10 Best Crypto Brokers Nigeria – Cryptocurrency Trading with Professionals

Cryptocurrency trading is one of the internet’s hottest trends. Cryptocurrency has been growing in popularity since the creation of Bitcoin in 2009. Since then, there have been over 800 alternative coins created. However, for new investors in trading, knowing where to start can be daunting. This guide takes you through a list of cryptocurrency companies in Nigeria.

Capital.com – One of The Safest Cryptocurrency Brokers in Nigeria

Capital.com is a global CFD broker founded in 2016 and regulated by the FCA and CySEC. The minimum deposit is $20, and they offer a great range of assets to trade, including crypto.

The broker offers a great all-in-one platform that has won awards globally for its AI trading technology. This allows you to make trades based on your strategy automatically. The site also offers a demo account, making it an excellent choice for beginners who want to get into cryptocurrency trading in Nigeria.

ThinkMarkets – A Cryptocurrency Broker in Nigeria with Decent Reputation

ThinkMarkets is a leading brokerage firm that offers Forex, CFD, and commodities trading on all major financial markets. This broker has been around for some time now, but they have recently introduced cryptocurrency trading to their clients in Nigeria.

ThinkMarkets is an established broker with a good reputation, so you can expect to get the best service when trading cryptocurrency with them. In addition to that, ThinkMarkets also offers three different types of accounts with different spreads and minimum deposits.

ThinkMarkets offers its clients the MetaTrader 4 platform to make things even better. This software is known to be one of the best trading platforms globally when it comes to online trading. The MT4 platform offered by this broker also gives you access to a wide range of automated trading strategies known as Expert Advisors (EAs).

Overall, ThinkMarkets is a good broker for Nigerian traders looking for cryptocurrency trading opportunities. It’s simple to use and safe because it’s regulated in Australia by ASIC.

IC Markets – Cryptocurrency Broker with Plenty of Coins for Trading

IC Markets is a great choice for Nigerians looking for a highly regulated broker with low fees and excellent customer support. The broker offers over 60 cryptocurrencies, including the most popular ones like Bitcoin, Ethereum, Litecoin, and Ripple.

Instruments include Forex and CFDs on indices, stocks, commodities, and cryptocurrencies. IC Markets offers generous leverage of 1:500, so you can trade with bigger amounts at minimal risk.

IC Markets comes with a choice of two trading accounts: Standard and True ECN. The company charges no deposit or withdrawal fees. The only fee is a small commission charged on each trade.

AvaTrade – One of The Most Trusted Brokers Among Traders in Nigeria

AvaTrade is one of the most admired and highly trusted trading platforms in Nigeria, and for a good reason. It offers traders a wide range of trading instruments and financial assets, from stocks to CFDs, forex to cryptocurrencies, commodities to bonds.

Aside from the diverse asset selection, AvaTrade also takes pride in its fast and reliable trading environment with some of the smallest spread rates in the industry. Aside from that, it is also known as a highly secured platform with numerous layers of protection to ensure the safety and security of your funds.

AvaTrade is a user-friendly platform that is highly recommended for beginners and professional traders.

Binance – Famous Cryptocurrency Exchange with Plenty of Features

Binance is the most well-known peer-to-peer crypto exchange globally, and many people prefer it because of its reputation. It was founded in 2017 by Changpeng Zhao, and it has gained fame for its high trading volumes. Some analysts estimate that Binance’s daily volume is about $3 billion.

Binance offers more than 200 tradeable crypto assets, which is why it’s the best cryptocurrency broker in Nigeria. It also has excellent security, with several different layers of protection against cyber attacks.

It’s easy to set up an account on Binance, but you have to go through a KYC process before you can make a deposit. Nigerian investors can use Euro or Pound Sterling to buy Bitcoin through Binance and then trade it for other cryptos on their platform.

RoboForex – Cryptocurrency Broker with One of The Lowest Spreads

RoboForex is one of the top brokers that offer the opportunity to trade cryptocurrency CFDs. If you open an account with them, you will be able to trade many other assets, including Forex, futures, indices, and shares.

There are several reasons to choose this broker as your crypto broker. First of all, they offer a very decent leverage level which is 1:10 for cryptocurrencies and up to 1:500 for other assets.

Another reason you should consider this broker is that they have very tight spreads on Bitcoin. They offer one of the lowest spreads in the industry, which is only 0.05 pips on Bitcoin by RoboForex Pro account.

If you are looking for a simple and user-friendly platform, you should try their WebTrader platform, which allows trading on any device and doesn’t require downloading or installation.

