10 Best Apps for Cryptocurrency Trading in Nigeria
The 10 Best Apps for Cryptocurrency Trading in Nigeria revealed. We tested and verified the best apps for cryptocurrency trading for Nigerian Traders.
This is a complete list of the best apps for cryptocurrency trading in Nigeria.
In this in-depth guide you’ll learn:
- What is a cryptocurrency trading app?
- Which apps offer Android and IOS compatibility?
- Our recommended cryptocurrency trading apps for Nigerian Beginner Traders?
- How to compare cryptocurrency trading apps against each other?
- Which apps offer a low minimum deposit of $5 (2 075 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best apps for cryptocurrency trading for Nigerians…
Let’s dive right in…
- Louis Schoeman
10 Best Apps for Cryptocurrency Trading in Nigeria (Updated 2023)
- eToro – Overall, Best $5 Forex Broker for Nigerian Traders
- Binance – Top Liquidity Broker in Nigeria
- Gemini – Verified MT4 and MT5 Broker
- Crypto.com – User-Friendly MT4 Nigerian-Based Broker
- Blockfolio – Best 5 USD minimum deposit Islamic Account Broker for Nigerians
- NAGA – Top Broker Application for Beginner Traders
- Pionex – Best Low Minimum Deposit Crypto Broker
- Kraken – Top Islamic/Swap-Free Crypto Broker
What is a Crypto Trading App?
👉 The ability to purchase, sell, and exchange digital currencies are made possible through cryptocurrency apps.
👉 You may deposit money and conduct trades according to the cryptocurrency of your choosing on a platform that operates as an exchange, complete with real-time market price updates.
1. eToro
Overall Rating
- 4.8/5
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 eToro is a forex and CFD broker that has one of the best trading apps in the industry. Nigerian traders can be certain that the mobile trading software was developed by and adheres to the standards set out by several top-tier financial regulatory agencies.
👉 The eToro app, available for both Apple and Google smartphones, provides traders with access to a vast array of trading venues. This includes the ten largest digital assets by market cap, along with many more currencies.
👉 To provide just a few examples, currencies like AAVE, Cosmos, Decentraland, and Polkadot are all tradeable around the clock on DeFi exchanges.
👉 In addition, eToro also accepts deposits from a wide variety of payment methods, including wire transfer, debit/credit card, and PayPal, and it supports a wide range of crypto assets.
👉 In addition, the eToro app enables you to engage in passive trading by letting you choose a successful investor to mimic in a one-to-one fashion. Finally, eToro provides diverse, professionally managed Smart Portfolios.
👉 In addition, eToro also features the following:
➡️ If you are looking for a popular trading program, go no further than eToro, which has over 25 million users.
➡️ eToro also offers 1,788 equities and 221 exchange-traded funds (ETFs), including 23 different cryptocurrencies.
➡️ When using eToro, you may get a comprehensive breakdown of transaction limitations according to your trading style.
➡️ The trading fee that you can expect on crypto is 1%.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro has a strict and solid regulatory framework | There are limitations on leverage for retail traders |
| Client fund safety is guaranteed and there is consumer protection offered | There is a limited selection of retail investor accounts |
| eToro offers commission-free trading | Fixed spreads are not offered |
| There are over 2,000 complex instruments that can be traded | The spreads are not the tightest |
| The broker offers several trading opportunities and a social trading feature | There is a high minimum deposit on the Islamic Account |
| There is an award-winning proprietary platform offered | There is an inactivity fee charged on dormant accounts |
| eToro offers 24/6 dedicated customer services | |
| eToro offers a demo account and an Islamic Account | |
| Algorithmic trading and margin trading supported | |
| Real time quotes are offered alongside a wide range of benefits | |
| The mobile app is secure and features robust security such as two-factor authentication | |
| The app can be used as a wallet app for digital currencies | |
| Offers several resources that help traders make improved financial decisions with confidence | |
| Offers several helpful tools and services as a solid basis for investment decision along with investment advice | |
| Provides access to several popular cryptocurrencies that can be traded and crypto staking services | |
| There is a comprehensive portfolio management service and popular investor program offered |
2. Binance
Overview
👉 You should think about using Binance if you are looking for cryptocurrency trading software with a wide variety of low-cost marketplaces and a user-friendly interface. On a typical day, this widely used trading program processes transactions totalling tens of billions of dollars.
