Hence, making it easier for the average Nigerian to buy Bitcoin on their platform. A lot of people make money by taking advantage of the short term volatility of Bitcoin to buy as prices fall and sell as prices rise. Various P2P cryptocurrency and Bitcoin exchanges also exist, but we recommend sticking to conventional exchanges to trade and buy Bitcoin, unless you know the person with whom you’re making a P2P exchange. Cold wallets also generate a key phrase known only to the user that allows access to the wallet. This key phrase is usually a string of 24 randomly generated words, and you’ll also create a PIN to gain access. Cold wallets work together with apps and software on your smartphone or desktop device, so you’ll install them as needed when setting up a cold wallet. You’ll also need to go into the experience with an understanding that cryptocurrencies—and Bitcoin in particular—can be volatile, drastically changing in value from one day to the next.
- It currently supports bitcoin core and dash and will be adding bitcoin cash and tether in the near future, a company representative confirmed.
- Elsewhere, Egypt, Turkey and Ghana have sought to clamp down on crypto trading, wary of potentially vast movements of digital funds beyond their regulatory controls.
- We don’t offer our customers any investment advice, and we definitely don’t ask them to buy Bitcoin.
For example, if the market is in a bullish trend, you’d go long and if the trend was bearish, you’d go short. If this trend started to slow or reverse, you’d think about closing your position and opening a new one to match the emerging trend. To read more about how to buy large amounts of crypto, read our bitcoin OTC guide. Don’t worry — we’ll help you find the best crypto wallet for you. If you keep your coins on an exchange, then you don’t own the private keys which means you don’t own your coins. Once you have your BTC, the best idea is to store it in a hardware wallet. Hand picked, filtered out from scam exchanges and updated by our team. Luno is trusted across 40 countries by over 5 million people. Altcoins The #1 exchange to buy Ethereum & other altcoins in Nigeria.
Most Popular Bitcoin Exchanges In Nigeria
If you’re using an iPhone, you will be able to securely pay for your purchases with Apple Pay. Chipper Cash is a borderless way to send and receive money across Africa, including Nigeria. The platform recently allowed users to be able to buy bitcoin in the app. Check out our guide on how to buy and sell bitcoin with Chipper Cash. Before now, the need to buy Bitcoin in Nigeria wasn’t as intense. Either there wasn’t enough education on cryptocurrencies or the platforms/crypto exchanges didn’t care much about Nigeria to make the process easier and seamless. Buy Bitcoin with National Bank Transfer Follow these instructions 1. Select National Bank Transfer and type in the amount you can spend above. A vendor will help you add money to your Paxful Bitcoin wallet.
Now that you finally have your precious bitcoin, it’s not a great idea to leave it on an exchange. To avoid losing your wealth in exchange hacks, move the crypto funds to your personal wallet. Depending on the payment method this step can take minutes, all the way up to 5 business days . Their goal is to provide everyone with easy-to-use products and highest security cryptocurrency systems. Purchases are usually made via an in-person meeting, but many other payment methods are available. We may earn a commission if you purchase bitcoin from some of the exchanges listed. Here are the top exchanges to purchase bitcoin safely in Nigeria, handpicked and updated by our team. Is held in the escrow wallet until the trade is completed, increasing safety and trust for both buyers and sellers. Our support team is also available via the resolution center to resolve any issues. Add your buy offer Tell the audience how you want to buy a crypto.
Is Bitcoin Reliable?
You can find the best crypto exchanges to purchase BTC on our Top Crypto Exchanges in Nigeria list. There are incredibly large amounts of scammers and hackers in the crypto space, due to the decentralized nature of cryptocurrencies. It has been extremely important since day 1 to do your research before buying Bitcoin and the need for analysis is becoming more crucial every single day. You don’t want to feel your palms sweat and anxiety take over as you realise your hard earned money is gone. As you might have already read, more than $11 Billion worth of crypto has been stolen since 2011. Read Top 5 crypto scams and how to avoid them to learn how to keep your crypto safe.
