KWIQ vs Coinbase: Buying Abroad, Cashing Out in Naira
· 3 min read
Short answer: Coinbase is a large US-based crypto exchange and wallet provider, used by many people abroad to buy, hold and send crypto. KWIQ is a Nigerian app for selling crypto for naira, with zero fees on crypto-to-naira swaps and payouts to any Nigerian bank account. They often work together: a friend, relative or client buys crypto on an exchange like Coinbase and sends it to your KWIQ wallet, and you sell it for naira.
Ngozi's brother lives in Maryland. Every few months he sends money for their mum's medicine and the house repairs. He buys crypto on Coinbase because that's what his colleagues use. Ngozi turns it into naira on KWIQ.
That's the most common way KWIQ and Coinbase meet: someone abroad buys and sends; someone in Nigeria receives and sells.
The one-line answer
Coinbase is where many people abroad buy and hold crypto. KWIQ is where you turn crypto into naira in Nigeria. They're two ends of the same journey.
At a glance
| Coinbase | KWIQ | |
|---|---|---|
| What it is | A large US-based crypto exchange and wallet provider | A Nigerian app for selling crypto for naira, in operation since 2017 |
| Main uses | Buying, holding, trading and sending crypto | Selling crypto for naira, swapping and buying coins, gift cards and bills |
| Availability | Check Coinbase's website for your country | Built for Nigeria |
| Turning crypto into naira | Check Coinbase's app for current options | Sell directly to the app at the rate shown |
| Fee to sell crypto for naira | Check Coinbase's current fees | ₦0 |
| Extras | Check Coinbase's app | Gift cards, airtime, data, electricity and betting top-ups |
| Support | Check Coinbase's website | 24/7 live chat, email and phone |
What Coinbase is built for
Coinbase is a large US-based exchange that lets people buy crypto with local money, hold it, trade it and send it. Many of the friends, family and clients who pay Nigerians in crypto use it, or an exchange like it, in their own country. For its current coins, networks, fees and availability, check Coinbase's own website.
What KWIQ is built for
The Nigeria end. KWIQ has served 100,000+ users since 2017. Crypto arrives in your KWIQ wallet, you sell it for naira with zero fees, and you withdraw to any Nigerian bank account, including OPay, PalmPay, Kuda and Moniepoint. The app shows the rate and naira amount before you confirm, and naira hits your bank account in just 4 seconds.
How your sender pays you from Coinbase
- You open the KWIQ app, go to the wallet for the agreed coin (USDT, USDC or Bitcoin) and copy your deposit address and its network.
- You send both to your sender, in plain words: "USDT, TRON (TRC20) network" or "Bitcoin, regular Bitcoin network".
- They choose to send that coin from Coinbase to an external address, pick the same network, paste your address and confirm.
- Once it's confirmed and credited, you sell for naira and withdraw.
Ask for a small test the first time. Our Coinbase to Nigerian bank page has the steps in more detail.
Which coin to ask for
Stablecoins such as USDT or USDC are usually best for exact amounts: they track the dollar, so $300 sent is about $300 received. Choose a network your KWIQ address supports and Coinbase offers for that coin.
Bitcoin works too, but its price can move between sending and selling. Here's why that happens.
For people abroad sending home
If you're the sender, our guide for Nigerians abroad sending USDT home covers the steps from your side, and receiving money from the USA in Nigeria covers every route from America.
Four questions before you cash out
- How much naira lands in my bank after every fee?
- Does the network my sender picked match my KWIQ address?
- Have I checked the transfer myself, rather than trusting a screenshot?
- Who can I reach if something goes wrong? (For KWIQ: 24/7 live chat in the app and on kwiq.app, admin@kwiq.app or +2348098460000.)
See more apps side by side in our roundup of crypto apps in Nigeria. Then download the KWIQ app, or sign up on the web.
Frequently asked questions
Can someone send me USDT or USDC from Coinbase?
Yes, if Coinbase offers sending that coin on a network your KWIQ deposit address supports. Give them your address and network from the KWIQ app, and ask them to choose exactly that network.
Can I use Coinbase myself in Nigeria?
Check Coinbase's own website for the countries and services available to you. KWIQ is built for Nigeria, with naira payouts to any Nigerian bank account.
What does it cost to receive from Coinbase?
Receiving on KWIQ is free and selling for naira has zero fees. The sender pays Coinbase's sending costs and any network fee; check Coinbase's current terms.
Which coin should my sender use?
USDT or USDC on a low-fee network your KWIQ address supports is usually best for exact amounts, because they track the dollar. Bitcoin works too, but its price can move on the way.
Written by
Mercy Eboh
Technical Writer at KWIQ
Writes KWIQ’s guides on crypto, payments and keeping your money safe online.