BitMEX – A Perfect Cryptocurrency Exchange for Margin Trading

BitMEX is the most famous crypto trading platform that supports leverage margin trading. It offers a secure and transparent platform for trading with high liquidity. The platform offers a demo account to practice and live trading accounts where you can trade with real funds.

The BitMEX platform is designed for professional traders who are not afraid of high-risk investments. The exchange does not support fiat currencies and only offers Bitcoin and Bitcoin Cash deposits and withdrawals. Traders can use the built-in wallet to store their coins or use an external wallet. BitMEX supports margin trading with up to 100x leverage, which is one of the highest in the industry. Beginner traders should use caution when using high-leverage trades and never risk more than they can afford to lose.

FTX – Trusted Crypto Exchange with Futures & Spot Markets

FTX is a great cryptocurrency exchange for traders and investors looking for a wide selection of altcoins and futures markets.

The main reason why FTX is so popular among crypto traders around the globe is due to its advanced trading features and powerful tools. The company offers some of the lowest fees on the market, further enhancing its appeal. Some of the best features that make FTX one of our favorites include Flash Loans, Futures Leverage, OTC Desk, Over-the-Counter (OTC) Trading Desk, Perpetual Futures, and Spot Markets.

FTX launched in 2019, but it has already become one of the most popular crypto derivatives platforms worldwide. The firm behind FTX is Alameda Research, one of the industry’s largest liquidity providers.

Kraken – An Easy-to-Use crypto Exchange with High Security

Kraken, one of the first exchanges on the scene in 2013, has proven to be a name you can trust. Its reputation is built upon a smooth user experience combined with unparalleled security. The exchange has good support available through its live chat or via phone & email.

If you want to buy Bitcoin online, this is the right place. You can always sell Bitcoin on the exchange if you want to cash out your profits. Kraken is a very reliable platform that offers advanced security features. It’s one of the most popular Bitcoin exchanges for Nigerians, for a good reason!

Kucoin – A Crypto Exchange for Safe Margin Trading

Kucoin is one of the largest cryptocurrency exchanges globally, with over 5 million users from over 100 countries worldwide. The platform features over 400 different cryptocurrencies that you can trade against each other or fiat currencies like the US dollar or Euro.

It offers both spot trading and margin trading with up to 10x leverage. You can use either a basic account (free) or an advanced account (paid). It also offers a mobile app that you can use on your smartphone or tablet.

If you are interested in investing in cryptocurrencies and want to trade on an exchange that offers both spot trading and margin trading with up to 10x leverage, then Kucoin is a good choice.

What Is a Crypto Broker?

A crypto broker is an intermediary between the buyer and seller of a cryptocurrency. Crypto brokers may have access to different cryptocurrencies, cryptocurrencies with better liquidity, or have lower fees than other options.

Crypto brokers can be useful for retail investors looking to buy smaller amounts of cryptocurrency. They are useful for new investors looking for a simpler way to buy and sell cryptocurrencies.

Crypto Brokers Nigeria – How We Rank

Our selection process follows strict guidelines so that we can offer you unbiased, up-to-date information. Every broker featured on our site has been handpicked by us to ensure they are reliable and trustworthy. We scrutinize every aspect of each broker’s platform, comparing the features that are important to you. This allows us to provide you with a comprehensive and accurate ranking.

#1 – License

Cryptocurrency trading is a relatively new market that has been around for only a few years. Since it is new, there are not a lot of brokers who offer services for it. Cryptocurrency trading is also largely unregulated, so traders need to be extra cautious when dealing with crypto brokers.

To ensure the quality of service, we check if the broker has proper regulations in place. This helps us filter out any unlicensed or unregulated crypto brokers from our list.

#2 – Reputation

Trust is our number one concern when reviewing all the brokers. We look at each broker’s reputation and how long they’ve been in business. How many people have used their services? What are the reviews saying about them?

Regulation is another thing we consider. Does a governing body regulate them? If so, what kind of sanctions do they face if they break the rules set forth by that regulatory body? Does that governing body enforce its rules? In other words: what’s the point of being regulated if you still get away with doing whatever you want?

#3 – Trading Commissions and Payments Fees

Broker fees are a cost associated with trading securities. Trading stocks, options, futures, currencies, and bonds generally all carry some form of commission or transaction fee. Some online brokers do not even charge commissions. The rates vary by assets traded and account size, but commission costs can eat into return on investment (ROI) if you are not careful. It is always advisable to compare fees among different brokers before deciding because these costs can add up quickly over time.

#4 – Bitcoin Limitations on Deposits and Withdrawals

Some platforms offer the option of having fiat currency accounts. This feature enables you to deposit or withdraw funds using your local currency, which is a great advantage. However, most platforms do not offer this service, and you will be forced to purchase your Bitcoin using another cryptocurrency on an external exchange before depositing it into your trader account.