👉 Hundreds of different crypto pairings all have exceptionally low spreads, and fees are just 0.10% for each trade. The methods available to you and any associated expenses for doing so will be different depending on where you call home.
👉 Users in other regions of the globe, however, may have to pay a higher fee of up to 4%. The Binance app can be downloaded for free and works with both iOS and Android.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Binance is known for its ultra-low fees | Binance has some restrictions on its area of service |
| Binance offers the perfect platform for passive income | |
| There are a plethora of educational resources | |
| There is a massive range of coins offered |
3. Gemini
Overview
👉 You will find the Gemini app to be the most useful if you are an experienced trader who invests substantial amounts regularly. One of the best places to buy and sell cryptocurrencies, the US has strict regulations for this market.
👉 This crypto software provides institutional-grade security and a variety of insurance options if you choose to install it on your mobile device. However, the program only supports a small handful of cryptocurrencies, and the costs are steep.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Gemini offers a broad range of cryptocurrencies | The fees are much higher than on other exchanges |
| There is site insurance offered against exchange hacks | |
| Gemini offers its services to traders from around the world |
4. Coinbase
Overview
👉 If you are just starting in the cryptocurrency world, Coinbase may be the perfect app for you. The intuitive design of this app’s UI is immediately apparent after installing it on your mobile device.
👉 Therefore, the Coinbase app can be ideal for you if you have never purchased or traded cryptocurrency before.
👉 However, the primary problem we have with this beginner-friendly trading tool is the excessive costs associated with using it. More than 89 million users have voted Coinbase the best cryptocurrency app accessible today.
👉 It simplifies the process of getting started with cryptocurrency by providing access to hundreds of options. In addition to keeping your crypto in a digital wallet, you may invest it in many ways, including via decentralized finance (DeFi) and non-fungible tokens (NFTs).
👉 For example, Coinbase’s basic trading charges are 1.49% for every trade (not including the spread). There is a steep 3.99% fee for using a debit or credit card to purchase cryptocurrency using the app.
👉 Many of Coinbase’s costs are determined at the time of purchase and depend on variables like the quantity of your transaction, the payment method you choose, and current market prices.
👉 However, there are up-front costs involved, including:
➡️ Wallet conversion – 2.49% of the ATM withdrawal in addition to ATM fees.
➡️ Credit transaction for collateral on BTC – 2%
➡️ Commission on staking – 25%
Pros and Cons
| ✔️ PROS | ❌ CONS |
| There are many trading options offered by Coinbase along with a vast range of coins | There are extremely expensive fees |
| Funds on Coinbase are insured | There are some restrictions on alternative coins offered |
| The mobile app is critically acclaimed as one of the best in the industry |
5. Robinhood
Overview
👉 Robinhood advertises that it does not place any trading fees on stocks, options, or cryptocurrencies. Most of their customers are in their twenties and thirties and are just getting started with cryptocurrency.
👉 Users are drawn to the site because of its notoriety and the absence of costs associated with using it, which is why there are already over 10 million registered users on Robinhood from around the world.
👉 Using this program, you could trade smaller quantities of crypto, which is perfect for beginners. The app’s quick deposits are another big selling point.
