8 Best Crypto Loans in Nigeria
The 8 Best Crypto Loans in Nigeria revealed. We tested and verified the best Crypto Loans for Nigerian Traders.
This is a complete list of Crypto Loans in Nigeria.
In this in-depth guide you’ll learn:
- What is a Crypto Loan?
- Which Crypto Loans are without collateral?
- Which crypto loans are interest-free?
- How to compare Crypto Loans 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 Loans in Nigeria…
Let’s dive right in…
- Louis Schoeman
8 Best Crypto Loans in Nigeria (2023)
What is Crypto Lending?
👉 In the decentralized financial business known as crypto lending, investors may make loans to borrowers using their crypto holdings. This crypto interest is paid to the lender monthly, just as a typical savings account would be.
👉 Lenders using crypto lending platforms, which may be controlled or decentralized, may be able to earn annual percentage yields (APY) of 15% or more, depending on the platform and other circumstances.
👉 To have access to quick cash, borrowers could subsequently utilize crypto lending services as collateral for loans.
1. Nexo
Overview
👉 Nexo is an institution registered and controlled by the EU. It administers the assets of over 4 million consumers in almost 200 countries at present. Nexo is one of the most prominent sites that offer consumers daily compound interest payments on their bitcoin holdings.
👉 Nexo is a crypto platform that also facilitates lending and borrowing. Even though it is not a decentralized application, the platform employs protocols and blockchain technology to process transactions.
👉 In addition to earning interest on crypto and fiat currencies like USD, GBP, and EUR, users may also borrow cryptocurrencies using crypto coins as collateral.
👉 You would pledge crypto money as collateral for a loan (if you do not repay, they would sell it to cover the debt), and you would not receive interest on collateralized crypto.
Features
| Feature | Information |
| 🗓 Year Established | 2018 |
| 💻 Headquarters | London |
| 💸 Annual Percentage Yield (APY) | 16% |
| 💳 Annual Percentage Rate (APR) | 0% – 13.9% |
| 💰 Account Minimum | 0.001 BTC |
| 🪙 Native Token | NEXO token |
| 📈 Average Fees | No platform fees |
| 📱 Mobile app offered? | Yes, iOS and Android |
| ✅ Insurance offered? | Yes, $375 million |
| ✔️ Supported Fiat Currencies | EUR, GBP |
| 📊 Trading Pairs | 100+ |
| 💯 Listed Cryptocurrencies | 17 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Nexo has a user-friendly website and an iOS/Android mobile app. | The platform keeps Nexo tokens for receiving the best loan along with savings rate. |
| There is support given for business accounts. | Nexo offers limited educational materials. |
| Nexo does not have a lock-in period and users can withdraw their funds at any given time. | The lender interest rates can be higher than the borrowing rates. |
| There is insurance on funds up to $375 million and custody with a ledger vault. | |
| Nigerians can earn an extra income of 30% through interest from Nexo tokens. |
2. CoinRabbit
Overview
👉 When it comes to crypto loans, CoinRabbit is the easiest and quickest option. The user-friendly interface and lack of Know Your Customer (KYC) requirements (you simply need your email or phone number to open an account) make CoinRabbit the greatest option for novices and time-conscious specialists alike.
👉 The APR is just 1.2% per month and is supported by free withdrawals at any time and unrestricted loan terms; you may return your loans in whole or in part whenever you feel the timing is right. In addition, CoinRabbit gives a customizable approach for lowering your liquidation price.
👉 CoinRabbit simplifies and expedites the procedure for people who want to earn a passive income. The 10% fixed APY with no further requirements is the highest on the market. Daily interest payments are made, and you decide when to take your earnings.
