For the past few years, Nigeria has been in the forefront of cryptocurrency with lots of youths participating in digital currency. Crypto has solved a lot of problem like cross border payment, remittance, and also a means of generating wealth for young Nigerians.

This year alone, Nigeria ranks among countries with the highest number of crypto users and transactions especially in Centralised Exchanges like binance

There are two types of cryptocurrency exchanges, we have the Centralised and the decentralized exchanges

Difference between centralized and decentralized exchanges

Decentralised exchanges are platforms like Trust wallet and metamask that does not require username and password to register, instead you're given a 12 word backup seed phrase. These seed phrase is what you use to login to the platform.

Unlike decentralized exchanges, Centralised Exchanges like Binance require passwords and you can easily recover your asset should you in any way lose your password or user id.

But this is different for decentralized exchanges. If you lose your seed phrase, you can't recover it again. And your crypto will be lost.

So that's why newbies are often advised to start with Centralised Exchanges

Are you looking to start your cryptocurrency journey. Here are top Centralised Exchanges used by Nigerians

Binance
Binance is one of the biggest crypto exchange in the world. It has served Nigerians especially since the crypto ban with their p2p services. The P2P platform on Binance allows you to buy and sell crypto without having to worry about getting scammed.

You can also send, receive and trade crypto on Binance spot, and a lot more features you'll discover when you start using the platform.

To use the platform, you download the app on playstore after which you verify your Binance with a valid government ID card such as driver's licence, international passport, voter card or National ID Card

Currently you can also verify your Binance with NIN slip.

Paxful
Paxful is almost similar to Binance, but it is much more suitable for newbies especially with their easy-to-understand interface.

Paxful allows you to send, receive and trade crypto on their platform. You can also use Paxful to trade crypto with strangers securely on P2P.

The verification process of Paxful is almost similar to Binance. After downloading the app on playstore you can proceed to do your KYC using any valid government ID Card.

Other similar centralised exchange used by Nigerians include Kucoin, Hotbit, Mexc, Bundle

Bonus
Coinsela
Coinsela.com is a new crypto exchanger in 4 major Nigerian cities (Abuja, Owerri, Port Harcourt and Lagos).

The truth is, It is not everybody that understands crypto platform, and since a mistake like sending coins to the wrong network or making wrong payment on P2P can make you lose your funds if you're not careful. You can exchange your crypto for Naira, without fear or much stress. We buy and sell coins at your own rate.

Insightful