Compare crypto exchanges in Nigeria
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SEC-licensed
Quidax
★★★★☆
SEC-licensed (Nigeria)
Regulation
Direct (bank)
Naira Onramp
Local, regulated buying
Best For
Low local rates
Trading Fee
Pros
- First SEC-licensed NG exchange — real local oversight + recourse
- Direct naira deposits/withdrawals
- Home-grown, built for the NG market
Cons
- Fewer coins than the global giants
- Crypto itself is volatile — you can lose money
- Confirm current fees in the app
Fees, eligibility & documents
Fees
Trading feeApplies per trade - confirm in-app
Naira depositDirect naira on/off-ramp
WithdrawalNetwork fee (varies; TRC20 usually cheapest)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Busha
★★★★☆
SEC-licensed (Nigeria)
Regulation
Direct (bank)
Naira Onramp
Simple naira buying
Best For
Low local rates
Trading Fee
Pros
- SEC-licensed — local oversight + recourse
- Direct naira deposits, clean app
- Good for first-time buyers
Cons
- Smaller coin selection than global exchanges
- Crypto is volatile — capital at risk
- Confirm current fees in the app
Fees, eligibility & documents
Fees
Trading feeApplies - confirm current in-app
Naira depositDirect naira rail
WithdrawalNetwork fee (varies by network)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Beginner-friendly
Luno
★★★★☆
SEC incubation (ARIP)
Regulation
Direct (bank)
Naira Onramp
First-time buyers
Best For
Low local rates
Trading Fee
Pros
- In the SEC incubation programme — a regulatory pathway
- Cleanest naira on/off-ramp; very simple to use
- Strong track record + education
Cons
- Incubation is not a full licence yet
- Fewer coins / no advanced trading
- Crypto is volatile — capital at risk
Fees, eligibility & documents
Fees
Trading feeInstant-buy spread vs exchange fee - compare
Naira depositDirect naira rail
WithdrawalNetwork fee (varies by network)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Bybit
★★★★☆
Offshore — not SEC-approved
Regulation
P2P only (no direct)
Naira Onramp
Deep P2P + advanced trading
Best For
0.1% spot
Trading Fee
Pros
- Deep naira P2P liquidity
- Low 0.1% spot fee; strong asset protection
- Spot, futures and derivatives
Cons
- Offshore — NOT SEC-approved, no local recourse
- No direct naira deposit (P2P/stablecoin only) — mind P2P scams
- Derivatives are high-risk
Fees, eligibility & documents
Fees
Trading feeLow maker/taker fees
NairaNo direct naira deposit - via P2P/stablecoins
WithdrawalNetwork fee (match the network)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Roqqu
★★★★☆
Home-grown (not SEC-licensed)
Regulation
Direct (bank/card)
Naira Onramp
Beginners; fewer coins
Best For
Competitive local
Trading Fee
Pros
- Direct naira deposits via bank or card
- 2FA, SSL and cold storage; clean beginner UI
- Competitive local fees
Cons
- Not among the SEC-licensed exchanges — thinner oversight
- Fewer actively tradable coins; some withdrawal limits
- Crypto is volatile — capital at risk
Fees, eligibility & documents
Fees
Trading feeApplies - confirm in-app
Naira depositDirect naira rail
WithdrawalNetwork fee (varies by network)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Most coins
Bitget
★★★★☆
Offshore — not SEC-approved
Regulation
P2P (zero-fee NGN)
Naira Onramp
Widest coins + copy trading
Best For
0.1% spot
Trading Fee
Pros
- 550+ coins; zero-fee NGN P2P (since 2026)
- Copy trading, Proof-of-Reserves, protection fund
- Low 0.1% spot fees
Cons
- Offshore — NOT SEC-approved, no local recourse
- Complex for simple naira-to-crypto beginners
- Futures/copy-trading are high-risk
Fees, eligibility & documents
Fees
Trading feeLow maker/taker fees
NairaVia P2P/stablecoins
WithdrawalNetwork fee (match the network)
Eligibility
- 18+ Nigerian resident
- Active BVN
- A Nigerian bank account for naira rails
Documents needed
- BVN
- Valid ID
- Selfie / phone number for KYC
Naira on-ramp + cards
Bitmama
★★★★☆
Direct NGN buy/sell pairs on the platform (BTC, ETH, USDT, USDC and others)
Ngn Support
In-app trades are near-instant; NGN settlement depends on bank rails
Speed
No SEC Nigeria provisional (ARIP) licence verified during this research
Licence/ Registration
Nigerians who want naira on/off ramps plus a dollar card for foreign payments
Best For
Local retail exchange + crypto cards
