Cryptocurrencies like Tether (USDT) are decentralized digital assets that offer an innovative alternative to traditional currencies (NGN, KES, GHS). They’re gradually changing the way we approach financial transactions.
The stablecoin, USDT, that is pegged to the US dollar, has become popular and financially savvy Nigerians are finding USDT valuable for its potential to:
Unlock investment opportunities worldwide
Preserve purchasing power against inflation
Facilitate seamless cross-border transactions.
But where can you acquire this most sought-after stablecoin at favourable rates and maximise profit right from your phone?
In this article, we have revealed the cheapest options to get you the best value for your money when buying USDT in Nigeria.
Where to Buy USDT Cheap in Nigeria today
Considering today’s USDT to NGN buy rate of 1431, here’s the list of the exchange platforms where you can purchase USDT at a rate that’s between ₦30 or less:
Noones: ₦1431 - ₦1397 = ₦34 less
Bitnob: ₦1431 - ₦1398 = ₦33 less
Paxful: ₦1431 - ₦1403 = ₦28 less
Kucoin: ₦1431 - ₦1409 = ₦22 less
Quidax: ₦1431 - ₦1412 = ₦19 less
Bybit: ₦1431 - ₦1416 = ₦15 less
Remitano: ₦1431 - ₦1429 = ₦2 less
You can visit the monierate.com USDT to NGN page to compare rates from multiple platforms.
1. NOONES
NoOnes stands out for its transparent and competitive fee structure, offering zero fees for buying or receiving crypto. This cost-effective approach, paired with its user-friendly mobile app for both Android and iOS, makes NoOnes an appealing choice for those seeking an alternative to traditional exchanges with potentially higher fees.
To further enhance the user experience, NoOnes has integrated the BEP20 network (Binance Smart Chain) for USDT transactions. This means you can now send and receive USDT with even lower fees and faster transaction times. Their commitment to affordability and flexibility is evident in their ongoing effort to bring value to the NoOnes community.
Pros
Zero trading fees for USDT and Nigerian Naira pair.
Straightforward onboarding process.
Cons
Limited information available about the platform’s regulatory status.
Some users may find the platform’s features too similar to other exchanges.
Fees: No fees for buying crypto; selling fees range from 0.5% to 5% depending on the payment method.
Security: Offers robust security features, including 2FA.
Straightforward
2. BITNOB
Bitnob goes beyond just facilitating USDT purchases. Businesses can leverage their platform to effortlessly accept Bitcoin payments with a transparent flat transaction fee. This makes Bitnob a cost-effective option for companies looking to integrate cryptocurrency into their payment systems.
For individual users, convenience is key. Bitnob’s user-friendly mobile app streamlines transfers, making it a great choice for those who prioritize both affordability and ease of use when buying and selling crypto. The app is readily available for download on both Android and iOS devices.
Taking user security a step further, Bitnob allows you to designate a beneficiary for your BTC and USD wallet balances. This thoughtful feature, located within the Accounts section, ensures your crypto holdings are protected even in unforeseen circumstances.
Pros
Simple pricing and fee structure.
Instant Lightning Network transfers are free.
Cons
Limited to Bitcoin transactions.
No detailed information on regulatory compliance.
Fees: Standard 1% fee for Bitcoin transaction processing
Security: Prioritizes a secure trading environment but lacks detailed security information.
3. PAXFUL
Founded in 2015 with a mission to make finance globally accessible, Paxful offers a decentralized peer-to-peer (P2P) platform for buying and selling popular cryptocurrencies. Distinguishing itself with hundreds of payment options and the removal of buyer transfer fees, Paxful prioritizes affordability and flexibility. Their mobile app makes trading even more convenient, letting you manage your P2P deals from anywhere.
To ensure a secure experience, Paxful requires registration and ID verification. They also offer a free cryptocurrency wallet for easy asset management, available across PC, mobile, and through their API trading option. This wallet boasts a focus on security with 0% commission fees, cloud backup protection, and reliable online services maintained by BitGo.
Pros
Supports many investors with hundreds of payment methods.
No buyer transfer fee.
Real-time balance
Cons
Fees for sellers range from 1% to 5%, which can be expensive.
Verification is required for larger crypto purchases.
Fees: Varies for sellers, no fee for buyers.
Security: Offers escrow services for secure transactions.
4. KUCOIN
KuCoin is celebrated for its extensive selection of over 700 cryptocurrencies and competitive trading fees. For budget-conscious traders, the platform stands out with its low fees, starting at just 0.1%. Along with a wide range of supported cryptocurrencies, KuCoin’s mobile app provides users with high liquidity and a variety of trading options.
