6 Best Crypto Farming Pairs in Nigeria
The 6 Best Crypto Farming Pairs in Nigeria revealed. We tested and verified the best Crypto Farming Pairs for Nigerian Traders.
This is a complete list of Crypto Farming Pairs in Nigeria.
In this in-depth guide you’ll learn:
- What is a Crypto Farming Pair?
- What is compound yield farming?
- Our recommended EIGHT Crypto Farming Pairs for Nigerian Beginner Traders?
- How to compare Crypto Farming Pairs against each other?
- How and can I trade Bitcoin with $5 (2 096 NGN)?
- Which brokers offer a signup bonus on a $5 (2 096 NGN) deposit?
And lots more…
So if you’re ready to go “all in” with the best-tested Crypto Farming Pairs in Nigeria…
Let’s dive right in…
- Louis Schoeman
6 Best Crypto Farming Pairs in Nigeria (2023)
- Venus – Overall, the Best Crypto Farming Pair Broker
- Curve Finance – Top Proprietary Software for Crypto Farming
- SushiSwap – Best Crypto Assets for Crypto Farming
- Synthetix – Top Ethereum Eco System
- Yearn – Best Crypto Broker for Beginner Traders
- Flamingo Finance (Flamincome) – Top Broker for Experienced Crypto Traders
How do Yield Farming Pairs work?
👉 The liquidity pool must be augmented with two coins when yield farming by giving liquidity to a decentralized exchange. These are referred to as yield farming pairs, and liquidity pools employ them so users can exchange one cryptocurrency for another.
What is Yield Farming in Crypto?
👉 You may envisage Yield Farmers as agricultural tycoons who rent out fields and wait for the crops’ value to increase as demand for them increases. In a sense, yield farming resembles any other investment: purchasing assets, waiting for their value to rise, and collecting income along the way.
👉 Unlike regular bank deposits, however, yield farming utilizes smart contract technology. Simply defined, yield farming is a method for generating passive income from bitcoin assets.
👉 It includes cryptocurrency investors placing tokens and currencies in decentralized apps, or DApps. These applications may consist of crypto wallets and decentralized exchanges (DEXs).
👉 The investors who stake or lock up their money are called liquidity providers. They are motivated by factors such as a proportion of transaction fees, interest, or revenue in governance tokens. Annual percentage yield (APY) is the statistic used to quantify all their prospective returns.
👉 The greater the number of liquidity providers in a liquidity pool (a location where yield farmers lock up their assets), the lower the returns for each investment.
1. Venus
Protocol TVL
👉 The Total Value Locked in Venus is $2,327,906,556.90.
Protocol Overview
👉 Venus is also among the highest-yielding farming pools on the Binance Smart Chain. In addition, it is a well-known algorithmic financial market that permits decentralized borrowing and lending.
👉 The website lets users deposit cryptocurrencies such as ETH, BNB, and stablecoins to earn significant returns. In addition, Venus delivers a user-friendly and straightforward asset borrowing and lending solution. It enables users to borrow crypto in exchange for specific collaterals.
👉 In addition, customers may lend assets to generate returns. As a result, low-cost and quick transactions are two of the platform’s most notable characteristics.
👉 In addition, it provides a vast liquidity pool and wrapped tokens. It enables customers to borrow assets using their collateral. The Venus protocol is unique in allowing users to mint synthetic currency with over-collateralized locations to participate in the platform’s financial goods.
