A Statista Global Consumer Survey carried out in 2020 states that 32 per cent of participants owned or used cryptocurrency. This suggests that cryptocurrency acceptance in Nigeria is exceeding many nations.
There are several options for Nigerians ready to invest in cryptocurrencies to acquire and sell many successful digital currencies.
Cryptocurrencies are one of the simplest methods to acquire Bitcoin in Nigeria. Various exchanges in Nigeria provide Bitcoin, and you may choose one depending on your needs and interests by utilising the listings below.
Various platforms charge separate transaction fees, payment methods, withdrawal limits, and verification procedures that you must examine.
1. Luno
Luno is a Bitcoin exchange that has locations in South Africa, Nigeria, Singapore, Indonesia, and Malaysia. It has zero per cent costs for market participants, which means you can manage expenses by placing a purchase order and waiting for a seller to accept it.
Luno also offers an Instant Buy feature.
Pros
- It is one of Asia’s most dependable Bitcoin trading platforms
- Deposits are made for free, while withdrawals are charged at a minimal rate.
- Fees are minimal: 0% for brokers and 0% – 1% for consumers depending on fiat currency
- Based on the level of verification, the exchange limitations might range from high to unlimited.
Cons
- Bitcoin and Ethereum are the only supported cryptocurrencies.
2. Kraken
Kraken, established in 2011, is one of the most popular crypto exchanges and the leading in Europe in terms of average daily trading. It is accessible in practically every country.
Users can make deposits through bank transfers, SWIFT, SEPA, or ACH. Kraken allows its clients to purchase Bitcoin, Dogecoin, Ethereum, and hundreds of other currencies.
Pros
- It has a deficient taker charge of 0.25 per cent, which drops to 0.1 per cent, with fair trading.
- When there is a high trading volume, you can reduce it. In that case, make the charge USD 4.75MM USD 4.75MM0%.
- Data and security safety are ranked at the top.
Cons
- Requires ID verification, so it’s truly not private
- There is no confidentiality—the clients must submit their ID for verification.
LocalBitcoins
LocalBitcoins is an insurance service that also connects bitcoin buyers and sellers. Users can promote trades for whatever form of payment they like.
As protected and enabled by LocalBitcoins, acquiring bitcoins in person is one of the quickest and most confidential methods to receive bitcoins in any nation, such as the United States, Europe (excluding Germany), and the United States Kingdom, Australia, Singapore, Canada, among others.
Pros
- It is possible to be discreet, quick, and straightforward.
- Personal details are not needed for in-person exchanges.
- You may complete Bitcoin purchases promptly with cash deposits.
Cons
- There are possibilities of con artists
- It is relatively more challenging to purchase vast sums of bitcoins.
- Rates charged are slight to considerably more than conventional exchanges—a premium is charged for greater secrecy.
3. NairaEx
NairaEx tops Nigeria’s Bitcoin exchange in Nigeria. Its customers can purchase bitcoins with Perfect Money, bank transfer, or cash via bank deposit.
NairaEx is the most prominent Bitcoin trading site in Nigeria. Consumers can buy bitcoins with cash, through bank transfer, or money via bank deposit.
Pros
- There are many payment options available.
- Nigerian investors have used it for decades.
Cons
- The ID verification system provides less security than other Nigerian payment options such as LocalBitcoins.
4. BitPesa
BitPesa is a Bitcoin payment service provider. In Kenya, they trade bitcoin using the famous M-PESA mobile payment system. BitPesa is also present in Nigeria and Uganda.
In Nigeria, clients acquire bitcoins using a debit card or Paga account with BitPesa, while in Uganda, they use MTN or Airtel to make a purchase.
Pros
- In Kenya, Nigeria, and Uganda, there is an easy way to acquire bitcoins.
Cons
- Identification verification provides less confidentiality than other alternative solutions in Nigeria or Uganda, such as LocalBitcoins.
Bitcoin ATMs
You can purchase bitcoins with cash by using our Bitcoin ATM map. They are a convenient and discreet method to buy bitcoins, but you must pay a certain fee; many ATMs charge a fee of 5-10%.
Pros
- There is a map that helps clients quickly locate Bitcoin ATMs.
Cons
- When using the Bitcoin ATMs, you are charged between 5 to 10 per cent fee.
