8 Best Crypto Exchanges in Nigeria for 2025

We have reviewed more than 25 crypto exchanges and trading platforms to finanlize a comprehensive list. The exchanges are scrutinized by our team of crypto experts who use a rigorous ranking criteria and methodology. These exchanges stand out for reliability, low fees, and smooth NGN access.

Whether you prefer safe crypto investing, instant crypto swaps, insights on stablecoins and global markets, or easy deposits, the platforms offer the most secure and beginner-friendly options in Nigeria.

Launched in 2018, Quidax is one of Nigeria’s first SEC-licensed digital asset exchanges, offering a reliable platform for both beginners and more experienced traders. It serves the Nigerian market with local payment support, including Bank Transfer, Opay, PalmPay, and Kuda, making crypto more accessible nationwide. Quidax, on its website, says it now serves 1M+ users with 8 products and 100+ team members.

Quidax’s key features include P2P trading, Instant Swap, an Order Book, an OTC desk, and an API for developers. Its ecosystem token, QDX, adds utility for trading activities. The platform applies a uniform maker-taker fee of 0.1% and charges only NGN 200 for bank withdrawals. Instant swaps are free, and sending crypto between Quidax users is also free.

Busha is one of Nigeria’s pioneering SEC-licensed digital asset exchanges, operating since 2019 with over 800,000 verified users and 8 million+ trades executed. It focuses on transparency, security, and ease of use, making it highly relevant for the Nigerian crypto market.

The platform supports instant trading, recurring buys, limit orders, and Busha Earn, which allows users to earn up to 7.5% APY on stablecoins with daily payouts and no lock-in period. 

Busha also offers Busha Spend, enabling users to pay for airtime, data, and shopping vouchers directly from their wallet while earning instant cashback. Naira deposits and withdrawals are seamless, with a minimum of ₦250 and no trading fees between fiat and crypto.

Luno is a leading SEC-compliant crypto exchange trusted by over 15 million users globally, offering Nigerian traders fast deposits and withdrawals in Naira. With support for 40+ rigorously vetted assets, Luno makes portfolio building easy through bundles, dollar-cost averaging, and staking rewards of up to 12% p.a.

Users can also set price alerts or participate in prediction challenges for Bitcoin prizes. Payment options include bank transfers (₦150 flat fee) and voucher deposits, with limits varying by verification level. 

According to their fee page, buying and selling crypto on Luno carries a 2% fee per transaction, and dynamic fees apply to crypto transfers; details are available on Luno’s fee page.

Binance is the world’s largest crypto exchange by market cap, according to CoinMarketCap. While the exchange is available for Nigerian users, it is not licensed to operate locally. The platform has faced several issues with Nigerian authorities, including being sued by authorities and having two of its key leaders arrested.

Binance discontinued its P2P services as a result, meaning P2P traders need to use platforms like Quidax or Busha for P2P trades. Regardless, Binance is still one of the best crypto apps for 2025. Many traders prefer Binance for its low fees of 0.1% for trades. Binance also offers a good mobile app with taking, spot and futures trading support. 

Note: To access the global Binance exchange, Nigerian users mostly rely on a VPN service. Due to its lack of regulatory status, using Binance is a risk for Nigerian users since it is not recognized by local laws.

Bybit is one of the apps Nigerian users rely on for P2P. It gives the global feel of a platform like Binance as well as heavy liquidity. Bybit supports multiple tools and services for Nigerian users, including a launchpool and, convert feature. Nigerian traders can also access a trading bot, copy trading features, OTC trading and demo trading for new users.

Like Binance, Bybit is not regulated or licensed by the SEC, meaning using it involves some regulatory risks. Regardless, it is one of the best places for Nigerians to trade crypto. Fees are pretty cheap, with spot trading going for 0.1% for both maker and taker. In terms of deposits and withdrawals, Bybit supports multiple Nigerian banks, including Opay and Access Bank.

One of the oldest crypto exchanges, Kraken, was founded in 2011 and is one of the best crypto exchanges for day trading, thanks to its high liquidity. Although  Kralen does not support direct NGN deposits or withdrawals, its services are fully available for Nigerian traders.

Nigerians can use Kraken by converting their naira to a supported fiat like the USD using a local exchange. In terms of features, Kraken provides a strong suite of advanced trading options. We particularly recommend Krakeen for Nigerian users with more experience and advanced trading needs.

