Bitcoin Forum

If you’ve been watching a lot of our comedy skits lately  from the likes of Sabinus, De-General, or even some influencers, then you must have seen plenty of ads for different apps and platforms to trade your Bitcoin with.
In fact, there are so many now, and one thing they all seem to say is that they are “fast and reliable.”

So my question is, which of these platforms have you actually tried or come across, and how was the experience? Because most of the top exchanges and wallets I know like Binance, Bybit, Luno, etc.  are not Nigerian-owned.
Are the Nigerian ones really fast and reliable like they claim?

This is also a way to support and patronize our own local Nigerian market.
And if you’ve had any bad experiences with some, please feel free to highlight them too, so others can be watchful.

I dey watch Sabinus skits but I never once pay attention to the exchanges way them dey promote. The only Nigerian owned exchange way I fit recommend na Roqqu. Their p2p dey fast and their rates dey okay.

I have been able to try out a new company like that where a newly content creator by name Joshua Bolu...is their ambassador, Assetar been the company claims to trade crypto and gift cards to Naira. I followed up their site but all the transactions was done manually on Whatsapp by the sales manager. As in, you'll be redirected from their site to the WhatsApp number for business.

Although, I don't find it safe dealing that way because most of the company are just owned by individuals operating from their rooms, no office while some are not registered.

But there are many skit makers that are advertising exchanges which I have not heard about before.

I can not trade my crypto with anyone on Whatsapp, I will like to do it through the app. If the exchange does not have app or a site I will avoid it.

Any crypto company you see that is owned by any Nigerian person, please don't trade on them until you do your findings. Recently, the Nigerian Security exchange commission revise the process of opening exchange in Nigeria and if all of them want to follow that rules, none of them will be operating in Nigeria because the money to pay for application fee, processing free and other charges, you will be spending roughly $80k, that's a lot of money if converted to Naira, shared capital of ₦500m, that's a very huge amount of money.

If most of those companies have this amount to pay as legal fees, they will not be functioning in Nigeria unless there is backing from venture capitals and investors from outside. This condition are very bad but at the same time, it helps protect the people because how is it going to sound if everyone want to launch and exchange, it will bring alot of scams acquisition, it's not like it might, it will bring it and some people might not have any their money back.

trusted Nigerian owned exchanges are rare if not impossible too to find.
Personally I will not use any Nigerian based exchange because I do know how difficult and unsteady the Nigerian system is and things could take a drastic change when the company refuses to adhere to some regulations.
wisely said, from this perspective people would understand why the lack of trust is there.
The Nigerian system wouldn't favor this exchanges much and as such that makes them unreliable.

Exactly, I was even wondering while the CEO cannot let the developer build something that the interactions would be done on the web or through app, although such level may be too high but at least creating something looking legitimate can trigger lots of customers.

I know most of them, their mode of operation is through "chat interaction" that's why they move customers to Whatsapp. Why won't the developer streamline the conversation to be done on the web so that lots of customers can trust the system more and more, and seems easier.

Me I just watch there skits and nothing more, I no Dey pay attention to all those things wey dem Dey promote, because I no trust all those skits makers, I no fit see anything wey dem Dey advertise I go come follow them, because I know say plenty things wey dem Dey promote na scam. All those ones wey Dey promote sites wey Dey buy bitcoin and gift cards, most of them are scammers, and you go see our skit makers Dey promote them.

All Wetin our skits makers Dey after na money, if Dey don receive their own money, nothing concern them if na scammer dem be or not, and some of them self na their friends get them, and na all those skits makers get some self, so I no Dey pay attention to their advertisement again.

Dey get one time wey Dey come Dey create coin,  Dey come Dey promote am, dem Dey use that one cash out, our skits makers na just criminals most of them be too, make we no Dey follow them blindly, if you see anything wey dem Dey promote, make sure say you do your research first before you join.


I never sabi any naija crypto exchange, so make I just continue to Dey use d ones wey I don Dey use for years and nothing do am. Most of the youth wey go talk say Dey wan create exchange like that, most of them na scammers dem be, Dey fit start am well make Dem earn people trust, but e no Dey always end well.

Is not like i don't want to patronise our local vendors but the possibility of scam is why I won't advice anyone about it, except the government do speak out on how they would go about if customers funds were being held, even if the platform move out of the country Patricia exchanges which started in Nigeria but has moved and many Nigerians are still waiting ti get access to their funds https://bitcointalk.org/index.php?topic=5454203.msg62311022#msg62311022


When it comes to financial advice those skits makers and influencers has nothing good to give except they are benefiting from it. Sometimes of these guys have promote scams or false things before, it's for us to do our own research but how things had been thus far it's better to use other trusted CEX and also don't ignore that CEX is not a good option in the first place.