👉 Recurring Investment is a function in the program that allows users to automate dollar-cost-averaging purchases of stocks or ETFs on a daily, weekly, or monthly.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| There are no commissions charged on trades | There are fewer coins offered than in typical exchanges |
| The app is convenient for Nigerians who already have an existing account | Traders cannot opt for crypto-to-crypto trading |
| Ideal for beginner traders | Nigerians cannot deposit or withdraw crypto to their own wallet |
6. Crypto.com
Overview
👉 More than 50 million individuals from places as diverse as Singapore, Brazil, Australia, and Turkey utilize Crypto.com every month since its launch in 2016. There are over twenty different fiat currencies and over two hundred different cryptocurrencies to choose from.
👉 The easiest way to fill your account is with a credit or debit card, but you also have the option of using a bank transfer.
👉 The Crypto.com Visa Card is where the money truly starts to roll in. Get up to 8% cash back on all purchases made with your metal card, up to 14.5% cash back on your crypto holdings, and 10% cash back on stable coins. Included in this is insurance protection to the tune of $750 million.
👉 The CRO stake on the Visa card might range from $0 to $400,000, depending on your demands.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Nigerians can make VISA payments through the app | The fees for credit and debit card purchases are high |
| There are several trading options offered to Nigerians | There is no coin-to-coin trading offered |
| The fees charged on the app are reasonable |
7. Blockfolio
Overview
👉 Traders may track their cryptocurrency holdings and other relevant data with the help of this handy tool. It aids in asset management and improves purchase and sale decisions. This feature is an addition to the standard trading tools.
👉 It is a win-win for everyone involved since users earn money while doing what they love: trading cryptocurrencies. Additionally, you get access to the latest cryptocurrency news, which might inform your trading strategies.
👉 In addition to buying and selling cryptocurrencies, this app also serves as a gateway to the token team’s internal messaging service. Token or project launches in the cryptocurrency space may benefit from this.
👉 Leaders of token teams can interact with their communities more effectively. By way of illustration, leaders may utilize push alerts to inform their followers of relevant events. Incredibly, the app has reached 6 million users.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Nigerians can trade fee-free | There is only a mobile version offered and no desktop terminal |
| The app offers comprehensive information on more than 10,000 crypto | |
| Traders can import data from any given exchange | |
| Traders can easily set alerts to improve their decision making |
8. NAGA
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySEC, FCA
Trading Desk
Dealing Desk with DMA and STP
Crypto
Yes
Total Pairs
45+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Copying the trades of successful traders is easy with NAGA’s innovative auto copy trading tool. You can easily access the trading gains of other users directly from your account.
👉 There are several sections for each day, week, month, and everything. Trading leverage of up to 1,000x is available on NAGA, which is much higher than that of most other brokers.
👉 In addition to Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, the platform supports the trading of over 40 more cryptocurrencies.
👉 In addition, the NAGA Coin NGC has a 50% reduction in trade expenses. The platform also supports the buying, selling, and storage of digital currencies through mobile devices.
Pros and Cons
| ✔️ Pros | ❌ Cons |
| NAGA is well-regulated and offers a secure trading environment to Nigerian traders | Withdrawal fees are charged on all trading accounts |
| NAGA is a member of an Investors Compensation Fund (ICF) | There is no NGN-denominated account |
| There is a choice between trading platforms | |
| Traders have the option to copy and provide trading signals | |
| There is a comprehensive affiliate program | |
| NAGA does not charge any commissions on trades | |
| NAGA offers innovative services and tools such as NAGA portfolios, NAGA Protector, NAGA Messenger, and more | |
| Comprehensive educational materials are offered |
9. Pionex
Overview
👉 It is not easy to discover an auto-trading program that works as well as Pionex does. This program works across several platforms and has 16 built-in trading bots that may be used for automated trading.
👉 Pionex is widely regarded as one of the most secure cryptocurrency applications available. Liquidity close to ticker prices is aggregated from several platforms like Binance and Huobi.
