Best Cryptocurrency Exchange In Nigeria : Free Guide & Its Features

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What Is Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank and is built on decentralized networks, allowing for peer-to-peer transactions without intermediaries. Bitcoin, created in 2009, was the first decentralized cryptocurrency and remains the most well-known. Other popular cryptocurrencies include Ethereum, Ripple, and Litecoin.

These currencies rely on complex mathematical algorithms and blockchain technology to ensure the security and integrity of transactions, as well as the control of the creation of new units of a specific cryptocurrency. The decentralized nature of cryptocurrencies has attracted attention for their potential to disrupt traditional financial systems and offer more financial privacy to users.

What is a Crypto Exchange?

A cryptocurrency exchange is a platform that enables the trading of cryptocurrencies, such as Bitcoin, Ethereum, and others. It allows users to buy, sell, and exchange digital assets. Cryptocurrency exchanges can be centralized or decentralized, with centralized exchanges being the more traditional option where the platform holds custody of users’ assets and operates as an intermediary in trades.

Decentralized exchanges, on the other hand, allow users to trade directly from their own wallets and hold control over their private keys. Different exchanges offer varying features, security measures, fees, and user experience, so it is recommended to thoroughly research and compare options before choosing one.

Best Cryptocurrency Exchange In Nigeria

OKX Exchange

OKX is a Seychelles-based cryptocurrency centralized exchange (CEX) and wallet platform that serves millions of clients worldwide. The exchange offers basic trading including spot and simple options, and derivatives including margin, futures, perpetual swaps and options. Other products include: trading bots, block trading, OKX Earn (savings, stablecoins, DeFi, staking, ETH 2.0 and more), crypto loans and Jumpstart, the exchange’s launchpad.

OKX Exchange

OKX wallet claims to be the “portal to Web3,” offering a crypto hot wallet, decentralized exchange (DEX), a NFT marketplace and decentralized applications (DApps). The wallet supports over 30 networks, including major blockchains like Bitcoin, Ethereum, BNB Chain, Solana, Polygon, Avalanche, Fantom and more.

OKX also has its own native blockchain — OKX Chain and native token — OKB, which allows builders and projects to deploy DApps and developers to use infrastructure like OKX Oracle and more. In January 2022, OKEx was rebranded as OKX, with a new branding and roadmap.

Pros:

  1. Wide range of trading options: OKEx offers a wide range of trading options, including spot trading, margin trading, futures trading, and options trading, providing users with many ways to access and trade cryptocurrencies.
  2. Large user base: OKEx has a large user base, with over 20 million registered users from over 100 countries, making it one of the largest cryptocurrency exchanges globally.
  3. Strong security measures: OKEx implements strict security measures to protect user assets and personal information, including multi-tier and multi-cluster system architecture, multi-signature technology, and real-time monitoring.
  4. Fast and efficient trading engine: OKEx’s trading engine is fast and efficient, providing users with real-time order execution and low latency, ensuring a smooth trading experience.
  5. Mobile app available: OKEx offers a mobile app that allows users to trade cryptocurrencies on the go, making it convenient and accessible.

Cons:

  1. Geographical restrictions: OKEx’s services are not available in certain countries due to regulatory restrictions, which may limit its accessibility for some users.
  2. User complaints: Some users have reported issues with the platform, including slow customer support response times, technical glitches, and difficulty navigating the platform.
  3. High trading fees: Some users have reported that OKEx’s trading fees are higher compared to other exchanges, which may be a concern for traders who are looking to maximize their profits.
  4. Regulatory risks: As with any cryptocurrency exchange, there is always a risk of regulatory changes that could negatively impact the platform and its users.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency exchange before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

Quidax Exchange

Quidax is a cryptocurrency exchange that provides a platform for users to buy, sell, and trade cryptocurrencies. This is not just a cryptocurrency exchange. It’s a movement of people who believe that access to cryptocurrency products should be easy.

Quidax Exchange

The vision at Quidax is to create a world where sending money and value around the globe is as easy as sending a text message. At Quidax, they share a common set of values that reminds us every day to be the best version of ourselves, for us and for customers.

Pros:

  1. Easy to use: Quidax has a user-friendly interface that makes it easy for both novice and experienced users to navigate and trade cryptocurrencies.
  2. Wide range of cryptocurrencies: Quidax supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Ripple, and many others, giving users a variety of options to choose from.
  3. Low trading fees: Quidax charges low trading fees compared to other exchanges, making it an attractive option for users who are looking to minimize their trading costs.
  4. Strong security measures: Quidax implements strict security measures to protect user assets and personal information, including multi-signature technology, two-factor authentication, and regular security audits.
  5. Fast deposit and withdrawal process: Quidax has a fast and efficient deposit and withdrawal process, allowing users to quickly access their funds.

