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If you’re looking for a guide on a perfect and safe place to trade (buy and sell) cryptocurrencies then you’re on the right page.
In this article, I’ll be answering your question and relieving you of the stress of searching further.
Bitcoin and other cryptocurrencies have been widely adopted for trade both on exchange platforms and physical platforms like stores.
Because of the high volatility in the use of Bitcoin and other cryptocurrencies, a lot of exchange platforms have been established for the buying and selling of Bitcoin and other cryptocurrencies.
However, this makes the hunt for a cryptocurrency marketplace difficult.
For instance, some of these platforms are used for fraudulent activity, after paying or buying, you won’t be credited the paid Bitcoin or cryptocurrencies.
Some platforms are genuine in their trading activity but their charges and commission are too much. After buying and trading, the worth of cryptocurrency and Bitcoin that will be credited to your wallet will be too small.
This article aims at directing you to the perfect place to buy Bitcoin and cryptocurrencies so you will not run into any issues.
Without delay let’s just get started from Coinbase.
Since this is a quiet lengthy article, we have added a table of contents for easier navigation.
- 1. Coinbase
- 2. Binance
- 3. Kraken
- 4. eToro
- 5. Luno
- 6. Coinmama
- 7. Blockfi
- 8. Bisq
- 9. Kucoin
- 10. Quidax
- 11. Bitpanda
- 12. Cex
- 13. Local Bitcoin
- 14. Coinburp
- How to Buy and Sell Bitcoins and other Cryptocurrencies
- How to trade Bitcoin and other cryptocurrencies in Nigeria
- Final Verdict – Best Places to Buy and Sell Cryptocurrencies
Coinbase is a popular platform for buying and selling Bitcoin and other cryptocurrencies. Coinbase supports almost all the available cryptocurrencies.
It was founded in the year 2012, July 20th by Armstrong Brian and Fred Ehrsam. The major idea of creating this platform was to ease the stress of looking for a means to buy and sell cryptocurrencies.
But presently, it has extended from being just an exchange platform to also have a crypto wallet.
Presently, this Bitcoin and cryptocurrencies exchange platform has over 33,000,000 users. It is one of the most widely used exchange platforms for buying and selling cryptocurrencies.
Coinbase supports almost all the available cryptocurrencies starting from Bitcoin to Altcoins and also supports almost all the country except Nigeria.
Recently they updated their policy to exclude Nigeria from their support list because of the restriction by the Central Bank of Nigeria prohibiting Nigerian Banks from offering their banking platforms to Bitcoin and other cryptocurrencies traders.
Binance is one of the largest trading platforms now in 2021 because of its low charges and support policy.
Binance is a Bitcoin and cryptocurrencies exchange platform aimed at simplifying the task of buying and selling cryptocurrencies.
It was launched in 2017 July by Changpeng Zhao when he left Okcoin. He started the platform with an initial capital of $15 million gotten from fundraising during an initial coin offering.
Binance makes it easy for you to know when to buy and sell because it offers you an overview of the recent market price of all the cryptocurrencies it supports.
It does this in the form of a technical analysis chart (for pro traders) by showing the price movement of the cryptocurrency you want to trade (buy or sell) either in weeks, days, months, and even minutes and seconds.
It also shows you the price change in percentage. This is for people who aren’t traders but which to buy or sell.
Binance offers you a wallet when you sign up. This wallet holds your coin for trading (buying or selling).
In terms of security, Binance is not totally safe because in the year 2019, May 7th, it was hacked and over $40 million worth of Bitcoin was stolen.
Unlike other Crypto exchange platforms whose policy no longer supports Nigeria, Binance has a peer trading that makes it easy to trade (buy and sell) and withdraw directly to your local bank account.
Kraken is another great platform for buying and selling cryptocurrencies. Though not popular but has over 5-star reviews from its current users.
