How To Buy Bitcoin in Nigeria?
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Easiest and cheapest ways to buy crypto in Nigeria
Getting bitcoins in Nigeria is not an easy task as not all popular crypto exchanges are available to Nigeria citizens. This is a current list of bitcoin exchanges that allow users from Nigeria to buy crypto. They all support buying crypto with credit/debit cards but some of them offer other payment methods as well.
Deposit fees:
None Withdrawal fees:
None Trading fees:
N/A Payment Methods:
Bank Transfer , Bank deposit , ATM transfer Supported fiat:
NGN
Accepts bank transfers
Easy account creation
Cryptocurrency options
Verification problems for non-Nigerian users
Nigerian focused website
Incomplete FAQ section
Binance
Ease of Use – Medium Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, AUD, RUB
Over 30 million users worldwide and more than $15 billion in daily trading volume make Binance the world’s largest centralized cryptocurrencies exchange. Originally from Hong Kong and now from the small European island of Malta, this exchange was founded in July 2017, and it quickly became the most used exchange on the market. Binance is supported in 60+ countries (excluding the U.S).
More info +
Deposit fees:
Free Withdrawal fees:
Vary from crypto to crypto Trading fees:
0.1% Payment Methods:
Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more Supported fiat:
USD, EUR, GBP, AUD, RUB, and 15+ more
Low fees
High liquidity
Lite and Pro version
350+ cryptos and 20+ fiat currencies
Not accessible to U.S. users
Hacked in 2019
Paxful
Ease of Use – Easy Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, CAD, AUD
Paxful is a cryptocurrency exchange platform that has operated since 2015, with its headquarters in New York, United States. As of now, Paxful is one of the longest operating P2P Bitcoin crypto exchanges.
More info +
Deposit fees:
Free Withdrawal fees:
0.5% – 5% Trading fees:
No buyer fee, seller fee varies from 0.5% to 5% Payment Methods:
Over 350 payment methods are available Supported fiat:
USD, EUR, GBP, CAD, AUD, and many more
350+ Payment Methods
Good customer support
Straightforward and easy to use
High exchange rates
A lot of scammers
Best Bitcoin Wallets in Nigeria
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body etc). That is why you should use one of the wallets we list below to store your digital assets. Safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
No major flaws
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Not completely open source
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Small display
complicated to setup for newbies
Read also:
- How To Buy Bitcoin in Sri Lanka?
- How To Buy Bitcoin in the Philippines?
- How To Buy Bitcoin in The United Arab Emirates?
- How To Buy Bitcoin in Canada?
Kraken
Ease of Use – Easy Fees – Average Verification – 2-3 Days Reputation – Trusted Supported fiat – USD, EUR, GBP, JPY, CAD
Founded in 2011 in San Francisco, California, Kraken is one of the oldest and largest crypto exchanges in the business. This centralized cryptocurrency exchange allows its users to quickly and securely buy and sell over 90 cryptocurrencies.
More info +
Deposit fees:
EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) Withdrawal fees:
Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) Trading fees:
Maker: 0.16%Taker: 0.28% Payment Methods:
Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko Supported fiat:
USD, EUR, GBP, JPY, CAD
Available almost worldwide
High security
Over 90 cryptocurrencies
Various payment methods
Fees slightly above the industry average
No tax support
Paybis
Ease of Use – Easy Trading Fees – Average Verification – 1 day Reputation – Trusted Supported fiat – USD, EUR, GBP, and more
Paybis is a cryptocurrency exchange platform that has been around for quite a while now, being founded back in 2014, and is well managed and trusted. With its headquarters in the United Kingdom, Glasgow, Paybis offers a multilingual easy to use platform to its users.
More info +
Deposit fees:
Free Withdrawal fees:
Free Trading fees:
0.99 – 2.49 % Payment Methods:
Bank Transfer, Credit/Debit Card, Skrill, and Neteller. Supported fiat:
USD, EUR, GBP, and 40+ more
Instantaneous transfer of funds from your wallet
Solid security
Transparent fees and fast transactions
24/7 support that is multilingual
Just 38 cryptocurrencies supported
Trading fees higher than the market’s average
Frequently asked questions about buying Bitcoin in Nigeria
In Nigeria, you can use Binance or NairaEx app to buy Bitcoin.
You can start investing in Bitcoin with as low as N50 and can fund your account with either your debit or via bank transfer. All you need to do is Create an Account, Deposit Naira into your Wallet and then Buy Bitcoin.
There’s fantastic news for those who are new to the crypto community: you can buy any fraction of a single bitcoin! And yes, you can buy Bitcoin for 5000 naira.
Gaius Chibueze (born 3 March 1988) is an African businessman and entrepreneur. He is one of Africa’s most influential pioneers in cryptocurrency trading particularly Bitcoin. He is popularly known as Bitcoin Chief.
Coinbase, when compared to Binance, lacks a presence in Nigeria. This means that as of May 2021, Nigerians cannot register for Coinbase and there are no naira (NGN) trading pairs or P2P platforms for Nigerians to exchange naira for cryptocurrencies.
Binance is one of the exchanges that allow its users to buy Bitcoin using debit/credit cards.
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