Reliable crypto trading apps are one of the most important tools you should invest before venturing into digital assets. Aside from keeping your funds safe and accessible, they also provide features such as selling and buying. However, with the endless options of platforms, it’s hard to look for something that suits your needs.
With the mass adoption of crypto in Africa, we’ll help you find the right cryptocurrency trading app you can use for seamless crypto transactions in Nigeria. Learn more about them here at Crypto in Afrika.
How to trade cryptocurrencies
To conduct a successful crypto trade, you must find a platform and create an account. To do this, there are six important steps you need to follow. Learn more about it below.
- Find a reliable crypto exchange platform
Finding the right crypto exchange that suits your needs is often challenging. That means searching for a platform available in Nigeria that supports the crypto assets you want to purchase and accepts your preferred payment method.
You’re likely to find several platforms that provide these, so be sure also to consider aspects such as trading fees, additional trading features, platform security and an attractive user interface.
- Create an account
After finding the right platform, the next step before starting trading is creating an account. Most exchanges have an easy sign-up process, requiring you to provide your email address and a designated login password.
However, prepare to accomplish the Know Your Customer (KYC) account verification process. This is done for transparency between the exchange and the user.
You’ll be required to provide personal information such as your legal name, contact number, and financial information. Additionally, provide copies of legal identification documents to validate your identity.
The comprehensive KYC process may seem excessive, but it’s done in compliance with global Anti-money Laundering (AML)regulations.
This is crucial to detract people from committing criminal activities. It also allows companies to report individuals to the proper authorities if they conduct illicit transactions on the platform.
- Place funds into your account
After finalising the registration and account verification process, you can access the platform’s trading features. To start, you need to deposit funds into your account.
Typically, platforms offer both crypto and fiat deposits. However, confirm this beforehand, especially if you’re a new trader since some platforms only accept limited fiat currencies or none.
- Choose your preferred crypto
Before trading your funds for crypto assets, check the trading view to gauge which crypto asset is the right investment.
Most exchanges offer a variety of altcoins for you to choose from so analyse their market performance to make better trading decisions.
- Conduct the transaction
Once ready to start your crypto investment, navigate to the platform’s buy and sell page, where the available cryptos for trading are listed. On the page, find the appropriate form and complete the necessary information for the trade.
- Store your crypto
Most crypto exchange platforms provide users with hot wallets to store their crypto after receiving them. However, look for an external wallet to keep your assets for maximum security.
Whether you prefer a hot wallet or a cold one is your choice. Just be sure to identify their differences and analyse which would benefit you the most.
If you want easy access to your funds, opt for a hot wallet since it’s available on apps. On the other hand, if security is your priority, then go for cold wallets since they come in USB-like devices and are offline.
Cryptocurrency Trading Apps: Things you need to consider
One of the ways you can trade crypto aside from browser-based exchanges is by finding platforms that provide a mobile application for seamless transactions. A trader can access a platform’s services anytime and anywhere through smartphone software.
When it comes to choosing the best crypto trading app in Nigeria, there are a few criteria you need to pay attention to, such as:
Make sure the platform is secure
Most crypto exchanges have centralised order books, meaning they’re regulated. Platforms like this are expected to follow the policy set by their regulators and require their customers to disclose verifiable personal information through the KYC process.
You can also find decentralised exchanges, or DEXs, which run through blockchain technology. This type of platform functions on a peer-to-peer network without the need for third-party oversight.
Check the cryptos supported
When choosing the right exchange app, check if it offers a variety of crypto tokens to trade with. This includes popular assets such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance Coin (BNB), and Cardano (ADA). This allows you to have more trading opportunities and grow your investments.
Best apps for trading cryptocurrency
Now that you understand the process of trading in crypto, the next thing is to find the best crypto trading platform that suits you. That’s why we’ve listed some of the most popular trading platforms you can use in Nigeria.
Pionex is one of the best crypto trading apps established in Singapore in 2019. Through 16 free-to-use automated trading bots, the platform allows high-volume investors to automatise investment strategy.
Other key features of the platform include more than 250 crypto tokens supported, a low trading fee set at 0.05%, leverage trading, live chat and email support, and tutorials for beginners.
Another platform on the list of best apps for trading crypto in Nigeria is Bitstamp, founded in 2011 by Damijan Merlak and Nejc Kodrič. Aside from its mobile availability, some of its best features include the availability of over 70 cryptos and reliable cybersecurity.
When it comes to the trading fee, transactions worth no more than $1,000 don’t have any trading fees. Additionally, it’s considered one of the most reliable apps for crypto trading thanks to an easy-to-use user interface, competitive trading fees, and satisfying crypto selection for beginners and experienced traders alike.
The exchange platform Binance is globally known to offer one of the best trading apps for crypto. The platform, founded in 2017, has provided crypto investors with a reliable platform for trading regardless of location and device.