It is a San Francisco-based company and was established in the year 2011 but officially started operation in 2013. It is owned by a registered establishment – Payward Inc managed by co-founder Jesse Powell.
Kraken was initially established for only just the trading of Bitcoin. But over the years with the evolution and value-added to other cryptocurrencies, it now supports 17 different Altcoins in addition to Bitcoin.
Kraken has been reviewed to be completely safe as there is no record of hacking or misplacement of coins.
But it is known for its high charge fees but in exchange and withdrawal.
From the onset even before the ban on a cryptocurrency exchange in Nigeria, its policy has never supported Nigeria.
eToro is a cryptocurrency platform operating on two different purposes – Trading and investing.
It was established in the year 2006 in Tel Aviv Israel by Yoni Assia, Ronem Assia, and David Ring for the purpose of investment.
eToro served as a broker for investment. Along the line, lots of people started giving bad reviews of losing their money to this investment platform so they added cryptocurrency exchange to help build the company.
Presently, eToro is recognized as a cryptocurrency exchange platform with a low standard record in the exchange aspect.
It charges $5 on every successful withdrawal on the platform and zero dollar fee for investing.
It is being regulated by FCA, CYSEC, and ASIC so it is safe for both trading (buying and selling) and investing.
From the onset till date, their policy doesn’t support Nigeria but there are promises from them that in the nearest future, Nigeria will be welcomed with arms opened wide.
Luno is a digital platform for buying and selling cryptocurrency, storing cryptocurrency, and easy means of paying for services.
Luno (initially known as BitX) was founded in the year 2013 by Marcus Swanepoel, Timothy Swanex, Carel Van Wyk, and Francisco Paul.
The initial purpose of Luno was to make it a crypto wallet for storing cryptocurrencies because it is completely safe.
But in the long run, it added trading (buying and selling) features for Bitcoin and cryptocurrency. Trading with Luno is strictly at your own risk because it is not completely legalized to trade by any jurisdiction.
In terms of service fees, it offers a flat rate for certain withdrawals and at times $0.
Luno policy used to support Nigeria until CBN’s new ban on cryptocurrencies.
Right now, there are two main ways of using Luno.
- The first is to continue your activity with Luno and don’t worry about withdrawing until CBN revokes its ban.
- The second means is to fund your Luno wallet from another external wallet and also withdraw by sending your coins to any external wallet.
Coinmama is among the list of crypto platforms that changed its initial form to suit the current trend in the world of cryptocurrency.
It was founded by Nimrod Gruber in the year 2013 with the mindset of simplifying the way people buy Bitcoin only.
This was because when the company was being raised, Bitcoin was top and leading in the cryptocurrency market.
Recently, they have included exchanges for other top Altcoins to diversify their reach and catch up with the current trend in the crypto market.
Trading with this platform is risky because they don’t have any wallet for traders. You make purchases and buy coins directly with your crypto wallet on this platform.
With this system of operation, you stand the risk of either getting your wallet hacked or writing your wallet address wrongly.
Before now, Coinmama did not allow Nigeria to buy crypto directly but through a third-party means that they provided.
But currently, because of the ban by CBN, Nigeria is now on the restricted policy on Coinmama.
Blockfi is not a platform to actually buy cryptocurrency because it doesn’t deal in selling cryptocurrencies. Though at times they decide to sell the generated Bitcoin and cryptocurrencies.
This platform was established in the year 2017 by Zac Prince and Flori Marquez and is located in New York.
Blockfi is a digital investing platform for investing in Bitcoin and cryptocurrency. It was not established for the selling and buying of cryptocurrency.
Though the company can decide to sell off most of its generated Bitcoin and other cryptocurrencies at a cheaper rate.
In terms of security, it wouldn’t be wise to say that this platform is 100% secured because it was once hacked even though the CEO claims there was no stolen fund.
Either for the purpose of trading (buying and selling) or investing, this platform doesn’t support Nigeria.
Bisq is a desktop means of local Bitcoin trading. It is a peer-to-peer means of trading supported by the community.