Having a website for crypto exchange will cost them more money than WhatsApp and they may not have the money. They can avoid regulation on Whatsapp but they may not be able to avoid regulation if they have website for it, the money regulations will require them to have can be too much, I think it is over 500 million to 1 billion naira. I do not care sha I will not use them.

I hope nor be d same Roqqu wey I know, abi dem don change. Some years ago I get wan scary experience wey I get wit a buyer wey dey use Roqqu wallet. I send BTC to d buyer and instantly Roqqu remove am, making it look like sey I nor send am at all. D thing nearly cause big gbenge until escrow com trance d thing onchain and e confirmed sey I actually sent it. D buyer chatted Roqqu, dem confirm am. So Roqqu why you remove am? Their response be sey dem suspected a fraudulent activity on d wallet 😂. Since then, I nor dey take betta eye see dem.

Dat part of your advice wey I bold get as e bi. E nor too good. Na im dem dey call profiling or prejudice. D carefulness supposed be across any exchange wey just open newly, forget who own am. I nor dey send who get am but na trust score I dey like preview. If trust score assure me of minimal risk, I put head.

Yes, I see so many advertisements of different Nigeria exchange on social media and the ads is from most of those content creators, all they keep saying is that they are fast and reliable but the question is, are they reputable? Can they completely comply with government policies of running the exchange and if they face any challenge from the government that may affect their business, do they assure their customers safety of their funds?

Take for example, binance exchange, the founder (CEO)  had some serious government issues with his exchange and he even went to prison and now he is not the CEO of the exchange, if such occurs with any of those comedians exchange, can the exchange survive it?

I have used Yellow card exchange and from what I learned, the exchange was founded in Nigeria.

I never try any Nigerian owned exchange and I nor intend to do so. The fact say awa popular influencers endorse these local exchanges no mean say dem dey legit. The influencers own nah to collect money after promotion, anything wey happen to you nor concern them. Most of them no get license and dem fit carry your money waka anytime. But if you really want to give them a try, do your own findings make you nor enter one chance.

i no even know say naija get exchange most times i they hear this skit makers they talk about the thing for social media but i never for once think about to use am but i no sure say i go use am because i they get service wey i need from other exchanges and theyy are trust worthy so why i go waste my time go they use nigeria exchanges wey them they warn people make them no trust exchange na naija own you wan come they trust.

and we know say every exchange get there own but to some extent i still trust the onces i they use before because waiting be thing wey go make me change exchange wey i they use, and if na naija you go do finding tire because if they one run you street them go still run am and nothing go happen, and since i never use them before make i continue they use the one wey i sabi use since na the same service i they look for.

I no too get problem with their reliability oo, where I get problem using our local exchange is that them go easily bow to pressure from our government if them decide to know about those in the country that are into crypto or still doing crypto related transaction, but
In  the case of this foreign exchange, our government no go easily make them release customers personal information to them, them go prefer leaving the Nigerian market than to put their customers on the line, because those people they keep to privacy law more than Nigerians, so na just because of this reason I prefer using foreign exchange than Nigerian own exchange.

Oh wow, Whatsapp transaction doesn't look or sound professional or at all. They need to invest more on branding. Most people try to build on integrity alone forgetting branding is a major part business, the difference between chicken republic and some local restaurants we patronize is not just about the taste is branding, Some local restaurants food might even be better than the chicken republic yet  we are pay higher. A reliable and secure app or website where transactions can be made would have increased the trust they get from clients.

How long do the advert takes before it’s usually fade out?
I think these skit makers are just doing the job they are being paid for, because if you notice from their more adverts, some of them know nothing about crypto, they just make posts and always say that it is fast and reliable.

Can you imagine someone just ask you how do you make money, and you replied that you trade your crypto and giftcard with so so exchange and they are fast and reliable? How is this even informative?
You only sell or trade what you have, that is not a job, it is just a means of exchange, but many innocent people might fall for some of these exchanges and probably get scammed or get it right.

I never used any of these exchanges or crypto platforms they are advertising because I don’t trust most of them.