👉 Pionex is a major market maker and broker on Huobi and Binance. Pionex has a prestigious MSB license from FinCEN as well. Pionex’s trading charge is tiny in comparison to that of other exchanges, which is another reason why it is worth checking out.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Nigerians have access to 16 free trading bots | Deposits and withdrawals cannot be done using fiat currency |
| There are affordable fees on all transactions | |
| The interface on the app is user-friendly and easy to navigate | |
| There is a low 0.05% trading fee | |
| Pionex has superior customer support on email and live chat |
10. Kraken
Overview
👉 Kraken is a trusted platform for exchanging fiat currency into cryptocurrencies. As one of the first and safest crypto markets, the market has gained the confidence of many users.
👉 The exchange, which has been operating since 2011, allows users to save and invest in cryptocurrencies, trade on margin, and participate in futures markets. Kraken serves more than 190 different countries and has over nine million users.
👉 Kraken advertises a maximum of 23% in incentives for customers, amounting to more than $100 million, and discloses a quarterly trading volume of over $207 billion.
👉 Kraken has been around since 2011, enabling even inexperienced cryptocurrency traders to make speedy, low-friction transactions at excellent prices.
👉 With the help of top-tier protection mechanisms, it just takes a few minutes for customers to convert fiat currency into cryptocurrency. Furthermore, there is always someone there to assist you whenever you need it, day or night, 365 days a year.
Pros and Cons
| ✔️ PROS | ❌ CONS |
| Kraken has low and competitive fees | Funding can be tedious and time-consuming |
| There are several built-in security features on the app | |
| There is a wide range of crypto trading options offered via the app |
How to choose the right Crypto Trading App in Nigeria
👉 Nigerian traders must evaluate the following components of a cryptocurrency application, allowing them to decide whether the app will suit their trading needs, time horizon, and objectives.
Overall Fees
👉 Different cryptocurrency apps charge different withdrawal and trading fees. You must have a look at a fee schedule to get a sense of the potential costs associated with your account.
Research Capabilities
👉 As a new kind of investing, it is to your advantage to familiarize yourself with cryptocurrency. Some applications have comprehensive cryptocurrency education resources, while others focus on providing details about a single coin.
The option to earn Interest
👉 There are several cryptocurrency markets where you may invest your coins and earn a return. Verify your familiarity with and acceptance of how the interest is produced.
👉 If you agree to leave your coins alone on the exchange for a certain amount of time, the exchange may lend out your funds or pay you staking fees.
Security
👉 Check the security measures of the exchange to check whether it has private insurance, a bug bounty program where ethical hackers are rewarded for reporting vulnerabilities, and how much of its assets are stored offline in cold storage.
👉 The history of hacking attempts against the exchange may also be investigated.
Customer Support
👉 It is important to have access to support at all hours if you are new to investing in cryptocurrencies. No one wants to go through a ton of frequently asked questions to receive assistance when their money has not been deposited.
Cryptocurrencies Offered
👉 Close to 20,000 cryptocurrencies exist, however only around 50-150 are available on even the largest cryptocurrency exchanges. You can purchase Bitcoin and another major currency on most marketplaces.
👉 However, you will need a currency exchange with options if you are looking to acquire a niche currency or invest in lesser-known coins.
The Ease of Use
👉 Increased interest in cryptocurrency has led to the significant growth of cryptocurrency-related applications. However, there have been instances when the rapid pace of development has compromised user-friendliness.
👉 Make sure it contains the tools you need, and if you have never traded before, go with something simple.
Area of Service
👉 Many markets are inaccessible in Nigeria. To avoid any issues, verify that Nigeria is a supported country on the exchange of your choice and that it follows all the laws and regulations in the country.
Funding Options
👉 If you are looking for the best cryptocurrency exchange, the same logic applies as if you were picking a bank or a brokerage. Before you create an account, be sure you know how much it will cost you to make deposits, withdrawals, and trade.
👉 To ensure your success, you should also test the available withdrawal and deposit methods.