In terms of fees, Kraken charges a 1% flat fee on instant buy/sell transactions. Meanwhile, the more advanced Kraken Pro uses a maker-taker model, which could be higher than what’s available on other rival platforms. Overall, we rate Kraken a solid 4.4 out of 5 for its advanced features and strong liquidity.

Yellow Card stands out as one of the top crypto exchanges for Nigerians because it blends global reliability with strong local support. Launched in Nigeria in 2019, the platform focuses on seamless cross-border payments, stablecoin liquidity, and business-grade treasury solutions. 

Nigerians can send and receive funds across 20+ African countries with instant NGN deposits and withdrawals. Yellow Card is licensed in multiple African markets. Although it is not yet licensed by the SEC, it has a pending application with the regulator and has registered for financial crimes reporting purposes with the appropriate authorities.

Breet has positioned itself as one of Nigeria’s most reliable crypto off-ramp apps, especially for users who want quick settlements in naira without dealing with an order book. The platform supports more than 40 digital assets and is used by over 250,000 verified customers, making it a strong option for freelancers, merchants, and everyday users who receive payments in crypto. 

Breet focuses on instant crypto-to-cash conversion, crypto swaps, bill payments, and a dedicated VIP desk for high-volume trades. Its simple interface, fast payouts, and business-friendly tools make it popular, although it operates as an app-based service rather than a full exchange. Still, its transparent process and active compliance efforts give users confidence when handling digital payments.

Crypto regulation in Nigeria is now clearer than ever, and this directly affects anyone searching for the best crypto exchange in Nigeria. The SEC Nigeria oversees digital asset compliance, requiring exchanges to follow updated VASP licensing rules, including KYC, AML, and strict reporting standards. These measures protect users and increase confidence in the top 10 crypto exchanges in Nigeria.

Since 2023, the Central Bank of Nigeria (CBN) has eased its earlier restrictions, allowing licensed platforms to work with banks again. This shift enables smoother NGN deposits and withdrawals, especially for traders who rely on regulated services rather than risky informal channels. 

Choosing a registered or licensed crypto exchange in Nigeria protects users from scams and ensures full compliance with national laws.

Crypto fees can look simple on the surface, but they make a big difference in how much money Nigerian traders actually keep. Whether you’re using a global platform like Binance or Kraken, or local players like Quidax, Luno, and Yellow Card, every exchange uses its own fee model. 

We always advise traders to understand the difference in fees before choosing an exchange. Here’s a clear breakdown of the types of fees to watch for and understand before deciding which exchange suits you.

Types of Fees Investors Have to Pay on Nigerian Exchanges

1. Maker/Taker Fees

Most centralized exchanges in Nigeria, such as  Binance and Quidax, use the maker/taker system.

• Maker fees reward you for adding liquidity by placing limit orders.

• Taker fees apply when you accept existing orders on the book.

On major exchanges, these usually range from 0.1% to 0.5%, depending on your 30-day volume. High-volume traders and VIP tiers get discounts.

2. Deposit and Withdrawal Fees (NGN Charges)

Local NGN deposits and withdrawals come with different fee structures depending on the exchange and the payment provider.

NGN fees matter the most for day-to-day Nigerian users who deposit and cash out frequently.

3. FX Spreads / Conversion Fees

When you buy crypto with NGN, exchanges apply a foreign exchange spread. This means the difference between the buy and sell price.

• This can be as low as 0.5% on the best platforms.
• On less transparent exchanges, spreads can exceed 3%, even if “zero fee” is advertised.
  

This is why understanding the hidden fees you probaly missed on exchanges is important.

4. Inactivity Fees

Some platforms charge small monthly fees if your account stays dormant for long periods.
This is more common on international fintech platforms and less common on local NGN exchanges.

How Fees Differ in P2P and Direct NGN Platforms?

P2P Marketplaces:
Platforms like Binance P2P (before it was disabled in Nigeria) or OKX P2P allow users to buy and sell crypto directly between each other.

Pros: 

• No platform trading fees, 
• Access to flexible rates, 
• Multiple payment methods
  

Cons: 

• You pay indirectly through merchant premiums, which can add 1%–4% to the real cost. 
• Rates fluctuate rapidly due to market demand.
  

Direct NGN Platforms:
Exchanges such as Luno, Quidax, Yellow Card, and Breet provide structured NGN deposit and withdrawal systems.

Pros: 

• Transparent, fixed fees.
• Instant settlement and fewer price shocks.
  

Cons: 

• You pay direct charges for deposits and withdrawals.

