Home Crypto Bitcoin Beginner Guide to Buying Bitcoin in Nigeria

Beginner Guide to Buying Bitcoin in Nigeria

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buying bitcoin in Nigeria
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Bitcoin has come a long way since it was launched in 2009, and buying bitcoin in Nigeria has become easier over the years. Now, you can buy bitcoins in Nigeria (and indeed other cryptos) utilizing a wide range of options.

In this guide, you will learn where to buy bitcoins in Nigeria, what a bitcoin exchange is, on which platform you can engage in bitcoin trading in Nigeria, why you should buy bitcoin and the best bitcoin investments in Nigeria (if any). So, let’s get straight into it. What are the options for buying bitcoin in Nigeria?

Payment options for buying bitcoin in Nigeria

There are several payment options from which you can choose to buy bitcoin if you reside or are visiting Nigeria. Depending on which is best suited to you, any of these works just fine. However, each may offer different bitcoin values due to charges and commissions. The following are payment options for bitcoin and other cryptos (altcoins) in Nigeria;

  1. Peer to peer.
  2. Paypal.
  3. Giftcards,
  4. Individuals.
  5. Debit card purchase.
  6. Bank transfer.
  7. Fintech (Paga, flutterwave, etc.)

Options 5-7, albeit the most convenient, is currently impossible due to the CBN directive restricting financial institutions from facilitating the buying and selling of bitcoin with naira.

Consequently, only options 1-4 is possible for buying bitcoin in Nigeria. However, you can still buy bitcoin in Nigeria using a debit card, if you have an internationally-issued card like the Payoneer card. These cards are not regulated by Nigerian authorities, so the CBN restriction does not affect their operation.

The option you choose depends on which exchange you are comfortable with. This means that, if you want to buy bitcoin in Nigeria, you have to choose an exchange that accepts or supports the mode of payment available to you. But, what are exchanges?

What is a crypto exchange?

Cryptocurrency or bitcoin exchanges are online or digital market places where people can buy or sell various digital currencies (like Bitcoin, Litecoin, Ethereum, etc) in exchange for their various fiat currency or altcoins.

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What is an altcoin?

Simply put, an altcoin is any coin that is not bitcoin. It simply means Alternative coin. So, if it’s not bitcoin, it’s an altcoin. The success of bitcoin has made it possible for the rise of altcoins. And according to coinmarketcap, altcoins make up as much as 34% of the total cryptocurrencies in circulation as of February 2020.

A lot of these altcoins are built on the framework already made available by bitcoin, so the majority of them are peer-to-peer.

Bitcoin exchange in Nigeria

There are quite a number of bitcoin exchange in Nigeria. And if you are buying bitcoin in Nigeria or anywhere in the world, you first have to decide which exchange you are going to be buying from, or through.

The numerous bitcoin exchange in Nigeria supports various payment methods. Although, as earlier stated, any mode of payment involving banks (or CBN regulated financial institutions) are no longer supported. This is why Peer to peer and buying directly from individuals are the best bet as of today.

Below, I will list some bitcoin exchange from where bitcoin can be purchased in Nigeria using the Peer-to-peer method and also, PayPal, and other methods.

Binance:

This is by far our favourite bitcoin exchange. You don’t only get to buy bitcoin in Nigeria on Binance, you are also able to trade bitcoin with a host of other altcoins, including BNB (the inhouse Binance cryptocurrency). On Binance, you can use the peer-to-peer and PayPal payment method. Buy from Binance here.

Roqqu:

Buying bitcoin in Nigeria may be a tad expensive. Especially because you may be buying with the weaker Naira. One thing I love about Roqqu is that their crypto pricing is cheaper than the more famous Luno. As a matter of fact, it was my search for buying crypto in Nigeria at a reduced price that landed me on Roqqu, and that got me attracted to the platform. On Roqqu, you can use the peer-to-peer payment method. Buy from roqqu here.

Paxful:

Paxful has been available for some time now. And you can buy bitcoin in Nigeria with naira on the Paxful platform using the peer-to-peer method. This is especially important to those who want to buy bitcoin with PayPal, because Paxful accepts PayPal, just like Binance does. Buy from Paxful here.

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Remitano:

This is another reputable bitcoin exchange that trades bitcoin using the Peer-to-peer system, where you can buy bitcoin with naira. So, you are free to buy the listed coins without going through the restricted financial institutions. Buy from remitano here.

Buy from friends or local sellers:

This is one of the easiest ways to buy bitcoin with naira. Some people have crypto and want to sell. You can buy it from them. You should however be careful, so as not to be scammed. Remember, bitcoin is very hard to trace. Of all the exchange, Binance is our preferred bitcoin exchange in Nigeria.

While this is not an ultimate list, rest assured it has the best Bitcoin exchanges in Nigeria you can buy bitcoin with naira from using the peer-to-peer payment method (or PayPal).

What to do with your bitcoin

Now what? After getting on the bandwagon of those who own bitcoins in Nigeria, what do I do with it? How does Bitcoin benefit me? If you have asked any of those questions at one time or the other, you’re not alone, and yes, you are in luck today. Let’s tell you what you can do with your bitcoin.

buy bitcoin with naira
Image by WorldSpectrum from Pixabay

Make payments:

There are lots of things you can do with your bitcoin, one of it as you may have known is to pay for whatever you want, wherever Bitcoin is accepted. After all, Bitcoin is a currency that can be used to purchase goods and services like your regular fiat currency, only that it is digital and decentralized.

HODL:

Another thing to do with your crypto is to hodl (that’s the crypto way of saying “store your bitcoin”). So, bitcoin being a digital asset can be accumulated and stored by anyone because its value can and always increase. And when it does, you get more value for your money.

Trade:

Another thing you can do with your bitcoin is to trade your coin. This is simply buying at a lower value and selling anywhere or price higher than what you bought. Bitcoin trading in Nigeria or anywhere in the world requires a level of trading knowledge. Be sure you know what you’re doing.

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Bitcoin trading in Nigeria

As listed earlier, there are various platforms for bitcoin trading in Nigeria. On those platforms, you are not only able to trade bitcoin, but can also trade other cryptocurrencies. You can trade your fiat currency for any of the cryptocurrencies listed on the platform. Bitcoin trading in Nigeria is a profitable venture if you know your way around it.

You can use any of the following platforms for bitcoin trading:

Binance:

This is one of the most robust platforms for bitcoin trading in Nigeria.

Luno:

This is a very popular bitcoin trading platform in Nigeria.

Roqqu:

This platform has been around for a while and cutting their teeth in bitcoin trading in Nigeria.

Paxful:

One of the pioneers of peer-to-peer platforms where you can buy bitcoin with naira.

Why Bitcoin?

The BTC to naira rate may be high, and as the value of naira keeps dwindling, the gap between BTC to naira will keep expanding. One of the ways to secure your hard-earned money is to convert it to BTC.

If the inflation rate continues (and it does globally), BTC to naira rates will continue to soar. So, buying BTC today is one of the best ways to secure your finance.

Best Bitcoin investments?

Run. Whenever you see or hear a promise to deposit a certain amount of your bitcoin for high yield returns, run. Except on the bitcoin exchange platforms where you earn a commission for locking your bitcoin or other cryptos away, do not give your bitcoin to any website (that is not a reputable exchange) or individual promising you high yield returns. Most are scams.

You have learnt from where to buy bitcoin in Nigeria, our preferred bitcoin exchange in Nigeria (Binance)and where you may trade from as well.

Have you got any bitcoin or want to buy some? What are the challenges you face? Share your thoughts using the comment area below. Do not forget to share this post on social media using the buttons below -it will help someone you know.

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