The Best Crypto Brokers in Nigeria
👉 In this article, we have listed the best crypto brokers that offer MetaTrader 4 to traders in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best Crypto Broker for beginners in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IG is the best Crypto Broker for beginners in Nigeria. IG is a fully accredited stock brokerage and has over 320,000 customers globally. For new traders, IG offers a wealth of accessible and current instructional resources.
Best Low Minimum Deposit Crypto 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 Crypto Broker in Nigeria. With a 5 USD minimum deposit, the HotForex Micro Account offers cheaper trading fees than the entry-level accounts offered by most other brokers.
Best ECN Crypto 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 ECN Crypto Broker in Nigeria. Reputable ECN broker Tickmill offers quick transaction execution at the most competitive costs. For fast and simple account financing, Nigerians may choose from a wide range of adaptable account types and practical payment methods.
Best Islamic / Swap-Free Crypto 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 Islamic / Swap-Free Crypto Broker in Nigeria. SuperForex offers dedicated Islamic accounts for Muslim traders in Nigeria. Managed Accounts are also available to traders through SuperForex Bank and social trading is provided through Forex Copy.
Best Naira Trading Account Crypto 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 Naira trading account Crypto Broker in Nigeria. Exness offers Nigerians a choice between different account types and the benefit of registering an NGN-denominated account.
Best Lowest Spread Crypto Broker in Nigeria
Overall Rating
- 4.7/5
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best lowest spread Crypto Broker in Nigeria. IC Markets offers a wide range of tradable instruments across markets including crypto. With IC Markets Nigerians can expect some of the lowest spreads, starting from 0.0 pips on major currencies and deep liquidity.
Best NDD Crypto Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41459 NGN
Regulators
CySec, ASIC, FCA, BVI FSC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, Markets.com propietary platform
Crypto
Yes
Total Pairs
67
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Markets.com is the best NDD Crypto Broker in Nigeria. Markets.com is a prominent NDD broker that provides user-friendly trading software and a range of useful trading tools to Nigerian traders.
👉 Nigerians can use a range of funding options and beginners will find a wealth of trading guides and videos to guide them on their trading journey.
Best STP Crypto Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 20 / 8292 NGN
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Capital.com is the best STP Crypto Broker in Nigeria. This fully audited and the well-regulated online broker offers a broad selection of trading instruments and services.
👉 Capital.com offers powerful trading platforms and some of the best STP execution speeds to Nigerians.
Best Sign-up Bonus Crypto 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 sign-up bonus Crypto Broker in Nigeria. When Nigerians register an XM account for the first time, and they verify this account, they become eligible for a $30 sign-up or no-deposit bonus which will be credited to the trading account.
Understanding Crypto Trading Apps and their place in Nigeria
👉 Despite having first been on the scene some years ago, the popularity and profitability of cryptocurrency have only grown since then.
👉 With their recent surge in popularity, cryptocurrencies like Bitcoin and Ethereum have become much more accessible to the ordinary Nigerian, and over 33 million people in the country now possess cryptocurrency.
👉 Investors may now purchase and sell cryptocurrencies at several brokerage houses in addition to equities, mutual funds, and other traditional investment vehicles.
👉 In particular, the best cryptocurrency trading applications offered by some of the leading cryptocurrency exchanges have made trading cryptocurrencies easier than ever before.
👉 Investing in cryptocurrency may be risky and is not a good fit for everyone. Investors should prepare for a wild ride regardless of whether they end up making money overall.
👉 However, there is nothing wrong with keeping some digital currency as a long-term investment provided you believe in the long-term potential of cryptocurrencies and have elevated risk tolerance.
👉 Even though most of the cryptocurrency trading takes place in mobile apps, skilled crypto traders often use desktop software.
👉 The top cryptocurrency applications let users rapidly deposit fiat currency with low costs and utilize a variety of payment options to buy and sell cryptocurrencies for free or with reduced fees.
