Best Crypto Wallet Nigeria 2024 – Top Bitcoin Accounts Compared

Investing in the cryptocurrency markets not only requires a top-rated exchange – but a secure and convenient wallet too. After all, cryptocurrencies like Bitcoin are stored in wallets – which can either be custodial or non-custodial.

In this guide, we compare the best crypto wallets in Nigeria for safety and user-friendliness, as well as support for tracking tools, exchange services, and fees.

Each crypto wallet provider listed above will differ in terms of the features and security that it offers. Therefore, consider reading our reviews in the sections below before choosing a wallet.

The Best Bitcoin Wallets Nigeria Reviewed

We have tried and tested the best crypto wallets in Nigeria and narrowed our list of top-rated providers down to just seven.

Reviews of each crypto wallet provider can be found below:

1. Best Wallet – Overall Best Crypto Wallet In Nigeria With a DEX Integration, High Security, Exclsduive Market Insights

In an increasingly crowded crypto wallet market, Best Wallet stands out as a non-custodial platform in Nigeria that is feature-rich, user-focused, and secure.

One core feature of Best Wallet is its non-custodial nature, ensuring users maintain full control over their private keys. This improves security and user privacy, addressing a major concern for crypto enthusiasts today.

Starting with support for Ethereum, Polygon, and BSC Mainnet, Best Wallet has plans in its roadmap to include the Bitcoin network and more blockchains in the future.

Market insights are a unique feature that differentiates Best Wallet from its competitors. Users receive immediate updates on crucial industry news, the mood surrounding various tokens, and important events, consolidating all essential market information into a single platform.

The’ Upcoming Tokens’ feature is another feature for those looking to invest early in promising tokens. The platform plans to alert users about these promising projects before they are listed on exchanges. An airdrop section will soon be launched, offering users opportunities to earn free crypto.

Best Wallet is integrated with a decentralized exchange known as ‘Best DEX.’ Designed for hassle-free trading, it requires no registration or KYC.

The DEX facilitates instant trading and offers real-time data, current news, and comprehensive token statistics.

The BEST token is the backbone of the ecosystem, offering a range of advantages, such as advanced market research capabilities, no gas charges, and early access to upcoming projects. Early adopters can even benefit from an exclusive BEST token airdrop.

Recognizing the growing importance of NFTs in the crypto space, Best Wallet will also feature an integrated NFT gallery, allowing users to effortlessly manage, trade, and show their digital art.

According to the roadmap, users can expect improvements like multi-wallet support, biometric security, in-app swaps, and innovative staking options in the coming phases.

Best Wallet deploys advanced cryptography and multi-factor authentication to ensure high security. Plans for the inclusion of biometric measures further reaffirm this aspect.

You can follow the platform on various social media channels on Best Wallet’s Linktree to stay up-to-date with its progress.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

2. Crypto.com – Promising Crypto Wallet in Nigeria 

Crypto.com is the overall best crypto wallet in Nigeria to consider today. This popular crypto exchange actually offers two different types of wallets on its platform – both of which are free to use. First, there is the Crypto.com DeFi wallet, which is non-custodial. This means that users have full control over their private keys.

Equally, this means that users must take responsibility for the safety of their crypto assets. The Crypto.com DeFi wallet can be downloaded via an iOS or Android app. This wallet also offers access to decentralized services, such as staking and crypto interest accounts.

For those with less experience in the Bitcoin space, the Crypto.com custodial wallet might be more suitable. This wallet – which can be accessed online via the Crypto.com website or the iOS/Android app, requires no knowledge of security practices. This is because the wallet is kept safe by the Crypto.com team.

Choosing the custodial wallet offered by Crypto.com will ensure that nearly 100% of client funds are kept offline in cold storage. Moreover, this wallet type connects to the main Crypto.com platform – which means that users will have access to a wide range of additional services. For instance, the Crypto.com wallet allows users to buy Bitcoin in Nigeria with low fees.

Standard trading commissions stand at just 0.40% per slide and over 250 other digital currencies are supported. By trading higher amounts, lower fees are offered. The Crypto.com wallet app also allows users to invest in cryptocurrency with a debit or credit card issued by Visa or MasterCard. This transaction will be charged at 2.99%.

Another feature that comes with the Crypto.com custodial wallet app is the ability to earn interest. Stablecoins like USDT, for instance, come with an APY of up to 10%. Other digital assets come with a maximum APY of 14.5%. Users can choose from a flexible interest account, or for a higher yield, a 1 or 3-month lock-up term.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

3. Capital.com – Crypto Trading Platform With 0% Commission

Those that are yet to invest in digital currency might reconsider using a traditional crypto exchange and wallet. The reason for this is that Capital.com allows users to gain exposure to cryptocurrencies without needing to own or store any tokens. This is because Capital.com specializes in CFDs.