Features
| Feature | Information |
| 🗓 Year Established | 2020 |
| 💻 Headquarters | Seychelles |
| 💸 Annual Percentage Yield (APY) | 10% |
| 💳 Annual Percentage Rate (APR) | 1.2% – 14% |
| 💰 Account Minimum | • Minimum deposit of 100 USD / 41,000 NGN • Minimum loan is 80 USDT / 30 BCH or ETH |
| 🪙 Native Token | None |
| 📈 Average Fees | No platform fees |
| 📱 Mobile app offered? | None |
| ✅ Insurance offered? | None |
| ✔️ Supported Fiat Currencies | None |
| 📊 Trading Pairs | 25 |
| 💯 Listed Cryptocurrencies | 2 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| CoinRabbit does not have any lock-in periods and there are no deposit or withdrawal fees. | Fiat currencies are not supported. |
| The user interface is straightforward and allows for quick transactions. | The interest rates are lower than that of competitors. |
| There is no KYC process, and the platform does not require personal information. | There is no iOS or Android app. |
| The customer support team is prompt and helpful. | There is a limited selection of supported cryptocurrencies. |
| The interest rates are fixed. |
3. YouHodler
Overview
👉 YouHodler is a digital crypto exchange and lender that offers competitive interest rates on cryptocurrency deposits. When storing cryptocurrencies for the long term, it makes sense to seek opportunities to generate interest in your holdings.
👉 Depending on the currency, YouHodler offers 7% interest on alternative coins and around 12% on stablecoins. Interest is compounded weekly and paid in the same currency, and while it is not possible to deposit Bitcoin and receive interest, you can withdraw your money at any given time.
👉 These rates are competitive with those of other crypto lenders on the market, but it is essential to shop around and assess your alternatives. YouHodler allows bitcoin owners who need cash to utilize their cryptocurrency as collateral, and it provides excellent loan-to-value ratios (LTVs).
👉 YouHodler enables clients to purchase cryptocurrencies using leverage and other sophisticated trading methods.
Features
| Feature | Information |
| 🗓 Year Established | 2018 |
| 💻 Headquarters | United States |
| 💸 Annual Percentage Yield (APY) | 3.62% |
| 💳 Annual Percentage Rate (APR) | 4% |
| 💰 Account Minimum | None |
| 🪙 Native Token | COMP |
| 📈 Average Fees | Depends on the cryptocurrency |
| 📱 Mobile app offered? | Yes |
| ✅ Insurance offered? | Yes |
| ✔️ Supported Fiat Currencies | USD |
| 📊 Trading Pairs | None |
| 💯 Listed Cryptocurrencies | ETH, WBTC, DAI, USDC, ZRX, USDT, BAT, USDC, LINK, TUSD, UNI |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Greater interest rates compared to conventional banking. | Because of the volatility of cryptocurrencies, the liquidation of collateral may occasionally result in a substantial setback for customers. |
| No KYC, AML, or Credit Score is necessary to utilize the Platform, providing users with an unrestricted experience. | A smart contract system based on a highly Volatile algorithm causes technical issues in the DeFi system. |
| One of the most seasoned and reputable in the DeFi space. | There are a restricted number of cryptocurrencies available for lending and borrowing. |
| Users are rewarded with COMP, the native cryptocurrency of the Compound. It serves as both a governance token and a lucrative asset. | Yield Farming may be incredibly dangerous since users can swap crypto at a significantly higher value than the initial investment. |
| Multiple usages of the asset pool are unrestricted. | |
| Community governs the Decentralized Autonomous Organization that is the Compound. |
4. Compound Finance
Overview
👉 Compound Finance is a decentralized cryptocurrency platform and autonomous interest rate protocol that enables developers and investors to earn money and investigate financial possibilities through a lending and borrowing mechanism.
👉 Compound Finance asserts that the legal financial system used by most nations has grown obsolete, inefficient, and useless. Compound Finance is attempting to remedy this by providing perks and interest rates that the banking industry cannot.
👉 Compound Finance was founded in 2018, and its headquarters are in San Francisco, California. It focuses on delivering a decentralized exchange that is completely safe and free of issues that might jeopardize the user experience.
👉 Offering loan and borrowing services, Compound Finance operate primarily on the Ethereum network. The exchange even has its own governance token, known as COMP, with which users may assert voting rights.
👉 The exchange offers a user-friendly layout and streamlines procedures, making it easy to utilize Compound Finance.
👉 The Compound’s smart contracts create interest rates in a completely automated manner and adhere to the rule of thumb, which means that an increase in demand for an underlying asset would automatically lead to higher interest rates for both lenders and borrowers.
👉 This volatility in interest rates according to the demand and supply of assets encourages lenders to lend more while discouraging borrowers from overborrowing. Liquidation of collateral may occur if a user borrows more than the permissible value owing to a price decline.
👉 There is no time restriction associated with Compound. The users have the option to surrender or repay their collateral at any time.
