CoinMarketCap takes a look at some of the most popular cryptocurrency apps in Nigeria. [Updated Sept. 9, 2021]
The growing adoption of Bitcoin (BTC) and cryptocurrencies in Nigeria has spurred more crypto exchanges and platforms to establish themselves locally in order to meet rising demand.
There is a misconception that Nigerians rely upon outdated cell phones with a limited internet connection. While this may have been true a decade ago, the number of smartphone users in recent years has risen sharply in Africa's most populous nation. As of Apr. 1, 2021, approximately 170 million cell phone users had active internet subscriptions.
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High Adoption of Bitcoin and Crypto in Nigeria
According to Chainalysis 2021 global crypto adoption index, Nigeria is the top sixth globally in overall rankings. The index aims to capture the total cryptocurrency activity and volume of peer-to-peer (P2P) trading.
Another report from Statista aims to find out how common crypto are in selected countries, by surveying respondents on whether they used or owned cryptocurrencies. Nigeria came first at 32%.
Central Bank of Nigeria Crackdown on Crypto
On Feb. 2021, the Central Bank of Nigeria (CDN) instructed all banks and financial institutions to close down accounts of users transact cryptocurrencies or or entities that operate crypto exchanges. This means Nigerian users are not able to use their credit or debit cards to purchase Bitcoin, or deposit and withdraw in NGN.
Despite a government crackdown, Nigerians interest for buying and trading Bitcoin continues to grow. Bitcoin P2P trading using the Nigerian naira has grown significantly, and Nigeria is the second-largest country for Bitcoin P2P trading, behind only the United States. In fact, the rise in trading Bitcoin directly could be attributed, to a certain extent, to the ban implemented by the Nigerian government.
How to Open a Bitcoin Account in Nigeria
To start buying Bitcoin or other cryptocurrencies in Nigeria, you could use a cryptocurrency exchange. Thankfully, most exchanges are mobile-friendly and easy to setup. Apart from that, Nigerians can use P2P trading to obtain Bitcoin. Some of the most popular P2P sites in Nigeria are Remitano, Binance P2P, Paxful and LocalBitcoins.
Despite the proliferation of cryptocurrency apps in the market, only a few are optimized to support Nigerian users. Crypto apps can be especially useful for those traders who travel a lot and mostly access their trading accounts via smartphones. If you fall into this category, this guide will give you an overview of the best crypto app options currently out there.
There are tons of cryptocurrency apps in the Nigerian market, which can make choosing the right one difficult for a crypto newbie. It is important to note that, at a minimum, a good crypto app should provide a secure platform that enables you to transact crypto assets.
Some of the best cryptocurrency apps accessible in Nigeria include products from Binance, Coinbase, Kraken and CoinMarketCap.
Binance Nigeria App
Binance is a cryptocurrency exchange that first launched in China in 2017. Due to increasingly stringent anti-cryptocurrency regulations in China, Binance is now a completely decentralized company. Binance is regarded as one of the best platforms out there to buy, sell and trade cryptocurrencies. The exchange also offers a mobile app version for smartphone users.
The Binance app is an optimized version of the web platform and offers similar features for all users worldwide. In addition, Binance has a local presence in Nigeria, which differentiates it from its competitors on this list.
Moreover, Binance supports the Nigerian Naira (NGN) as a fiat currency on its mobile apps, which Nigerians can use for trading in the Bitcoin (BTC) and Tether (USDT) markets. Binance formerly enabled direct naira deposits and withdrawals, but the Central Bank of Nigeria’s crypto ban in February 2021 prompted the platform to withdraw this feature. Binance quickly provided an alternative by offering peer-to-peer (P2P) trading for Nigerian customers.
The Binance app is particularly useful for its wide array of features that enable users to access crypto services such as DeFi, staking and liquidity farming, as well as trading.
Luno Nigeria App
Founded in 2013 as Bitx, and later rebranded to Luno, it is the first crypto exchange to launch in Africa. Luno's biggest markets are South Africa and Nigeria, and it is currently the most popular exchange in Nigeria. The crypto exchange features an easy-to-use platform for Bitcoin and crypto trading, and claims to be trusted by over 8 million users.
Luno features an exchange and wallet mobile app, where users can easily sign up and get started buying cryptocurrencies. The mobile trading app provides sophisticated trading tools for Nigerian crypto traders to trade on-the-go. Luno wallet app allows Nigerian crypto users to easily store or send Bitcoin and other crypto to their friends. Nigerian users can also earn up to 4% interest in Luno's Bitcoin savings wallet, and up to 7.6% interest in other cryptocurrencies.
