When it comes to the popularity and use of USDT, Nigeria comes second after Cambodia. This is according to a report from Google Trends.
USDT is a stablecoin and the most widely used. In Nigeria, crypto traders use it to bypass government restrictions on cryptocurrency, among other reasons.
As you trade, one factor you will consider is the exchange rate for USDT to your local currency and the best place to get it.
This article will introduce you to the best apps with good USDT rates in Nigeria. You will also learn valuable trade tips and the criteria your preferred app should meet before you trade with them. If this has been a hassle for you, never mind, you are in the right place.
Why USDT?
It was not always USDT in the beginning. When the Central Bank of Nigeria restricted local banks from processing crypto transactions in naira, you could not make direct deposits or withdrawals with fiat (naira). So this now made USDT the best alternative.
USDT is a stable coin. Many traders choose it because it subsidizes inflation and cushions the effects of the crypto market’s volatility. It is also cheap to transact with and has worldwide acceptance.
Many platforms exist for you to trade with and at fair rates, too. If you find it challenging to pick one, we will share our top picks to help you make a great choice.
Top Apps for Best USDT Rates in Nigeria
These apps listed here are our picks, and with good reason:
- KOYN
kOYN is a leading crypto platform in Nigeria for converting crypto to Naira. The platform instantly converts cryptocurrencies to the local Nigerian naira using its official rate converter. This converter is synonymous with the official exchange rate. The app also facilitates payment for top utility transactions like Airtime and electricity bills. Koyn is available as an app and a website.
2. Velox
Velox is an exchange that suits the Nigerian crypto market very well. You can deposit directly with a bank transfer and withdraw in the same manner. It is simple to navigate and user-friendly with responsive customer care. Its USDT rates are the cheapest you can find anywhere, alongside its cheap trading fees. Velox is both an app and a website.
3. Prestmit
Prestmit trades USDT to both Nigerians and Ghanians. Its rates are well affordable, and they have low transaction fees. The Prestmit app is easy to use and trade with and comes with multiple options for making deposits and withdrawals. They also have a good customer service. Prestmit is available on the Google Play Store and the App Store.
4. Bitmama
Bitmama is built specifically to swap crypto with Naira. That is why they have multiple payment options and offer fast transactions and low trading fees. Bitmama’s platform is easy to navigate and simple to understand. It is the best African crypto exchange as it has a wide reach of over 80 countries and swaps crypto with different fiat currencies. It is available to Android and Apple users, as well as its website.
5. Paxful
Paxful stands out in Nigeria as a reliable platform for exchanging USDT for naira. The most prominent is that it uses P2P trading to trade. This gives it an edge over other platforms as P2P transactions are cheaper. This also comes with an escrow feature that protects the buyer and seller from scams. You have multiple payment options with Paxful.
6. Busha
Busha is a unique platform. Why? Because it is one of the few platforms to be regulated by the Nigerian Securities and Exchange Commission (SEC) and allowed to operate. Trading with Busha comes with benefits like interest on capital and fast transactions, and you do not need a huge amount of USDT to swap with. Busha is available on the Google Play Store and the App Store.
Criteria for Picking a Crypto Exchange
Before you choose a platform to trade with, ensure that they tick these boxes:
- Rates: Look out for the price of their USDT in naira and compare it with what other platforms buy and sell it for. This will make your transactions as cheap as possible.
- Security: You are advised to pick a decentralized platform to trade with as they are less prone to getting hacked. Any platform you pick must have a good backup and recovery setup, two-factor authentication, strong encryption, and insurance. With these in place, the protection of your assets is guaranteed.
- User-friendly: It is important to go for apps you can navigate without much of a headache and tutorials to complete a transaction. Your platform of choice should have a simple guide at all times to assist you in case of difficulty. Aside from that, their customer service should be competent enough and always available to assist you.
- Multiple payment options: A good app will have different ways to make deposits and withdrawals so that you can choose the most convenient one at any given time. These options include bank transfers, mobile payments, credit/debit cards, and even P2P payment options.
- Low transaction fees: Apps that charge low fees for transactions are attractive. So, go for apps with transparent fee structures and give discounts to frequent users or larger transactions to maximize profits and avoid hidden charges.
Risks of Using Top USDT Apps in Nigeria
USDT is a stablecoin, but it fluctuates heavily against the naira and can negatively affect a transaction. Also, some apps can introduce hidden fees in a way that seems unclear to you.
Some apps do not have strong security to protect your funds and are prone to getting hacked. They may also have poor customer service that irritates you through delays in response, unprofessional conduct, or inability to resolve an issue, leading to loss of funds.
In Nigeria, it is a risk to trade crypto due to heavy restrictions. This makes some trading apps come with unclear and inconsistent policies and regulations that can negatively affect how you do business with them. Another risk is the rise of fake and dubious crypto exchanges everywhere that rip people off their money.
Another issue, especially with small crypto startups, is little or no liquidity. This occurs when there are insufficient funds to carry out a transaction at a particular time, leading to a delay or higher transaction fee.
Some apps regularly experience technical problems, and customers are usually the first to be bothered. The problem might be caused by an unstable server, slow processing, or a total app crash, resulting from which traders might suffer a loss.
Tips for Getting the Best USDT Rates
To get the best USDT rates anywhere, follow these steps:
- Trade directly on the app and avoid using proxies.
- Use P2P trading to get a cheaper rate
- Always keep an eye on the rates to see when they are at their lowest.
- Check the USDT rates between different platforms and go for the cheapest.
Conclusion
You need precision and due diligence to find a crypto exchange that offers good exchange rates for your USDT. Follow the criteria and tips listed earlier in terms of security, low transaction fees, and user-friendliness, among other areas, to get a good deal.
Go for reliable apps with good reviews, like Velox, Binance, Presmit, etc.
The risks you should factor in when selecting a platform to trade with are technical glitches, hidden fees, and restrictions on cryptocurrency trading in Nigeria to prevent your assets from being stolen.
Finally, always stay updated on the trends regarding trading to increase your chances of getting a good deal.