#5 – Payment Methods

The range of payment methods available to a trader, the more the choice, the better the broker is.

You don’t have to be an expert in crypto trading and investing to start trading cryptocurrencies. Many exchanges and brokers will set up your account in no time. All you need is to create an account and make a deposit to get started. If you want to know how we select and rank the best crypto brokers in Nigeria, keep reading as we disclose our ranking methodology below.

#6 – Trading Volumes

The higher the trading volumes for a cryptocurrency broker, the more trust that can be placed in their liquidity. The higher trading volumes will also enable you to get into and out of trades with less slippage quickly.

#7 – Customer Support

How helpful and responsive customer support agents can speak volumes about how a company treats its customers. If a company has terrible customer support, there is a chance that other parts of the business are suffering too. A good customer support team should be able to solve most issues within 24-48 hours.

#8 – Leverage

As expressed in a multiplier, this is the size of your potential profits versus your investment (e.g., x100). The higher the leverage, the more money you can potentially make (or lose) on any given trade. But leverage also comes with greater risk and complexity. If you’re new to crypto trading or just want to keep things simple, stick with brokers that offer lower leverage ratios.

Cryptocurrencies – Advantages and Disadvantages

There are many different cryptocurrencies available, and each one offers its advantages and disadvantages.

Disadvantages of Cryptocurrencies

Volatility – a Great Chance to Lose

Cryptocurrencies are volatile assets that can fluctuate widely in price over short periods. Most cryptocurrencies lose value over time, which means that investing in them may lose money. You should consider this while working with any broker.

Fees Charged By Crypto Brokers

Fees charged by crypto brokers are the biggest source of revenue for their operations. There is no standard fee structure because the crypto market is still new and evolving. Brokers may charge a flat rate, a percentage of the transaction amount, or both.

Are Crypto Brokers Legal in Nigeria?

Crypto brokers are legal in Nigeria. However, it is important to note that no specific law regulates cryptocurrencies in the country.

The Central Bank of Nigeria (CBN) has issued warnings to Nigerians on the risks of dealing with cryptocurrencies but, so far, has not taken any action against crypto exchanges or traders.

The CBN’s most recent circular on cryptocurrency was issued in February 2019, when it directed all banks and other financial institutions to close the accounts of Nigerians who trade cryptocurrencies. This led to a few banks closing accounts belonging to crypto exchanges and traders, but only for a few weeks before they resumed operations as usual.

In May 2018, the Nigerian Securities and Exchange Commission (SEC) announced its intention to regulate digital currencies and ICOs as securities offerings.

Crypto Brokers Apps for iOS and Android

These days, the world is going mobile. People don’t want to sit around their computers all day to keep track of their crypto investments, and instead want to be able to do so on the go with an easy-to-use app. It’s a trend that cryptocurrency exchanges have been responding to in a big way, with many now offering mobile versions of their trading platforms or even full apps.

It’s also a trend that can be seen in major brokers like eToro, who have taken their first steps into the world of cryptocurrency trading via a dedicated app. 

Crypto Brokers in Other Countries

• Crypto Brokers USA
• Crypto Brokers Australia
• Crypto Brokers Singapore
• Crypto Brokers Kuwait
• Crypto Brokers UAE

Crypto Brokers in Nigeria in 2022 – FAQ

🤑❓ 🇳🇬 What is the best crypto broker in Nigeria?

The best broker depends on individual needs and requirements. If you are an experienced trader, you may want to look for an advanced exchange offering many features. If you are a beginner and want something simple and easy to use, there is also a place.

🤑❓ 🇳🇬 Can I buy crypto in Nigeria legally?

Yes. You can legally buy any cryptocurrencies in Nigeria. However, there is a ban on cryptocurrency in Nigeria that barred all commercial banks from carrying out crypto-related transactions. You cannot use your debit card or your bank account to purchase crypto.

🤑❓ 🇳🇬 How to start crypto trading with brokers in Nigeria?

The first step is to select a broker that offers crypto trading. Next, open an account and log in, then submit the documentation required to verify your identity. This can take up to a few days depending on the broker. Once your account is verified, you can deposit funds into it through a bank transfer or credit card. You can then start trading cryptocurrencies on the broker’s platform.

🤑❓ 🇳🇬 Do crypto brokers in Nigeria charge fees?

Yes, crypto brokers in Nigeria charge fees. The cost of buying and selling cryptocurrencies is dependent on the brokerage firm you are using. The fees vary from firm to firm, but they are generally pretty similar.