Cons:

  1. Limited geographical availability: Quidax’s services may not be available in all countries due to regulatory restrictions, limiting its accessibility for some users.
  2. Limited customer support: Some users have reported difficulties in receiving prompt and adequate customer support from Quidax, which may be a concern for those who need help with technical issues or other questions.
  3. Market risks: As with any cryptocurrency exchange, there is always a risk of market volatility that could negatively impact the value of your investments.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency exchange before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

Visit Quidax 

ZenGo 

ZenGo is free to use, which means you get the industry’s best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less. ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud.

ZenGo 

This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.

As a new ZenGo user, you won’t pay any trading fees on trades up to $200. ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account. Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.

Pros:

  1. Easy to use: ZenGo has a user-friendly interface and a simple setup process, making it accessible for both novice and experienced users.
  2. High security: ZenGo uses cutting-edge security measures, including multi-party computation technology, to protect user assets and personal information.
  3. Convenient trading features: ZenGo allows users to buy and sell cryptocurrencies directly from their wallet, providing a convenient and streamlined trading experience.
  4. Supports multiple cryptocurrencies: ZenGo supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and others, giving users a variety of options to choose from.
  5. Mobile app available: ZenGo has a mobile app that allows users to manage their cryptocurrencies on the go, making it accessible and convenient.

Cons:

  1. Limited geographical availability: ZenGo’s services may not be available in all countries due to regulatory restrictions, limiting its accessibility for some users.
  2. Limited customer support: Some users have reported difficulties in receiving prompt and adequate customer support from ZenGo, which may be a concern for those who need help with technical issues or other questions.
  3. Market risks: As with any cryptocurrency wallet or exchange, there is always a risk of market volatility that could negatively impact the value of your investments.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency wallet before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

Luno Exchange

Luno is the simple crypto investment app for everyone. They make it safe and easy to explore, buy and store crypto – no experience needed. The mission is to put the power of cryptocurrency in everyone’s hands.

That means cutting through the hype and helping you to decide for yourself. They make big ideas simple and never use jargon. A guide at every step, we’re here for your questions, because there’s a lot to make sense of. For a financial system to be fair, everyone needs to understand it.

Luno Exchange

That also means working to make crypto truly inclusive. So far, more than 10 million people have chosen to invest in crypto with Luno. We’re available in more than 40 markets across North America, Africa, Asia and Europe, working to spread the word. Because a better financial system needs the participation of everyone, everywhere.

And that always means keeping customers safe. They work with regulators around the world and all the crypto we store for you is verified by independent auditors. We know transformative ideas need time and trust to reach their full potential. We’re in it for the long term and we invite you on this journey with us.

Pros:

  1. Easy to use: Luno has a user-friendly interface and a simple setup process, making it accessible for both novice and experienced users.
  2. Strong security measures: Luno implements strict security measures to protect user assets and personal information, including two-factor authentication and regular security audits.
  3. Supports multiple cryptocurrencies: Luno supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and others, giving users a variety of options to choose from.
  4. Fast and efficient transactions: Luno has a fast and efficient deposit and withdrawal process, allowing users to quickly access their funds.
  5. Wide geographical availability: Luno is available in multiple countries, making it accessible to a large number of users.

Cons:

  1. Limited customer support: Some users have reported difficulties in receiving prompt and adequate customer support from Luno, which may be a concern for those who need help with technical issues or other questions.
  2. Market risks: As with any cryptocurrency exchange, there is always a risk of market volatility that could negatively impact the value of your investments.
  3. Fees: Luno may charge fees for certain transactions, such as deposits and withdrawals, which could add to the cost of using the platform.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency exchange before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

LocalBitcoins Exchange

LocalBitcoins takes a different approach than most of the others on this list: rather than trading with the broader market, you actually buy and sell with individual traders. It’s earned a loyal user base for its overall ease of use, and it’s one of the oldest cryptocurrency marketplaces around today.

LocalBitcoins

The main reason They like LocalBitcoins, though, is for its low barrier to entry. Since you’re trading with other people, not with LocalBitcoins itself, it’s easy to get your account verified and start making trades.

