7 Best Crypto Day Trading Platforms in Nigeria
The 7 Best Crypto Day Trading Platforms in Nigeria revealed. We tested and verified the best crypto day trading platforms for Nigerian Crypto Traders.
This is a complete list of crypto day trading platforms in Nigeria.
In this in-depth guide you’ll learn:
- What is a cryptocurrency day trading platform?
- Which brokers have the best crypto day trading platforms in Nigeria?
- Our recommended cryptocurrency day trading platforms for Nigerian Crypto Beginner Traders
- When is the best time to trade crypto for Nigerians?
- With which broker can you buy crypto using your debit card?
- How to compare crypto trading brokers against each other?
- Which broker offers the best crypto exchange in Nigeria?
- Which brokers offer bitcoin and crypto mining?
- Which broker offers low minimum deposits with crypto trades?
- 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 cryptocurrency day trading platforms for Nigerians…
Let’s dive right in…
- Louis Schoeman
👉 Definition: Crypto-trading platforms are exchange platforms that permit the interchange of a digital currency for another.
7 Best Crypto Day Trading Platforms in Nigeria (Updated 2023)
- eToro – Overall, the Best Crypto Trading Platform
- Crypto.com – Best Market Maker Platform in Nigeria
- Coinbase – Best Crypto Trading Platform for Beginner Traders
- Interactive Brokers – Best Platform for Experienced Traders
- Webull – Best Ethereum Platform in Nigeria
- Binance – Best Crypto Trading Platform with Low Day Trading Fees
- Robinhood – Best Commission-Free Crypto Trading Platform
1. eToro
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 There’s no better place to trade than eToro, which combines the best of all worlds: minimal costs, user friendliness, and a wide variety of markets for Nigerian traders.
👉 Over 40 spot trading markets are available on this day trading platform, all of which are pegged to the US dollar. XRP and Dogecoin are just a few examples, but the list goes on and on, from Shiba Inu and Ethereum to Celo and AAVE.
👉 The euro and pound sterling are only two examples of digital assets that can be traded against each other.
2. Crypto.com
Overview
👉 Nigerian traders of different skill levels and budgets use this platform, which was launched in 2016. You will have access to more than 250 cryptocurrencies, which includes a wide range of both big and small projects. For day traders, Crypto.com has a maker/taker pricing system, which is ideal.
👉 If you’ve never heard of market makers, they’re the people who bring liquidity to crypto exchanges, and as a result, they get better commissions.
👉 You’ll be labelled a “market taker” if you’re just starting out in the crypto day trading game. Because of this, you will be charged a maximum of 0.4% each slide.
3. Coinbase
Overview
👉 Making regular gains from day trading cryptocurrency is by no means an easy task. To put it another way, for those just getting started, Coinbase may be the best option.
👉 Since its launch in 2012, Coinbase has been providing crypto trading services to novices. Due to the fact that the process of opening an account only takes a few minutes to complete, this is ideal for those Nigerian traders who want to get started quickly and easily.
👉 When it comes to funding your trade, Coinbase has a variety of payment options that allow you to deposit US dollars. In addition to debit/credit card and PayPal purchases, this includes ACH transactions at a 1.49 percent flat rate.
👉 Deposits under $200 are subject to additional surcharges. Nevertheless, you’ll have access to more than 50 popular cryptocurrencies after funding your Coinbase account.
4. Interactive Brokers
Overview
👉 Interactive Brokers offers direct trading of Bitcoin and Ethereum for one of the lowest commission rates available in this market. As an alternative to holding the underlying coins, Nigerian traders can purchase Bitcoin and Ethereum futures.
👉 The Chicago Mercantile Exchange offers futures contracts for Bitcoin and Ethereum, with contracts costing $11.02 for five coins each and $9.02 for 50 coins each.
➡️ Commission: 0.12-0.18 percent of trade value; $10.02 per futures contract
➡️ Account minimum: $0
5. Webull
Overview
👉 Even though Webull is a lesser-known brand than other rival commission-free trading software options, it offers a comprehensive set of services to users, including the ability to trade cryptocurrencies.
👉 Nigerian traders will not be charged fees on cryptocurrency trades (or stock and ETF transactions), but you will be charged on either side of a trade a spread mark-up of 100 basis points (1 percent of the purchase price) in addition to the spread.
👉 Bitcoin, Ethereum, and Cardano are just a few of the cryptocurrencies that are available for purchase and sale. Webull is a broker worth considering by Nigerian traders because of its powerful charting tools and user-friendly mobile app.
➡️ Commission: $0
➡️ Account minimum: $1 to trade crypto
6. Binance
Overview
👉 When it comes to day trading fees for Nigerian traders, Binance is a clear winner in the cryptocurrency market. The reason for this is that Binance has been offering a headline commission rate of just 0.10 percent per slide since its start in 2017.
👉 A lower commission is available for larger transactions throughout the month. In addition, customers who pay their fees in BNB can get a 25 percent discount on the commission they would otherwise pay.
7. Robinhood
Overview
👉 Coinbase’s rival, Robinhood, is based in the United States. Robinhood, on the other hand, provides a straightforward service: commission-free trading. Every day, dozens of various markets, including major cryptocurrencies like Bitcoin and Dogecoin may be accessed through Robinhood by Nigerian traders.