Although Binance began as a platform accessible on browsers, the exchange introduced a mobile app for traders on the go. On top of that, it offers satisfying features such as over 600 crypto tokens supported and low trading fees from free to 3.75%, depending on your chosen token.
KuCoin is another global platform that provides one of the best crypto trading apps across the world. Founded in Singapore, has been providing great features since its inception.
Registering allows you to enjoy trading on a platform that supports over 600 crypto tokens, high liquidity, and comprehensive asset security management.
Additionally, KuCoin’s trading fee starts at 0.1%, significantly lower than other exchanges. With the wide range of coins available, low fees, and advanced trading features, you’ll have all your trading needs fulfilled on the KuCoin app.
Tips for choosing the right app for trading cryptocurrency
When choosing the best app for crypto trading, it’s essential to consider several criteria to ensure you have access to the necessary trading services. Read on to discover our top tips when choosing crypto trading apps.
- Conduct thorough research
If you want the best services from a platform, you don’t settle for the first one you find online. Instead, make a list of the top apps for trading cryptocurrency and analyse the pros and cons of each.
During the process, you’ll end up with a shortlist of the best cryptocurrency trading apps to choose from once you’ve eliminated those that don’t fit your criteria. Research is useful in this procedure, so you find accurate information to help you decide.
- Consider the platform’s security
Once you have a list of the best apps for cryptocurrency trading, check the security measures in place. A platform must provide ample security measures such as KYC and authenticator.
As part of asset security, it’s also good to find an app that provides you with a crypto wallet to store your funds safely. Though most traders only use exchange wallets temporarily, it’s nonetheless beneficial to have one available on a trading platform while you find preferable options.
- Easy mode of transaction
Another important thing when considering a crypto trading platform is ensuring you’ll have no difficulty making your transactions. That means a straightforward process to deposit and withdraw, even if you’re a new crypto investor.
- Low trading fees
Most platforms require you to pay a trading fee which serves as their commission for helping you with the transaction. While this is not an issue, you have to make sure that the platform is not asking too much from you.
At present, most crypto exchanges have a fee ranging from 0% to 1.5%, depending on whether you’re buying or selling assets. When deciding which platform to use, consider one that doesn’t ask beyond this percentage for their transaction fees.
- Ensure there’s good liquidity
One of the problems traders face with lesser-known platforms is lower liquidity, making it difficult to trade without paying a big markup.
When looking for the right trading app, look for something with tight spreads, which refers to having a small difference between the asking price and the bid price.
- User accessibility
One of the biggest criteria when searching for a reliable crypto trading app is its interface. You must find a platform that’s user-friendly for easy site navigation.
It’s no use having an exchange platform on your phone if it has an unusable interface. That’s why finding a trusted app that functions properly across devices is crucial.
Start trading with the best crypto trading apps in Nigeria
When it comes to finding the best crypto trading platform, it’s essential to consider all your options. Familiarise yourself with crypto trading and find the right platform for fruitful trading.
The key to finding a reliable platform is listing the top options available, considering the pros and cons of each platform, and finding the right time to invest in crypto. This process will help you find the right platform when you’re ready to trade and grow your assets.
What is the best crypto trading app to use?
With so many crypto exchange platforms available across the globe, it’s easy to find a list of the best apps for crypto trading. However, choosing just one is difficult because a platform’s performance is only as good or bad as the user deems it.
That’s why the most important thing is to find a trading app that provides you with services suited to your needs.
What is the cheapest app to trade in crypto?
It’s difficult to pinpoint the cheapest app for crypto trading. However, many apps offer zero to low trading fees to choose from. One good example is Bitstamp, where you can trade below $1,000 without worrying about trading fees.
How do I start day trading crypto?
It’s easy to start day trading. You start by creating an account with your preferred crypto exchange platform and depositing funds you can use to buy or sell assets. Once you have an account, you can visit daily and conduct trades.
However, creating a strategy for day trading is important so you don’t lose more than you can afford. This type of trading sees quick losses and returns, so a good strategy will help you track whether you’re making a profit.
How do I learn crypto trading?
When it comes to learning about crypto trading, it’s important to start by gaining an understanding of what cryptocurrency is. Then you need to study the market and its price movements.
Once you’ve gathered enough information about the crypto market, the next step is learning where and how to start trading through exchange platforms. Read credible guides online to help you find the right site and trade.
Is trading in crypto hard?
The difficulty of crypto trading varies depending on experience. If you’re familiar with investing, there’s less of a learning curve to crypto trading. However, understanding the nature of cryptocurrency can take time, but you must learn it to succeed in your crypto trading venture.
Additionally, as a new trader, you must watch out for the common crypto trading mistakes beginners make to help you avoid them.