👉 In addition, the site allows users to receive various incentives, which is a further enticing aspect. As a result, the platform has been rapidly growing and becoming one of the top protocols on the market since its introduction in 2020.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| vBTC-BTCB Lending | vBTC-BTCB | $726m | 31.19% | None | • Yearly: 0.62% • Daily: 0.00% |
| vUSDT-USDT Lending | vUSDT-USDT | $388m | 16.67% | None | • Yearly: 1.59% • Daily: 0.00% |
| vETH-ETH lending | vETH-ETH | $364m | 15.68% | None | • Yearly: 0.75% • Daily: 0.00% |
| vBNB-BNB Lending | vBNB-BNB | $252m | 10.83% | None | • Yearly: 5.72% • Daily: 0.02% |
| vBUSD-BUSD lending | vBUSD-BUSD | $238m | 10.24% | None | • Yearly: 1.86% • Daily: 0.01% |
| vUSDC-USDC lending | vUSDC-USDC | $126m | 5.44% | None | • Yearly: 2.22% • Daily: 0.01% |
| vSXP-SXP lending | vSXP-SXP | $64m | 2.78% | None | • Yearly: 0.16% • Daily: 0.00% |
| VAI Mint Lending | VAI | $55m | 2.39% | None | • Yearly: 14.42% • Daily: 0.04% |
2. Curve Finance
Protocol TVL
👉 Curve Finance currently has a TVL of $1,854,776,987.44.
Protocol Overview
👉 Michael Egorov, the creator of Curve Finance, experimented with Bitcoin in 2013. He entered DeFi in 2018 via MakerDAO. The following year, he attended Uniswap but discovered that there was much more space for development.
👉 Therefore, he created a proprietary DEX called StableSwap and released a whitepaper in November 2019, and he changed the company’s name to Curve Finance in 2020.
👉 Curve Finance, often known as the “backbone of DeFi,” is a decentralized trading exchange specializing in liquidity pools for exchanging similar-valued assets.
👉 This contains the most stablecoin pairings and cryptocurrencies with staked derivatives, such as ETH and stETH. In addition, Curve allows any user to start a market and earn trading fees on token swaps.
👉 Because many DeFi protocols rely on Curve Finance for liquidity, it is known by this name. The Factory is where liquidity pools may be created in CRV. Even if the interface is simple, i.e., fill-in-the-blanks style, you would need to know what you are doing before filling out the form.
👉 Pool operators want plenty of liquidity in the pools they set up, and the method to do this is to provide some form of incentive, much like strolling along a street lined with bars, with each establishment shouting about the free drinks they offer.
👉 Curve features a system known as the gauge weight that enables pool managers to entice clients. This gauge allows CRV token holders to vote on which pool(s) should get how much more CRV rewards.
👉 The biweekly vote is accessible to all token holders with a locked CRV. Therefore, the installation of the gauge needs at least 2500 veCRV tokens.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| renBTC | renBTC-wBTC | $517m | 27.90% | Low | • Yearly: 1.76% • Daily: 0.00% |
| hBTC | hBTC-wBTC | $480m | 25.88% | Low | • Yearly: 6.83% • Daily: 0.02% |
| sBTC | renBTC-wBTC-sBTC | $425m | 22.92% | Low | • Yearly: 2.11% • Daily: 0.01% |
| sUSD | DAI-USDC-USDT-sUSD | $199m | 10.75% | Low | • Yearly: 14.67% • Daily: 0.04% |
| Compound | DAI-USDC | $142m | 7.71% | Low | • Yearly: 11.33% • Daily: 0.03% |
| bUSD | DAI-USDC-USDT-BUSD | $89m | 4.83% | Low | • Yearly: 7.25% • Daily: 0.02% |
3. SushiSwap
Protocol TVL
👉 The TVL for SushiSwap currently is $466,433,728.25.
Protocol Overview
👉 SushiSwap is among the Ethereum blockchain-based decentralized exchanges (DEXs). It incentivizes its network users to engage more by providing opportunities for income sharing.
👉 The DeFi project offered several control methods for its user community. In addition, many components of DeFi are
👉 Its automated market maker automatically uses smart contracts to trade between two crypto assets. The relevance of AMM on SushiSwap is that there would be no liquidity difficulties on the site.
👉 It can employ liquidity pool techniques to get the liquidity required on any DEX. However, if you want to utilize SushiSwap, you must first obtain a small quantity of ETH. This is the first phase, and you must use the fiat on-ramp to do it efficiently.