If you want to use any of these exchanges, make sure you do your research before you started to use them because no one should be trusted in crypto space. If you find one that is reliable, you can trade with them, but for now, I prefer to keep trading with international exchanges that has already gain reputation even though they are also not to be trusted.

You see this Roqqu exchange personally is one of the few local exchanges that i have personally had problems with, they were usually my best easy platforms to convert my bitcoin or stable coins to fiat. Although to be sincere they weren’t having one of the best rate to me then because rates from top exchanges like binance and KuCoin then were much better than Roqqu.

Two of my worst case scenario was that I had a transaction then and wasn’t credited the Naira in my local bank I lodged complaint of the transaction before reversed to Roqqu but they had one of the worst customer care service and I had to abandon the exchange with my lost funds then. They also have deposit cap that was to high then in my perspective.

I have really seen a lot of exchanges been advertised by this skit makers, but I haven’t for once tried to use them or even tried to know more about them. I don’t really have much negative feelings about them because they have not really come to my mind to use as option to the ones I already owned and I’m using now. I have about five exchanges or more in my device, not actively using them all, so adding more to them just doesn’t make more sense. This does not also disregard the fact that exchanges like this may be prone to scam or bankruptcy if they did not really follow the due process of operation which makes one’s funds at risk of losing.

You are also right about your point on influencers, most of them don’t know how to even research about the virility of this platforms they advertise once they pay them the agreed price they want to advertise the platforms on their page for them. I am not having negative feelings about them as said earlier but if there is need for me to use a Nigeria owned crypto exchange, I will do my research duly well on the best one to go for. The SEC in Nigeria are becoming more active and making sure funds are safe with this exchanges we want to operate with within Nigeria. I will definitely go for exchanges that has been approved by SEC.

I have also observed this as well, because in the space of about 3 month only one person advertises and endorses about 3 -  4 exchanges and it always leave me wondering; How long did this person use this platform to be sure of they are really reliable. It's now more like the only aim is selling out to the people without due diligence. Talking from what happens on CBEX and previous cases more eyes are on them so everybody will have to face the pressure.

I don't try any of those platforms because they're no different from those p2p merchants on Bybit or any other p2p platforms but without the escrow in place. You're basically trusting the platform to uphold their end of the the trade because you're required to make the first move (aka, send the coin to them).

Patricia did the same thing and people had to "trust" them and it later backfired.

I'm a simple man. I just use the simple p2p platform with built in escrow. Back in the day when there were no p2p platforms, the rate of scams from trading with platforms like that were extremely high.

All those kind WhatsApp something na how them Dey take scam person be that and once I initiate trade or any transaction at all way con turn watin them go redirect me to any other platform for completion, that one na straight up red flag for my end. It’s a transition that is conducted outside the original source which is presumably trusted, any narrative fit follow at that point if the transaction cast. E go even Dey so bad say na WhatsApp, omo, I go just move once.

Honestly I wouldn't advise anyone to trade on Nigeria' owned crypto exchange, our SEC are joke - we have had several exchange exit scams here and there and no single CEO were held responsible. It's been more than 3 years since Patricia stole her customer's coins and no single person has been arrested and no refund has been done.

As usual the SEC Ng got their own share and swept the thing under cover.

I don dey read all the comments and to be honest e dey pain say we no get one single reputable local owned exchanged way we fit trust. The roqqu way I been dey look with better eye sef don show members here shege. Tell me why people no go miss Binance. The Nigerian tech space still get long way to go before them go fit compete with companies outside Nigeria.

I have not come across any of them or even tried it, usually before person supposed they refer people for something them supposed done they there even if na seven months but instead they are even scared of what they are advertising but telling others is fast and reliable, to no that they never had an idea of the exchange is that they don't talk about much because they only use two to three key words, no reason waiting them they talk because me i no believe am and I cannot use my money for any exchange I'm not even sure they existed, when someone is use to doing what people are telling them on media that is how fake exchanges will be extorting them.

Like you can imagine with me. Same shocker because my main aim na make we fit see how Nigerians go fit dy support Nigerians by using their apps and wallet going forward. for me self i feel say this SEC self follow contribute very well and not just the tech space
because who want use app when e know say if ihm money go, them no go fit trace the owners of the app reach house.
But make we dy hope sha say with time things go change.

Even if exchange are approved by SEC,  it doesn't mean your safety is guaranteed and the percentage of the company lasting for long time is slim, all these SEC approving exchange is not something that looks so special because if you have to amount to offer and the connection for SEC president to approve anything you want to do, after all, it's business negotiations with the president to be paying certain percentage to his private account for his personal benefits.