👉 The best cryptocurrency applications and exchanges also provide consumers with the option to invest in mining, staking, and institutional custody.
👉 Profitability can easily be improved using quality applications that provide real-time price tracking, real-time notifications, and sophisticated charting to traders.
An introduction to Crypto Wallets for Nigerians
👉 Although cryptocurrency wallets are a secure place to save your digital assets, you only need one if you want to accumulate a significant quantity of cryptocurrency or want to make quick use of it.
👉 You may access the blockchain-based digital currency universe via your cryptocurrency wallet. It offers you access to your digital money and enables you to engage with the ledger that keeps track of all cryptographic transactions.
👉 All cryptocurrency wallets operate on the same principles utilizing devices called keys, whether they are Bitcoin wallets, Ethereum wallets, or more generic wallets. But they are not actual wallets or keys that you carry about with you, just as they are not physical wallets.
👉 Like your PIN and bank account number, the public and private keys are used to safeguard the crypto you hold. Thus, a crypto wallet is not to hold your coins but to keep your encrypted keys safe instead.
👉 There are several types of crypto wallets that Nigerians must know:
➡️ Hot Wallets
➡️ Desktop Wallets
➡️ Mobile Wallets
➡️ Web-Based Wallets
➡️ Cold Wallets
➡️ Hardware Wallets
➡️ Paper Wallets
Hot Wallets
👉 A hot wallet is a piece of software and thus you will not be able to physically touch it in your hands. One of the primary advantages of using a hot wallet is the increased ease of use for frequent traders. However, like with any digital tool, they are vulnerable to abuse by con artists and hackers.
Desktop Wallets
👉 A desktop cryptocurrency wallet is safer than both an online (web) wallet and a mobile wallet. However, this relies on your dedication to online security.
👉 Using an older laptop fully offline with a fresh installation of the operating system might be considered a phenomenally successful cold storage option. Like cell phones, most individuals own an outdated laptop, and this may be a fantastic use for it.
Mobile Wallets
👉 These are quite like desktop wallets, but they are designed specifically for use on mobile phones. Mobile wallets are susceptible to the same risks as their desktop counterparts.
👉 However, fingerprint and face ID technology found in today’s mobile devices have the potential to make them safer than their desktop counterparts.
Web-Based or Online Wallets
👉 These are like online banking websites in that they need a username and password to access. If you have an Internet connection, you can get to your encrypted data from anywhere in the world.
👉 However, comparable web-based services are vulnerable to hacking, and the proliferation of access points may exacerbate existing security concerns.
Cold Wallets
👉 A cryptocurrency cold wallet is not linked to the Internet and hence cannot be hacked. The user’s address and private key are kept in a cold wallet, which is also known as a hardware wallet or an offline wallet and requires suitable software to be installed on the user’s computer.
👉 USB drives and other physical file storage systems may also serve as cold wallets, allowing for secure buying, selling, and tracking of digital assets while they are in use on a computer. Those who trade seldom may benefit from these.
👉 This is because hackers are less likely to be able to get access to these wallets in the first place if they are not stored in an online format. These wallets could be misplaced or stolen, and forgotten passwords are a real possibility.
👉 In addition, some hardware wallets are often stored in a bank’s safe deposit box or another similarly secure place.
Hardware Wallets
👉 Hardware wallets, a type of cryptocurrency wallet, are less user-friendly than online wallets and desktop wallets, but they are easier to use than paper wallets and safer than hot wallets. Web wallets and desktop wallets are nonetheless more user-friendly than hardware wallets.
Paper Wallets
👉 The ability to securely store and send cryptocurrency is the primary advantage of paper wallets, which consist of printed keys and QR codes.
👉 At one time, paper wallets were thought to be safer than other methods of storing cryptocurrency since they are disconnected from the internet.
Multi-Sig Wallets
👉 If a cryptocurrency transaction must be signed off on by more than one person, the wallet in question is called a multi-sig wallet, or a multi-signature wallet.
