This guide will explain how to buy Bitcoin in Nigeria with all payment methods.
When it comes to cryptocurrency exchanges (or pretty much anything) there’s no one size fits all.
Depending on your needs, the best Nigerian Bitcoin exchange for one person may not be the best for another.
Before buying Bitcoin it is important to have a Bitcoin wallet.
What is cryptocurrency wallet
A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys and can be used to track ownership, receive or spend cryptocurrencies
The cryptocurrency itself is not in the wallet.
In the case of Bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available ledger called the blockchain.
Luno is one of the most popular crypto exchanges in the world and serves customers in Nigeria.
The exchange offers 0% fees for those who make liquidity by placing an order. Market takers pay a fee between 0% to 1% depending on the fiat currency used.
In terms of deposit methods, Luno offers bank transfers and credit card deposits. While bank transfers are free or near-free, credit card deposits will certainly incur a fee.
Luno has a very positive reputation because of its low fees, being easy to use, and high limits. Luno’s Bitcoin trading pairs include:
Another platform that is very famous in Nigeria to buy and sell Bitcoin is LocalBitcoins. This service is known all over the world and it helps connect Bitcoin buyers and sellers. One of the most common services offered is the trading of Bitcoin via cash.
Localbitcoins allows for the in-person transaction of Bitcoin using an escrow service. This makes it one of the most private and quick ways to buy or sell Bitcoin around the world.
When using LocalBitcoins, it is very important to be wary of scammers, follow the rules, and accept that sellers will include premiums on the price of Bitcoin for their services.
NairaEx is another platform that allows Nigerians to purchase Bitcoin using Perfect Money, bank transfers or cash using a bank deposit.
The exchange claims to have 0% fees, but these are just covered in a premium on the price of Bitcoin and other cryptos.
NairaEx has been around for a very long time, allowing to become a trusted company for the buying and selling of Bitcoin and other virtual currencies.
Due to the fact that the exchange wants to be compliant with Anti Money Laundering (AML) and Know Your Customer (KYC) policies, the platform will request more information about the user and the clients.
This can be positive for the cryptocurrency world in general, but it means that it will be necessary to provide private information to a centralized party.
Bitpesa is another good option. Bitpesa is a Bitcoin remittance company that serves several countries in Africa, including Kenya, Nigeria, and Uganda.
Read more:How To Purchase Bitcoin In Nigeria