👉 Micro trading is one of the key advantages of Robinhood’s crypto day trading services. This means that Nigerian traders can invest in cryptocurrencies even with tiny quantities of money. When it comes to Bitcoin, for example, you can buy it for merely 0.00001 BTC.
Overview
👉 Day trading cryptocurrency is one of the most profitable and straightforward methods of making money from the cryptocurrency market in Nigeria.
Top 10 Brokers in Nigeria
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 Many Nigerian traders nowadays are learning how to enter and exit the market inside a single day, and they’ve taken advantage of the volatility in coin prices to make significant profits.
How Crypto Day Trading Works
👉 Cryptocurrency day trading gives Nigerian investors the opportunity to make money by speculating on the short-term volatility of the currency. Due to its widespread use, day trading has become the most popular trading method in all financial markets.
👉 The crypto market, in contrast to regular financial markets, has caught the attention of day traders in Nigeria due to the profitable environment it provides. Day trading crypto has become a lucrative business because of the high volatility and the fact that the market is open 24 hours a day.
👉 In day trading, you bet on the price of a crypto asset for the duration of a single day. Opening and closing all positions in a single day is standard practice for cryptocurrency day traders in Nigeria. Day traders do not keep their positions open over the course of a day.
👉 To be a good day trader, a trader needs know all the ins and outs of the market and any cryptocurrency.
👉 If you buy a cryptocurrency that is expected to climb in price in the next few hours, you may then sell it for a profit to make money.
👉 Cryptocurrency trading may appear simple to novices, but it is a hard and risky endeavour. To be a successful cryptocurrency day trader in Nigeria, you’ll need a lot of self-control, in-depth information, and tried-and-true trading methods.
Popular Crypto Day Trading Strategies
👉 Every good trader in Nigeria must have a sound trading strategy in order to succeed. Below, we have described some of the most tried and tested day trading crypto strategies.
Range trading strategy
👉 It is possible for a single huge player to control the entire cryptocurrency market. To profit from a price range, some major movers may deliberately influence the price of a coin. You can also benefit from these patterns if you are aware of them.
👉 In range trading, you should keep an eye out for overbought and oversold areas. Overbought indicates that buyers have exhausted their supply and the stock is likely to decline; oversold indicates that the opposite is the case and the stock is likely to rise.
👉 These zones may be found with the use of chart indicators, which can be found in any credible stock chart program.
Scalping strategy
👉 Scalpers profit from an upsurge in trading activity. Trading cycles for scalpers can be as frequent as every few seconds, and many of them employ automated bots to do it.
👉 The goal of a scalper is to get out of a trade as soon as the market’s perception of a coin changes due to news or a brief fluctuation.
Arbitrage strategy
👉 It is possible to make money by buying cryptocurrencies on one exchange and then selling it on another for a profit. The “spread” is the difference between the purchase and sale price of an asset.
👉 Cryptocurrency is a mostly unregulated market, which means that anyone can set up an exchange. Because of the disparities in asset liquidity and trading volume, this might result in a widening of the spread.
Bitcoin volatility strategy
👉 The Chicago Mercantile Exchange (CME) now offers options on Bitcoin futures, allowing traders to take advantage of a plethora of volatility techniques.
👉 The volatility of cryptocurrency is five times greater than that of traditional asset classes. Volatility trades are preferably directionless, which means that there is a chance of generating money regardless of whether Bitcoin rises or falls in value.
👉 Using Bitcoin options, the long straddle is a directionless volatility strategy that can be used to reduce risk. Purchase of a call and put option at the same time for the same strike price and expiration date is required to get started.
👉 It is lucrative to trade Bitcoin straddles when the price of Bitcoin falls or increases more than your premium away from the strike price. To get out of the deal, you must sell both the call and put options at the same time.
Advantages of day trading cryptocurrency
👉 There are several advantages of day trading crypto for Nigerian traders, including the following:
Access to volatility
👉 When it comes to cryptocurrency, it is important to understand that the market is extremely volatile. It is possible for Bitcoin to start the day at $12,000 and by the end of the day, the price has fallen to $10,000, and expert traders will not even blink an eye.
👉 If you want to go into day trading, however, this volatility may be a very profitable instrument because there are several possibilities to profit from the market’s volatility.
Transparent access to data
👉 In the cryptocurrency market, there are no costs to utilize exchanges, which means that you save money on fees. Essentially, this implies that you can view data that is critical to day trading without having to pay any fees.
👉 For those who are interested in checking out the order book, 99 percent of the time, this information may be obtained without the need to sign in, as demonstrated here on Binance with the USDT/BTC pair.
👉 On the same note, these exchange interfaces will frequently include a variety of technical analysis tools that can be used to help traders make informed trading decisions.
👉 However, while this will not make or break your decision to begin day trading cryptocurrency, it is unquestionably a bonus and can assist you on your way to being a trading pro.
Access for new traders
👉 Because the cryptocurrency market is so simple to understand, there are a large number of newcomers and less-experienced traders who are interested in participating in it.
