What are the trusted Nigerian owned exchanges?

[nelson4lov]

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.

[Smartvirus]

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.

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.

[igebotz]

Any ]crypto company you see that is owned by any Nigerian person, please don't trade on them until you do your findings.

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.

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.

[SatoPrincess]

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.

[Salahmu]

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.

[Slimzeee]

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.

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.

[Odogwu-Blockchain]

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.

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.

[Mr_Brilliant$]

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..

[Fivestar4everMVP]

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.

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.. 😁

[Orpichukwu]

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.

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.

[SmartCharpa]

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.

[Ever-young]

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.

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.

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.

[Gozie51]

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.

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.

[Kagaru]

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.

[Makus]

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.