Features
| Feature | Information |
| 🗓 Year Established | 2018 |
| 💻 Headquarters | United States |
| 💸 Annual Percentage Yield (APY) | 3.62% |
| 💳 Annual Percentage Rate (APR) | 4% |
| 💰 Account Minimum | None |
| 🪙 Native Token | COMP |
| 📈 Average Fees | Depends on the cryptocurrency |
| 📱 Mobile app offered? | Yes |
| ✅ Insurance offered? | Yes |
| ✔️ Supported Fiat Currencies | USD |
| 📊 Trading Pairs | None |
| 💯 Listed Cryptocurrencies | ETH, WBTC, DAI, USDC, ZRX, USDT, BAT, USDC, LINK, TUSD, UNI |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Greater interest rates compared to conventional banking. | Because of the volatility of cryptocurrencies, the liquidation of collateral may occasionally result in a substantial setback for customers. |
| No KYC, AML, or Credit Score is necessary to utilize the Platform, providing users with an unrestricted experience. | A smart contract system based on a highly Volatile algorithm causes technical issues in the DeFi system. |
| One of the most seasoned and reputable in the DeFi space. | There are a restricted number of cryptocurrencies available for lending and borrowing. |
| Users are rewarded with COMP, the native cryptocurrency of the Compound. It serves as both a governance token and a lucrative asset. | Yield Farming may be incredibly dangerous since users can swap crypto at a significantly higher value than the initial investment. |
| Multiple usages of the asset pool are unrestricted. | |
| Community governs the Decentralized Autonomous Organization that is the Compound. |
5. Yield App
Overview
👉 The Yield App is a decentralized finance (DeFi) banking account that offers up to 7.5% APY on Bitcoin (BTC) and Ethereum (ETH) and up to 13% APY on stablecoins like USD Coin (USDC) and Tether (USDT).
👉 Additionally, you could earn up to 12% on Yield App’s native cryptocurrency, YLD. However, you must own a minimum of 20,000 YLD tokens to get the highest prices.
👉 Yield App aims to bridge the gap between conventional and decentralized financial systems. They intend to provide high returns on investments devoid of the effects of unstable national currencies.
👉 The application was designed with the “ordinary Joe” in mind. The creators sought to develop a user-friendly, inclusive, and sustainable application that empowers its users to pursue financial independence. The Yield App and online platform are very user-friendly.
👉 The YLD token may be purchased with both crypto and conventional national currencies. This YLD token may then be utilized to locate the ideal investment opportunity for the user.
👉 The YLD token serves as the app and platform’s primary currency. When left in the user’s wallet, the app/web platform functions similarly to a bank in that interest is accrued. In turn, this strengthens Yield’s ecosystem and provides investors with more funds.
👉 Two factors distinguish Yield from the other industry leaders. On the backend, they use a ‘Bloomberg-like terminal,’ and on the frontend, a mobile banking application. The yield designers and team also state that they continually evaluate and enhance the programs.
Features
| Feature | Information |
| 🗓 Year Established | 2021 |
| 💻 Headquarters | United States |
| 💸 Annual Percentage Yield (APY) | Up to 13% on USDC |
| 💳 Annual Percentage Rate (APR) | – |
| 💰 Account Minimum | 100 USD |
| 🪙 Native Token | YLD |
| 📈 Average Fees | 20 USD on withdrawals |
| 📱 Mobile app offered? | Yes |
| ✅ Insurance offered? | No |
| ✔️ Supported Fiat Currencies | None |
| 📊 Trading Pairs | None |
| 💯 Listed Cryptocurrencies | 5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Yield App is user-friendly and can be used by Nigerians who have access to a mobile device. | Due to the application’s reliance on a range of financial instruments that are managed by humans, a small input mistake or misunderstanding might result in a significant loss. |
| There is a higher rate of return according to the crypto you use. | In this form of rapid withdrawal application, liquidity is given by teams investing in a range of marketplaces. |
| There are several referral rewards offered. |
6. Aave
Overview
👉 Aave protocol was designed in 2017 by Aave’s CEO, Stani Kulechov. Initially, Aave was inspired by Ethereum’s blockchain and employed the cryptocurrency LEND. After its first public offering, it raised more than $16.2 million.
👉 Aave has gone a long way since its birth and is now one of the top platforms in the constantly expanding field of Decentralized Finance (DeFi). Aave protocol is a protocol between liquidity suppliers and borrowers that is non-custodial.