👉 All required is registration on a centralized exchange that supports fiat currencies. Then, submit the essential information and identification.
👉 After registration, deposit some fiat dollars into your account. Then, convert the fiat currency to ETH. You may then utilize SushiSwap once this is complete.
👉 On the SushiSwap platform, the first step is to pick a liquidity pool, which may take some study into crypto assets. SushiSwap does not demand that projects undergo a vetting procedure. Therefore, it is usually prudent to do one’s own investigation to prevent fake enterprises or swindles.
👉 After selecting a project, use the ‘connect to wallet’ option on the SushiSwap screen to attach a wallet that accepts ERC-20 tokens. This step will facilitate the connection procedure.
👉 Once the wallet has been connected, add your assets to your desired liquidity pool. After staking the tokens, you will obtain SLP tokens as prizes. You may also utilize your permits for yield farming as their value rises with the liquidity pools.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| Circle Snail | USDT-ETH | $206m | 44.18% | High | • Yearly: 3.95% • Daily: 0.01% |
| Tether Turtle | USDT-ETH | $74m | 15.90% | High | • Yearly: 11.71% • Daily: 0.03% |
| Sushi Party! | SUSHI-ETH | $67m | 14.45% | High | • Yearly: 4.24% • Daily: 0.01% |
| Donald DAI | DAI-ETH | $45m | 9.71% | High | • Yearly: 1.72% • Daily: 0.00% |
| Compound Truffle | YFI-ETH | $17m | 3.76% | High | • Yearly: 1.35% • Daily: 0.00% |
| YFI Whale | YFI-ETH | $15m | 3.42% | High | • Yearly:17.73% • Daily: 0.05% |
| CRV Crocodile | CRV-ETH | $11m | 2.43% | High | • Yearly: 2.38% • Daily: 0.01% |
| Toadie Marine | LINK-ETH | $10m | 2.32% | High | • Yearly: 3.22% • Daily: 0.01% |
| REN Rhino | ren-ETH | $10m | 2.22% | High | • Yearly: 1.25% • Daily: 0.00% |
4. Synthetix
Protocol TVL
👉 The TVL for Synthetix is $192,146,030.16.
Protocol Overview
👉 Synthetix began as a stablecoin called Havven in 2018 and has since developed into one of the most prominent derivatives projects in the Ethereum ecosystem.
👉 Synthetix is a derivatives liquidity protocol that enables the decentralized and permissionless trading of “synths” or synthetic assets.
👉 Synths let traders profit from exposure to assets without directly owning such assets. Today, some of the most popular synthesizers from Synthetix are its currency synths, such as sUSD and sEUR.
👉 Synthetix is also a DeFi pioneer known for introducing yield farming in 2019 and being one of the first big DeFi projects to use Optimism, the layer-two (L2) scaling solution, in 2021.
👉 Additionally, the Synthetix community has nurtured a few other DeFi protocols, and the Synthetix ecosystem is now home to a handful of DApps.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| Curve sUSD | sUSD | $192b | 100% | None | • Yearly: 4.12% • Daily: 0.01% |
5. Yearn
Protocol TVL
👉 The current TVL on Yearn Finance is $1,860,235.
Protocol Overview
👉 Yearn.finance is among the most prominent lending protocols in the DeFi domain. Yearn.finance is a DeFi protocol that provides among the best yearly percentage returns compared to other DeFi protocols.
👉 The protocol lets users directly deposit funds into liquidity pools and earn interest. The maintenance charge for the vault (cryptocurrency-based software wallet) is 2% each year.
👉 Yearn.finance may be regarded as a platform with excellent security standards, and only YFI holders manage it, making it an autonomous platform. This means that the financial community will monitor the protocol (where one token has one vote).
👉 Yearn.finance also provides simple and efficient methods for liquidating money. In addition, the protocol serves as an intermediary between lenders and borrowers while offering services such as vaults (software wallets).
