5 Top Global Cryptocurrency Exchanges That Accept Nigerian Traders – Part 2

This is the continuation of the crypto exchange review based on our personal experience with the said exchange. Our review and recommendation are not motivated by the benefit we get by referring you to the platform as such, we will not recommend any exchange that we are not confident in using the parameters we mentioned earlier, or one that we would not use. We spend a lot of time testing out these exchanges and putting together the report you are reading.

That being said, the content you are about to consume is not advice or a call for action but our opinion about the exchanges and what you choose to do with the information we provide is entirely up to you. However, we sincerely hope that you will derive some value and insight from this post and our blog generally. Read part 1 of this series here if you have not done so already.

Also, read The Beginner’s Guide On How To Choose Crypto Exchange In 2022: 

Table Of Content

• Best In Mobile App: Crypto.com
• Crypto.com Overview
• Crypto.com Pros andCons
• Most Innovative Exchange: FTX
• What Is FTX
• FTX  Pros and Cons
• FTX Overview
• FTX Products
• FTX Conclusion
• Best In Customer Service: Bybit
• What Is Bybit?
• Bybit Pros And Cons
• Bybit Overview
• Bybit Features
• Conclusion On Bybit

Best In Mobile App: Crypto.com

• Number of Currencies Available for Trade: 250+.
• Transaction Fees: 0.04% to 0.4%.
• Minimum Deposit or Purchase: $1.
• Double digits interest on 40+ crypto assets, (cryptocurrencies and stablecoins).
• 5% cashback on Visa Card spending.
• Easy bank transfers or credit/debit card deposits on 20+ fiat currencies.
• OTC portal for instant large blocks trade quotes.

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Crypto.com Overview

We chose Crypto.com as the best mobile crypto exchange app because it provides an extensive digital asset trading and investing ecosystem that you can access easily from your smartphone.

Crypto.com is a mobile-based exchange that was launched in 2016 and since then it has established itself as one of the leading global crypto exchanges with a presence in most jurisdictions. It is available in 90 countries and counting, and it supports over 250 cryptocurrencies. In addition to a large number of supported assets, Crypto.com provides a vast digital asset ecosystem composed of its own blockchain, Crypto.org Chain; a native token called CRO; a crypto visa card; yield-generating crypto products; and more.

What stands out the most, however, is the Crypto.com mobile app. While many crypto exchange mobile apps provide a watered-down version of the exchange’s web-based platform, Crypto.com put a strong focus on building an app that offers a wide range of products and features so users can profit from this exchange’s ecosystem on the go. Mobile app users can buy, sell, trade, and earn interest on their crypto, as well as pay with crypto globally.

If you are looking for an excellent mobile crypto trading experience, Crypto.com is arguably the best option thanks to its range of products and features, as well as its large number of supported assets.

However, there is a downside.  The shortcoming with crypto.com is that unless you trade at higher volumes, you will end up having to pay relatively high trading fees, as high as 0.40% and you may not get needed customer support in case of any issue

Crypto.com Pros and Cons

Pros

• Deep order book liquidity in all market conditions
• Speed of 2.7m TPS matching engine and 50-microsecond core latency
• Strong base on its mobile App
• crypto.com DeFi and Exchange
• Low minimum deposit of just $1

 Cons

• Relatively high fees
• Poor customer support
• Crypto.com Exchange and DeFi are on a Separate Platform

Most Innovative Exchange: FTX

• Dollar Spot Index
• 250+ Perpetual Futures Markets
• 100+ Spot Markets
• Leverage Trading
• Prediction Markets On Outcome Of Real-World Events
• 11+ Fiat Currencies and Fast Deposit and Withdrawal
• High Staking Rewards
• FTX Pay
• 50% Less in Fees For Spreads
• 1-Click Trading Without Leg Risk
• Spot, Perpetual, Futures Spreads
• Robost NFT marketplace

What Is FTX 

FTX is one of the newest exchanges punching above their weight in achievements and innovativeness which has shown in them becoming one of the top exchanges in both spot and derivative trading in such a short period of time. FTX cryptocurrency exchange was established in 2019 for the purpose of trading digital assets and crypto derivatives. It also supports trading BTC options and other popular crypto derivatives such as 45 Leveraged Tokens, MOVE Smart Contracts, and 20+ Perpetual Swaps. FTX has closed multiple gaps in the crypto market by creating an exchange experience that makes crypto trading diverse and so innovative, to say the least.