👉 With some of the biggest market sizes and lending pools in the blockchain industry, Aave has become a household brand among cryptocurrencies and blockchain specialists.
👉 Aave has streamlined and sped up lending and earning interest on digital assets. In addition to loans, this site’s DeFi lending market also offers instant loans. These short-term loans are unsecured and subject to costs, although the maximum loan amount is often modest.
👉 A long and outstanding list of stakeholders assures the platform’s solid governance and actively participates.
👉 This enhances the community experience, particularly for novices and newer users. The network also provides aTokens (Aave interest-bearing tokens) to assist users in indirectly earning via liquidity mining. Aave allows users to earn interest on stablecoins like aUSDT, aDai, etc.
Features
| Feature | Information |
| 🗓 Year Established | 2017 |
| 💻 Headquarters | England |
| 💸 Annual Percentage Yield (APY) | – |
| 💳 Annual Percentage Rate (APR) | – |
| 💰 Account Minimum | None |
| 🪙 Native Token | AAVE |
| 📈 Average Fees | Fees on flash loans |
| 📱 Mobile app offered? | Wallet for iOS and Android |
| ✅ Insurance offered? | Yes, Safety Module |
| ✔️ Supported Fiat Currencies | – |
| 📊 Trading Pairs | – |
| 💯 Listed Cryptocurrencies | – |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There is a large lending pool for a wide range of digital assets. | The platform is not as user-friendly as alternatives. |
| There are several features offered for digital lending as well as borrowing. | There is an exceedingly small range of supported e-wallets. |
| There are stable interest rates offered on several cryptocurrencies. | There are no high incentives offered to users who lend or borrow. |
| Aave offers Flash Loans without the need for KYC. | Flash loans experienced exploitation from hackers previously. |
7. Celsius Network
Overview
👉 Celsius Network is an excellent platform for novices who wish to acquire crypto without assuming the whole risk associated with this more unpredictable market. It is also helpful for passive investors seeking a safer way to acquire and retain crypto.
👉 There are no account minimums, hidden fees, or hassles associated with withdrawing funds. If you want to invest in digital assets over the long term, Celsius is an excellent alternative that enables passive portfolio growth.
👉 If you already possess Bitcoin, Ethereum, or stablecoins, you may as well earn income on them. However, day traders would benefit more from a platform with lower costs and more data integration.
👉 Celsius is ideal for investors who do not want immediate cash and intend to retain their assets for a few months. Celsius Network is an ideal platform for newbies who want to trade crypto without risk. Celsius Network is the greatest choice for passive investors seeking a safety tool.
👉 One of the primary advantages of Celsius over other cryptocurrency loan services is the platform’s diversity of cryptocurrency options. Several stablecoins, Bitcoin, Ethereum, and a multitude of other cryptocurrencies are available for investors to lend or borrow.
👉 The amount of interest gained is contingent on the digital asset donated, and users will get interest on the bitcoin they contribute. Not only should you evaluate the interest rate given by the site, but also the future worth of the cryptocurrency you lend.
Features
| Feature | Information |
| 🗓 Year Established | 2017 |
| 💻 Headquarters | United Kingdom |
| 💸 Annual Percentage Yield (APY) | 17% |
| 💳 Annual Percentage Rate (APR) | 8.95% |
| 💰 Account Minimum | 0 |
| 🪙 Native Token | CEL |
| 📈 Average Fees | Minimal |
| 📱 Mobile app offered? | Yes |
| ✅ Insurance offered? | Yes, through Fireblocks and Prime Trust |
| ✔️ Supported Fiat Currencies | USD, EUR, AUD, CAD, and several others |
| 📊 Trading Pairs | N/A |
| 💯 Listed Cryptocurrencies | 40+ |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Celsius offers APY up to 17% and rewards are paid weekly. | There is a lack of educational materials. |
| The mobile platform is user-friendly and straightforward. | There are limited cryptocurrencies. |
| Celsius offers services to over 100 countries worldwide. | The platform is centralized. |
| Nigerians can access instant and fee-free payments using CelPay. | |
| Celsius offers a critically acclaimed loyalty program. |
8. SALT Lending
Overview
👉 SALT Lending was founded in 2016 and has since become a key participant in the crypto lending market. This software makes it simple for users to keep a healthy crypto portfolio and guarantee that their assets are secure, making SALT unique in the cryptocurrency industry.
