CoinMarketCap takes a look at some of the most popular cryptocurrency apps in Nigeria. [Updated Sept. 9, 2021]
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High Adoption of Bitcoin and Crypto in Nigeria
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.
Binance Nigeria App
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.
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 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.
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.
Kraken Nigeria App
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
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
For Nigerians, CoinMarketCap can be particularly helpful for finding information about new cryptocurrencies and which exchanges currently support them.