Put simply, CFDs mirror the price of a cryptocurrency in real-time. Users have the option of going long or short on their chosen crypto CFD, depending on whether they think its price will rise or fall. Therefore, Capital.com users can attempt to make money from the cryptocurrency markets without needing to worry about a wallet.

Crucially, once a user cashes out their crypto CFD position, the funds will be added to the account balance. Another benefit of using Capital.com to access the crypto markets in Nigeria is that the platform offers 0% commission. This is the case across all of its supported markets – which covers 470+ crypto pairs, alongside thousands of stocks, ETFs, currencies, and commodities.

When using Capital.com to trade, leverage is accessible. This allows users to enter a buy or sell position with more capital than is available in the account. There is also the availability of trading tools – such as charts and technical indicators. Capital.com users can also learn how the trading markets work via user-friendly guides and tutorials.

The minimum deposit requirement at Capital.com is very affordable at just $20 when opting for a credit/debit card or bank transfer. If electing to transfer funds via a bank wire, a minimum of $250 is required. Capital.com is a licensed platform with regulations from the FCA, ASIC, CySEC, and NBRB.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and can afford the risks.

4. Coinbase – Emerging Bitcoin Wallet for Beginners

While Coinbase is primarily known for its user-friendly crypto exchange, it also offers one of the best Bitcoin wallets in Nigeria. In fact, just like Crypto.com, Coinbase offers a variety of options when it comes to storage. First, many investors that use Coinbase will stick with the platform’s web wallet.

This is a custodial wallet that can be accessed simply by logging into Coinbase. As such, there is no requirement to install or set up any software. The Coinbase web wallet is protected by two-factor authentication and IP/device whitelisting. 98% of client funds are kept offline at all times too – which is a major safeguard.

Those that prefer the custodial wallet option can also access their tokens via the Coinbase mobile app for iOS and Android. The app makes it easier to send and receive tokens, as a QR scanning tool is included. Coinbase also offers a non-custodial wallet that offers users greater control over their crypto investments.

This is also offered as an iOS or Android app. This option isn’t recommended for those without prior knowledge of wallet security. Nonetheless, the non-custodial wallet at Coinbase comes with a variety of additional products. This includes access to NFTs and support for hundreds of decentralized applications.

However, those that plan to actively buy and sell digital currencies might prefer the main Coinbase wallet. This is because it comes with access to more than 150+ different tokens – all of which can be bought with a debit/credit card. Coinbase charges a fee of 3.99% on Visa and MasterCard payments.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

5. Binance – Crypto Wallet That Doubles Up as a Trading App

Binance is perhaps the best crypto wallet in Nigeria for those that wish to actively trade digital assets. The Binance wallet can be accessed via an iOS or Android app, or simply by logging in to the account through the main website. Either way, the Binance wallet comes alongside a trading suite that covers 600 tokens and 1,000+ markets.

In choosing Binance, traders will be able to buy and sell tokens at a commission of 0.10%. This means that for every $200 traded, a fee of just $0.20 will be applied to the order. Once a crypto token is purchased, it will be deposited straight into the Binance wallet for easy access.

The Binance wallet is protected by the user’s email address and password, alongside two-factor authentication. When the user logs into the wallet from a new device, additional security measures come into place. Binance also notes that it keeps the bulk of client digital tokens in a cold crypto wallet.

Binance also offers access to interest accounts, staking, and yield farming. Some of these DeFi products offer APYs of over 100%. There is also a Binance NFT marketplace, which allows users to buy and sell non-fungible tokens at competitive fees. For those seeking a decentralized wallet with non-custodial access, Binance is behind the Trust Wallet app.

This supports virtually all blockchain networks and gives users access to decentralized apps like Pancakeswap. Trust Wallet also allows users to invest in cryptocurrencies instantly with a debit or credit card. However, a KYC verification process must be completed first.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

6. Quidax – African Exchange With Custodial Wallet 

Quidax is a popular exchange that serves African traders. The platform allows users to buy and sell cryptocurrencies at a commission of 0.3% – which is very competitive. The Quidax doubles up as a custodial wallet, which can be accessed online or via the iOS/Android app.

Quidax retains full control over the wallet’s private keys, which will perhaps suit beginners. A key benefit of using this provider is that tokens held in the Quidax wallet will be deposited into the ‘Vault’. This allows users to earn interest on their tokens via an automated staking tool.

There is no minimum redemption period in place, which means that staking rewards can be withdrawn at any time. Another benefit of using Quidax is that the wallet provider supports debit/credit cards. This means that users in Nigeria can buy digital currency instantly – without leaving the wallet interface.

