Binance is the leading cryptocurrency exchange in Nigeria due to its strong P2P marketplace that enables local payments. Despite regulatory disputes and limited options for users, Binance’s features like low fees and trading tools secure its top ranking compared to local competitors like Bybit and Bitget. The Nigerian market’s limited deposit alternatives enhance Binance’s appeal.
Binance remains the premier cryptocurrency exchange in Nigeria, largely due to its substantial peer-to-peer (P2P) marketplace. This platform enables local traders to engage in digital asset transactions using familiar payment methods. Its diverse range of tokens and high liquidity further reinforce Binance’s superiority over competing exchanges in the region.
As noted in an NFT Evening report, Binance offers competitive advantages such as minimal transaction fees of 0.1%, advanced trading tools, and futures markets. The platform is regarded as secure, although some users have described the verification process as “lengthy” and cited regulatory challenges as obstacles.
The exchange’s esteemed status persists despite ongoing legal disputes with Nigerian authorities, including an $81.5 billion lawsuit filed by the government accusing Binance of operating without a license and tax evasion. In response, Binance has taken steps to limit its presence in the market, notably blocking Nigerians from participating in airdrop campaigns, a move that has drawn criticism from users.
Despite these challenges, Binance continues to outpace competitors such as Bybit and Bitget, thanks to its inherent features. Bybit focuses on trading derivatives and offers a user-friendly interface for high-volume trading, while Bitget enhances accessibility for new users through its copy trading feature.
The report highlights a common issue faced by global exchanges in Nigeria: limited direct deposit options. Users often must seek costlier alternatives or turn to local exchanges like Quidax, one of the few licensed by Nigerian authorities. Of the top eight exchanges monitored, only two are African, with the rest being international players like Coinbase and Kraken.
Binance’s dominance in Nigeria is fueled by its strong P2P marketplace and competitive features, despite legal challenges and regulatory scrutiny. The exchange’s capacity to navigate these obstacles while offering extensive services has kept it ahead of competitors like Bybit and Bitget. The limitations on direct deposit options across other exchanges compound Binance’s appeal to local users, further entrenching its position as the leading platform in Nigeria.
Original Source: news.bitcoin.com