FTX  Pros and Cons

Pros  

• Relatively Good customer support system
• Easy KYC process required to increase trading limits.    
• High trading volume and liquidity for all traders.    
• Very low fees on all its tradable products and services.   
• Multiple deposit and withdrawal methods including debit cards.
• Supports margin trading
• Access to futures, stocks, forex, and other advanced markets
• Advanced trading features

 Cons

• The high leverage in FTX tokens makes the leveraged tokens risky investments.
•  Users don’t have custody of their private keys as in every centralized exchange
• Allows limited Fiat Currencies deposit

FTX Overview

FTX is a centralized global cryptocurrency exchange that enjoys a lot of support from well-established institutions. FTX crypto exchange is an exchange backed by Alameda Research and support from an incredibly specialized team from  MIT and Berkeley and from firms like Google, Facebook,  Circle, FBG Capital, and True USD.  FTX has separated itself from its competitors by offering innovative products with tons of liquidity. Some products offered by FTX include derivatives, options, and leveraged tokens. It also supports more than 300 digital assets in addition to leverage trading on S&P500 stocks such as Tesla and Amazon, and NFTs 

FTX Trading Fees

FTX does not charge deposit or withdrawal fees. FTX also does not charge fees on future settlements. The OTC trading services are executed with the FTX wallet. Hence, everything is nearly free of cost on FTX. The table below shows the FTX trading fee structure.

 For other fees and commissions, charged by FTX Check Here

FTX Customer Support  

Customer experience on the platform is good compared to other exchanges like Binance and Coinbase. The platform has a team of skilled technical and operational specialists that help users resolve issues through multiple resources.

 FTX Native Token: FTT

FTT is FTX’s native token and it is developed to help in managing utility payments in FTX platforms.  FTX has its own ecosystem and the FTT utility token is the native token for the ecosystem.  The FTT token provides other benefits for FTX users such as lowered trading fees and the FTX insurance fund

FTX Security

According to Mozilla’s Observatory test, FTX has B+ security which is an imposing score for an exchange. FTX also uses two-factor authentication to secure users' accounts.  Users can choose from various authenticators such as Authy, Google Authenticator, or via SMS.  Users are also advised to use a separate password for withdrawals as well as set withdrawal wallets so that in the case you compromise on your account, the hacker can only withdraw into your own account or wallet that you set up.

FTX Products

The different tradable products offered by FTX are:

FTX Futures Trading

FTX has on its future trading platform over 20 popular cryptocurrencies available for futures trading in quarterly or perpetual trades. 

FTX Leveraged Tokens

The FTX platform has leverage up to 101x on over 45 different leveraged tokens.  On default, the exchange is set at a 10x leverage which is said to be a safety precaution. The FTX leverage tokens are fairly straightforward making it easy for both beginners and pro users to leverage the BULL and BEAR markets.

FTX Bitcoin Options

The FTX Bitcoin options are a unique trading segment that allows traders to trade various Bitcoin options through smart contracts.  Here traders have the right to buy a position and the right to sell the position and make instant profits by shorting bitcoin options.

FTX MOVE Contracts

FTX has a pioneering smart contract called MOVE. MOVE contracts allow FTX customers to enable futures trading with raw BTC and move these funds under a stipulated time period such as daily, weekly, monthly, or quarterly.

FTX Spot Markets

FTX allows users to freely purchase digital tokens and then trade them using traditional techniques using market-matched orders and FTX has a variety of digital assets available for spot trading, over 300 of them.

FTX Markets Prediction

In FTX users can trade in more traditional ways such as market prediction.  This is quite similar to a conventional betting system where users can bet on any real-world event. You will either win, in which case the contract will settle at 100%, or you will lose and it will drop to 0%. One of the famous examples is that you can bet on who will win the next election. Each candidate will have a contract. The buy-in price will differ for each candidate, and it will depend on the likelihood of winning. They can long or short each contract.

FTX OTC Desk

OTC is ‘Over The Counter’ trade and it is generally suited for professional and institutional traders whose trades are high volume trade.  They will have to choose the OTC option because the order book might not be enough to execute the trade or may overly affect the price of that cryptocurrency in question.  These types of trades are more common with brokers and exchanges in the USA and UK

FTX Conclusion

Although FTX is relatively new, but its bitcoin options trading has helped it gain popularity fast. FTX is primarily a derivatives trading exchange with over 45 leveraged tokens, FTX has grabbed the interest of hundreds of traders around the work.  With FTX's well-diversified trading portfolio, you are sure to have any kind of instrument you want to trade including tokenized stocks.  If you love innovation and you have high-risk tolerance then FTX is your best bet.

Best In Customer Service: Bybit

• Proud Principal Team Partner Of Oracle Red Bull Racing
• Get up to 4030 USDT in rewards just by signing up Now!
• 0 Fee On All Spot Pairs and On P2P trading
• 18% yield on various saving and staking pool
• NFT Marketplace
• One-click buy
• Fiat Deposit and Withdrawal Via Bank or Cards
• Trading Bot And Copy Trading
• Liquid Mining
• Futures, Perpetual Contracts, and Option Trading

What Is Bybit?