Environmentalists argue that miners tend to set up wherever electricity is cheapest, which may be in places with coal-generated power. Nigeria has one of the youngest populations in the world and is ripe for digital finance. With many people looking for ways to escape widespread poverty, pyramid schemes are proliferating. Earnings are paid instantly and automatically in your account. Transactions are completed within seconds when you exchange from bitcoin to Verve in Nigeria and vice versa. There are 6 trusted exchanges operating in Nigeria with the most popular being Luno, NairaEx, and Binance. If so, I’d love to hear about it in the comment section below. Caution is advised when dealing with sellers from Nigeria as there are some scams (here’s how to avoid most of them).
The P2P option doesn’t offer the simple conversion user experience of an exchange and is limited in terms of the coins you can trade. If you’re considering whether to buy or sell bitcoin in Nigeria, there are broadly two options for you. You either use a cryptocurrency exchange or a Peer-to-Peer platform. Some Nigerian banks offer higher limits and lower money processing fees when you use your account for a bank transfer. BitPesa’s payment partner, Quickteller, is a secure and established payment service, the platform enables direct payments to accounts in all commercial banks in Nigeria. LocalBitcoins is the best way to buy and sell Bitcoins in Nigeria. Buying Bitcoin with Nigerian Naira (aka. exchanging NGN to BTC or BTC to NGN) is easy, fast and secure in LocalBitcoins — the world’s largest peer-to-peer Bitcoin marketplace. So, sign-up today and start trading Bitcoin with people like you, in the world’s most trusted Bitcoin marketplace.
Being able to buy cryptocurrency with cash directly is undoubtedly a convenience for many Nigerians. But as the option is not widely available yet, there is another interesting alternative to vouchers and teller machines — gift cards. Hong Kong-based digital asset trading platform Coincola offers an OTC marketplace for major cryptocurrencies including BTC and BCH. In 2019, the exchange launched an active campaign to enter the Nigerian market and has been accepted very well, according to Nigeria Bitcoin Community.
With that in mind, never invest more than you can afford to lose when purchasing cryptocurrency. That increasing numbers of traders are using Bitcoin to pay suppliers. Chinese suppliers, in particular, are keen to do business in Bitcoin for its speed and convenience. It also means Nigerian businesses no longer need to buy dollars using Naira or shell out fees to money-transfer firms. The data suggest that despite the CBN directive, Nigerians are determined to leverage cryptocurrencies to increase their earnings, especially with rising inflation and limited access to foreign exchange liquidity. The processes for making purchases are the same as CoinSwitch, as the company does not have a fixed currency rate owing to the volatile nature of cryptocurrencies. The company’s fees are the lowest in the market as it charges a trading fee of 0.1% and 0.05% when using its Binance token to pay for transaction while trading on the platform. This helps most people to make profits by simply buying and selling on different exchanges . Then after that, you can proceed reading below, to understand the best place you should buy Bitcoin in Nigeria with your debit or credit card.
Avoid trading on random group chats and allowing unvetted individuals to store your crypto. If you choose to trade on random Telegram or Whatsapp groups and allow unvetted individuals to store your Bitcoin for you, understand there are high risks. In this article, I point out how you can make money from cryptocurrencies, and how to avoid getting scammed. For the purpose of this article, I focus on Bitcoin as it is the most popular and the largest cryptocurrency by market volume and value. Non-custodial hot wallets aren’t hosted by a third party and take more security measures than a standard hot wallet. Users get a randomly generated “private key” or “seed phrase” that they can use to access the wallet.
Like the other platforms, you can fund your Patricia wallet with naira, then proceed to buy Bitcoin. Bitsika allows users to make transactions, send and receive money across currencies, pay bills, create virtual cards, at low costs. In this post, we wrote about Bitsika being a universal money app. Paxful makes it easy to convert your gift cards into Bitcoin and out of Bitcoin.