👉 Because of the large number of rookie traders, one who has a little bit more expertise automatically has an advantage and can enter and exit positions more quickly, as well as respond more quickly to conditions and avoid loss.
Disadvantages of day trading cryptocurrency
👉 There are also some disadvantages to day trading cryptocurrencies for Nigerian traders, which should be taken into account.
Unregulated market
👉 If an exchange goes out of business, is hacked, or decides to abscond with all of your money, you have no one to turn to, no higher authority, and no insurance policy to assist you recover your losses on the crypto market.
👉 Even if it doesn’t happen very often, as a day trader you should be prepared for the possibility of this inherent risk.
The effect of the news cycle
👉 This one goes hand in hand with the volatile characteristic of the crypto market. Other asset classes, like as corporate profits and government data, are issued on a regular basis, allowing you to predict where the market is headed to a certain extent.
👉 It is free for all in the cryptocurrency world, and even the smallest piece of news from a random site can send the price flying or crashing in the time it takes you to finish reading this line.
👉 It is preferable to have predictability if you are seeking for simple transactions because unpredictability will just make profit earning more tricky, though this is a double-edge sword.
The danger of locked in positions
👉 The ability to take a position swiftly is frequently demonstrated on the crypto market; but, the ability to escape a position when necessary is not always so straightforward.
👉 There are a lot of cryptocurrency exchanges that are virtually illiquid, which means that they do not have enough activity to fulfill your order at the price you require.
👉 While the exchange may have strong liquidity in other cases, trade activity may be low due to weekends or holidays, even if the exchange has healthy liquidity.
👉 If you find yourself in one of these circumstances, you run the risk of losing money quickly. The only way to avoid this is to trade when there is activity, or to maximize the liquidity that is accessible to you by choosing the correct exchanges with very high number of trading participants.
How to choose a crypto platform
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Crypto Trading Platforms in Nigeria
👉 In this article, we have listed the very best crypto trading platforms for Nigerian day traders. Of these platforms, we have further identified the platforms that offer additional services and solutions to Nigerian traders.
Best platform with market diversity for Nigerian traders
👉 Overall, eToro is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker for day trading crypto in Nigeria. Regarding spread and security, eToro guarantees fast trading speeds from a few milliseconds for crypto trading in Nigeria. In terms of users, eToro has over 24.8 million registered traders.
Best market maker platform for Nigerian traders
👉 Overall, Crypto.com is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker for day trading crypto in Nigeria. Regarding spread and security, Crypto.com guarantees fast trading speeds from a few milliseconds when trading crypto in Nigeria. In terms of users, eToro has over 10 million registered traders.
Best platform for beginner Nigerian traders
👉 Overall, Coinbase is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker for day trading crypto in Nigeria. Regarding spread and security, Coinbase guarantees fast trading speeds from a few milliseconds for crypto trading in Nigeria. In terms of users, eToro has over 89 million registered traders.
Best platform for experienced Nigerian traders
👉 Overall, Interactive Brokers is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading crypto in Nigeria. Regarding spread and security, Interactive Brokers guarantees fast trading speeds from a few milliseconds for trading crypto in Nigeria. In terms of users, eToro has over 1.6 million registered traders.
Best Ethereum platform for Nigerian traders
👉 Overall, Webull is considered a low-risk broker and can be summarised as a trustworthy and reliable discount broker for day trading crypto in Nigeria. Regarding spread and security, Webull guarantees fast trading speeds from a few milliseconds when trading crypto in Nigeria. In terms of users, eToro has over 7 million registered traders.
Best platform with low day trading fees for Nigerian traders
👉 Overall, Binance is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading crypto in Nigeria. Regarding spread and security, Binance guarantees fast trading speeds from a few milliseconds when trading crypto in Nigeria. In terms of users, eToro has over 21.5 million registered traders.
Best commission-free platform for Nigerian traders
👉 Overall, Robinhood is considered a low-risk broker and can be summarised as a trustworthy and reliable market maker broker for day trading crypto in Nigeria. Regarding spread and security, Robinhood guarantees fast trading speeds from a few milliseconds when trading crypto in Nigeria. In terms of users, eToro has over 22.7 million registered traders.
FAQ
What is a crypto day trading platform?
A crypto day trading platform is a website or software application that allows traders to buy and sell cryptocurrencies within the same day. It provides real-time market data, charting tools, and other features to help traders make informed decisions.
What are the best crypto day trading platforms?
The best crypto day trading platforms depend on individual trader needs, such as regulation, trading fees, security, and user experience. Some popular crypto day trading platforms include Binance, Coinbase Pro, and Kraken.
What should I consider when choosing a crypto day trading platform?
When choosing a crypto day trading platform, it is important to consider the following factors: regulation, fees, security, user experience, supported cryptocurrencies, and the platform’s reputation. It is also important to understand the platform’s fee structure and trade execution speeds to ensure it aligns with your trading goals and needs.
How do you make money on a crypto day trading platform?
The most important aspect of making profit on a crypto day trading platform is to make use of a sound day trading strategy, employ thorough backtesting, and use a reputable platform or broker.
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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