Best Crypto Apps in Nigeria

Nigeria has seen a rapid rise in the adoption of Bitcoin (BTC) and other cryptocurrencies, with an increasing number of platforms and exchanges establishing a local presence to meet the growing demand. Contrary to outdated perceptions, the country has experienced a significant technological leap in recent years. As of April 2021, around 170 million Nigerians had active internet subscriptions, with smartphone usage becoming widespread. This shift has made it easier for Nigerians to access and use digital financial services, including cryptocurrencies.

The popularity of cryptocurrencies in Nigeria is not just driven by technological progress but also by the country's economic conditions. With high inflation and a weakening naira, many Nigerians are turning to digital currencies for everyday transactions, savings, and income generation. Cryptocurrencies offer a more efficient alternative to traditional banking by eliminating high fees and delays associated with conventional financial institutions.

Despite the growing number of cryptocurrency applications in the market, only a few are optimized for the specific needs of Nigerian users. These apps, whether mobile or web-based, serve as gateways to the cryptocurrency market, enabling users to buy, sell, and trade with ease. As crypto adoption continues to expand in Nigeria, the need for localized and user-friendly solutions is more critical than ever, empowering individuals to protect their wealth and conduct financial transactions more freely in an increasingly challenging economy.

High Adoption of Bitcoin and Crypto in Nigeria

Nigeria has emerged as a key player in the global cryptocurrency market. According to the Chainalysis 2021 Global Crypto Adoption Index, Nigeria ranks sixth worldwide in overall cryptocurrency activity, reflecting the country’s robust engagement in both crypto transactions and peer-to-peer (P2P) trading. This high ranking highlights the increasing use of digital currencies as a financial tool in everyday life.

Further supporting this trend, a Statista report found that 32% of Nigerian respondents have either used or owned cryptocurrencies, the highest percentage among all surveyed countries. This underscores the widespread adoption of crypto in Nigeria, as more people seek alternatives to traditional financial systems due to inflation, currency devaluation, and economic instability.

In addition to these statistics, Nigeria’s government has been exploring blockchain technologies and digital currencies, including the launch of its central bank digital currency (CBDC), the eNaira. This further demonstrates the growing role of digital assets in the country’s financial landscape, with both the public and private sectors embracing crypto as part of the future of money.

Central Bank of Nigeria Crackdown on Crypto

In February 2021, the Central Bank of Nigeria (CBN) issued a directive to all banks and financial institutions, instructing them to shut down accounts involved in cryptocurrency transactions. This move effectively barred Nigerian users from purchasing Bitcoin or other cryptocurrencies using their credit or debit cards, and limited their ability to deposit or withdraw in Nigerian naira (NGN) on crypto platforms.

Despite this crackdown, the demand for Bitcoin and other cryptocurrencies in Nigeria has continued to rise. Peer-to-peer (P2P) trading has become the primary method for Nigerians to buy and sell Bitcoin, with Nigeria now ranking as the second-largest country globally for Bitcoin P2P trading, trailing only the United States. Ironically, the ban may have accelerated the growth of P2P trading, as many users turned to decentralized platforms to bypass restrictions.

While the CBN’s restrictions still limit direct interactions between crypto traders and traditional banks, the legal status of cryptocurrency in Nigeria remains in flux. Although crypto trading itself has not been made illegal, the lack of regulatory clarity creates a gray area for individual traders. However, this is changing. In December 2023, the CBN introduced new guidelines aimed at enhancing transparency and accountability in the crypto industry. These guidelines suggest that the Nigerian government is re-evaluating its stance on cryptocurrencies and could soon provide a more structured regulatory framework.

As the regulatory landscape evolves, future policies are likely to shape the way Nigerians interact with digital assets. For now, P2P trading remains a lifeline for crypto enthusiasts navigating the shifting legal environment.

How to Open a Bitcoin Account in Nigeria

To start buying Bitcoin or other cryptocurrencies in Nigeria, one of the easiest ways is to use a cryptocurrency exchange. Many of these platforms are mobile-friendly, making it simple to set up an account directly from your smartphone. In addition to exchanges, Nigerians can also use peer-to-peer (P2P) trading platforms to acquire Bitcoin. Popular P2P platforms in Nigeria include Remitano, Binance P2P, Paxful, and LocalBitcoins.

For those who prefer convenience and mobility, cryptocurrency apps can be particularly useful. However, despite the growing number of crypto apps available, only a few are fully optimized to cater to the specific needs of Nigerian users. These apps are especially valuable for traders who are frequently on the move and need quick access to their accounts via smartphones.

When selecting a cryptocurrency app, it’s important to prioritize security and ease of use. A good app should offer a secure environment for transactions, easy navigation, and support for multiple currencies, including Bitcoin.