Quidax is also home to its own native digital token – QDX. This digital currency trades on public exchanges and operates on top of the Binance Smart Chain. One of the main drawbacks with this provider is that Quidax only supports 20+ tokens. As such, diversification will be more challenging.

7. ZenGO – Secure Wallet App for Inexperienced Crypto Investors 

ZenGO is one of the best Bitcoin wallets in Nigeria for those seeking a simple and jargon-free layout. This wallet comes as a free mobile app that can be downloaded onto iOS and Android devices.

It takes just seconds to set the wallet up and users can secure their account via biometrics. Although ZenGo is a non-custodial wallet, regaining access to an account can be achieved with ease.

For instance, if the phone is lost or the app is accidentally deleted, the user can recover their wallet via a simple face scan. ZenGo has also been audited by a number of entities, including Scorpiones and Kudelski.

In addition to storage, ZenGO also offers several other products. Users can swap one digital token for another at the click of a button, even on a cross-chain basis. ZenGo has also integrated its app with Nexo, which allows users to earn interest on their idle tokens.

8. Luno – Popular Crypto Exchange and Wallet for Mobile Traders

The final provider to consider from our list of the best Bitcoin wallets in Nigeria is Luno. This global exchange offers a simple yet highly comprehensive mobile app for iOS and Android.

Not only does Luno allow Nigerians to trade digital currencies, but store them safely, too. Available on both iOS and Android, the Luno wallet can store eight cryptocurrencies.

This is inclusive of Bitcoin, Ethereum, Chainlink, Uniswap, XRP, USD Coin, and Litecoin. The Luno wallet makes it easy to track the value of cryptocurrencies in terms of current market prices.

The wallet also allows Nigerians to earn interest. Bitcoin, for example, comes with an APY of 1.5%.

The Top Nigeria Crypto Wallets Compared

The table below compares the seven providers that made our list of the top crypto wallets in Nigeria.

What is a Crypto Wallet?

Crypto wallets enable investors to store their digital assets safely. There are many different types of crypto wallets in the market – although most beginners will opt for a mobile app. This allows users to store their crypto tokens conveniently, as well as send and receive funds at the click of a button.

Other options include desktop software and even a hardware device. On the other hand, some investors will elect to keep their crypto tokens on the exchange where they bought them from. This takes away the need to worry about wallet security protocols and private keys.

The best crypto wallets in Nigeria offer a variety of other features. This might include the ability to earn interest on any tokens stored in the wallet. This can be achieved through DeFi products like staking and yield farming. Moreover, the best Bitcoin wallets in Nigeria also support instant token swaps.

For instance, rather than transferring the tokens to an exchange, top wallets will enable a user to swap Bitcoin for Ethereum or XRP for Cardano. When choosing the best crypto wallet in Nigeria, users should focus on security, convenience, and the availability of certain products and services – such as those discussed above.

Private Keys

This guide on the best cryptocurrency wallets in Nigeria has discussed private keys many times. For those unaware, private keys are similar to the password that keeps online bank accounts safe.

With that said, private keys are super-long in nature – often consisting of a 256-bit number.

• As such, the best Bitcoin wallets in Nigeria will allow users to access their private keys via a 12-word passphrase.
• This makes it easy to write down and subsequently use in the event that the wallet is lost.
• It is important to remember that if somebody knows the private keys of the wallet, they will be able to gain access.

And in turn, this will allow the person to withdraw the crypto tokens out of the wallet. Therefore, it is imperative to keep the private key of a wallet in a safe place.

Public Address 

All crypto wallets come with a public address. This is similar to a bank account number and it allows people to transfer funds to their respective wallet.

Unlike private keys, public addresses are not sensitive information. This means that users can distribute their public wallet addresses freely without worrying about being hacked.

With that said, wallet addresses are transparent, which means that they reveal which tokens are inside and to what value.

Connect to the Blockchain

Crypto wallets sit between users and the blockchain network. This means that in order to transfer funds, an internet connection is required. Funds are simply transferred on a wallet-to-wallet basis.

All that is required is the user’s public address and the underlying blockchain will take care of the rest.

Why You Need a Bitcoin Wallet

Without a crypto wallet, investors will not be able to safeguard their tokens. With that said, before we go any further, it is important to note that technically – users do not need to actually download and set up a wallet themselves.

Instead, once a cryptocurrency has been purchased from an exchange, the tokens can remain in the provider’s web wallet. The tokens can remain there until the investor decides to cash out.

However, this means that the user will be handing full control over their investment funds to the exchange – which can be risky. This is why it is best to personally obtain a private crypto wallet.

In doing so, investors will be able to:

• Take full control over their private keys
• Easily send and receive funds without needing to go through a third party
• Keep cryptocurrency investments private
• Access decentralized finance services like staking and yield farming
• Swap tokens without leaving the wallet app
• And more

Ultimately, the best crypto wallets in Nigeria offer a single hub for all digital asset requirements.

