Top 5 cryptocurrencies to Invest in Nigeria

Anisa Batabyal
| 06 May, 2020 | 2 min

Nigeria is an underdeveloped country, which has embraced cryptocurrencies and the underlying technology with a lot of zeal and enthusiasm, especially the Millenials and the GenXers, who fall in the age slab between 18 to 40. These are the kinds of masses who are enthusiastic about knowing more on forums such as Bitcoin Talk, Quora, etc. Most of them seem to be having knowledge on Bitcoin specifically, and they are not much aware of other potential cryptocurrencies, which will fetch them good returns in the future. They are not aware of the ERC20 tokens and the stable coins much and hence need to be educated for their own benefit.

Their WhatsApp group is one of the easiest means to trade Bitcoin in and across Nigeria, where the group acts as an escrow account, which charges a small commission. The groups comprise of 100-200 members and it has been observed that Bitcoin/Naira is the most traded pair.

Let us have a look at the top 5 cryptocurrencies to invest in Nigeria:

#1 Bitcoin (BTC)

Bitcoin is one of the most commonly traded cryptocurrency because of its popularity and even because it is available across all the exchanges in Nigeria. CoinSwitch is one of the best sites to buy Bitcoin in Nigeria, where you can buy Bitcoin in Nigeria using a credit card. If you log into CoinSwitch platform, you can avail multiple crypto trading services lie buying Bitcoin wallet in Nigeria, getting regular updates on the price ups and downs. CoinSwitch is one of the best sites to sell Bitcoin in Nigeria, with whatever crypto you hold, as CoinSwitch supports more than 300 cryptocurrencies.

#2 Dash (DASH)

Dash is also one of the best cryptocurrencies to invest in Nigeria, as most of the trading is done with Dash. The users know its benefit and hence holds Dash. You can convert and trade DASH at a very competitive rate on CoinSwitch platform. You might get good offers when you want to buy Bitcoin with Dash. Nigerians hold a good amount of Dash, hence it is regarded as one of the top cryptocurrencies to invest in Nigeria.

#3 Ethereum (ETH)

Ethereum is the second-largest cryptocurrency in the world, which is always considered after Bitcoin. In Nigeria, Ethereum is even considered one of the highest traded cryptocurrency after Bitcoin. As Ethereum is considered to be speeding up the decentralization in the market economy, most of the crypto enthusiasts in Nigeria keeps them updated with all the latest news about Ethereum.

#4 Ripple (XRP)

XRP is becoming quite popular in Nigeria as it is a cheap cryptocurrency, which has high potential to reap good returns. XRP is being created to build more liquidity across the world. You can buy XRP with a credit card or a debit card in Nigeria from CoinSwitch in simple and easy steps, where the transaction speed is high.

#5 True USD (TUSD)

True USD is one of the fast-growing stable coins, whose price remains stagnant and the market volatility doesn’t affect its price. Hence, it is one of the fewest of stable coins, which are showing promising potential in the days to come. TrueUSD is considered as one of the best cryptocurrencies to invest in Nigeria, because of its fast growth and a high adoption rate.

The best part is that no crypto businesses have been prohibited in Nigeria, hence its a great scope for the Nigerians to establish trading institutions. It's evident that Nigeria is having undeniable potential when it comes to cryptocurrencies.

About CoinSwitch is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!

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