NairaEX, launched in 2015, is the largest Bitcoin exchange in Nigeria. It claims to have over 100,000 users, making buying and selling of Bitcoin quick and easy. Aside from being an exchanger, Luno also provides online cryptocurrency wallet for temporal storage of your assets when you buy from them. Luno now supports both Bitcoin, Bitcoin Cash and Ethereum wallet. It integrates a good number of world-leading exchanges which allows for very fast cryptocurrency arbitrage trades. Over-The-Counter trading desks help individual and institutional investors purchase large amounts of bitcoin & other cryptocurrencies safely and fast. If you want to purchase BTC with a bank account transfer, you can easily find an exchange from our Top Crypto Exchanges in Nigeria list. LocalBitcoins is a peer-to-peer marketplace for buying and selling bitcoin. Kraken is one of the largest and oldest cryptocurrency exchanges in the world.
If you’re using a software wallet (aka, a hosted wallet, since it’s hosted on third-party servers), you just create an account with a username and password and enable two-factor authentication. If you’re setting up your wallet as part of a cryptocurrency exchange account and that exchange uses KYC, you’ll need to provide documents like a driver’s license to verify your identity. Sending money out of the country can be problematic, as your wealth converts to less dollars. Quidax is one of the exchanges that allow its users to buy Bitcoin using debit/credit cards. The company was launched in 2018 after months of Alpha testing. Binance is a cryptocurrency exchange platform that was launched in 2017 after their Initial Coin Offering .
Over the years, certain companies have emerged as reliable crypto hardware wallet manufacturers. Ledger, for example, has been making cold wallets for years now and could be a good place to start. Collect the documents needed to verify your identity for Know Your Customer exchanges. The cryptocurrency is gaining legitimacy as a second source of income, a hedging tool, and a means of funding decentralized protest.
Major Businesses Accepting Bitcoin
Trading in foreign currencies is an everyday activity for many. Remittances into Nigeria from those working abroad, which were worth more than $17bn in 2020, have played a role, as has the way digital currencies can provide insurance against exchange rate fluctuations. The value of the Nigerian naira has plummeted almost 30% against the dollar in the past five years. Know a lot of people who want to buy or sell bitcoin in Nigeria? With our new affiliate program, you will have the most advanced tools in the market that will allow you to promote Pursa and generate commissions with us! Trusted online cryptocurrency exchanges operating in Nigeria including Luno, NairaEx, and Binance. There are dozens of cryptocurrencies to choose from and each trade incurs a 0.5% fee which is reasonable. Because you send the funds straight to your wallet, there are no withdrawal fees either.
In emerging markets that are facing a currency crisis, bitcoin prices can actually shed light on the informal market for U.S. dollars. But bitcoin listings on exchanges like Bitso indicated the dollar was worth around 150 pesos, reflecting the informal going rate for the dollar. It is yet another cryptocurrency exchange that supports buying Bitcoin with bank credit or debit ATM card. As well as trading bitcoin derivatives or buying coins directly from an exchange, you can trade Crypto 10 Index that gives you exposure to 10 major cryptocurrencies like Bitcoin in one single trade. This index speculates on these Cryptocurrencies and closely tracks or mirrors the underlying market price of them. Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world. Unfortunately, there aren’t many payment methods available with bank transfer being the main option.
LocalBitcoins offers escrow protection for every trade which is meant to ensure the bitcoins and both traders are safe. Information about the real-time price and value of Bitcoin is easily available online and it has now become very easy to buy and sell Bitcoin from Nigeria with services like BuyCoins and Binance. You can securely store your Bitcoin in non-custodial wallets such as Coinbase Wallet or a Trustwallet. A non-custodial wallet allows you to be entirely responsible for the security and management of your cryptocurrency. If you want to go with a digital wallet, most major cryptocurrency exchanges package an online wallet with your user account. Coinbase, maybe the largest cryptocurrency exchange out there, does this.
Bitcoin Afrika may be a smaller Bitcoin exchange but it offers good customer service with comparatively quick reply times. Bitcoin Afrika is a relatively young Nigerian Bitcoin exchange. Founded in 2017, it has an automated escrow service and allows users to buy Bitcoin and altcoins with Visa and Mastercard. There are several Bitcoin exchanges based in Nigeria, making it easy to buy and sell BTC. Set the ad type , crypto asset, and the fiat currency for the ad, and then select the price type. On Thursday, the German multinational corporation Adidas announced the launch of the company’s first Adidas Originals NFT collection. The Adidas Originals NFT drop is in partnership with the Bored Ape Yacht Club , the cryptocurrency investor Gmoney, and the comic … Step 4 – As soon as the seller receives payment, the BTC is deposited into your account. At this point, Remitano has already locked the seller’s BTC so he can’t sell to anyone else. Now that we have highlighted some limitations to buying bitcoin in Nigeria, it’s time to discuss how to overcome them.