Coinbase Nigeria Wallet App
Coinbase is a United States-based cryptocurrency platform that first launched in 2012. It has since built a solid reputation for providing a safe and user-friendly way to buy and trade multiple cryptocurrencies. Its mobile wallet app is one of the most popular in Nigeria; since its launch, over 43 million customers globally have used Coinbase’s crypto wallet services to store their holdings.
Coinbase wallet is accessible in more than 100 countries, including Nigeria, and supports many different crypto assets. One thing that is important to note is that although Nigerians can use Coinbase’s wallet services to transfer their existing crypto holdings between wallets, trading on the exchange itself is not supported in Nigeria.
The number of cryptocurrencies supported via the app varies depending on the country you are based in. For example, if you download the app in Nigeria, you will be able to access over a dozen cryptocurrencies, including well-known coins such as Bitcoin (BTC) and Ether (ETH).
Coinbase is renowned for its ease of use. Novice traders can easily use the platform without getting lost amid a ton of advanced features. More experienced traders, meanwhile, can opt to use the Coinbase Pro app in order to access advanced tools. One of the unique features of the mobile wallet includes its advanced management tools and the ability to monitor fluctuations on the market in real time.
Аlthough you can download the Coinbase Wallet, you can not trade on Coinbase as an exchange, as Nigeria is not one of Nigeria's supported countries as of May 2021.
Nigerians can easily download the Coinbase wallet app for free on the official Google Play and App Store platforms. Once the app is downloaded, you’ll need to go through the registration steps before you can start using its wallet services.
Kraken Nigeria App
Kraken is a United States-based crypto exchange that first launched in 2011. Since its inception, it has grown to become one of the largest platforms out there. Kraken offers a mobile app that Nigerians can easily download and use to buy, sell, store and trade cryptocurrencies.
Kraken charges some of the lowest transaction fees among exchanges and offers very competitive rates for withdrawals, whilst supporting zero-fee deposits. Nigerians can trade more than 20 different cryptocurrencies in over 100 markets on Kraken. Funds stored on Kraken are deemed to be highly secure: it was the first crypto exchange to pass a Proof of Reservation crypto audit and also provides its crypto market pricing data to Bloomberg Terminal.
Kraken’s app has an optimized trading interface and is easy for users to use in order to buy and sell cryptocurrencies. Compared to other platforms on this list for Nigerian traders, the app is a bit limited as it does not support a standalone crypto wallet like Coinbase, nor does the exchange have a local presence like Binance. Nevertheless, it is a good platform for users that are seeking a safe platform for transacting cryptocurrencies.
CoinMarketCap Nigeria App
Unlike Coinbase, Binance and Kraken, CoinMarketCap is not a crypto exchange but a crypto data aggregator. It is today the most popular crypto price aggregator on the web and was first launched in 2013. The platform was acquired by Binance in April 2020.
CoinMarketCap is an important tool for every crypto trader and enthusiast, as it provides a detailed breakdown for individual assets in the crypto market. CoinMarketCap released its mobile app in 2018 and has since been downloaded over 1 million times.
The mobile app offers a user-friendly platform and is available for Nigerians to download on the Android Playstore and Apple App Store. Users can access the app’s features and set customized alerts to receive notifications about the price fluctuations of individual cryptocurrencies.
Bitcoin in Naira
Nigerian crypto users who want to find out the real-time price of Bitcoin in naira (NGN) can simply use CoinMarketCap mobile app converter feature. Simply tap the converter icon on the app and input the amount in NGN or BTC.
Other CoinMarketCap Features
CoinMarketCap also supports a compare feature that enables users to compare prices for multiple cryptocurrencies. You can also get real time information on various aspects of the crypto market, including total market capitalization, daily trading volumes, price gains/losses and more. The app also includes a news ticker that provides the latest articles from leading crypto media sites, and CoinMarketCap's very own educational library — Alexandria.
For Nigerians, CoinMarketCap can be particularly helpful for finding information about new cryptocurrencies and which exchanges currently support them.
Should You Buy Cryptocurrency in Nigeria?
With a young and tech-savvy population in Nigeria, it is no wonder that this African country is one of the leading countries adopting crypto. With El Salvador passing Bitcoin as legal tender, we could see more countries following in its footsteps in the near future.
If you would like to learn more about cryptocurrencies in Nigeria, check out our guide on how to buy Bitcoin and other cryptocurrencies in Nigeria, the best crypto exchanges in Nigeria, and the crypto renaissance in Nigeria.
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