This platform was founded by Bisq Application for the purpose of fostering communication amongst peers.
To be able to trade with Bisq, you need to install the software and run it locally on your laptop only.
This platform offers you a local wallet address for trading (buying and selling) that is not safe because it has no regulations guarding the trade and no strong security.
Before you go on trading, you’ll have to deposit money into your wallet or transfer coins from another wallet.
This type of trading offered by this company is only available for peers in the same community.
Unfortunately, the policy of Bisq doesn’t support Nigeria as there’s no Bisq community in Nigeria.
Among the ever elongating list of cryptocurrency exchange platforms, Kucoin happens to be recognized as one of the best.
Kucoin was founded on September 15, 2017, by Michael Gan, Eric Don, Top Lan, Kuet Li, John Lee, Jack Zhu, and Linda Lin.
From the onset, Kucoin has been a great platform supporting the trade (buying and selling) of Bitcoin and fast-growing Altcoins like Tron (TRX) and Ripple (XRP).
This platform offers you an instant and safe wallet whenever you want to trade or make an exchange.
From the records, this platform is one of the best because it has never been hacked and there have been no recorded cases of fraudulent activities.
The only challenge you might face using this platform is their high charge. They charge over 3% of your coin whenever you’re buying or withdrawing.
Kucoin policy used to support Nigerians until the ban by CBN.
Quidax is an exchange platform whose aim Is to Bridge the gap between Nigeria and cryptocurrency.
Quidax was established in 2017 by a Nigerian by the name Bauchi Okoro. It was established with the intention of making cryptocurrencies available for Nigerians to trade in Naira.
Though this platform is not yet popular and used by almost all traders in Nigeria, the reviews from those already trading with this platform suggest that this platform is genuine and safe.
Quidax has its own customized, secured and easy-to-use wallet that it offers to all its traders.
It is secured to date and has zero record of ever being hacked, mishandled coins, or disrupted in the working process.
Before now Quidax was available to all Nigerians as it’s the main motive of establishing the platform. But due to the recent ban on cryptocurrencies In Nigeria, no transactions involving Nigeria are accepted in Quidax.
Bitpanda is an Australian-based cryptocurrency exchange Platform. Bitpanda offers two types of Trading.
It was founded by Eric Demuth in the year 2014 to facilitate the buying and selling of cryptocurrency.
Bitpanda offers two types of trading – Newbies Trading and Bitpanda Pro trading.
The newbies trading experience can be best described as an exchange where you directly buy and sell with the platform and its available funds.
You don’t need to have any prior experience in trading to be able to use this type of trading.
In Bitpanda Pro trading, you are expected to trade with peers. You offer your coin to be sold at a certain amount and if the amount is accepted by another trader, he’ll buy your coin.
This form of trading requires you to be able to trade like a professional so you don’t end up losing all your coins.
Bitpanda has its own wallet for trading disregarding the form of trading you wish to engage in. It has been recognized as one of the most secure Bitcoin exchange platforms. Even before the ban by CBN, Its policy did not support the traders from Nigeria.
Cex unlike most crypto exchange platforms is a multifunctional platform that supports exchange between Fiat, coins, and stocks.
Cex was founded in the year 2013 by Oleksandr Lutskevych for the sole purpose of making exchange simplified for both beginners and advanced traders.
Cex has a trading option and interface that makes trading easy for newbies. It also has a sophisticated and complex interface for advanced trading.
This platform supports deposits from almost all the available types of currencies. You can as well decide to fund your trading directly from an external wallet.
Just like deposits for trading, withdrawal is also possible in different currencies and different means. You can decide to get your withdrawal in the form of coins, Fiat or gift card.
Cex has its own customized and safe wallet for easy trading and storing of trading assets and profits.
This platform is fully safe and regulated for trading.