Type
Pros
- Direct naira buy/sell — no P2P workaround needed
- Crypto debit cards usable for international subscriptions and shopping (site cites over $10,000/month card spend)
- Built for the Nigerian market, with local payment culture and support
Cons
- Not among the exchanges with a verified SEC Nigeria provisional licence (only Quidax and Busha held ARIP provisional licences as of this research)
- Crypto prices are highly volatile and holdings sit largely outside any investor-protection or deposit-insurance scheme
- Card fees, limits and availability are only fully visible inside the app
Fees, eligibility & documents
Fees
Trading costSpread built into quoted buy/sell rates; compare the effective NGN rate against other platforms before trading
Card feesIssuance and usage fees apply to the crypto cards — check the in-app schedule before ordering
Eligibility
- Nigerian residents aged 18+
- Completed identity verification (KYC)
- Nigerian bank account or supported funding channel for NGN
Documents needed
- Government-issued photo ID (NIN slip, driver's licence, or passport)
- BVN and/or selfie verification
- Proof of address may be requested at higher tiers
Zero-fee swaps
Obiex
★★★★☆
Via NGNX, a naira-pegged in-app balance (1 NGNX = 1 NGN) deposited and withdrawn through verified merchants to Nigerian bank accounts
Ngn Support
Swaps are instant without waiting for blockchain confirmation; NGN withdrawals depend on merchant/bank processing
Speed
No SEC Nigeria provisional (ARIP) licence verified during this research
Licence/ Registration
Active traders who swap frequently between coins and stablecoins
Best For
Local retail exchange (swap-focused)
Type
Pros
- Zero-fee instant swaps between supported assets is a genuinely low-cost model for frequent traders
- Naira withdrawals to local bank accounts supported through the NGNX system
- Extras aimed at Nigerian users: dollar card, bill payments, username-based transfers
Cons
- Naira access runs through a proprietary pegged balance (NGNX) and merchant network rather than direct bank pairs — an extra layer of dependency
- Not among the exchanges with a verified SEC Nigeria provisional licence (only Quidax and Busha held ARIP provisional licences as of this research)
- Crypto is highly volatile and largely outside investor-protection schemes; 'zero fee' pricing still embeds a spread in quoted rates
Fees, eligibility & documents
Fees
Swap feeAdvertised as zero; the platform's margin sits in the quoted swap rate, so compare effective rates
NGN deposit/withdrawalHandled via verified merchants — terms vary; check in-app before moving large amounts
Eligibility
- Nigerian residents aged 18+
- BVN required to activate NGNX naira functionality
- Completed in-app identity verification
Documents needed
- BVN
- Government-issued photo ID
- Selfie verification
Back in Nigeria (2026)
OKX
★★★★☆
Naira on/off ramp via P2P trading; direct NGN deposit channels were reported as still limited at the time of the July 2026 restoration
Ngn Support
Trading is instant; P2P naira settlement depends on your counterparty and bank transfer times
Speed
No SEC Nigeria (ARIP/ISA 2025) licence verified; reports of the restoration did not confirm a Nigerian licence
Licence/ Registration
Experienced traders who want global liquidity, derivatives and a self-custody wallet
Best For
Global exchange (P2P naira ramp)
Type
Pros
- Very deep global liquidity across 300+ assets, with advanced trading, earn and wallet products
- P2P marketplace restored for Nigerian users per July 2026 reports, recreating a naira ramp
- Publishes proof-of-reserves verification
Cons
- Left Nigeria once already (August 2024) over regulatory conditions — continuity is not guaranteed
- No verified SEC Nigeria licence, and direct NGN deposit rails were reported as still suspended, leaving P2P as the main naira route
- Crypto is highly volatile and offshore platforms sit outside Nigerian investor-protection arrangements; local recourse is limited
Fees, eligibility & documents
Fees
Trading feesMaker/taker fees per OKX's published schedule; P2P naira pricing is set by counterparties — compare effective NGN rates
Eligibility
- Aged 18+ with completed OKX identity verification