Since its launch in 2017, KuCoin has quickly risen to become one of the largest crypto exchanges by trading volume. Beyond basic trading, the platform offers peer-to-peer (P2P) trading, margin, and futures trading, catering to a diverse range of users.
Pros
Offers one of the widest ranges of altcoins available on any exchange.
Trading fees are among the lowest, starting at just 0.1%.
Trading With Leverage up to 1:100
Derivatives, NFT Available
Great bonus program
Cons
The user interface can be overwhelming with too many options.
Not licensed or regulated in the US, which may concern some users.
Fees: Trading fees range from -0.005% to 0.1% for makers and 0.02% to 0.1% for takers. Debit/Credit Card Purchase Fee is 0.1%.
Security: Partners with Onchain Custodian for crypto asset security.
5. QUIDAX
Quidax, a Nigerian-based cryptocurrency exchange, offers both instant buy/sell options and an order book for flexible trading. It stands out with its competitive fees, including no charges for P2P takers or deposits on most transactions.
The platform’s extensive P2P network and responsive customer support make it a cost-effective and user-friendly choice for Nigerian traders on the go. While Quidax might not be the fastest option when processing transactions, it prioritizes security, offering peace of mind for its users.
Pros
User-friendly interface with good liquidity.
Offers a mobile app for on-the-go trading.
High transaction processing speed;
Order book that allows traders to quickly find the best prices;
Technical solution that allows users to quickly exchange large amounts of cryptocurrencies.
Cons
Higher fees compared to some other exchanges.
Limited advanced trading features.
No competitive advantages, unique products, instruments, etc.
Fees: Trading fees up to 1%, with additional fees for quick money withdrawal.
Security: Focuses on solid security but does not detail specific measures.
6. BYBIT
Bybit, established in 2018, is a popular crypto exchange known for its competitive trading fees. Their user-friendly mobile app makes it convenient to trade on the go, further aligning with the needs of budget-conscious traders.
Bybit goes beyond just buying and selling crypto – it offers a wide range of features like derivatives and spot trading, catering to online traders who want to explore various investment strategies.
The platform also boasts additional services like crypto staking, loans, and an NFT marketplace, allowing users to delve deeper into the world of decentralized finance. With millions of users worldwide, Bybit has cemented its reputation as a reliable and versatile crypto exchange.
Pros
Low maker-taker fees in the spot and derivatives markets.
Offers zero fees for certain trading campaigns.
Dual price mechanism reducing unfair liquidations
24/7 customer help from a multilingual service team
No limits on trades and withdrawals on any account
Protects against price volatility for risk management
Simplifies swapping coins, setting profit/loss targets, and adjusting orders
Cons
Regulatory status is unclear.
Platform can be overwhelming for beginners.
Fees: 0.1% maker-taker fee in the spot market, varying fees for other trades.
Security: Implements strong security measures like cold storage and two-factor authentication.
7. REMITANO
When searching for a cost-effective and secure platform to buy USDT in Nigeria, Remitano stands out as a reliable option. This peer-to-peer exchange prioritizes user experience, offering zero deposit fees and a competitive 1% fee for posting orders. Its mobile app and escrow service make transactions both convenient and safe.
Remitano has built a strong reputation since its founding in 2014. With over a million users across 50+ countries and billions in executed orders, it’s a platform that inspires trust. The focus on community, 24/7 customer support, and no minimum deposit requirements make Remitano especially appealing to new crypto investors. The platform is easily accessible through its iOS and Android apps. With support for 23 major cryptocurrencies, including Bitcoin, Ethereum, and USDT, Remitano provides ample options for diversifying your crypto portfolio.
N.B: Remitano has partnered with Simplex to facilitate fiat purchases using bank transfers and credit cards. While convenient, keep in mind these trades may take slightly longer to process than standard peer-to-peer transactions on the site. Always be mindful of the payment window for your trades to ensure timely completion.
Pros
Multiple deposit and payment methods.
Competitive fee structure with no P2P taker charges.
P2P trading network spanning 50+ countries
Offers instant swap
Good customer support
Cons
Only three cryptocurrencies are listed.
Sellers can choose their exchange rates, which may vary.
Remitano has been hacked
Narrow range of cryptos compared to leading alternatives
Fees: Trading fees range from 0.25% to 1%
Security: Provides escrow service for added security during transactions
Conclusion
There you have it, crypto-enthusiasts — the top 7 USDT marketplaces in Nigeria where you can buy cheaply from your mobile phone. Let’s face it, finding the right exchange can be as confusing as deciphering crypto memes. But now, you’re armed with the knowledge to make the best choice. It’s time to take the next step! Choose the platform that best suits your needs and start exploring new financial possibilities.