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Nigeria is a hotspot for all things crypto, especially Bitcoin. However, the entry barrier may seem too daunting to attract even more interested individuals. Even the most essential actions – buying and selling – can be a struggle because many people don’t know where to go for reliable transactions.

But don't worry. The blog post will answer all your searches. We’ve compiled a list of the most reliable platforms you can consider for your Bitcoin adventures.

Factors to Consider When Choosing a Bitcoin Exchange in Nigeria

1. Security

This is a non-negotiable when it comes to picking a suitable exchange for you. Therefore, the only platforms you should use should have a solid security track record and offer you the option of two-factor authentication (2FA) for extra protection.

2. Fees

Fees are normal when carrying out transactions, so the right exchange fees for the most suitable exchange for you are competitive rates.

3. Liquidity

Liquidity is how easy it is to buy or sell Bitcoin on an exchange. So, naturally, you should opt for an exchange with high liquidity, as this is one of the determining factors of whether your transactions go through faster.

4. Reputation

The world of crypto is built on trust, and you should piggyback on the experiences of other crypto users to decide what exchange you should use. Therefore, be sure to check what others are saying about any exchange you’re interested in.

Top exchanges to buy Bitcoin in Nigeria

1. Luno

Luno is an exchange with a long history of operations in Nigeria. It allows users to buy Bitcoin in a user-friendly app that is well-suited to both beginners and experienced traders. The exchange has also implemented security measures to help protect its users. Its liquidity is also on the higher side, so you can expect your transactions to be as speedy as possible. You should also keep in mind that its fees may be higher than those of others in the market.

2. Binance

Binance is a global cryptocurrency exchange that is also operational in Nigeria (although all Naira-related transactions are not available). Its liquidity is relatively high as it is a globally used platform.

Its interface is not the simplest, so beginners may find this exchange challenging to use. However, experienced traders will find it easier to use, and its fees favourable as well.

Note: Due to the ongoing legal matters with the Federal Government of Nigeria, you can only use USDT or other crypto coins to buy BTC on Binance.

3. Coinbase

Coinbase is the largest crypto exchange in the world and operates in Nigeria. It is well-known for its strong security and user-friendly interface, which both newbies and pros would find convenient.

Top exchange to sell Bitcoin in Nigeria: The Breet App



The Breet app stands out from other crypto exchanges on this list because it is solely focused on selling crypto for cash or other crypto. It is a nontraditional exchange because it doesn’t offer crypto storage, but this has turned out to be a great thing. Users don’t have to worry about their funds being tampered with, and transaction speed is optimal.

Specially designed for the Nigerian (and Ghanaian) market, this service allows users to expect their funds to drop directly into their bank accounts with no stress. It also offers the most competitive rates in the market so that you can sell your Bitcoin profits at 100% value for your money.

Want to see how it works? Here’s how to sell your Bitcoin on the Breet app

1. Download and register: Whether you own an Android or iOS device, you’ll find the Breet app easily accessible on the app store. If you want a web version, there’s a convenient web app you can use.
 
2. Complete your verification: To follow the regulatory compliance, submit the required government-issued documents for quick and easy verification.

3. Time to sell BTC: Go to “Crypto-to-cash” and click on Bitcoin. Copy your auto-generated wallet address or scan the QR code to retrieve it. Paste it on the sending wallet (like any of those mentioned above).

4. Sit back and relax: Breet will detect the incoming transaction and begin to process it. You’ll be given an estimated wait time for the transaction to be confirmed on the blockchain.

5. Voila! BTC-to-Naira complete: You’ll receive your now-converted BTC in Naira which you can now send to your local bank account.

Conclusion

After considering significant factors like security, fees, liquidity, and reputation, we landed at exchanges like Luno, Binance, and Coinbase to buy your Bitcoin. We found Breet to be the most convenient, profitable, and fast way to sell Bitcoin, especially for traders in Nigeria and Ghana.

By choosing these exchanges, you can expect your buying and selling of Bitcoin to be a breeze.