with the opportunity to delete accounts independently. The Bybit trading platform is proprietary with elements of technical and graphical TradingView analysis. The minimum deposit in the crypto exchange starts from 1 US dollar. There are too few trading assets, only four main ones. But they are presented in several variations—inverse, perpetual, and inverse perpetual. The difference between them is in the expiration date and the model of pegging to the spot price of the asset. Its mutual insurance is formed from the profits of the participants in the model, which is based on the principle of the "American option". In the event of a sharp drop in quotations, the loss or part of the loss is reimbursed. US customers can study the ByBit USA Review. UK customers can study the ByBit UK Review. South African customers can check out ByBit South Africa. Bybit is gradually expanding the arsenal of tools and technological capabilities of the platform. Since its inception, the exchange has responsibly fulfilled its obligations. The crypto exchange is suitable for both a professional traders and a beginners. And here it is worth noting that the support service resolves most issues quickly and correctly as possible. This is confirmed by customer reviews. Bybit has been a partner of Traders Union for more than a year and is included in the TU’s rating of the best cryptocurrency platforms.

MEXC - TU Expert Review

The MXC exchange has been in business for over three years. During that time, there were no high-profile scandals with the cryptocurrency exchange related to the security of clients' funds. The company offers services of a crypto exchange, P2P exchange, and cold storage of cryptocurrencies in proprietary e-wallets. The platform offers clients over 400 trading pairs with 127 cryptocurrencies, but these are not the only opportunities for traders. Also, users can work with cryptocurrency ETFs and derivatives, so the choice of assets and trading instruments here can be considered excellent. The commission policy on MXC.com is not very profitable. First, we are talking about a fairly high commission per trade, which is 0.2%. In addition, there are fees for withdrawing funds. Passive income opportunities are a nice bonus for clients. The company charges profit for holding (storage of cryptocurrencies) and staking (temporary freezing of digital assets in the wallet).

How to buy cryptocurrency in Nigeria

Buying cryptocurrency is relatively easy. Here's a step-by-step guide on how to buy cryptocurrency in Nigeria.

Step 1: Create an account with a crypto broker

The first step is to create an account with a crypto broker. Once you create your account, you will need to verify your identity by providing personal information such as your name, address, phone number, and email address.

The crypto exchange broker you choose will play a huge role in your overall crypto trading experience. Here are a few tips to make the right choice:

Check the license

Make sure that the broker you choose is properly licensed and regulated by a reputable financial authority. Regulated crypto brokers ensure that your funds are safe and secure and that you are dealing with a legitimate business.

Look at the commercial offer

Different brokers offer different services, so it’s important to compare their offerings before making a decision. Consider factors such as fees and payment methods. The best crypto brokers online usually offer competitive fees and a wide range of payment options.

Research reviews

Read online reviews from other users to get an idea of how reliable a particular broker is. This will give you an insight into what kind of experience other traders have had with them in the past. Stay away from crypto trading brokers with too many negative reviews.

Test out the platform

Most brokers offer demo accounts which allow you to test out their platform before committing any real money. This is a great way to familiarize yourself with the interface and make sure it meets your needs before investing any funds. Metatrader 4 crypto brokers are generally a good choice, given the friendly user interface and security features available.

Consider customer support

The best crypto brokers in Nigeria offer prompt and helpful support if needed. Make sure to check that the broker you choose has a good customer service team and is available 24/7 to assist with any queries.

Step 2: Fund your account

Once you have created your account, you will need to fund it before you can start trading. You can do this by transferring money from your bank account or using a credit/debit card. Make sure to check the fees associated with each payment method before making a decision.

Step 3: Choose the cryptocurrency you want to buy

Once your account is funded, you can start browsing the available cryptocurrencies and decide which one(s) you want to buy. Most exchanges offer Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and other popular coins. Take some time to research each coin before making any decisions so that you know what risks are involved with each one.

Step 4: Place your order

When you're ready to place an order for the cryptocurrency of your choice, simply enter the amount of money that you want to spend and click "Buy". The exchange will then process your order and transfer the coins into your wallet once it's complete.

Is it legal to trade cryptocurrency in Nigeria?

In Nigeria, though no explicit legislation governs the use of cryptocurrency yet, trading of digital currencies is not illegal. Individuals and companies alike have taken to buying and selling cryptocurrencies without fear of legal repercussions.

The rise and risks of cryptocurrency in Nigeria

Cryptocurrency usage in Nigeria has risen significantly in recent years, with over 22 million Nigerians involved in crypto trading as of 2022. The fact that the currency isn't regulated by the government has made crypto trading an attractive proposition for many people.

That said, crypto trading does come with certain risks that should not be ignored. These include volatility, hacking, and scams. As such, it's important to do your research before investing in any crypto asset and be sure to use only trustworthy crypto brokers in Nigeria.

What is the Best Crypto Broker for Beginners in Nigeria

EXNESS is the perfect choice if you're a beginner looking to get into crypto trading in Nigeria. With its cent account, low commissions, insured trades, and copy trading features, it's an excellent option for those just getting started. The platform is also highly secure and offers excellent customer support.

Can you buy cryptocurrency anonymously in Nigeria?

It is possible to buy cryptocurrency anonymously in Nigeria. One of the most popular ways to purchase Bitcoin in Nigeria is through peer-to-peer (P2P) exchanges, which allow users to buy and sell Bitcoin directly with each other without the need for a third-party intermediary. P2P exchanges also offer payment methods such as mobile money, which allows users to remain anonymous while making payments.

Other alternatives for buying cryptocurrency anonymously in Nigeria include using prepaid cards or cash deposits at local banks or ATMs. Additionally, some crypto exchanges allow users to purchase crypto with cash via bank transfers or wire transfers.