Some of the top cryptocurrency platforms accessible in Nigeria include:

Plisio: Known for its user-friendly interface and strong security features, Plisio is gaining popularity as a reliable platform for opening Bitcoin accounts. It supports multiple cryptocurrencies and allows for seamless transactions, making it an ideal choice for beginners and experienced users alike.
Binance: One of the largest global crypto exchanges, Binance offers a robust P2P platform and a wide range of cryptocurrencies.
Coinbase: Well-known for its ease of use, Coinbase is a popular choice for both beginners and seasoned traders.
Kraken: Kraken provides a secure platform with advanced features for traders looking for more than just basic trading functionalities.
CoinMarketCap: While primarily a resource for tracking cryptocurrency prices and data, CoinMarketCap also offers a portfolio feature, allowing users to manage their assets in one place.

With these options available, opening a Bitcoin account in Nigeria has never been easier. Whether you choose a traditional exchange or a P2P platform, always ensure that your chosen service prioritizes security and supports your specific needs.

Plisio Nigeria App

Founded in 2018, Plisio has quickly become a popular and reliable platform for handling cryptocurrency transactions, offering a wide range of features tailored to both individuals and businesses. Unlike many competitors, Plisio stands out by supporting 19 different cryptocurrencies and 12 blockchains, giving users extensive flexibility when managing their digital assets.

One of the key advantages of Plisio is its no KYC (Know Your Customer) requirement, which allows users to start transacting quickly without the lengthy verification processes typical of other platforms. This feature appeals especially to those seeking faster onboarding and more privacy in their crypto dealings.

Plisio is particularly well-suited for businesses and entrepreneurs. It offers solutions for accepting payments, creating donation pages, and integrating cryptocurrency as a form of payment, making it an ideal platform for organizations looking to tap into the growing crypto market. The platform is also known for having the lowest fees among competitors, a crucial benefit for both individuals and businesses aiming to maximize profits.

In addition to these features, Plisio continuously improves its offerings by adding new and user-friendly functionalities. Whether you're a small business or a large enterprise, Plisio's flexible crypto payment gateway can adapt to your needs. Furthermore, the platform provides 24/7 customer support, ensuring that users always have help available when they need it.

As the cryptocurrency landscape in Nigeria continues to grow, Plisio’s comprehensive features, low fees, and ease of use make it an attractive choice for both new and experienced crypto users. Whether you're looking to trade, accept payments, or set up a donation page, Plisio has everything you need in one secure, highly functional platform.

Binance Nigeria App

Binance, originally launched in China in 2017, has since evolved into a fully decentralized global cryptocurrency exchange. As one of the largest and most trusted platforms for buying, selling, and trading cryptocurrencies, Binance has become a go-to option for users worldwide. For smartphone users, Binance offers a well-optimized mobile app that mirrors the full functionality of its web platform.

What sets Binance apart from many other global exchanges is its strong presence in Nigeria. The platform supports the Nigerian Naira (NGN), allowing local users to trade popular cryptocurrencies such as Bitcoin (BTC) and Tether (USDT). While direct naira deposits and withdrawals were halted due to the Central Bank of Nigeria’s 2021 crypto ban, Binance quickly adapted by introducing peer-to-peer (P2P) trading, providing Nigerian customers with an alternative way to continue trading seamlessly.

The Binance app is particularly popular among Nigerian users not only for its core trading features but also for its wide range of additional crypto services. These include decentralized finance (DeFi) tools, staking, and liquidity farming, making it a versatile platform for both beginners and advanced traders. With the app’s intuitive interface, Nigerians can manage their crypto portfolios, explore new earning opportunities, and engage in the global digital economy with ease.

As crypto adoption in Nigeria continues to grow, Binance’s commitment to providing local solutions makes it a top choice for Nigerians seeking a reliable and comprehensive cryptocurrency platform. Whether you’re looking to trade, stake, or explore DeFi, the Binance Nigeria app offers everything you need in one user-friendly package.

Luno Nigeria App

Originally founded as Bitx in 2013 and later rebranded as Luno, this platform has the distinction of being the first cryptocurrency exchange to launch in Africa. Today, Luno remains one of the most popular crypto exchanges in Nigeria, with South Africa and Nigeria being its largest markets. The platform is trusted by over 8 million users worldwide and is known for its easy-to-use interface, making it an accessible choice for both beginners and seasoned traders.

Luno offers a seamless mobile experience with its exchange and wallet app, allowing Nigerian users to sign up and start trading cryptocurrencies like Bitcoin in just a few steps. The app is equipped with advanced trading tools, making it an ideal solution for traders who need to manage their investments on the go. The Luno wallet allows users to easily store, send, or receive Bitcoin and other cryptocurrencies, making it a convenient all-in-one platform for daily crypto activities.

In addition to trading and wallet services, Luno offers a savings feature that allows Nigerian users to earn up to 4% interest on their Bitcoin and up to 7.6% on other cryptocurrencies, providing a way for users to grow their assets passively. This feature is particularly attractive in the current economic climate, where crypto provides an alternative to traditional savings methods.

