CRYPTOCURRENCY APPS IN NIGERIA: Africa’s usage of cryptocurrency continually grows on a daily basis, with Nigerians being the biggest users at the top of the list. According to coinbase at the time of writing this article, the current price of Bitcoin is NGN 9,506,651.63 per BTC. With a circulating supply of 19,263,793 BTC, it means that Bitcoin has a total market cap of NGN 183,155,168,500,397.28.
The amount of Bitcoin traded has fallen by NGN 1,484,406,823,055.13 in the last 24 hours, which is a 13.91% decrease. In 2021, Nigerians traded a whooping approximate of $765M worth of cryptocurrency on Paxful alone, with an average of 16,000 trades per day.
CRYPTOCURRENCY APPS IN NIGERIA
Now, since Nigerians trade this large amount of cryptocurrency there must be applications and sites they use on a daily basis for this. We would be looking at 5 of the most popular applications and site Nigerians use daily for cryptocurrency trading.
BINANCE: Founded officially in 2017 by Changpen Zao and Yi He. It is no surprise this comes in at the top of this list, from a wide range of services to great benefits to it’s users, amazing user interface, etc. It is available both on PC and for Mobile devices, and also a web platform users can use to carry out their trades.
It is positioned as the 6th most visited cryptocurrency web trading platform in the world with over 66.6 million visits per month and has over 50M+ downloads on the google play store and almost an equivalent on iOS store. Binance gives you the opportunity to trade cryptocurrency in a safe and secure environment, it is a powerful platform with a very large listing of various cryptocurrencies, including their native $BNB. Binance also offers many other crypto services like P2P trading, savings, investment, staking, debit card, NFT trading, they also conduct giveaways, margin trading …etc.
PAXFUL: Around 2014, Ray Youssef and Artur Schaback came together to provide users with a p2p payment gateway for bitcoin merchants, now it accommodates various cryptocurrencies. Their website paxful.com receives approximately 2.9M visits per month by traders. Their mobile application is not as popular as they would want it to be, as most of their users are very very familiar and comfortable with their web-based platform. Paxful provides a lot of verified merchants that you can easily place trades with, they also allow merchants set their own rates within the accepted range, provide secure escrow services until trades are successfully completed, and provide users with a safe and secure wallet to keep their coins.
DARTAFRICA: Although an entire web base platform for Nigerians and Ghanaians for now, DartAfrica brings an entirely new meaning to “ease” when it comes to trading cryptocurrencies, with all the regulations brought about on cryptocurrency trading on Nigerian users. DartAfrica allows it’s thousands of daily users to securely specify an amount of cryptocurrency they want to trade without having to create a wallet with them first. All this is done instantly at mouth-watering rates, and users get paid directly into their local bank account. Their founders are yet to put a face to the brand, but it is no surprise users are still flocking to get their trades done there.
KUCOIN: All the way from the Republic of Seychelles, KuCoin is a cryptocurrency exchange founded by Johnny Lyu in 2017, to provide users with a simple and straightforward platform for trading cryptocurrencies. They have a telegram community for their users, making them the renowned “people’s exchange”. KuCoin supports a wide range of cryptocurrencies and charges next to nothing for their trading fees. They also provide android and iOS applications for users to easily place trades while on the go. Nigerians make use of the p2p service offered by KuCoin, they also trade future, staking, NFTs, amongst many other services.
QUIDAX: The cryptocurrency exchange Quidax is situated in Nigeria and provides a variety of features and services. Quidax provides users with the ability to purchase, sell, and trade Bitcoin and other cryptocurrencies as well as margin trading, a referral program, and a rewards program. You can easily access your account on the move thanks to its mobile app, which is accessible on both iOS and Android.
Whatever it is you may want to use cryptocurrency for; trading, staking, converting to other coins, exchanging for fiat, etc. there is already an easy way for you to do all. There are applications that provide singular services and do so very well, and there are applications that provide a host of services and also do their jobs very well, the goal is to be comfortable, and feel secure with each trade.