Still, premiums can exist even after you factor in the difference in exchange rates. One possible reason is, in countries with high inflation, people may be willing to pay more for bitcoin. Bitcoins can be purchased there with cash via bank deposit as well as by bank transfer and Perfect Money. To buy Bitcoin from Luno crypto exchange, you will have to pay a 2% charge or more when buying and selling instantly and a 0.25% – 1% charge when using the exchange. Using this exchange platform, you can deposit some money using your credit or debit ATM cards, so you can eventually buy your desired amount of Bitcoin with it. Registration of account on the CoinSwitch exchange platform is not hard at all. You are required to enter your email address and your cryptocurrency secure wallet address. CoinSwitch can save your time by simply comparing cryptocurrency price value rate of pairs across most popular exchanges automatically. What differentiates it from other exchange platforms is that you get to find all the cryptocurrency price from different other platforms in one place at a time.
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Over 123 million Nigerians have access to the web according to Internet World Stats latest data, and one would think that using an online platform to acquire cryptocurrencies isn’t an issue for them. Indeed, opportunities to buy bitcoin on the internet have been increasing, and so have the people that take advantage of them. Here’s another Nigerian-based cryptocurrency exchange that makes buying bitcoin in the country ridiculously easy. The major payment method into the NairaEx wallet is via a virtual bank transfer which makes top-up instant. Some exchanges let you purchase Bitcoin with a credit card in Nigeria, but not with a bank transfer. Peer to peer exchanges let you find crypto sellers for cash, but can take a lot of time to do the transaction. The major essence is, the cryptocurrency exchange site does not process the payment. Many Nigerians have resorted to buying cryptocurrencies via bank transfer in order to circumvent the current regulations.
- Or you can look through the marketplace, select a trade, and transact with another user.
- For BCH, thanks to low network fees and near-instant confirmation time, you can send a payment link (aka “Sharable Link”) to anyone using any channel (eg. Messenger, SMS, email, Whatsapp, and so on.).
- Though the official stance on buying and selling bitcoin in Nigeria is uncertain, it hasn’t discouraged a growing number of local unicorns from satisfying the huge demand for young Nigerians to buy crypto.
- Bitcoin presents an electronic user payment tool that is identical to digital wallets and bank accounts.
- For the purpose of this article, only Nigerian p2p trading on Binance will be discussed.
Two of our partners work in this country – MoonPay and Simplex, which provide such payment methods as bank transfer, debit card , and ApplePay. The rising popularity of cryptocurrencies has not gone unnoticed by Nigerian regulators. In February of this year, the Central Bank of Nigeria imposed a ban preventing banks and financial operators from processing transactions for cryptocurrency exchanges. Nigerian banks are required to shut down their services to any customers who buy, sell or trade cryptocurrencies. With Paxful, you can buy Bitcoin in Nigeria via different payment methods including bank transfers, M-Pesa, MTN mobile money, and so on. You can also use gift cards from Paxful’s vendors (e.g Konga, Blessing computers) to buy Bitcoin on the platform. CoinCola is the global cryptocurrency trading marketplace and exchange, which provides spot/margin trading, P2P trading and gift card trading services at low fees. Our integrated platform has been designed from the ground up to offer the best cryptocurrency trading experience for users.
According to local media reports, Nigeria got its first BATM only this year. The device was deployed in Dazey Lounge & Bar in Lagos in early January by a local company called Blockstale. Totalcoin is a cryptocurrency wallet with a built-in p2p platform, where everyone can buy Bitcoin using First Bank of Nigeria with guaranties and protection from scam. Trades occur directly between buyers and sellers, Totalcoin serves as a guarantor of fair and safe trading. One way to overcome these limitations including the recent crypto ban by the central bank of Nigeria is to purhcase BTC from secure and reliable p2p exchanges like Remitano. With p2p exchange, you’re simply buying BTC from another Nigerian with the help of an escrow so that nobody gets scammed.
To check the price of Bitcoin to Naira, Nigerian users can use the Bitcoin page on CoinMarketCap, and simply switch the currency on the top right to NGN. Note that Bitcoin ATM fees are significantly higher than those for other purchase methods. These are some of the current platforms and exchanges to buy Bitcoin easily in Nigeria. Let us know in the comments section if you’ve used any of these platforms and what your experience was like. You have option to hold them in your Paxful wallet, sell Bitcoin for US dollars or any other currency.