Custodial Wallet vs Non-Custodial Wallet

When deciding on the best Bitcoin wallet in Nigeria, it is important to assess whether a custodial or non-custodial provider is suitable.

The difference between the two is elaborated on below:

Custodial Wallet

Custodial wallets are typically offered by crypto exchanges and brokers. Only the provider behind the custodial wallet – rather than the user, will have full control over its private keys.

• This means that the investor will need to trust that the custodial wallet provider is legitimate.
• If the wallet was hacked, for instance, the exchange or broker would technically be liable.
• However, if the funds do not exist to reimburse those affected by the hack, there is nothing that the provider can do.

Custodial wallets are not necessarily a bad option though.

Non-Custodial Wallet

Those that do not like the sound of handing over access to a third-party platform might instead prefer a non-custodial wallet. These wallets only give access to private keys to the actual user.

This means that not even the wallet provider will be able to recover the private keys in the event that they are lost. Therefore, users are 100% responsible for keeping their non-custodial wallet safe.

Types of Crypto Wallets

Once a decision on custodianship has been made, the next step is to decide on the specific type of crypto wallet that is suitable.

This is normally a decision between a software or hardware wallet, which we discuss in the sections below:

Software Wallets

Software wallets come in the form of a mobile or desktop application. Either way, the wallet is not represented by a physical device.

Perhaps the best option for both security and ease of use is a mobile software wallet. These come via an iOS or Android app that can usually be downloaded free of charge.

Upon installing the mobile wallet, the user will need to choose a password and then write down the unique backup passphrase – which is usually 12 words.

Mobile wallets are great for keeping tabs on transactions too, as any incoming or outgoing transfers will usually pop up on the respective smartphone as a notification.

Checking the value of the mobile crypto wallet is also a breeze – as it’s just a case of opening the app.

Web Wallets

As we mentioned earlier, web wallets are controlled by exchanges or brokers. This option is perhaps the most convenient, as there is no requirement to manage the storage process.

Hardware Wallets

Those investing large sums into digital currency might consider a crypto hardware wallet. This is a physical device that stores the crypto tokens offline at all times. And as such, this removes the threat of being hacked remotely.

• The best crypto wallets in Nigeria offering a hardware device are Ledger Nano and Trezor.
• These wallets have a time-lock feature in place, which is crucial in the event that the device is stolen.
• This means that every time the thief tries to guess the PIN, the amount of time that they need to wait before the next attempt will double.

In the meantime, the owner of the wallet can recover the funds remotely via the backup passphrase.

Paper Wallets

A less common way to store crypto in Nigeria is via a paper wallet. This will see the user print the private keys of the wallet – often through a QR code. The sheet of paper will then be stored somewhere safe until the user wishes to transfer the funds.

When they do, it’s just a case of scanning the QR code from an external wallet.

How to Get a Bitcoin Wallet in Nigeria

The process of setting up a Bitcoin wallet in Nigeria is relatively straightforward. But, for first-timers, this can seem somewhat intimidating.

As such, in the sections below we explain how to get set up in less than five minutes with Best Wallet – which we found to be the overall best Bitcoin wallet in Nigeria.

Step 1: Get The Best Wallet App

Start by going to the app store on your phone. This is the Play Store for Android, and for iOS, it’s the App Store. Hit “download” after typing “Best Wallet.” It’s free and easy to get the app.

Step 2: Make an Account.

After setting up the app, run it. You’ll be asked to sign up. You can do one of two things:

• Use a valid email address.
• If you click “Continue with Apple/Google,” an email related to your device will be filled in automatically.

Step 3: Keep Your Account Safe

After registering, you should set up protection features. Two steps that should be taken here are:

• Two-factor authentication (2FA): This isn’t required, but it’s strongly recommended for extra safety. Every time you try to log in, it sends a six-digit number to your device.
• Four-digit PIN—You have to have this. To keep your account safe, you need to make a PIN.

You can also use your fingerprint to log in to get in quickly.

Step 4: Explore The Features

Your account is now ready to use. Best Wallet has many features, such as:

• Get information about new and popular tokens.
• Through third-party apps, you can buy coins.
• You can trade many cryptos on its DEX platform.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

Conclusion

This guide has reviewed and compared the best crypto wallets in Nigeria.

In choosing a wallet provider, consider which coins are supported and what security tools are in place. The level of user-friendliness and additional features offered should also be taken into account.

We found that the overall best Bitcoin wallet in Nigeria is offered by Best Wallet. This decentralized wallet offers users full control over their private keys, and it offers multi-chain support. It also offers real-time market insights on upcoming tokens along with NFT and DEX integration within the wallet.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

FAQs