- Access from Nigeria restored per July 2026 reports — confirm you can register and trade before funding
- Bank account or supported payment method for P2P trades
Documents needed
- Government-issued photo ID (international passport, driver's licence or NIN)
- Selfie/liveness check
- Possible additional verification for higher limits
NGN P2P, zero P2P fees
MEXC
★★★★☆
NGN P2P marketplace (announced 10 September 2025 on MEXC's own support pages); no direct NGN bank deposits
Ngn Support
Crypto releases from escrow once the seller confirms your bank payment — usually minutes, counterparty-dependent
Speed
No SEC Nigeria (ARIP/ISA 2025) licence verified during this research
Licence/ Registration
Traders who want a wide altcoin selection with a working naira P2P ramp
Best For
Global exchange (P2P naira ramp)
Type
Pros
- Active, officially announced NGN P2P support with BTC, ETH, USDT and USDC pairs
- Zero P2P transaction fees per MEXC's announcement — costs sit in counterparty pricing
- Escrow model holds the seller's crypto until payment is confirmed
Cons
- No verified SEC Nigeria licence or local entity — an offshore platform with limited local recourse
- P2P trading carries counterparty and payment-dispute risk that on-platform order books do not
- Crypto is highly volatile and largely outside investor-protection schemes; naira P2P spreads can be wide in stressed markets
Fees, eligibility & documents
Fees
P2P feesAdvertised as zero; the real cost is the counterparty's NGN rate — compare against other platforms' effective rates
Trading feesSpot maker/taker fees per MEXC's published schedule once you are on-platform
Eligibility
- Aged 18+ with completed MEXC KYC
- Nigerian bank account or supported payment method for P2P settlement
Documents needed
- Government-issued photo ID
- Selfie/liveness verification
- Higher tiers may require additional documentation
Binance
★★★★☆
None — NGN P2P delisted 28 February 2024, NGN spot pairs 7 March 2024, NGN withdrawals ended 8 March 2024, remaining balances force-converted to USDT (per Binance's own announcement)
Ngn Support
On-platform trading is instant; getting naira in or out requires a separate local on/off ramp
Speed
No Nigerian licence; legal proceedings with Nigerian authorities were still ongoing as of 2026
Licence/ Registration
Experienced users who already hold stablecoins and want global liquidity — not for naira on/off ramping
Best For
Global exchange (no naira services)
Type
Pros
- Deepest liquidity and widest product range of any global exchange
- Usable as a USDT/stablecoin trading venue once funds are already in crypto
- Extensive published fee schedules and proof-of-reserves reporting
Cons
- No naira services at all since March 2024 — you cannot deposit, withdraw or P2P-trade NGN on Binance
- Unresolved regulatory and legal history with the Nigerian state, and past telecom-level blocks on access from Nigeria
- No SEC Nigeria licence, no local recourse, and crypto held there is volatile and outside any investor-protection scheme
Fees, eligibility & documents
Fees
Trading feesStandard maker/taker schedule; but any naira conversion must happen on a separate platform, and that leg carries its own spread
Eligibility
- Aged 18+ with full Binance KYC
- Must already have crypto/stablecoins — there is no naira funding route
- Confirm site access from your network, given past ISP-level blocks in Nigeria
Documents needed
- Government-issued photo ID
- Selfie/liveness verification
- Proof of address for some features
Non-custodial
Zap (Zap Africa)
★★★★☆
Crypto-to-naira swaps with direct payout to Nigerian bank accounts
Ngn Support
Markets itself on swap-and-payout speed ('Fastest Crypto Exchange in Nigeria')
Speed
Not on SEC Nigeria's ARIP approval list as of July 2026; press reports an EU VASP registration — verify current standing before relying on it
Licence/ Registration
Self-custody users who want a quick, no-deposit route from tokens to naira
Best For
Non-custodial crypto-to-fiat exchange
Type
Pros
- Non-custodial design — the platform never holds your coins, removing the FTX/Patricia-style custody risk
- Direct naira payouts to Nigerian bank accounts
- Works with existing self-custodial wallets such as MetaMask rather than forcing a new wallet
Cons
