After Binance announced its plans to shut down its Nigerian services in March 2024, many Nigerians, especially crypto traders, were in shock. Some market analysts feared that the action would affect the means of livelihood of many crypto traders.
Why Did Binance Leave Nigeria?
According to reports, Binance discontinued its Nigerian Naira services due to regulatory issues with the Nigerian government. On March 5, 2024, the trading platform announced it was delisting NGN trading pairs and would no longer support naira deposits and withdrawals.
What Other Crypto Exchanges are Nigerians Trading On?
Amidst the fears of its adverse effects on the country’s crypto landscape, some analysts are convinced Binace’s exit would allow local exchanges to grow. These crypto exchanges would fill the void from Binance’s exit by offering similar or tailor made features to Nigerians.
This review explores one of the top-rated Nigerian crypto exchanges with the potential to cushion the effect of Binance’s exit on the country’s crypto ecosystem as traders seek alternative platforms.
Quidax Makes Crypto Simple for Nigerians
Ranked among the fastest-growing cryptocurrency exchanges in the world, Quidax is a Nigerian-focused centralized exchange (CEX) built by Nigerians for Africans. The company’s founders have first-hand experience of the challenges faced by traders in the country, so they built the Quidax Exchange to solve these issues.
The Quidax team has had boots on the ground in the Nigerian crypto market over the past five years, providing safe and reliable services to retail and institutional investors in the country and beyond.
The company’s presence in the Nigerian crypto landscape also helps it work hand-in-hand with regulators to ensure complete compliance and customers’ safety.
Quidax stands out from its competitors for many reasons, including its support for customers to trade crypto using their local currencies. Other features of the exchange include:
- A beginner-friendly crypto trading app/website
- P2P naira deposits via QDirect
- Direct local bank deposits and withdrawals
- An instant swap feature for fast crypto transactions
- The Quidax Academy for newbies to learn about crypto
- An order book for professional traders
These features give Nigerian crypto enthusiasts the opportunity to access the markets through a trading platform that makes crypto easy for everyone.
Despite Binance’s withdrawal from the Nigerian market, companies like Quidax are proof of the endless possibilities within one of the world’s fastest growing crypto countries.
So, whether you’re a beginner who is curious about Bitcoin or a savvy investor who sees the value of crypto and blockchain technology, you can be part of the simple crypto world that Quidax Exchange is championing.
Final Thoughts
Sustaining a Bitcoin company for Africa’s largest economy requires being on ground to thoroughly understand the country’s regulatory framework and proffer solutions to its peculiar challenges.
This is why Quidax, one of our focus Nigerian cryptocurrency exchanges, offers a platform for Nigerians and Africans to explore the cryptocurrency markets without limitations.