How to Trade Bitcoin & Crypto in Nigeria
Many individuals are engrossed in active trading cryptocurrency, as opposed to merely purchasing and selling it.
Although Luno and NairaEX allow you to do so, their layouts are comparable to Coinbase in that they are designed for retail investments and not trading.
Furthermore, liquidity on these exchanges may be insufficient to prevent slippage, which may also reduce your positive trading and exacerbate your losses.
You may peruse CoinMarketCap’s ranking of exchanges by overall helpful liquidity when deciding where to take your business.
The ideal marketplaces are major platforms with worldwide reach. They feature dozens of asset pairs, have large order books, and are less susceptible to outages than smaller businesses.
When looking for the perfect marketplace to grow your business, you might find CoinMarketCap’s rating of exchanges helpful.
Besides Binance, whose offers are mainly dedicated to Nigerian users, other great exchange options include Kraken, Bitfinex, and Coinbase Pro.
They will give you a personalised trading network, plus tools and signals you could need to optimise your odds of effectively trading.
How to Sell Bitcoin in Nigeria
Here is a list showing the most acceptable Bitcoin exchanges in Nigeria, ranging from locally run businesses to global market heavyweights with particularly outstanding services for Nigerians.
1. NairaEX
NairaEX bills itself as “Nigeria’s Premier Bitcoin Exchange,” the only exchange situated in Nigeria currently open for business.
NairaEX presently only takes the Nigerian Naira as a fiat currency (NGN).
Only NGN may be used to purchase and sell; hence no transfers between BTC and ETH and other supported assets are available. Bitcoin Cash,
NairaEX presently supports Bitcoin, Litecoin, and Ethereum.
On NairaEX, there are still no extra trading costs while making purchases. Instead, fees are included in the asset’s price. On NairaEX’s site, you can check the current spread.
NairaEX’s architecture has many advantages, one of which is that it is a non-custodial exchange. This implies that instead of being stored in a centralised wallet, which may be hacked, your assets are transmitted straight to your wallet as the transaction is completed.
NairaEX accepts both the Nigerian Naira (NGN) and Perfect Money for buying and selling. For anyone inexperienced with both e-currencies, their official blog provides a handy piece detailing the distinctions between Bitcoin and Perfect Money.
A Nigerian telephone number is required for registration.
To sell Bitcoin, you don’t need to undergo a complete verification process.
Still, to purchase NairaEX, you’ll need your Bank Biometric Verification Number (BVN), an appropriate Government-Issued Proof Of identity photo, and a picture of you holding your Photo ID card with the latest date and the words “NairaEx” written on a piece of paper.
NairaEX now provides a Pro account that allows you to trade using traditional market interfaces and adds an extra currency pair: USDT/NGN.
2. Luno
Luno began as BitX in 2013, and it has since evolved to become a significant participant in several specialised sectors throughout the world. Luno is popular in Nigeria and has lately expanded to serve Bitcoiners in Uganda.
It receives the majority of its traffic from South Africa. Add Europe, Indonesia, and Malaysia to the mix, and you’ve got yourself a worthwhile trade.
Luno seeks to compete with Coinbase by making its services available in several countries where the more extensive exchange does not.
Since the original Luno review, they’ve introduced support for Litecoin, which you can now trade alongside Bitcoin, Ethereum, and XRP.
Buying and Selling
Luno is unique in that it enables you to buy cryptocurrency with a credit card. ZAR, EUR, MYR, IDR, UGX, NGN, and ZMW are some fiat trading pairings accessible. You may also store and withdraw cash from your bank account immediately.
For Nigerian consumers, Luno also accepts deposits in PayU and Paystack formats.
Market makers pay no costs while trading: they pay between 0.25 and 0.15 per cent based on their 30-day trading volume. In comparison to other exchanges, these costs are pretty low.
Luno’s daily volume has been relatively modest during the last year, averaging $4.75M daily $4.75M. In Nomics’ analysis of exchanges by liquidity and transparency, it ranks 203rd out of 389.
Features
Luno has a tidy trading platform in the same design as most others, so transferring from another exchange should be simple. The Luno app, which is accessible for iOS and Android, allows you to trade.