👉 Multiple platforms and exchanges offer finance on Yearn.finance, and users may choose platforms appropriate to their areas. Yearn.finance charges a nominal fee for the numerous services and features it provides.
👉 Yearn.finance is a community-governed environment comparable to this year’s events; if the YFI token holders agree, the token supply may be raised. This might be seen as a signal to pay close attention to the valued token YFI.
👉 The platform’s offerings include cryptocurrency investments, instant loans, and the exchange of digital assets. Using YFI tokens, users may participate in voting and influence the protocol’s destiny. Zap is one of the most user-friendly services offered by Yearn.finance.
👉 Through Zap, consumers can “zap” money into and out of curve pools, therefore saving on transaction costs.
👉 Registered users may also check their dashboards and assets’ values inside the site. Earning bitcoin is also a straightforward process on the site. By joining the liquidity pool, the assets become eligible for rewards depending on the market’s demand and supply.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| aLINK Vault | aLINK | $1.8m | 100% | None | • Yearly: 0.07% • Daily: 0.00% |
6. Flamingo Finance (Flamincome)
Protocol TVL
👉 The overall TVL for Flamincome is $102,436,324.81.
Protocol Overview
👉 Flamingo Finance intends to provide everything a DeFi user needs with a single swipe. Additionally, the project is constructed on the NEO blockchain, allowing it to avoid the prohibitive cost and congestion of Ethereum.
👉 Flamingo is an interoperable, full-stack DeFi technology powered by the NEO blockchain. The network’s operations are separated into several components to facilitate the platform’s operation.
👉 Currently, the system enables access through the NeoLine wallet for NEO assets, the Metamask wallet for holders of Ether (ETH), and the Cyano plugin wallet for holders of ONT tokens.
👉 The components of Flamingo Finance are as follows:
➡️ The Swap function manages autonomous market making on the blockchain. The module provides liquidity by interacting with wrapped tokens on the parent network. Uniswap, a major DeFi platform, is the inspiration for its automated market-making strategy. Liquidity Providers (LPs) converge on a pool by delivering NEP-5-compliant tokens.
➡️ Flamingo uses the wrapper component to facilitate the inter-chain interaction of blockchain assets. Wrapper is compatible with Bitcoin, Ethereum, NEO, and Ontology, allowing tokens from these platforms to be “wrapped” by being converted to NEP-5 tokens and used on the NEO network.
➡️ The Vault module offers a graphical user interface for managing, mining, and staking assets. Additionally, it manages the distribution of collateralized stablecoins. Vault staking is rewarded with FLM, the platform’s native coin (more on the token later).
➡️ Perp is derived from the term perpetual and is intended for contracts having an indefinite duration. A variety of assets are transacted on a perpetual contract exchange powered by autonomous market-making. The exchange offers up to 10X leverage for both long and short trades.
➡️ Flamingo uses DAO to maximize community participation in platform management. DAO concerns include token economics, feature modifications, and parameter tweaking.
Liquidity Pool and Pairs
| 📊 Pool | 🔄 Pair | 💰 TVL | 💵 TVL % Total | ☑️ Impermanent Loss | 📈 APY Daily/Yearly |
| WBTC VAULT | WBTC | $47m | 46.03% | None | • Yearly: 3.93% • Daily: 0.01% |
| USDT VAULT | USDT | $33m | 32.27% | None | • Yearly: 3.47% • Daily: 0.01% |
| WETH VAULT | WETH | $22m | 21.70% | None | • Yearly: 0.33% • Daily: 0.00% |
Crypto Yield Farming Metrics to Consider
👉 When you begin exploring DeFi protocols, you may encounter unfamiliar acronyms. Here are the three most prevalent.
Total Value Locked (TVL)
👉 TVL, also known as the total value locked, refers to the amount of crypto locked in a specific protocol. Typically stated in US dollars, it represents the total amount of monies presently deposited by users on the DeFi network.
Annual Percentage Yield or APY
👉 The annual percentage yield (APY) is the projected rate of return on a specific investment for one year.