Fee Comparison Table 

Hidden Costs and Transparency

After years of trading, I’ve learned that most exchanges claiming “low fees” rarely tell you the full story. The real costs often hide in slippage, spreads, and unofficial NGN FX rates, especially during market volatility. For Nigerian traders, these hidden fees matter even more because currency fluctuations quickly add up.

What are the Top Low-Fee Crypto Exchanges in Nigeria?

For Nigerian traders interested in saving costs, using the best low-fee crypto exchanges is a smart move. Below are some of the best low-fee options for the Nigerian market. These exchanges offer competitive fees, free deposits, or loyalty perks that cut costs for active users.

Security Standards and Local Oversight

Like most countries, Nigeria is taking active steps to bring crypto under regulation, and while policies remain unstable, important to know the regulatory bodies and understand their functions for proper reporting and compliance. 

The SEC now regulates digital assets thanks to the Investments and Securities Act (ISA) 2025. Under ISA 2025, the SEC requires crypto platforms to adhere to strict AML/KYC rules. There are also strict capital requirements and governance standards. 

The SEC also has an anti-fraud program that penalizes platforms running scams like pyramid schemes and misrepresentations. Much like other nations, Nigeria is tackling digital crimes with measures to keep users safe. 

Custodial vs. Non‑Custodial Options

Crypto exchanges typically fall under two categories:

• Custodial
• Non-custodial 

As the name implies, custodial platforms take custody of your assets, meaning they are responsible for storing and keeping them safe for you unless you wish to take them off their platform. A good example here is Binance. Custodial Nigerian exchanges are good for easy swaps, staking and trading. However, it comes with counterparty risks. 

 Alternatively, non-custodial or self‑custody options (like hardware wallets like Trezor give you full control, though at the cost of convenience. Holding on to an exchange means you rely on their security. If the exchange is compromised or mismanages funds, you could be exposed.

History of Security and Fraud Issues

Nigeria has seen its share of crypto scams. Ponzi schemes, romance scams, and unregistered broker promises have all targeted unsuspecting users.  The SEC has, in recent months, flagged illegal businesses, including the failed CBEX (Crypto Bridge Exchange). 

Other enforcement agencies arrested over 700 people linked to a crypto romance scam, according to reports by Reuters. Overall, Nigerians have lost over ₦174 billion to crypto scams, according to local reports. The new ISA 2025 regulation expands SEC powers to aggressively prosecute fraud and impose fines.

How do Exchanges Protect Users Today?

Modern exchanges typically use cold storage, keeping most user funds offline so hackers can’t access them directly. They also support multi-signature wallets, insurance coverage for holdings, two-factor authentication (2FA), and sometimes biometric logins, all designed to reduce risk

Thanks to SEC regulation, licensed Nigerian VASPs must also maintain operational transparency and strong governance, helping protect customer assets.

Choosing the right exchange isn’t one-size-fits-all. Nigerian users have different needs. Some are active traders chasing short-term gains, while others are long-term holders storing crypto safely. 

There are also P2P users looking for flexible NGN deposits, to remittance senders moving money across borders. The best exchange for you depends on your priorities: security, fees, payment options, or local support.

Regulatory Compliance and Credibility

Always check if the exchange is SEC-registered or CBN-compliant. Registration shows the platform follows Nigerian laws and anti-fraud rules. VASP registration ensures the platform is supervised and accountable. Avoid unlicensed operators, as they carry higher risks for fraud or sudden shutdowns.

Security and Fund Protection

Look for exchanges that use cold storage, two-factor authentication (2FA), and insurance coverage for digital assets. Transparency matters. From experience, exchanges that regularly publish audits or proof of reserves give users confidence that their funds are safe.

Fees and Spreads

Compare trading, P2P, and withdrawal fees, and watch out for FX conversion costs, especially NGN to USDT. Even low advertised fees can hide spreads, which impact real trading costs.

Payment Options in Nigeria

Reliable fiat access is crucial. Check if the platform supports bank transfers, fintech wallets like Opay or PalmPay, Mobile Money, or USDT off-ramps. Faster deposits and withdrawals save time and reduce price slippage.

User Experience (App and Web)

The interface should be intuitive and mobile-friendly. Onboarding should be smooth, and trades or transfers should execute quickly. For Nigerians, mobile-first designs are essential, as many users access crypto via smartphones.

Customer Support and Local Community

Good support includes local language options, responsive teams, and active channels like Telegram or WhatsApp. Community trust, tutorials, and educational content help beginners trade safely and confidently.