There are many crypto exchange websites online for Nigerians to buy Bitcoin online, but it is not all of them that has the feature to buy Bitcoin with a debit or credit card instantly. Prices can change at any time; a great opportunity to buy Bitcoin may be gone tomorrow. With your credit card, you can buy Bitcoin instantly, seizing the best moment. Users interested in being a p2p trader are advised to open different bank accounts to avoid interbank charges, network delays. Some p2p traders accept payment from specific banks; thus, multiple accounts will help users bypass such conditions.
Paxful is one of the leading exchanges to buy and sell bitcoin in Nigeria. Purchasing cryptocurrency online, however, often requires the buyer to pay electronically, using “traditional” methods such as a bank transfer or credit card and not all P2P platforms allow in-person cash trades. And here is the real issue — having access to the internet doesn’t mean you get to have a bank account too. Around half of Nigeria’s 200 million citizens remain unbanked, and together with the category of the underbanked they form a majority of almost two thirds. According to data released by the World Bank, only around 40% of Nigerian adults have an account with some financial institution or a mobile money provider.
Experts recommend allocating a very low percentage of your portfolio to cryptocurrency investments, especially when starting out. A single digit amount—like 5% of your total investment portfolio—is reasonable. And if you’re wondering if you have to pay taxes on crypto, we answer all your questions here. Do your research, choose an exchange, set up your account, fund it with some cash, and you’ll be ready to start buying Bitcoin. Nigerian businesses need dollars to buy new supplies, and order essential equipment from abroad—but formal sources for obtaining foreign currency, such as banks, are failing to meet this demand, he further explained. One survey, has the highest percentage of crypto users in the world. Read more about BTC Price here. But most compelling is evidence that Bitcoin inventor Satoshi Nakamoto’s original use case, for Bitcoin as a payment tool, is positively thriving in Nigeria.
CoinSwitch is a cryptocurrency exchange aggregator that was established enable its users to have access to over 300 cryptocurrencies, and up-to 45,000 crypto trading pairs. Therefore, exchanges are more open to credit or debit card purchases in recent days. As a general rule of thumb, any exchange that accepts a credit card will also accept a debit card. There were lots of online exchanges that accept the credit or debit card for the purchase of Bitcoin, but not all can accept credit/debit cards from Nigeria . Bitcoin trading is how you can speculate on movements in the cryptocurrency’s price.
Best Bitcoin Wallets available in Nigeria to store your crypto — Pulse Nigeria
Best Bitcoin Wallets available in Nigeria to store your crypto.
Posted: Sat, 18 Sep 2021 07:00:00 GMT [source]
Despite this setback, residents can still buy, sell and trade Bitcoin and other crypto assets in Nigeria. This guide will provide an overview of those platforms where it’s still possible to purchase crypto in Nigeria, as well offering information about the payment methods you can use to do so. But the 2017 directive did not prohibit crypto exchanges from using banking and payment channels. It simply required banks and financial institutions to ensure that their crypto-exchange customers have effective anti-money laundering and “anti-terrorism” financing controls in place. Strict FX laws have been one of the factors that have aided the use and adoption of cryptocurrency in Nigeria despite the ban. A lot of people in the country have turned to bitcoin for foreign transactions, taking advantage of the decentralized nature of the currency. The ban does not affect the use of crypto for inter-border transfer so far it isn’t facilitated by a financial institution. Even before the ban, cross-border transactions have been one of the advantages of bitcoin over the naira and the ban has had little or no effect on it. While this was perceived by many to be the beginning of the end of crypto in Nigeria, the situation however took another turn as crypto continues to bloom and flourish in the country. The ban has had little to no effect on cryptocurrency usage in the country as many have adjusted to the current situation, crypto users have found new ways to buy BTC in Nigeria and continue their crypto trades.