By: Damian Okonkwo
There is currently a massive embrace of Cryptocurrency trading in Nigeria. This has given rise to many crypto exchanges creating their online presence in Nigeria. Most crypto exchange such as Binance has provided Peer-to-Peer trading platforms for Nigerian traders as a way of overcoming the restrictions on Crypto trading by the Central Bank of Nigeria. This work has considered the most popular crypto exchanges in Nigeria today.
What is Cryptocurrency exchange？
A cryptocurrency exchange is an online trading platform for buying and selling crypto. These crypto exchanges make it possible to swap from one coin to another and without them, it will be difficult for traders to convert their cryptocurrency into fiat currencies. Most cryptocurrency exchanges are centralized and require their users to complete an identity verification process called KYC before using their platforms.
Types of Crypto exchange
There are two main types of Crypto exchange. They are Centralized and Decentralized exchanges.
A. Centralized exchange: The centralized exchange is a well-regulated cryptocurrency exchange that requires users to complete an identity verification process known as KYC, before using their platforms. This means; the users are registered and known to the owners of the platform. This helps to enhance the security of the users on the platform especially while using the P2P exchange option. Examples of Centralized exchanges are: Binance, Kucoin, Kraken, etc.
B. Decentralized Exchange: This type of exchange helps to hide the trader's identity; making cryptocurrency trading, a faceless enterprise. Often this type of cryptocurrency exchange bears high risk to the trader as both the founder and users of the platform are unknown to each other. There is usually no customer service representative to report to, in cases of failed transactions and fraudulent practices. Examples of Decentralized Exchanges are: Trust wallet, Safepal, etc.
List of Ten most popular crypto exchanges in Nigeria today
· Binance
· Kucoin
· Latoken
· Gemini
· Remitano
· Paxful
· Kraken
· LocalBitcoins
· Changelly
· SenexPay