Annual Percentage Rate or APR
👉 The annual percentage rate, or APR, is the anticipated rate of return on a specific investment over one year. It does not incorporate compound interest, unlike APY.
Pros and Cons of Crypto Yield Farming
Pros
➡️ Decentralized Yield farming ensures that it is accessible to everybody, that all operations remain public, and that it does not rely on the beliefs of the individuals involved.
➡️ Due to the widespread popularity and usefulness of yield farming, several apps and exchanges enable you to participate in the process.
➡️ It is simple to get started with yield farming. You just need to own cryptocurrencies and have a wallet that supports them.
Cons
➡️ Due to the many hazards inherent in yield farming, results might be unpredictable.
➡️ Profitable strategies might be difficult to identify.
👉 If the yield farming method is based on a blockchain network like Ethereum with significant gas prices connected with each transaction, farmers will earn less compensation. Unfortunately, this is the case because gas must be paid for with each transaction.
Types of Yield Farming for Nigerians
Staking
👉 There are two types of staking in the DeFi universe. First, on proof-of-stake blockchains, users are compensated with interest for pledging their tokens to the network to guarantee security. The second step is to stake LP tokens gained by providing liquidity to a DEX.
👉 This lets Nigerian users earn yield twice since they are compensated in LP tokens for providing liquidity, which they can then stake to gain more interest.
Lending
👉 Through a smart contract, coin or token holders could easily lend crypto to borrowers and receive interest on the loan.
Liquidity Provider
👉 Users deposit two currencies to a DEX to facilitate trading. Exchanges charge the cost to switch two tokens and pay liquidity providers. Sometimes, this charge might be paid in new liquidity pool (LP) tokens.
Borrowing
👉 Farmers can use a token as security and borrow another token. Users could then use the borrowed coins to cultivate yield. In this manner, the farmer retains their original holding, which might rise in value over time, while also receiving a return on their borrowed money.
Risks Involved with Crypto Yield Farming
👉 The complex yield farming process exposes borrowers and lenders to financial risk. In addition, when markets are unstable, consumers are more susceptible to momentary losses and price fluctuations. The following are some concerns related to yield farming.
Issues with Smart Contracts
👉 Even though smart contracts are a highly secure technology, hacking is still quite prevalent. As they form the basis of all yield farming, it is only reasonable that any problems with them would put the investments of yield farmers at risk.
👉 This cannot be minimized since even investing in the most dependable and widespread liquidity pools may not protect you from the possibility of smart contract attacks.
👉 However, it is still an innovative idea to investigate any platform before using it since doing so may protect you from theft. And if you are unable to evaluate their security first-hand, you may read internet reviews.
The Risk of “Rug Pulls”
👉 A Rug Pull is an exit scam in which a cryptocurrency developer accumulates investor money for a project and then abandons it without returning the investors’ cash.
👉 Rug pulls and other exit scams, to which yield farmers are especially susceptible, accounted for almost 99.9% of significant fraud in the second half of 2020, according to a study report by CipherTrace.
Regulatory Risks
👉 Regulation of cryptocurrencies is still clouded in ambiguity. However, some digital assets have been deemed securities by the Securities and Exchange Commission, placing them within its purview and enabling it to regulate them.
👉 Some authorities worldwide have issued cease-and-desist orders against centralized cryptocurrency lending platforms such as BlockFi, Celsius, and others.
👉 If the SEC classifies DeFi assets as securities, DeFi lending and borrowing ecosystems could suffer. DeFi is meant to be impervious to any central authority, including government rules.
Strategy Risk
👉 Consider the possibility that loan pools may be saturated owing to insufficient liquidity. Arbitrage trading is analysing several exchange services to capitalize on price inefficiencies. If volatility decreases, arbitrage trading is no longer profitable.
Scam Risks
👉 Developers have authority over your money. Hence there is a risk that they may flee with liquidity. The hazards are exponentially more significant if you do not know the developers.