LocalBitcoins users do need to proceed with caution, though; it’s possible to get scammed by other users on the site, especially when selling Bitcoin for cash. One common scam, for example, is a buyer who pays you via PayPal and then files a PayPal dispute once they’ve received your Bitcoin.

Pros:

  1. Decentralized: LocalBitcoins is a decentralized platform, which means that users are not required to go through a central authority or intermediaries to trade cryptocurrencies.
  2. Privacy: LocalBitcoins allows users to trade cryptocurrencies anonymously, making it a good option for those who value privacy.
  3. Wide geographical availability: LocalBitcoins is available in many countries, making it accessible to a large number of users.
  4. Flexible payment options: LocalBitcoins supports a wide range of payment options, including bank transfers, credit cards, and others, giving users a variety of options to choose from.
  5. Wide range of cryptocurrencies: LocalBitcoins supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and others, giving users a variety of options to choose from.

Cons:

  1. Security risks: As a decentralized platform, LocalBitcoins does not have the same level of security measures as centralized exchanges, making it more susceptible to hacking, fraud, and other security risks.
  2. Volatility: As with any cryptocurrency exchange, there is always a risk of market volatility that could negatively impact the value of your investments.
  3. Lack of customer support: LocalBitcoins does not have a central authority or intermediaries, which means that users may have difficulty receiving prompt and adequate customer support in the event of technical issues or other problems.
  4. Market risks: The value of cryptocurrencies can be highly volatile and subject to rapid fluctuations, making it important to thoroughly research and assess the risks before investing.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency exchange before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

Remitano Exchange

Remitano is an online peer-to-peer escrow marketplace that makes purchasing and selling cryptocurrencies easy. The cryptocurrency trading platform is built to allow customers to buy and sell crypto in both fiat currencies and other digital tokens.

Remitano

The Remitano platform allows consumers to interact with other crypto traders in a secure environment. Remitano has a global presence and serves clients from more than 30 countries, including MalaysiaNigeriaVietnam, and several others.

Pros:

  1. Decentralized: Remitano is a decentralized platform, which means that users are not required to go through a central authority or intermediaries to trade cryptocurrencies.
  2. Privacy: Remitano allows users to trade cryptocurrencies anonymously, making it a good option for those who value privacy.
  3. Wide geographical availability: Remitano is available in many countries, making it accessible to a large number of users.
  4. Fast transactions: Remitano has a fast and efficient deposit and withdrawal process, allowing users to quickly access their funds.
  5. Wide range of cryptocurrencies: Remitano supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and others, giving users a variety of options to choose from.

Cons:

  1. Security risks: As a decentralized platform, Remitano does not have the same level of security measures as centralized exchanges, making it more susceptible to hacking, fraud, and other security risks.
  2. Volatility: As with any cryptocurrency exchange, there is always a risk of market volatility that could negatively impact the value of your investments.
  3. Lack of customer support: Remitano does not have a central authority or intermediaries, which means that users may have difficulty receiving prompt and adequate customer support in the event of technical issues or other problems.
  4. Market risks: The value of cryptocurrencies can be highly volatile and subject to rapid fluctuations, making it important to thoroughly research and assess the risks before investing.

It is important to thoroughly research and assess the pros and cons of any cryptocurrency exchange before making a decision to use it. It is also important to keep in mind that cryptocurrency investing and trading come with inherent risks and that you should only invest what you can afford to lose.

Visit Remitano

Security Tips When You Using Exchange

Here are some security tips for using a cryptocurrency exchange:

  1. Use a strong and unique password: Use a strong password that is at least 12 characters long and contains a mix of upper- and lower-case letters, numbers, and symbols.
  2. Enable two-factor authentication (2FA): Enable two-factor authentication to add an extra layer of security to your account.
  3. Store your private keys securely: Keep your private keys secure by storing them in a secure hardware wallet or encrypted file on your computer.
  4. Use a reputable exchange: Use a reputable and established cryptocurrency exchange that has a proven track record of security and reliability.
  5. Keep software up to date: Keep all of your software up to date, including your operating system, web browser, and any other software that you use to access your exchange account.
  6. Be cautious with email requests: Be cautious of any emails or messages that request your password, private keys, or other sensitive information.
  7. Monitor your account regularly: Regularly monitor your exchange account to ensure that no unauthorized transactions have taken place.
  8. Use a VPN: Use a virtual private network (VPN) when accessing your exchange account to protect your internet connection and to keep your activity private.
  9. Withdraw funds regularly: Regularly withdraw your funds from the exchange and store them in a secure wallet to minimize the risk of loss due to a potential hack or security breach at the exchange.
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