Its wallet is highly rated, and you don’t need a Coinbase account to use its app. On Friday, Nigeria’s official exchange rate for the U.S. dollar was around 380 naira per dollar. Using this rate, a bitcoin listing on peer-to-peer platform LocalBitcoins in Nigeria of around 26,000,000 naira converted to $68,246. On the surface, this looks like a hefty 24% premium, which in this context refers to bitcoin’s price being much higher in specific locations than it is on average worldwide. The Central bank of Nigeria banned Nigerian banks from processing payments made on cryptocurrency exchange sites. Thus it is not a crime to buy or sell cryptocurrency in Nigeria as at press time. The ban was at first a blow to an emerging industry of cryptocurrency brokers who relied on commercial banks to facilitate transactions between sellers and buyers. However, many customers found workarounds, said Marius Reitz, Africa general manager at Luno, a cryptocurrency trading platform. Luno claims that the majority of customer Bitcoin funds are kept in what we call “deep freeze” storage.
It may seem complicated, but with a little research, beginners can be buying and selling Bitcoin in no time. The scams have tainted the image of cryptocurrencies in the country, he argued—but recent events have given Bitcoin a shot of credibility. CoinSwitch appears to be the most reliable platform to buy different cryptocurrencies in the country, being a recognized exchange platform. In January 2017, the CBN issued another circular – this time to banks.
You certainly can profit from bitcoin trading, and your ability to achieve a profit will depend on the depth of your market analysis, your market knowledge and the underlying market conditions. These tools are all available to select via the deal ticket on our trading platform. You can find a seller from one of the p2p exchanges listed on our Top Crypto Exchanges in Nigeria list. A lot of exchanges take ages to go through the KYC process, possibly losing you days before you can finally make the purchase. Some exchanges listed in our Top exchanges to buy BTC in Nigeria list allow you to buy Bitcoin anonymously without KYC verification in very small amounts (~$100). If you manage to avoid the scammers, you are still vulnerable to high fees from rogue exchanges. This is the wild west and if you are not careful you can lose your money.
At the moment, Pursa is the best bitcoin exchange in Nigeria. The Nigeria bitcoin exchanges that are most trusted in the country have their boots on the ground. Either through being one of the first bitcoin exchanges in Nigeria or bitcoin exchanges expanding into Nigeria. Pursa is the best place to buy bitcoin instantly in Nigeria with Verve .
In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment. By the way, the same applies to the euro – the starting purchase threshold starts at €30. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step. In March, just after the central bank ban, the dollar volume of cryptocurrencies sent from Nigeria rose to $132 million, up 17% from the previous month, research firm Chainalysis said. Transactions in June were 25% above the same month last year. Nigerians are turning to crypto for business, to protect their savings as the naira loses value, and to send payments abroad because it is often hard to obtain U.S. dollars, experts and users told Reuters. Buy Bitcoin and other cryptocurrencies worldwide, instantly and with low fees. Use your Master Card, Visa, or Apple Pay to purchase crypto with a minimum amount as low as 20$.
The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money. These will enable you to go long and speculate on the price rising, as well as short and speculate on the price falling. The accuracy of your prediction and the size of the market movement will determine your profit or loss.
© 2021 Bitmama – Best platform to buy, sell and trade Cryptocurrencies. Bitrawr is a useful Bitcoin resource guiding you to the best exchanges, most-trusted wallets, nearest ATMs, efficient mining equipment, all in one cohesive site. Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Yes, popular Bitcoin futures exchanges like Bitmex, Deribit, and FTX enable users to long or short BTC with up to 100x leverage. NairaEx provides secure and reliable Bitcoin exchange services for Nigerians. Read more about Buy Dragonchain here. The platform is strictly limited to Nigerians and the Nigerian Naira. Conveniently back up your Wallet to the cloud and decrypt it with a single master password. The Bitcoin.com Wallet is an easy-to-use, multicoin crypto wallet that puts you in full control of all your cryptoassets.
Both Paxful, which has opened an office in Abuja to lobby the government to change its attitude to crypto, and Yellowcard said Nigerians generally turn to crypto for business rather than speculation. So far, many long-term investors have enjoined strong appreciation and managed to gain wealth from the sale. Nothing is guaranteed, but Bitcoin does offer a good opportunity to secure decent profits. If you are a first time user, please sign up for a Paga account. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap takes a look at some of the ways that you can buy Bitcoin and other cryptocurrency in Nigeria.