👉 According to the existing evaluations of SALT Lending, SALT is an automated lending platform that allows customers to get cash loans using their cryptocurrency assets as collateral. Using SALT, the user does not need to fill out loan agreement documents or wait for lengthy approval periods.
👉 A loan on SALT Lending functions similarly to any other crypto lending platform. To verify their account, the user needs to register an account and give proof of their identity.
👉 The user has the option of adding up to six other business accounts to the same email address after creating an account.
👉 After account verification, a user is allowed to deposit their preferred cryptocurrency to be used as loan collateral. The following crypto assets are now accepted as collateral namely, Bitcoin, Ether, Bitcoin Cash, Litecoin, Dash, Dogecoin, Ripple, SALT, USDC, PAX, TUSD, and PAX Gold.
Features
| Feature | Information |
| 🗓 Year Established | 2016 |
| 💻 Headquarters | United States |
| 💸 Annual Percentage Yield (APY) | Maximum 17.95% |
| 💳 Annual Percentage Rate (APR) | 9.9% |
| 💰 Account Minimum | Minimum Loan of 5,000 USD |
| 🪙 Native Token | SALT Token |
| 📈 Average Fees | Depends on the crypto and the network |
| 📱 Mobile app offered? | Yes |
| ✅ Insurance offered? | Yes |
| ✔️ Supported Fiat Currencies | USD |
| 📊 Trading Pairs | None |
| 💯 Listed Cryptocurrencies | BTC, BCH, ETH, DASH, LTC, DOGE, XRP, USDC, TUSD, PAX, PAX Gold, and SALT Token |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There are real-time notifications | The minimum loan amount is 5,000 USD, which is much higher than other lending platforms. |
| The platform has multi-sig and cold storage security. | There are no interest accounts offered. |
| Nigerian users can easily monitor the health of their loans using a user-friendly indicator. | |
| There is comprehensive insurance offered to users. |
How to choose the Best Crypto Lending Platform in Nigeria
👉 The need for Bitcoin brokers has grown because of the thousands of individuals interested in investing in cryptocurrencies globally.
👉 Numerous Bitcoin brokers will be offering their services on the market, but you will also run across reports of frauds involving Bitcoin brokers.
👉 Not all Bitcoin brokers can be trusted since many of them have turned into frauds. Even if they are, they lack adequate security measures or are deficient in certain key areas, which may cause a lot of issues for Bitcoin traders.
👉 You must thus carefully choose a crypto broker, and we have provided key features that you must verify before you deal with a crypto broker.
Background and Financial Backing
👉 A good Bitcoin broker has robust financial support, which necessitates a substantial capital basis. This ensures that your Bitcoin is secure and that the broker will not go bankrupt.
Experience and Credibility
👉 The crypto market is young compared to other markets. However, this does not imply that all brokers are unskilled. There are reputable and professional Bitcoin brokers available for usage.
👉 Bitcoin brokers must possess the necessary qualifications, such as licenses from famous and respectable regulatory authorities and specialists on their staff. You can read reviews of the broker and get insight into their services to assess whether they are a good match for you.
Responsive Customer Support
👉 Since Bitcoin trading is available 24 hours a day, seven days a week, you could have a problem or query at any moment.
👉 Therefore, it is important to seek a broker who is accessible 24/7. Regardless of your time zone, they should have a competent support crew that can respond to inquiries and concerns in a timely and professional way.
Crypto Trading Fees and Commissions
👉 You must investigate the commissions and other costs that Bitcoin brokers impose. Ensure the broker outlines the fees they charge, and any other dangers associated so that you may make an informed choice.
Trading Platform
👉 No Bitcoin broker is complete without a user-friendly web, desktop, or mobile platform, often all three. These platforms are required for an assortment of reasons.
👉 They give customers a great degree of simplicity in Bitcoin trading, and a well-designed platform provides them with a variety of possibilities.
👉 These choices make things easier and more comfortable for novice and seasoned Bitcoin traders alike. Ensure that your preferred dealer has a modern platform or a selection of platforms.
Longevity of brokerage
👉 There may be a small number of trustworthy Bitcoin brokers that have just started up, but they are quite rare. If a Bitcoin broker has been in existence for an extended length of time, it has been doing something right, as shown by the fact that customers continue to depend on it.
