Binance, Bybit, and WhatsApp P2P Control 90% of Nigerian Crypto Trading
A new report highlights the uphill battle local cryptocurrency exchanges face in Nigeria. “The State of Crypto Adoption in Nigeria 2025,” a study by Quidax and IFS Insights, reveals that foreign platforms like Binance, Bybit, and OKX, along with informal peer-to-peer (P2P) channels such as WhatsApp, command a staggering 90% of the country’s centralized crypto market. This dominance leaves local exchanges like Quidax, Roqqu, and Bitmama fighting for a relatively small piece of the pie.
International Exchanges Reign Supreme
The report, based on a survey of over 1,850 Nigerians, indicates that 83.2% of crypto users prefer centralized exchanges. Binance is the clear leader, with nearly eight in ten Nigerian crypto users choosing the platform for their trading activities. This near-monopoly underscores the challenges faced by indigenous exchanges in attracting and retaining users. The report suggests that superior liquidity, a wider range of products, and greater user trust are the primary drivers behind the international exchanges’ success. These factors contribute to a more appealing user experience, which is critical in the competitive African crypto landscape.
In conclusion, the Nigerian crypto market presents a significant opportunity, but local players must overcome substantial hurdles to compete with established international platforms. Building trust, enhancing liquidity, and offering a diverse product range are essential steps for local exchanges to gain a more significant foothold in the rapidly growing Nigerian crypto space.
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