👉 Participants should always verify that a trustworthy team has reviewed the selected pool, although this does not remove all dangers.
Risk-to-Reward Ratio Risk
👉 There is a considerable degree of danger connected with yield farming. Nonetheless, the advantages might be substantial.
👉 Along with the volatile nature of bitcoin assets, the temporary loss might result in a loss. Regardless, you must determine whether this is a reasonable investment for your requirements.
Gas Fee Risks
👉 During the decentralized finance season, gas prices increased by about 100 times. If they continue to rise, YF might become unrealistic for typical traders.
👉 ETH has published Ethereum version 2.0 with layer II scaling, intended to address the problem of excessive gas costs. In addition, BNB, NEO, and TRON also provide decreased gas prices.
Volatility and Impermanent Loss
👉 Volatility is the degree to which an investment’s price fluctuates in either direction. A volatile investment is one whose price fluctuates significantly over a brief time.
👉 While tokens are locked up, their value may fall or rise, which poses a significant risk to yield farmers, particularly during weak markets.
👉 In times of significant volatility, liquidity providers may incur temporary losses. This happens when the price of a token in a liquidity pool fluctuates, causing the ratio of tokens in the pool to shift to stabilize its overall value.
How to Yield Farm in Nigeria Step-by-Step
➡️ Step 1: Navigate to the platform you are interested in for yielding your farm, then scroll down until you reach the website area that lists the various pools and their respective yield percentages.
➡️ Step 2: Link your cryptocurrency wallet, pick the number of coins you want to deposit, and then click the deposit button.
➡️ Step 3: Confirm the transaction from your bitcoin wallet. This will often be a pop-up window inside your web browser, in which the gas costs related to the transaction will be shown. Click the “Confirm” button.
➡️ Step 4: Add liquidity to the liquidity pool of interest and authorize the transaction immediately on the platform in the fourth step.
The Best Brokers in Nigeria Overall
👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Broker in Nigeria
Overall Rating
- 4.8/5
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.
Best MetaTrader 5 / MT5 Broker in Nigeria
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.
Best Broker for beginners in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.
Best Low Minimum Deposit Broker in Nigeria
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HF Markets provides live trading accounts to Nigerian traders.
👉 Popular MetaTrader cryptocurrency broker HF Markets also has an in-house trading app for iOS and Android users.
Best ECN Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.
👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.
Best Islamic / Swap-Free Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.
Best Trading App in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.
Best Nigerian Naira Trading Account Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.
Best Lowest Spread Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.
👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.
Best NDD Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.
Best STP Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.
Best Sign-up Bonus Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.
Conclusion
👉 If you own tokens, you may put them to work and let them create a yearly yield for you. Additionally, if you are a beginner, you should diversify your portfolio for the greatest possible result.
👉 Yield farming is a high-risk, high-reward technique that may result in huge profits, but keep in mind that there are also hazards, such as the possibility of temporary loss owing to the extreme volatility of the bitcoin market.
FAQ
Can you make money yield farming in Nigeria?
Even though yield farming may provide 1,000% APY, it is dangerous. The continual volatility of cryptocurrencies cannot be explained. The price of your pegged tokens may fluctuate at any moment, influencing your total pay-out.
What is the risk of yield farming in Nigeria?
Permanent loss risk is among the most significant concerns associated with yield farming.
Is yield farming a worthwhile investment in Nigeria?
The yield farming of cryptocurrencies enables investors to increase their holdings while improving the coin’s general condition.
Once the money is introduced to the liquidity pool, interest rates may even increase if demand is great. Due to the current popularity of both cryptocurrencies, yield farming DAI and ETH could be wise.
Is yield farming halal for Nigerian Muslim traders?
The overall yield relating to yield farming on lending platforms is considered Riba since it is generated via loan contracts.
How is yield farming taxed?
If you recognize interest and governance token income along the road, there is no taxable event when you depart the pool in the yield farming environment.
However, removing the wrapper from your coin when you leave the pool may trigger a taxable event.
Top 3 Brokers
