7 Best Banks for Crypto Trading and Buying Cryptocurrency in Nigeria

Nigeria is one of the leading countries in the world in terms of cryptocurrency adoption. According to a 2021 Chainalysis report, Nigeria is the sixth-largest cryptocurrency market in the world, with over $10 billion in transaction volume in the previous year.

This is not surprising, given that Nigeria has a young, tech-savvy population and a relatively weak fiat currency. Cryptocurrencies offer Nigerians a way to store and transfer value in a more secure and efficient way than traditional fiat currencies.

However, buying and selling cryptocurrencies in Nigeria can be challenging. The Central Bank of Nigeria (CBN) has banned commercial banks from processing cryptocurrency transactions. This means that Nigerians cannot use their bank accounts to buy or sell cryptocurrencies on centralized exchanges.

Despite this ban, there are still a number of ways to buy and sell cryptocurrencies in Nigeria. One popular option is to use peer-to-peer (P2P) exchanges. P2P exchanges allow users to buy and sell cryptocurrencies directly to each other, without the need for a third party.

Another option is to use decentralized exchanges (DEXes). DEXes are non-custodial exchanges that allow users to trade cryptocurrencies without having to deposit their funds with a central authority.

While there are a number of ways to buy and sell cryptocurrencies in Nigeria, it is important to choose a bank that is crypto-friendly. Some banks are more supportive of cryptocurrency than others, and some may even offer services specifically tailored to cryptocurrency users.

In this blog post, we will take a look at the 7 best banks for crypto trading and buying cryptocurrency in Nigeria.

How to choose a crypto-friendly bank in Nigeria?

When choosing a crypto-friendly bank in Nigeria, there are a few things you should keep in mind:

• Reputation
• Fees
• Security

7 Best Banks for Crypto Trading and Buying Cryptocurrency in Nigeria

Here are 7 Best Banks for Crypto Trading and Buying Cryptocurrency in Nigeria:

Kuda Bank 

Kuda Bank is a Nigerian digital bank that is known for its crypto-friendliness. It is the first digital-only bank in Nigeria and offers a variety of services that are beneficial for cryptocurrency users.

Kuda Bank allows users to buy and sell cryptocurrencies directly from their Kuda Bank account. It also has zero fees on international transfers and offers unlimited transfers daily. This makes it easy for cryptocurrency users to send and receive funds from around the world.

To enjoy Kuda Bank's crypto-friendly features, users must verify their account with a government-issued ID and their BVN.

ALAT by Wema

ALAT by Wema is a Nigerian digital bank that is known for its user-friendly interface and its focus on innovation. It is also crypto-friendly, allowing users to make payments to cryptocurrency exchanges using their ALAT debit card.

To use ALAT's crypto-friendly features, you must first download the ALAT app and register for an account. Once you have registered, you will be able to order an ALAT debit card.

Once you have received your ALAT debit card, you can use it to make payments to cryptocurrency exchanges such as Luno, NaijaCrypto, and Paxful. You can also use your ALAT debit card to withdraw cash from ATMs.

ALAT's crypto-friendly features make it a good option for cryptocurrency users in Nigeria. However, it is important to note that ALAT's debit card has a daily transaction limit of N30, 000. This may be a limitation for some cryptocurrency users who need to make larger transactions.

Zenith Bank

Zenith Bank is one of the largest commercial banks in Nigeria. It is also one of the few banks in Nigeria that is crypto-friendly.

Zenith Bank has partnered with a number of cryptocurrency exchanges, such as Binance and Luno. This allows Zenith Bank customers to trade and invest in cryptocurrencies through these exchanges.

Zenith Bank also offers a secure platform for users to transact with digital assets. Zenith Bank is a good option for Nigerians who are looking for a crypto-friendly bank. 

Providus Bank

Providus Bank is a Nigerian commercial bank that was founded in 2006. It is known for its innovative products and services, including its Affluent Savings Account, which allows for large deposits and withdrawals. This makes it a good choice for cryptocurrency traders.

Providus Bank is also crypto-friendly, allowing users to open virtual bank accounts with cryptocurrency exchanges such as Quidax and YellowCard. This makes it easy and fast for users to transfer funds between their bank accounts and cryptocurrency exchanges.

Rubies Bank

Rubies Bank is a Nigerian digital bank that is known for its low fees and its crypto-friendly features. It is a good option for Nigerians who are looking for a bank that is affordable and easy to use for cryptocurrency transactions.

Rubies Bank charges lower fees than traditional banks for a variety of services, including inter-bank transfers. It also offers a number of other features that are beneficial for cryptocurrency users, such as customizable account numbers, proximity transfers, free customizable debit cards, and money requests.

Additionally, Rubies Bank users can open virtual bank accounts with cryptocurrency exchanges such as Patricia, NairaEx, Paxful, and Cryptofully. This makes it easy and fast for users to transfer funds between their bank accounts and cryptocurrency exchanges.

GTBank

GTBank, one of the leading commercial banks in Nigeria, is also a top choice for crypto trading and buying. It supports cryptocurrency transactions and has partnerships with various cryptocurrency exchanges, providing a seamless and secure experience for buying, selling, and storing cryptocurrencies.

GTBank customers can easily buy and sell cryptocurrencies through the bank's mobile app or website, and store them in their GTBank digital asset wallet. The app is protected by state-of-the-art security features, making GTBank a reliable option for managing cryptocurrency assets.

First Bank of Nigeria (FBN)

First Bank of Nigeria, the oldest bank in the country, is one of the leading crypto-friendly banks in Nigeria. It offers a variety of services that are beneficial for cryptocurrency users, including buying and selling digital assets and storing cryptocurrencies securely.

First Bank's crypto-friendly services make it a good option for Nigerians who are looking for a bank to support their cryptocurrency needs.

Conclusion

Nigeria is one of the leading countries in the world in terms of cryptocurrency adoption. However, buying and selling cryptocurrencies in Nigeria can be challenging due to the Central Bank of Nigeria's ban on commercial banks from processing cryptocurrency transactions.

Despite this ban, there are a number of crypto-friendly banks in Nigeria that offer services that are beneficial for cryptocurrency users. These banks include Kuda Bank, ALAT by Wema, Zenith Bank, Providus Bank, Rubies Bank, and GTBank.