Crypto regulations across Africa are still evolving, even in Nigeria, the continent’s leading crypto hub.
As a result, exchanges may encounter difficulties navigating local rules or meeting the demands of multiple regulators.
For Nigerian crypto enthusiasts, this raises a pressing question: Does BingX work in Nigeria?
Today, we take a detailed look at the global exchange, examining its features, services, and, most importantly, whether it works in Nigeria.
We’ll also present 7 BingX alternatives that are better suited for users in Nigeria.
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What is BingX?
Founded in 2018, BingX has grown into a global cryptocurrency exchange serving a community of over 20 million users across more than 100 countries.
BingX positions itself as more than just a trading platform but also as a Web3-AI company that places its users first.
BingX emphasizes security, innovation, and ease of use for both beginners and experienced traders.
Key Features of BingX
Here are the standout features that distinguish BingX:
- Spot trading & conversion: Users can buy, sell, and convert a wide range of cryptocurrencies.
- Derivatives markets: BingX supports both standard futures and perpetual futures, providing traders with access to leverage and the ability to trade over 700 pairs.
- Copy-trading: One of BingX’s signature features: users can automatically copy the trades of elite traders, which helps less experienced traders gain exposure.
- Automated trading tools: Tools such as grid trading are available, helping users set ranges and let the bot execute trades within those parameters.
- Wealth & earning products: Beyond trading, BingX offers asset-management features such as dual investment, loans, and other yield options for idle funds.
- International support: The platform supports many languages and currencies, emphasising global accessibility.
- Security: BingX strengthens user trust by publishing proof-of-reserves, supporting two-factor authentication (2FA), and enforcing KYC compliance.
Does BingX Work in Nigeria?
BingX is technically accessible to Nigerian users, but not without several limitations and workarounds. While the exchange offers features like P2P trading in naira (NGN), users face hurdles ranging from access restrictions to low market activity.
1. Low P2P Trading Activity
Despite the access challenges, BingX does support the Nigerian naira (NGN) in its P2P marketplace. Users can trade NGN for USDT with merchants listing both buy and sell offers.
However, the trading volumes remain very low, and most merchants on the NGN P2P page have fewer than 1,000 completed trades, suggesting low activity and liquidity.
3. No Direct Fiat Deposit
BingX does not support direct deposits or withdrawals in naira. This means Nigerian users cannot fund their accounts or cash out directly through local payment channels. As a result, the low-volume P2P market remains the only available route for buying and selling crypto with naira on BingX.
4. User Experience Challenges
Taken together, this limited support for Naira on-ramping and low P2P activity make the overall experience less seamless compared to exchanges with full Naira integration and more liquid P2P markets.
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Top 7 BingX Alternatives for Nigerians
While BingX offers global reach and some features, its accessibility hurdles and limited naira support make it less practical for Nigerian users.
Fortunately, several other exchanges provide a smoother, fully supported experience, from active P2P markets to fast off-ramps and stronger local presence.
- Breet
- Bybit
- Bitget
- MEXC
- Luno
- Roqqu
- Gate.io
1. Breet
Breet is built from the ground up for instant crypto-to-cash conversion, without the usual hassles of P2P trading. With Breet, users can sell crypto and withdraw directly in Naira within minutes.
The process is simple: you send your crypto, and Breet automatically converts it to Naira at the best rate.
Users can also convert and hold in USD and sell for Naira whenever they choose. Other standout features include:
- Seamless withdrawals to Nigerian bank accounts
- No hidden fees and transparent rates
- Mobile app availability on Android and iOS
- Robust security and regulatory compliance for peace of mind
- Invoice for businesses to receive payments with crypto
- OTC desk trading for high-volume traders
For anyone tired of the friction associated with BingX in Nigeria, Breet offers a faster, safer, and more direct route to cashing out crypto holdings in Nigeria.
2. Bybit
Bybit is one of the world’s top exchanges for futures and spot trading.
Nigerian users can access the platform freely and benefit from its deep liquidity, advanced trading tools, and low trading fees. Bybit also supports P2P trading in NGN, allowing users to buy and sell crypto directly from other traders.
3. Bitget
Bitget combines a full-featured exchange with social and copy trading, much like BingX, but with fewer regional restrictions.
It supports P2P NGN trades, card deposits, and offers robust futures markets. Bitget’s focus on security and transparency, including proof-of-reserves, makes it a strong global alternative.
4. MEXC
MEXC stands out for its wide range of listed coins, often adding new tokens before they hit major exchanges. It’s accessible in Nigeria and offers P2P trading, futures, and staking.
While it doesn’t support direct NGN deposits, its high liquidity and low fees make it a solid choice for experienced traders.
5. Luno
Luno has long been one of the most popular exchanges in Nigeria, offering direct NGN deposits and withdrawals. It’s beginner-friendly, CBN-compliant, and focuses on education and ease of use.
Though it lacks advanced trading features, it’s ideal for users who value simplicity, trust, and local support.
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6. Roqqu
Roqqu is a Nigerian-based exchange that supports instant NGN deposits, withdrawals, and crypto payments. Users can buy, sell, and transfer digital assets easily through the Roqqu app, which integrates directly with Nigerian banks.
It’s licensed by local regulators and aligns closely with Nigeria’s evolving crypto framework.
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7. Gate.io
Gate.io is a veteran global exchange with over 1,000 listed cryptocurrencies and a reputation for security and innovation.
Nigerian users can access the platform freely, trade on spot and futures markets, and participate in staking and copy trading. However, direct NGN deposit support is limited, so users often rely on P2P to on-ramp..
Final Verdict: Should You Use BingX in Nigeria?
For users in Nigeria, using BingX comes with several challenges. You rely on P2P merchants with very few completed trades (making it hard to trust their reliability), and navigate a platform with an uncertain regulatory status.
There’s simply no need to deal with these hassles when the seven alternatives listed above offer more functionality and local support without these uncertainties. For a smooth experience, consider using any combination of those exchanges and rely on Breet to sell your crypto directly for Naira.
FAQs On Does BingX Work in Nigeria?
Is BingX the same as Binance?
No, BingX and Binance are separate exchanges; both offer crypto trading services, and they operate independently and are not the same.
Does BingX have P2P in Nigeria?
Yes. BingX supports P2P trading with the Nigerian Naira (NGN). Users can buy and sell USDT using NGN through merchants. However, trading volumes are low, and many merchants have completed fewer than 1,000 trades, which may affect reliability.
Is BingX legal to use in Nigeria?
BingX’s regulatory status in Nigeria is unclear; users should be aware of the regulatory uncertainty and potential risks before trading.
Which is the Best Alternative to BingX in Nigeria?
Breet stands out as the top choice for Nigerian users. It allows instant Naira withdrawals and deposits without P2P hassle. Other alternatives include Bybit, Bitget, MEXC, Luno, Roqqu, and Gate.io.
