Did you know that Binance has shut down its services in Nigeria? But do not worry – I’ve got alternative crypto exchanges you can use in Nigeria to make your trading journey seamless.
A Brief Story Behind The Suspension Of Binance Naira Services
It should be noted that the decision of Binance stemmed from its recent face-off with the Nigerian government where the the exchange is being probed over manipulation after naira crash to the dollar. This came on the heels of the value of the US dollar spiking against the naira, which the government reportedly believed was due to large-scale crypto trading.
This even resulted in a crackdown on crypto trading, thereby adding Nigeria to the list of countries that have banned Bitcoin and other crypto assets.
But, while the federal order blocking every crypto trading site in the country has elicited concerns among crypto communities in Nigeria, many people are trying to bypass the restriction using free VPNs.
However, there is a sigh of relief – as an end to trading on Binance in Nigeria is not fatal but the crucial beginning of using other viable platforms for your crypto activities.
5 Alternative Crypto Exchanges To Binance In Nigeria
1. Prestmit
Prestmit is an over-the-counter (OTC) crypto exchange on which you can buy and sell various crypto assets. This includes Bitcoin, Ethereum, Binance coin, TRON, Litecoin, Dogecoin, and USDT (Tether). This exchange has always been one of the best crypto trading platforms in Nigeria and even Ghana – due to its reliability and credibility to its teeming users.
The platform has a web version and is available for download on the Google Play Store and Apple Store, which makes it an exchange for all devices. But, you can always use its updated mobile app at the go in Nigeria without restriction.
There is a range of benefits that you enjoy when you trade your crypto assets on Prestmit. This includes:
- Multiple payment options, including naira and cedis deposits through bank transfers and crypto payments for gift cards. Others include gift cards and cryptocurrencies.
- User-friendly interface for easy navigation for both beginner and advanced traders.
- Low trading fees give a competitive advantage over other crypto exchanges.
- Advanced security measures like two-factor authentication (2FA) and fingerprint authentication protect your Prestmit account and wallet.
- Lightning-fast transaction processing when you buy or sell on the platform.
- Automated crypto rate calculator to know the naira equivalent of your crypto assets in real-time.
Therefore, when you seek a better alternative to Binance that allows you to trade your crypto assets fast and safely, consider using Prestmit. You can easily sell Bitcoin, Ethereum, USDT, and other assets on the OTC exchange.
2. Paxful
Paxful is a peer-to-peer (P2P) crypto exchange that enables crypto traders or investors to trade cryptocurrencies for fiat currencies or vice versa. It provides an online marketplace where sellers and buyers meet without third-party participation.
While this exchange is widely known as a platform to sell Bitcoin, it also supports the trading of Ethereum and USDT. It is safe to use Paxful as it operates an escrow that temporarily holds the assets for sale to prevent sellers from scamming buyers.
There are different trading fees when you sell on Paxful, depending on the payment option. But this averages at 1%. The time taken for the completion of trade on the exchange depends on the trader, payment method, and the confirmation time of the transaction. You can learn more about this crypto exchange through the answers provided for some frequently asked questions about Paxful.
3. Coinbase
Coinbase is a crypto exchange that enables you to trade, buy, and sell cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Dogecoin. Solana, etc. It provides an app that allows you to see your balance and a watchlist that enables you to track the prices of various cryptocurrencies.
This platform is suitable for beginner traders but also has a Coinbase Pro that experienced traders can use for their transactions. Sign up for a Coinbase account on its official website or download the Coinbase mobile app on Android or iOS.
Coinbase often charges a spread and a transaction fee. The spread fee is about 0.50% of your crypto sales or purchase – which varies with the market.
4. eToro
eToro is a multi-purpose exchange that allows you to buy and sell cryptocurrencies, stocks, exchange-traded funds (ETFs), and options. It is easy to trade on this platform as you can buy or sell Bitcoin, Ethereum, Dogecoin, Litecoin, Shiba Inu, etc.
This exchange charges a flat fee of 1% for both market and limit orders when trading your cryptocurrency. eToro also provides innovative portfolios that enable you to decide on which crypto asset to buy – which is a way to build a diversified portfolio.
It is safe to use eToro as it employs advanced security measures. You can trade on the exchange via its official website or mobile app.
5. Luno
Luno is a crypto trading platform in over 40 countries, including Nigeria, offering routine trading services through the integrated exchange. There are over 20 tradable crypto assets on this platform, including Bitcoin, Ethereum, USDT, etc.
This exchange offers fiat deposits, crypto purchases, and withdrawals for Nigerians using its platform. Therefore, it supports naira deposits. Luno often charges 2% on every naira deposit, which is capped at N2,000. This also applies to withdrawals on the platform.
However, trading fees vary across trading pairs – usually at a maximum of 0.4%. It is considerably safe to use this platform for your crypto trading.
Frequently Asked Questions (FAQs) About Alternative Crypto Exchanges
What Is The Best Alternative To Binance In Nigeria?
Prestmit is the best alternative to Binance in Nigeria. This is due to its innovative features that make crypto trading efficient and profitable for traders.
Can I Still Trade Crypto In Nigeria After Binance’s Suspension?
Yes, you can continue crypto trading in Nigeria through a credible and reliable exchange such as Prestmit. This is a reputable OTC exchange with over 800,000 active users trading on the platform daily. You can download the updated Prestmit app on the Google Play Store or Apple Store to start or continue crypto trading.
Is It Still Safe To Trade Crypto In Nigeria?
It is safe to trade cryptocurrency in Nigeria. But, you must trade on reliable platforms to avoid losing your funds to malicious entities. The recent suspension of support for naira on Binance can create a gap for fraudulent entities to bridge in stealing traders’ funds. Therefore, you must trade with an exchange as Prestmit to stay safe.
Conclusion
There is more than a glimmer of hope for the Nigerian crypto traders and investors concerned with the decision of Binance to suspend its support for the naira. This is the time to go for other alternative crypto exchanges that enable you to trade cryptocurrencies in naira without restriction.
If you are considering another better option to Binance in Nigeria, consider Prestmit, the leading digital trading platform.