As the Nigerian cryptocurrency market continues to expand, Luno’s user-friendly app and competitive savings options make it a top choice for anyone looking to engage with digital assets. Whether you're new to crypto or an experienced trader, Luno offers a secure and straightforward way to manage your cryptocurrencies in Nigeria.

Coinbase Nigeria Wallet App

Founded in 2012, Coinbase is a United States-based cryptocurrency platform that has earned a global reputation for providing a secure and easy way to buy, store, and trade cryptocurrencies. Its mobile wallet app has become one of the most popular crypto wallet options worldwide, including in Nigeria. Over 43 million customers globally have used Coinbase’s wallet services to manage their crypto holdings.

Although Coinbase Wallet is accessible in over 100 countries, including Nigeria, it's important to note that while Nigerians can use the wallet to store and transfer their cryptocurrencies, trading on the Coinbase exchange itself is not currently supported in Nigeria. This means users can manage their existing crypto assets but cannot buy or sell directly on the platform.

For Nigerian users, the Coinbase Wallet supports a wide range of cryptocurrencies, including popular ones like Bitcoin (BTC) and Ether (ETH). The number of available cryptocurrencies varies by country, but Nigerian users have access to over a dozen major digital assets.

Coinbase is known for its user-friendly interface, making it a popular choice for beginners. The platform's simplicity allows new users to manage their crypto without being overwhelmed by complex features. At the same time, more experienced traders can opt for Coinbase Pro, which offers advanced trading tools for those who require more sophisticated features. The wallet app also includes tools for monitoring market fluctuations in real time, giving users up-to-date insights on their assets' performance.

While Coinbase Wallet is available for download in Nigeria on Google Play and the App Store, the app serves as a secure wallet rather than a trading platform for Nigerian users. After downloading the app, you can easily register and start using its wallet services to safely store or send cryptocurrencies.

As Coinbase continues to expand globally, Nigerian users can still enjoy the benefits of its secure wallet while waiting for potential future support of trading services in the region.

Kraken Nigeria App

Launched in 2011, Kraken is a United States-based cryptocurrency exchange that has grown into one of the largest and most reputable platforms globally. The Kraken mobile app offers a seamless experience for Nigerian users, allowing them to easily buy, sell, store, and trade cryptocurrencies directly from their smartphones.

One of Kraken’s biggest advantages is its low transaction fees, which are among the most competitive in the market. The platform offers zero-fee deposits and provides affordable withdrawal rates, making it an attractive option for cost-conscious traders in Nigeria. Users can trade over 20 different cryptocurrencies across more than 100 global markets, giving them access to a wide variety of digital assets.

Security is a top priority for Kraken, with the platform being the first cryptocurrency exchange to pass a Proof of Reserves audit. This ensures that customer funds are securely backed, providing an added layer of trust. Kraken is also known for its transparency, with its crypto market pricing data being available through the Bloomberg Terminal—a testament to the platform’s credibility.

The Kraken app is optimized for easy trading, offering a user-friendly interface that enables Nigerians to quickly navigate the platform and manage their crypto portfolios. However, compared to some competitors, the Kraken app has certain limitations. For instance, it does not offer a standalone wallet like Coinbase, nor does it have a localized presence in Nigeria like Binance. That said, Kraken is still a strong choice for users who value security, low fees, and a straightforward trading experience.

Although Kraken may not have some of the additional services offered by other exchanges, its reputation for security and reliability makes it a solid option for Nigerians looking to trade cryptocurrencies safely and efficiently.

Should You Buy Cryptocurrency in Nigeria?

Nigeria, with its young, tech-savvy population, has emerged as one of the global leaders in cryptocurrency adoption. The country’s growing interest in digital currencies is driven by factors such as inflation, limited access to traditional banking, and the increasing availability of mobile technology. This trend shows no signs of slowing down, as more Nigerians are using cryptocurrencies for daily transactions, savings, and investments.

The global crypto landscape is also evolving rapidly. In 2021, El Salvador made Bitcoin legal tender, a move that sparked discussions about other nations potentially following suit. While no other country has taken such a significant step yet, the growing interest in cryptocurrencies across Africa and beyond suggests that regulatory frameworks may shift in the near future. For Nigerians, this means that now could be a good time to explore the world of crypto, as the opportunities and infrastructure for digital assets continue to expand.

However, it's essential to approach cryptocurrency with caution. The market is volatile, and regulatory uncertainty in Nigeria remains a challenge. The Central Bank of Nigeria (CBN) currently restricts direct crypto transactions through traditional financial institutions, although peer-to-peer (P2P) trading has become a popular alternative.

In summary, while buying cryptocurrency in Nigeria offers opportunities, it’s important to stay informed, use secure platforms, and be prepared for market fluctuations. As the crypto industry continues to mature, Nigerian users could see even more benefits from embracing digital assets in the coming years