- Crypto prices are highly volatile and there is no investor-protection or deposit-insurance cover if things go wrong
- Not on SEC Nigeria's ARIP approval list as of July 2026, so it operates without Nigerian regulatory standing
- Non-custodial flows put key management entirely on you — a lost wallet or mis-sent transaction cannot be reversed
Fees, eligibility & documents
Fees
Swap pricingCosts are embedded in the swap rate rather than a published fee table — check the exact naira amount you will receive before confirming any swap
Eligibility
- Nigerian users aged 18 or over
- A self-custodial crypto wallet (e.g. MetaMask) holding supported tokens
- A Nigerian bank account for naira payouts
Documents needed
- Identity verification (KYC) per the platform's onboarding requirements
- Wallet address you control
- Bank account details for payouts
Breet
★★★★☆
Buy crypto and stablecoins with naira; sell and cash out to Nigerian bank accounts
Ngn Support
Advertises cash-out in minutes and instant delivery on purchases
Speed
Registered in Nigeria (Inbreetic Technologies Ltd) with the NFIU; ARIP application to SEC Nigeria is pending, not granted
Licence/ Registration
Freelancers and traders who mainly want a fast crypto-to-naira off-ramp
Best For
Custodial crypto buy/sell app
Type
Pros
- Both directions supported: buy with naira and sell to naira, with cash-out advertised in minutes
- Nigerian-registered company with NFIU registration and a PCI DSS compliance claim on its site
- 40+ supported assets and a receive-from-anywhere flow suited to getting paid in crypto
Cons
- Crypto prices are highly volatile and there is no investor-protection or deposit-insurance cover for losses
- Its SEC Nigeria ARIP application is still pending — it does not yet hold approval-in-principle, unlike Quidax, Busha or Luno
- Custodial model: the platform holds your coins between receipt and cash-out, so platform risk is yours to weigh
Fees, eligibility & documents
Fees
Trading costNo retail fee table on the public homepage (the advertised 'as low as 0.5%' figure is for its business API) — check the exact naira amount offered on each sale before confirming
Eligibility
- Nigerian (and Ghanaian) users aged 18 or over
- Identity verification (KYC) required
- A Nigerian bank account for naira withdrawals
Documents needed
- Government-issued photo ID
- Phone number and selfie verification
- Bank account details for cash-out
SEC ARIP approval-in-principle
KoinKoin
★★★★☆
Advertises buying, selling and earning in local currency for African traders — confirm current NGN funding routes in the app before depositing
Ngn Support
Standard exchange model: trading is instant once funded; funding/withdrawal times depend on the payment route
Speed
SEC Nigeria approval-in-principle under ARIP (July 2026); its site also cites a CBN VASP supervision pilot reference and an SEC Ghana sandbox licence
Licence/ Registration
Traders who want deep market coverage under a platform inside Nigeria's regulatory sandbox
Best For
Custodial centralised exchange
Type
Pros
- Holds SEC Nigeria approval-in-principle under ARIP (July 2026) — supervised standing most offshore exchanges lack
- Wide market coverage: 1,000+ spot pairs, futures, earn products and tokenised gold (PAXG, XAUt)
- Positions itself on institutional-grade infrastructure with multi-country African regulatory engagement
Cons
- Crypto prices are highly volatile and there is no investor-protection or deposit-insurance cover for losses
- Approval-in-principle is conditional sandbox permission under supervision — it is not a full SEC registration and can be withdrawn
- NGN deposit and withdrawal specifics are not spelt out on its public site, so test the funding route with a small amount first
Fees, eligibility & documents
Fees
Trading feesNot published plainly on the public homepage — check the in-app fee schedule and the effective naira rate on funding routes before committing meaningful sums
Eligibility
- Users in supported African markets, including Nigeria, aged 18 or over
- Identity verification (KYC) required
- Futures and leveraged products typically require additional risk acknowledgement
Documents needed
- Government-issued photo ID
- Proof of address may be requested
- Selfie/liveness verification