Using a regulated crypto exchange in Nigeria comes with clear benefits. First, it provides legal clarity and investor protection. Platforms registered with the SEC or compliant with CBN guidelines must follow strict rules, reducing the risk of sudden shutdowns or frozen accounts.

Regulated exchanges also lower the risk of scams. Unlicensed operators have historically been linked to Ponzi schemes, fake investment platforms, and untraceable fraud. Compliance ensures that you trade on platforms with proper audits, transparency, and operational oversight.

Another key advantage is access to NGN deposits and withdrawals. Licensed exchanges work with local banks and fintech wallets, allowing faster and cheaper transactions without relying on off‑ramps or risky P2P channels.

Regulated platforms also improve fund custody and insurance standards, often using cold storage, multi-signature wallets, and coverage against hacks.

Whether you are a trader seeking low fees, a remittance user moving funds, or an institutional investor, using a compliant exchange provides peace of mind. You gain safety, convenience, and confidence when entering Nigeria’s crypto market.

The new Nigeria Tax Administration Act (NTAA) 2025 and the Investments & Securities Act (ISA) 2025 have radically transformed Nigeria’s tax laws. These laws now require  Virtual Asset Service Providers (VASPs) to register with the SEC and provide user transaction details for tax reporting. 

The new tax structure considers gains as chargeable income. The government has also imposed a VAT of 7.5% on platform transaction fees. However, there are no charges on the crypto assets themselves. 

The FIRS (Federal Inland Revenue Service is responsible for receiving transaction details and data from registered exchanges and service providers. This transparency would help authorities track user profits and ensure compliance with tax laws. 

Individuals are liable to income tax earned from activities such as mining, airdrops or staking. The rates span from 7 to 24%, while capital gains tax on crypto sales sis at a flat 10% rate.

Crypto profits in Nigeria are now taxed in two major ways:

• Trading / P2P Profits (Capital Gains): If you sell or exchange crypto for a profit, the gain is subject to a 10% CGT under the Capital Gains Tax Act, according to the PwC Annual Crypto Tax Reports 2024
• Crypto Income (Staking, Airdrops, Services): Earnings from staking, mining, or getting paid in crypto are treated like regular income. You pay income tax based on the value of crypto at the time you received it

Reporting and Recordkeeping:

• You must track every crypto transaction: date, asset, amount, and value in NGN. 
• Use FIRS’s TaxPro‑Max portal for filing returns. 

For noncompliance, VASPs face steep penalties: ₦10 million in the first month, ₦1 million for each subsequent month.

Retail Adoption and Demographics

Youth are largely behind Nigeria’s crypto adoption, according to Chainalysis. According to a 2025 Quidax report, about 67% of crypto users in Nigeria say they use crypto to save or invest, not just speculate.

The median age in Nigeria is low, mobile phone usage is widespread, and many of these young users transact in small sizes, not big institutional trades. 

Use Cases Beyond Trading

Crypto in Nigeria isn’t just for trading anymore. Many use it for remittances, e-commerce payments, and stablecoin-backed savings to hedge against naira inflation. Stablecoins (like USDT) are increasingly used for everyday transfers and preserving value, especially by freelancers and small businesses.

P2P and Stablecoin Usage Trends

Stablecoins are now central to Nigeria’s crypto economy. Around 43% of sub‑$1 million crypto transactions in Nigeria are in stablecoins, according to Chainalysis. USDT particularly dominates, as users prefer it for cross-border remittances, value storage, and payments. Fintech apps are increasingly integrating stablecoin rails. AInvest

Exchange Volume and User Activity

From July 2023 to June 2024, Nigeria recorded approximately $59 billion in on-chain volume, with 85% of that value coming from retail-sized trades under $1 million, according to Chainalysis. 

Source: Chainalysis

Local exchanges like Quidax report millions of users, and platforms are seeing mobile-first usage, as most Nigerians trade crypto on their phones rather than desktops.

Here’s a quick summary to help you choose:

• Beginners and Long-Term Holders: Try Quidax or Luno, both have user-friendly apps, NGN support, and transparent operations.

• Active Traders: Look at platforms that offer full order books and lower maker/taker fees. Binance, and Bybit are good options. 

• Remittance or Business Use: The Yellow Card is strong for stablecoin payments and cross-border cash flows.

• High Volume or P2P: Apps with OTC desks or robust P2P options may suit you best, but check regulatory compliance. Bybit and Quidax are good options if this is your preference.
  

No matter which route you choose, always prioritize compliance, security, and fee transparency. In Nigeria’s fast-moving crypto space, a regulated, trusted exchange isn’t just safer, it’s smarter.