Bybit is a digital assets exchange that was established in March 2018 to offer a professional platform that features an ultra-fast matching engine with excellent customer service and multilingual community support for crypto traders of all levels. Bybit recently announced a 0 Fees trade on all spot pairs on the platform to celebrate it's over 10M Users currently on Bybit

 Bybit Pros And Cons

This has to do with some of the advantages of trading with ByBit and of course, some setbacks you may face.

Pros

• KYC is easy and you can start trading in no munites.    
• Up to 100x leverage on crypto
• Combination of futures and perpetual contracts trading;
• Has a profound order book that allows users to assess the depth of the market and current trading volumes.
• Advanced tools supported by great technology
• Multiple order types are possible such as limit orders, partial orders, conditional orders, and market orders.
• Risk-free test environment to learn and experiment
• Has an Insurance Fund guarantee to mitigate and cover losses from hacks.      
• Convenient, intuitive user-friendly trading platform that is presented in the browser version as well as the mobile App   
• Rich educational resources
• Bybit spot trading fees are amongst the lowest in the industry

 Cons

• Not regulated by financial conduct authority
• High leverage makes the derivatives extremely risky
• Not suited to spot trading
• May share your data with third parties for marketing
• Complex futures trading makes it difficult for beginners.
• Has limited trading pairs compared to other exchanges 
• Trading volume claims cannot be easily verified to determine their authenticity.

 Bybit Overview

Due to the stiff competition in the industry, every exchange seems to be innovating in a hurry in other to remain in business and Bybit is not lacking in innovation. Bybit was founded by a team of professionals having expertise in investment banking and the forex industry.  Bybit is established with a vision of a global economy where trading systems will be seemingly fast, secure, and transparent.  They have embarked on a journey to build the next-gen financial ecosystem powered by innovative and advanced blockchain technology and they have a kin focus on customer satisfaction and the best user experience.  Bybit offers users access to over 100 assets and contracts across Spot, Futures and Options, trading bot, Launchpad projects, copy trading, earn products, trading Bot, NFT Marketplace, and many more.  Click Here to visit their official website for details.

Bybit Features

Bybit Technology and Tools That Set It Apart

Bybit boost of being able to handle 100,000 transactions per second.  That is huge and significantly faster than the competitors.  They do everything probable to avoid any kind of server downtime experienced by a number of other exchanges especially when a change in the market pushes a lot of people to either buy or sell at once.

 Bybit Risk-free Test-net Platform

Like the popular Forex broker demo account, Bybit also has a testnet site where new traders can test their strategies and learn how to use the site without risking any real money.  Since leveraged trading is an extremely risky venture, it is only wise to gain mastery and confidence in the test platform that mirrors the real money environment before risking your hard-earned capital. If after testing out the system and you decide to trade real money, start small and make sure you understand how to minimize your risk.

Bybit Perpetual Futures and The Dual Price Mechanism

A perpetual futures contract is a derivative that does not expire, unlike spot and futures trade contracts and it helps traders to maximize profit opportunities.  The Dual Price Mechanism on the other hand helps protect traders from trade manipulation or price manipulation, which results in steep losses due to liquidation of positions due to margin shortage or requirements at the prevailing market price.

 Bybit Fees

In crypto trading traders are classified as either ‘Makers’ or ‘Takers and like other exchanges, Bybit operates Makers and Takers fee structure.   Market Makers provide liquidity and market depth, while market takers squeeze the liquidity from the order book. Makers' orders are not filled immediately, but Takers' orders are filled immediately as a market order. Market makers are rewarded for providing liquidity and market depth hence the lower fee for the market makers.  See detailed bybit fee structure here

Bybit Trading Bot

A trading bot is an automated software that trades as per traders’ pre-set execution conditions. Some crypto trading bots that enable a trader to auto trade in Bybit are TradingView, TokenBot, Alertaton, Autoview, Cornix, FMZ, GoodCrypto, WBCCLUB, Haasonline Hydor, Mudrex, Profit Trading, 3Commas,, Wunderbit, Profitview, Sirius Trader, Stacked, ProfitTrailer, and Tycoon.

 Bybit Mobile App

Bybit mobile app is robust and fully compatible with the most advanced Android and iOS systems and can be downloaded from the Google play store and IOS.

Bybit Customer Support

Talking about customer service, Bybit edges other exchanges. it has a 24/7 customer support team for all jurisdictions to answer the phone or live chat function to resolve any queries or issues and has a wide range of languages other than English.  

Conclusion On Bybit

From all indications, Bybit is a dynamic and efficient derivatives trading platform for crypto and it has some unique features and also it comes under one of the top cryptocurrency exchanges in the world by volume. Bybit is safe and has no security issues.  Bybit accepts buying of crypto with debit cards and p2p.  If bybit fits your trading fancy go here to sign up to enjoy so many amazing offers and discounts