13. Local Bitcoin
LocalBitcoin is a leading platform for peer-to-peer trading where you trade locally in the presence of an escrow. The platform serves as an escrow and gives you the opportunity to trade with your peers in your local currency.
LocalBitcoin was founded in June 2012 by Jeremias Kangas with the motive of making exchange possible for everyone who wishes to trade in any country. It has over 110,000 active traders and a volume of 1,400 – 3,000 Bitcoin is traded daily on the platform.
This platform has its own personalized website for trading and charges a small amount when you deposit on the wallet or deposit to the wallet.
This platform is completely regulated and hence it’s completely safe coupled with the fact that there have been no negative reviews from people using this platform.
LocalBitcoin supports Nigeria as it’s a P2P means of trading. Even with the current ban by CBN trading on this platform is still supposed for Nigerians.
Coinburp is actually a growing cryptocurrency exchange Platform situated in London. This platform was founded by Peter Wood in 2015 with the vision of making trading easy for newbies.
Peter felt new traders find it difficult
to trade because the available trading Platforms are complicated and comprehensive for professional traders. So he decided to establish this platform with his focus placed on the simplicity of the trading interface.
At the moment trading with this platform will be very risky and impossible because it’s a local trading Platform functioning in London.
It has no wallet and it’s not completely safe.
This platform does not support any other country except London for now.
Though they promise to extend the coverage to other countries including Nigeria once they go international.
How to Buy and Sell Bitcoins and other Cryptocurrencies
Buying and selling of Bitcoin put together makes up the exchange or trading of Bitcoin and other Cryptocurrencies.
Trading as a newbie can be very risky because you can end up losing your coins to fraud platforms or incurring a loss.
To avoid trading in fraud and scam platforms, I’ve been able to analyze some of the major exchange platforms giving you a basic overview of each. All you need do is to go through and decide on which suits you.
Whether you’re interested in selling and buying crypto for just the purpose of exchange and no intention of making a profit, or your intention of becoming a trader is to make a profit, you definitely need to follow certain guidelines.
The below tips will help you trade like a professional.
- The first step is to decide on the coin you want to trade with. Know your coin, make research on the coin and understand how the price moves before deciding to trade with it. You ought to have a comprehensive knowledge of your choice of coin.
2. The second step is to choose the platform you want to trade with. You need to understand the platform you choose. You ought to have sound knowledge of the trading, withdrawal, and deposit process of that platform.
3. The third step is to buy when it’s cheap and sell when it’s expensive. There are two means for determining when to sell and buy Bitcoin and other Altcoins – Percentage display and chart calculation.
The percentage display is very common and it’s available in almost all the crypto exchange platforms. It shows you in percentage how much the price of a particular coin has risen or fallen in price.
The rise is indicated with a positive or plus sign and the fall is indicated with a negative or minus sign
The other means of determining when to buy and sell is by reading charts.
These charts are available in platforms that offer advanced trading and peer-to-peer trading. This helps in determining the change in price given a specified duration of time.
While reading the chart, you must watch the candlesticks, if it’s green, it indicates a rise in Price, if read a fall in price.
Certain indicators like MACD and RSI can be employed to aid the reading of the chart.
How to trade Bitcoin and other cryptocurrencies in Nigeria
Trading was a lot easier than it is now because of the ban by CBN stopping banks from facilitating Bitcoin and Cryptocurrency trading through their platforms.
Disregarding that, there are ways to still trade in Nigeria. The first means is to trade with a platform that supports P2P means of trading. Trading platforms like Binance will be the perfect option here.
The second means is to continue trading with your favorite platform. Once you decide to withdraw, you either sell the coins locally or send them to an external wallet.
Final Verdict – Best Places to Buy and Sell Cryptocurrencies
Before you decide to trade on any platform, you ought to critically analyze each platform if you can flow well with their mode of operation especially now that CBN has banned cryptocurrency trading for Banks in Nigeria.
I strongly believe that with the laid down guide, you’ll be able to make a wise decision.
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