If you’re looking for a complete guide on how to buy and sell Bitcoin (BTC) in Nigeria, then this article is for you. We will take a look at the best exchanges that offer BTC trading pairs with Nigerian Naira so that you can securely invest in cryptocurrency.
Most everyone have somehow heard of Bitcoin (BTC), the most popular digital currency in the world. Obviously, much of this is because Bitcoin has been around since 2009 when it was created by a “person” or group using the alias Satoshi Nakamoto.
Whether you’re interested in buying Bitcoin for the first time or you’re simply looking for a method to cash out your cryptocurrencies in Nigerian Naira (NGN), you’ve come to the right place.
Bitcoin is a cryptocurrency and worldwide payment system. It’s the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly through the use of cryptography, without an intermediary.
This article will provide you with a step-by-step guide on how to buy Bitcoin in Nigeria and sell it afterwards so as to make some profit.
Step 1: Learn How to Trade Bitcoin & Crypto in Nigeria
Before you start trading cryto, you first need to learn how to trade Crypto online from a professional. There are many Cryptocurrency trading schools, but Bitcoin Trading Academy is the best one you can learn from. It has a comprehensive course to help newbies and experienced traders make money in Crypto marketplaces with ease.
You can also learn how to trade crytocurrency online from platforms such as Coursera and Udemy. Once you have learned the basics of how to trade Crypto online, it’s time to put what you’ve learnt into action!
Step 2: Choose a Platform to Buy and Sell Cryptocurrency in Nigeria
The first thing that you need is an account with a cryptocurrency exchange platform, which is the place where people trade digital currencies like Bitcoin for other virtual coins or fiat money (government-issued currency like the Nigerian Naira).
The process of buying Bitcoin in Nigeria is very simple and straightforward. It can be done online or via cash deposit, depending on what particular platform you’re using for this purpose. In order to buy BTC through a wire transfer/SEPA (Single Euro Payments Area) bank transfer, you will first have to register an account with an exchanger.
List of Platforms To Buy and Sell Cryto
- Luno: Luno is a Bitcoin exchange that allows people to buy and sell bitcoins easily. It supports many different payment methods, with the easiest one being a credit card.
- NairaEx: NairaEx is a platform that allows Nigerians to buy and sell bitcoins through their bank account. NairaEx is the largest Bitcoin exchange in Nigeria that is geared towards Nigerians.
- BitPesa: BitPesa is a platform that allows Nigerians to buy and sell bitcoins through their bank account, as well. It also has an option for users who don’t have access to the internet or mobile network which they can use in order to make payments on behalf of clients.
- Coinbase: Coinbase is an international platform that lets you purchase bitcoins by connecting your bank account to their system or using your Visa/Mastercard debit and credit cards.
- Kraken: Kraken is a well-known and trusted bitcoin exchange. It has low trading fees, offers a variety of fiat currency pairs for BTC/USD trades as well as other cryptocurrencies like ETH, XRP, LTC among others
- CEX: CEX is one of the most popular Bitcoin exchanges in Nigeria that lets you trade bitcoins using your credit card or debit card instantly. You can also use it to send money to relatives back home from anywhere on Earth without any hidden charges.
- Paxful: Paxful is a peer-to-peer platform that helps connect buyers and sellers of Bitcoin, Ethereum, Ripple to trade directly.
- Local Bitcoins: LocalBitcoins is a decentralized marketplace where people from different countries can buy or sell bitcoins using more than 300 local payment methods.
Step 3: Get a Bitcoin Wallets for Nigeria
With a bitcoin wallet, you can hold or store bitcoins securely on your device as well as get access to the private key that lets you spend them if necessary. This is one of the most important steps before store, receive and send bitcoins.
As the popularity of cryptocurrencies continues to rise across border barriers with its international accessibility on various platforms such as mobile wallets and exchanges that support Bitcoin, the need for a Bitcoin wallet in Nigeria has become more necessary.
There are three main types of Bitcoin wallet and all of them are supported in Nigeria which are as follows:
- Online Bitcoin wallet (web-based)
- Offline or Hardware bitcoin wallets.
- Mobile Bitcoin Wallet for both Android and iOS devices
Online Bitcoin wallets are accessed through your web browser and usually provide basic features such as transaction history and sending payments with QR codes or NFC tags.
Hardware Wallets is an offline device that stores your private keys so they never have to be exposed online when making transactions. This means you can spend bitcoins without connecting to a computer or mobile phone but the downside of this type of bitcoin wallet is that it’s not available on Android devices yet unlike their counterparts iOS devices which makes them less accessible than other types of hardware wallets even though its price range starts from $54 USD all the way up to $500 USD depending on how much space you want it to offer plus the fact that most of them are not yet compatible with the Lightning Network.
Mobile Bitcoin Wallet for both Android and iOS devices have been designed to be accessible through a smartphone via an app which makes them more comfortable and usable than most hardware wallets that only offer options of desktop or laptop computers in order to access the stored private keys so you can send receive payments without ever having to type long-form content on small screens.
Trading Bitcoin is one of the amazing ways of making money online but it is a risky business as well and when you are trading Bitcoin, there are some factors that should be taken into consideration to make sure that all your trades are successful.
You can buy or sell Bitcoins in Nigeria easily with the help of cryto apps; one of the best places where you can meet people from around the world who want to trade their bitcoins for either Naira (NGN) or USD so they will need someone who has both of these currencies available on their bank account at any given time then find out what rates apply from them before making a deal.
This process takes only minutes if everything goes smoothly; however, it may take up to one business day if there are any problems processing your transaction such as delays due to poor internet connections or high demand.