Binance is one of the most popular cryptocurrency exchanges globally, established in 2017 by Changpeng Zhao. It features an extensive range of crypto options for your trading journey, including spot trading, futures trading, and more. However, despite its rapid growth and widespread acceptance, Binance has faced regulatory challenges and criticism regarding security breaches and market manipulation concerns. Leading Nigerian traders on a quest for worthy Binance alternatives for crypto transactions.
Why Nigerian traders need Binance alternatives
Due to its grey areas, Binance may not offer its full range of services in some countries, including Nigeria. These limitations hinder users’ access to important trading options like P2P trading, thus prompting affected countries to find alternative platforms.
Besides this, trading fees on Binance are high, typically ranging from 0.1% to 0.2% per trade, and when these costs are added up, they sum up to large volume transactions. For most traders who conduct high-frequency trading or arbitrage opportunities, their cumulative fees can affect their profits. This issue becomes more pronounced in highly volatile markets, where traders may execute numerous trades within a short timeframe.
Other Crypto Exchanges in Nigeria
Jackocoins
Jackocoins is the top cryptocurrency exchange in Nigeria, having the highest rates and speedy conversions of ETH, BTC, and USDT to Naira. The p2p trading platform is designed with speed, security, and quality of service as the number one priority. Jackocoin’s user-friendly app is also convenient, and you can easily store and sell your cryptocurrency for naira at no extra cost. On a safety and security scale, it rates 100% because your coins will be saved in a cold wallet, protecting you from cyberattacks.
Unlike other platforms, payments are verified and disbursed between 30 minutes and 1 hour maximum, with 24/7 customer support, making it the perfect choice among other Binance alternatives.
OKX (formerly OKEx)
If you’re an experienced trader, OKX might be a compelling choice. This exchange provides a comprehensive platform for trading Bitcoin and other cryptocurrencies. So, if you’re looking for an easy way to swap currencies, like stablecoins, using OKX’s conversion form is good. However, it has a steep learning curve for beginners, who might find it difficult to use the platform.
A major disadvantage of OKX is that the platform doesn’t disclose fees for deposits and withdrawals. Futures, swaps, and options have their own rate schedules with varying fee allocations. On the flip side, Jackocoins doesn’t demand fees for your crypto transactions, offering 100% transparency when you trade.
Luno
Luno has comprehensive experience managing your Bitcoin needs for buying, selling, and storing your Bitcoin. Notably, Luno allows debit card purchases, making transactional processes more convenient. Since 2013, they have helped millions of people globally invest safely in cryptocurrency. Unfortunately, Luno’s customer support is often overwhelmed due to increased demand in the user base. This causes a delay in response times or difficulty in resolving customer queries or issues.
Fortunately, this doesn’t have to be you! Jackocoins provides 24/7 customer support to all its 30,000+ users worldwide at rapid response rates.
Comparing Binance Alternatives
| Feature | Binance | JackoCoins | OKX (formerly OKEx) | Luno |
| Fees | Can be high | Zero fees for selling | They may charge 0.1% to 0.2% per trade. | Fees vary depending on trading volume and market conditions. |
| Security | Good but not to be trusted 100% | Good security measures are in place | Fair | Luno employs 2FA, encryption, and cold storage. |
| Available Trading Pairs | Extensive | BTC, ETH, USDT, and BEP20 USDT | Bitcoin (BTC) / USDT Ethereum (ETH) / USDT Bitcoin (BTC) / USD, Ethereum (ETH) / BTC, Ripple (XRP) / USDT, Litecoin (LTC) / USDT, Bitcoin Cash (BCH) / USDT, EOS (EOS) / USDT, Cardano (ADA) / USDT, Chainlink (LINK) / USDT | BTC, ETH, BCH, and LTC. and spot trading against fiat currencies like USD, EUR, GBP, and NGN. |
| Transparency Levels | Poor | Highly transparent | Fair. (Users complain of hidden charges.) | Good |
| User Experience | Good | Great user experience | Not beginner-friendly | User-friendly interface for both beginners and experienced traders. |
Why Jackocoins Should Be Your Top Choice.
For Nigerians seeking a secure, user-friendly platform with competitive rates and zero fees on crypto transactions, Jackocoins is the right crypto platform for you. The user experience makes it easy and perfect for beginners and experienced traders alike to use without stress. You can instantly swap and trade your crypto assets on the go with our peer-to-peer exchange. Using our advanced security wallet, you can store and trade your crypto without any hassle. All you need to do is create an account and enjoy the trading experience you desire.
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