Account Registration Process
👉 Very few traders realize that the registration procedures of Bitcoin brokers reveal a great deal about their character. Veteran traders in this industry can rapidly determine if a broker is excellent or terrible based just on the sign-up procedure.
👉 You may initially have some problems with spotting the legit Bitcoin brokers. However, as time goes by, you will have a better time distinguishing between excellent and unfavourable brokers. A vast number of depositing fees is a frequent indicator of a fraudulent sign-up procedure.
👉 Most instances in which Bitcoin brokers urge their customers to deposit a big sum of money to join up are probable scams. This is made apparent by the fact that many reputable Bitcoin brokers now accept little or no deposits from prospective clients.
👉 You should opt for these Bitcoin brokers instead of those that want vast quantities of money for crypto transactions.
👉 Additionally, investigate the process’s security. You can do this by examining the search bar’s top-left corner for an SSL certificate. This certificate ensures that a website is secure and will not expose your data to hackers.
Technical Support for Cryptocurrencies
👉 The distinction between customer service and technical assistance cannot be overstated. Most firms have technical support teams to assist clients with issues that need assistance from experts in that field.
👉 A significant majority of Bitcoin brokers lack any form of technical support personnel. They believe that their customer service professionals are sufficient for the task and depend only on them.
👉 The team should comprise Bitcoin industry veterans with decades of expertise. They should have a thorough understanding of how things operate and be able to deliver rapid answers within minutes.
👉 Determining whether a Bitcoin broker has a competent technical support staff might consume considerable time. In most instances, a substantial bit of trial and error is required.
Overall Convenience
👉 If a Bitcoin broker does not provide any convenience, they are not worth your time. As the environment changes, this sector is undergoing tremendous change. To make the appropriate judgments at the right time, you must be current on many matters.
👉 This is only achievable if your broker provides you with features that enhance your entire experience. Your broker’s platform should be compatible with a range of devices.
👉 Using your smartphone or tablet, you should be able to access your account and see all your trades and other crypto-related actions.
👉 Easy accessibility enables you to trade on the move while guaranteeing that you do not miss anything crucial and aside from that, the broker should utilize straightforward language.
Demo Account
👉 Today, one just cannot do without a reliable demo trading solution. There are several complex circumstances involved in Bitcoin trading. If you are just beginning in this sector, you will not know how to make timely judgments.
👉 You will lose a substantial amount of money as a result, and Bitcoin demo trading might help you avoid these errors.
👉 It will instruct you on trading in the actual world while guaranteeing that your selections do not negatively affect your funds. With this option, you will neither gain nor lose money. Nonetheless, you will get knowledge about how cryptocurrency trading is conducted.
The Best Crypto Brokers in Nigeria
👉 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 are contemplating lending or borrowing cryptocurrency, you should be well-versed in the risks involved with their chosen cryptocurrency lending platform. Even while crypto-lending sites are popular and provide enticing interest rates, you must research each possibility thoroughly.
👉 In addition to examining each site on this list, you should also take notice of the essential requirements for crypto lending platforms.
👉 Additionally, you should comprehend the particulars of your lending account or loan conditions, as well as the overall hazards involved with the volatile and poorly regulated cryptocurrency market.
FAQ
Is crypto lending a promising idea?
Crypto lending has become one of the most popular and commonly used DeFi services, and several crypto exchanges and other crypto platforms provide borrowing and lending services. The site loans cryptocurrency to borrowers in return for interest payments from investors.
How can I make money from lending crypto in Nigeria?
Crypto lenders earn money by lending – also for a charge, often between 5%-10% – digital tokens to investors or crypto firms, which could use the tokens for speculation, hedging or as operating cash.
The disparity between the interest rates paid on deposits and those charged on loans generates a profit for the lenders.
What happens if you fail to pay back a crypto loan?
If you are unable to repay the loan, the lender will sell or withdraw the cryptocurrency.
How are crypto loans taxed?
Borrowing money is typically not a taxable occurrence. Like the loan of crypto, the lending of fiat currency is not a taxable gain. The interest you pay on a personal loan is not tax deductible unless it is investment interest.
What is the difference between crypto lending and staking?
Staking enables you to receive incentives for validating transactions, whilst lending enables you to collect interest from borrowers.
Top 3 Brokers