API interface for algorithmic trading, liquidity level indicators, and the option to export your transaction history in an a.csv file for tax purposes are more complex features.
LocalBitcoins
LocalBitcoins is an excellent choice for buying and selling Bitcoin in Nigeria using a range of payment options.
Bank transfers appear to be very prevalent in Nigeria.
Once a transaction is initiated, the seller will credit the escrow account with the Bitcoin to be purchased. The buyer will send the funds, and after the seller verifies receipt, they will release the BTC.
If there is a disagreement, they will hold the BTC in escrow until the remedy is reached, necessitating LocalBitcoins acting as mediators.
Binance
Binance’s assistance for Nigerian subscribers has lately been considerably expanded.
Binance held its first-ever Cryptocurrency Masterclass in Benin, Nigeria, in January 2020.
Local professionals host these events, which seek to educate and increase awareness about Bitcoin and blockchain.
Binance has made it easier than ever for Nigerians to purchase, sell, and trade cryptocurrency on its platform, in addition to its education program.
Following cooperation with Flutterwave, you may now deposit NGN straight into your Binance account using a credit or debit card.
Binance features a peer-to-peer (P2P) platform, similar to Paxful or LocalBitcoins, where users may buy Bitcoin using a debit or credit card.
Binance P2P, unlike Paxful or LocalBitcoins, doesn’t collect trading fees. The price that you see is the price that you will pay.
You may find many small to medium-sized Bitcoin and cryptocurrency platforms in Nigeria.
Here are three primary types of Bitcoin wallets, and Nigeria accepts all of them.
- Software (desktop or mobile wallets for iOS and Android)
- Wallet made of hardware
- Cold storage (paper or steel wallets, the latter of which is used as a backup to your primary wallet).
How to Buy Ethereum in Nigeria
After Bitcoin, Ethereum (ETH) has positioned itself as the 2nd most common cryptocurrency. Its smart contract capabilities enable the creation of one-of-a-kind apps on top of its platform.
The exchanges platforms in Nigeria are listed below to enable you to purchase ethereum. After purchasing, you should withdraw your ETH to your crypto-wallet.
Dogecoin (DOGE), a cryptocurrency that began as a parody about the Shiba Inu dog, has lately become a famous cryptocurrency thanks to Tesla creator Elon Musk.
Dogecoin became one of the most well-known altcoin blockchains. On December 6, 2013, Jackson Palmer and Billy Markus launched Dogecoin.
Doge began the year at less than $0.01. It reached an all-time high of $0.42 on April 20 due to its popularity on Robinhood, an open-source blockchain, which means that its code is openly accessible to anybody.
Bitcoin Price in Nigeria
At Buy Bitcoin Worldwide, we have a chart that shows the current Bitcoin price and historical data in USD.
You may look at the Bitcoin Volatility Index to see how long it’s been since the previous all-time high by seeing how many days it has been since the last all-time low (ATH).
A chart depicting the price of Bitcoin in kilos and ounces of gold is also available.
Luno features a website where you may check the bitcoin price in almost all of their accepted fiat pairings, including EUR, ZAR, GBP, IDR, NGN, PLN, SGD, UGX, USD, MYR, ZAR, and ZMW, for pricing data in a variety of foreign currencies, such as Naira.
Suppose you’re using a portfolio tracker like Delta or Blockfolio. In that case, you may change the benchmark currency to the Nigerian Naira (NGN) to see the exact price of Bitcoin and all 10,000 permitted assets in your preferred currency.
Frequently Asked Questions
Does Coinbase Work in Nigeria?
No, Coinbase does not presently support Nigeria, which means that Nigerian users cannot. Utilise the exchange.
Anyone, on the other hand, may use Coinbase Wallet to transfer and receive cryptocurrency. On Coinbase, you won’t be able to purchase, sell, or convert from one cryptocurrency to another.
Is Crypto Available In Nigeria?
There are no regulations in Nigeria stating that crypto is illegal or even criminalising it. Nigeria’s Central Bank doesn’t recognise crypto and therefore has not put in place any regulations to control the use of crypto.
Can I Buy Bitcoin With 5000 Naira?
Good news for those just starting with crypto as you can now buy crypto in any fraction of a Bitcoin. In other words, you can now purchase Bitcoin with as low as 5000 Naira.