But mostly, those exchange approved by SEC has lots of funds for backup, joint ventures behind, but they exhibit some sort of manipulative attitudes at the back door. If you know, you know.

I fit talk say the one wey don dey make sense for me and plenty people na Roqqu.. Dem don dey around for a while nw, and many people dey use am because withdrawal to bank dey sharp and dem dey regulated for here. If you wan just buy, sell or even keep small Bitcoin or USDT, Roqqu dey okay and e no too hard to use..

But make I still talk truth, even though e be Nigeria owned and trusted, no ever keep all your funds for exchange, whether local or foreign.. Use am mainly for transaction, then shift your long term hold go wallet wey you control the keys. Na so you go dey safe pass..

Yellow card is one of nigerian owned crypto currency exchange but I've never tried it, I know a few others as well but unfortunately, I can't remember their names at the moment, there is one that I even signed up on, it is being promoted by don jazzy and some other celebrities, I signed up on this one and even passed verification, downloaded their app at the time but I never saw any reason to give them a try by depositing money in there, this is basically because I even don't trust both local and international celebrities when it comes to businesses and schemes they promote, a couple of times I've fallen victim to scam crypto investments which were initially promoted by one or more  celebrities..

I ended up deleting the app from my phone since it was just there chopping my space..
If then, if I would love to try a Nigerian own exchange, I will try yellow card, but I am just simply not ready yet.. 😁

The fee is actually about $362,000, which is up to the 500 million naira you stated. Another thing too could be that they will start small and use WhatsApp and other social media,and as they build their brand and get more customers and reputation, they can go for the licensing and registration, which I believe they might not even exactly pay up to that amount for but should be billed based on the company’s worth and not just a fixed figure.

Me I never try any of those platforms wey skit makers dey advertise at all. I just dey hear their name for comedy video but I no fit risk my money put for where I never confirm first. Na the popular ones like Binance and Bybit I know because plenty people don dey already use am and we dey see say e dey work very well.

To me, no be say I no wan support our own, but money matter no be wetin person go dey use play. Anybody fit talk say their app dey fast and reliable, but when you don put money inside you go really know how e be. So for now I dey only use the ones wey I trust and wey don get plenty users. Perhaps we fit get people wey don use those other Naija platforms wey dem dey advertise, make dem share how e be, so that we sef go fit know if e safe or not.

In a nutshell, everything for Naija na just formality, nothing them no dey run, even if you wan be governor, as long as you sabi your way around, them go fit still runam for you, so i agree with that SEC approval of exchanges doesn't really hold much validity and doesn't in anyway mean that your funds are safe in those exchanges. as long as they're controlled by a central authority, you'll always be at risk of losing your money.

Na the fear be that. Omo I never get liver try them oo and dem plenty, you don't know which one to trust. And the thing be say those skit makers no even send because na their commission wey dem dey after, so whether legit or not no concern dem.

Well until I begin to see real people talking positive about any of them to be legit then I can give a try but for now, I still dey see dem as naija things which means I'm careful for now. I go still dey for side line dey watch dem, naija guys too do.

I have sampled some of the local Nigerian sites and this is what I have observed. At small trades, a few of them are fine in terms of speed, however, at peak times, one may have to wait longer than the so advertised moments before a deposit or a withdrawal can be finalised. There is also a different level of reliability of the same platform, as an instance of one platform going offline in the month leaves the user in distress, whereas another platform was efficient and clientel pivotal.

The point is that it is such a fine idea to help local exchanges, yet it is better to start with the small amounts and observe how they work on it and what results are to be expected by withdrawals, customer service, and expenses. Meticulous trading I still prefer to use the larger international exchanges to be safe, though in general simple, and in the meantime daily trading or other methods of introducing new persons to crypto, a few of the Nigerian exchanges are gradually gaining some traction.
The actual implication of this is that local does not necessarily mean better but it can be experimented and the experiences exchanged to be learned by the community.

When it comes to trading crypto on exchanges I like to go for the best irrespective of founders identity. Already we are experiencing so much scam attempts on exchanges that are know to be reputable platforms how much more for a newly lauched exchange or exchange thar has not stayed in existence for a good number of years. Well for now bitget is my current favourite exchange because the scam attempts are minimal compared to that of bybit which is obvious already because I've also seen countless number of users who complain of thesame thing over and over again, if you don't pay close attention you may end up releasing coins that you didn't get payed for.