👉 Cryptocurrency wallets that use multi-sig technology are analogous to joint bank accounts in which several signatories are required to authorize a transaction. Families and companies alike might benefit from using a multi-sig wallet.
Multi-Currency Wallets
👉 When it comes to storing digital money, some wallets are designed to keep just one specific cryptocurrency, while others are “all-cryptocurrency” wallets that may contain a wide variety of coins.
How Nigerians can keep their Crypto Funds Safe
👉 If you are concerned about the safety of your cryptocurrency holdings, the following advice may be invaluable:
➡️ Do not let anybody know your private key. This is elementary, yet it may hold the key to your account’s safety. Do not give up your private key to anybody, much like your email, bank account, and other login information.
➡️ Make sure that your cold wallets remain secure. Again, the fact that it is self-evident does not diminish its significance. You should not leave your hardware wallet lying around unattended, keep it hidden somewhere safe.
➡️ Always have a backup plan. Having a trusted friend or family member hold a copy of your cryptocurrency wallet, or storing it in a safe place, is suitable.
➡️ Avoid being scammed. Cryptocurrency traders have become a new target for the phishing techniques that hackers have been using for years. Be wary of any message that demands you to take immediate action. Also, never share a private key or any other sensitive data by text message or email. If you are unsure, you should contact your wallet service provider.
➡️ Be mindful of the network. The finest cryptocurrency wallets allow you to access your funds from any location with access to the Internet. But open networks pose risks because they lack privacy and security. If you care about keeping your information safe, you should avoid connecting to public networks.
Fees that Nigerians can expect when using Crypto Trading Apps
👉 Nigerians who are looking for the best trading app for crypto trading must consider the following fees that their mobile platform may charge:
➡️ Trading Fees. The costs associated with making a deal might alter significantly depending on the marketplace. You may be able to discover commission-free trading, but you could end up paying anywhere between 0.1% and 0.5%. Large volume traders often have cheaper fees, while those utilizing the exchange’s native currency may occasionally enjoy even lower fees.
➡️ Financing charges. The finest cryptocurrency trading applications often provide free bank-to-app fund transfers. However, you should double-check since some establishments impose fees of up to 1.5%, particularly if you pay with a debit card. If you wish to use a credit card, know that your bank can consider the transaction a cash advance and charge you a fee of at least 3.5%.
➡️ Withdrawal charges. As was shown above, it is not possible to get your cryptocurrency out of a standard brokerage account currently. Fees at currency exchanges are typically flat and determined by the amount of cash you wish to withdraw. Prices are listed on their respective websites.
Conclusion
👉 The finest cryptocurrency platforms, exchanges, and applications available today make buying and trading cryptocurrency easier than it has ever been, even though it may first be daunting and even though frauds have happened and still do.
👉 You could easily purchase and trade digital assets while on the go by creating an account with a well-regarded cryptocurrency app.
FAQ
What is the safest app to buy crypto?
eToro is one of the safest apps because it is a CFD and forex broker that is well-regulated and provides investor protection.
Which app is the best for cryptocurrency for beginners?
Gemini is one of the best crypto trading apps for beginners.
How do I start crypto trading?
You can start by carrying out thorough research whether crypto trading is the right fit for your objectives, trading style, and time horizon. Next, you can decide whether you want to hold crypto or trade short-term.
You can decide on the trading app that fulfils your needs and objectives, deposit funds, and start trading.
Is crypto trading profitable?
Crypto trading can be profitable. However, much like other financial markets, profitability cannot be guaranteed, and it depends on several factors including the trader’s risk tolerance, trading strategy, and several others.
Is crypto trading safe?
All investments carry a degree of risk but crypto is more volatile than other markets and riskier. Crypto trading is a suitable investment if you want direct exposure to the fast-paced trading environment that crypto trading offers.
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