Aug 13, · Nigerians Are Using Bitcoin to Bypass Trade Hurdles With China Chukwuemeka Ezike sends thousands of dollars’ worth of bitcoin a month in order to . NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. The only fiat currency that NairaEX currently accepts is the Nigerian Naira (NGN). You can only buy and sell with/to NGN, meaning conversions between BTC and ETH or other supported assets are not possible. Oct 20, · Traders in Nigeria can trade bitcoins in two ways. Bitcoins can be bought and sold directly from exchanges like Luno, Paxful, etc, that offer bitcoins in return for physical or fiat currency.
Bitcoin trade in nigeriaNigerians Are Using Bitcoin to Bypass Trade Hurdles With China - CoinDesk
Bitcoin and stablecoins , which are pegged to the dollar and easy to cash out, have proved their salvation, he added. Last summer, Nigerians downloaded more bitcoin. Many Nigerians have shunned doing business online in recent years due to the preponderance of social-financial, get-rich-quick and Ponzi schemes, such as MMM, Twinkas and others, according to Luka Anthony, overseas manager for Chinese financial services startup GetBit.
The scams have tainted the image of cryptocurrencies in the country, he argued—but recent events have given Bitcoin a shot of credibility. The police unit stands accused of extortion, torture and murder.
Many of those targeted are young males who work in the tech industry. In October, while the hashtag ENDSARS went viral, Bundle, as well as other Nigerian startups and organizations, raised money for the decentralized protests which were spreading throughout the country.
But some groups of local activists, like the Feminist Coalition , had their bank accounts frozen. In desperation, they turned to Bitcoin. Donations poured in, and Jack Dorsey even promoted the cause on Twitter. Many videos was made showing that not all youths are into fraudulent businesses, but probably working hard to earn online or working with overseas companies.
Leading brands, advertisers and influencers are taking advantage of the prevailing Bitcoin macro trend, and, this year, Nigeria got its first crypto ATM. The plight of the Naira, the fallout from the pandemic and the efficacy of Bitcoin have combined to bring cryptocurrency to the fore in Nigeria. But what does this mean for the future? And there are signs that more regulation is on the horizon. The publication of a draft framework for a National Blockchain Adoption Strategy, in October, brought with it hope that such a move could revitalize the economy.
The framework includes comprehensive regulatory oversight. Read on the Decrypt App for the best experience. For the best experience, top crypto news at your fingertips and exclusive features download now. Features Long Reads. By Adriana Hamacher 8 min read.
It is available in almost all countries. LocalBitcoins is an escrow service which also helps to match bitcoin buyers and sellers.
Users may advertise trades for whichever payment method they prefer. Buying bitcoins via an in-person meeting, secured and facilitated by LocalBitcoins, may be one of the fastest and most private ways to buy bitcoins in any country, including the United States , Europe besides Germany , UK , Singapore, Canada , Australia and many more.
We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms. NairaEx is the largest Bitcoin exchange in Nigeria. Its customers can purchase bitcoins with Perfect Money, bank transfer or with cash via bank deposit. BitPesa is a Bitcoin remittance company. BitPesa also has a presence in 2 other African countries. In Nigeria, you can use BitPesa to buy bitcoins with your debit card or Paga account. Purchase method for Kenya is coming soon.
You can use our Bitcoin ATM map to buy bitcoins with cash. Bitcoin ATMs can be a quick and easy way to buy bitcoins and they're also private. While Luno or NairaEX will let you do this, their interfaces are similar to Coinbase in that they're geared toward retail investing rather than trading. Additionally, liquidity may not be great enough on these smaller exchanges to avoid slippage, which will cut into your profitable trades and magnify your losses. The best platforms for trading are the large exchanges with global coverage.
These exchanges list hundreds of asset pairs, have deep orderbooks, and are less prone to downtime than smaller operations. You may find CoinMarketCap's ranking of exchanges by overall liquidity useful when deciding where to take your business.
In addition to Binance - whose offerings tailored to Nigerian customers we went through above - some good choices of exchange are Kraken , Bitfinex , and Coinbase Pro. All of these exchanges will provide you with a customizable trading interface, complete with all the tools and indicators you could need to maximize your chances of trading profitably.
We've compiled a list of the best Bitcoin exchanges in Nigeria, from locally-operated exchanges to worldwide market leaders with especially good offerings for Nigerian users. NairaEX touts itself as "Nigeria's Premier Bitcoin Exchange" and it is indeed the only Nigeria-based exchange currently open for trading. There are no additional trading fees for buying or selling on NairaEX.
Instead, fees are baked into the price of the asset. You can see the current spread on NairaEX's homepage. One major benefit of NairaEX's setup is that it is a non-custodial exchange. This means that your assets are not held in a centralized wallet, which are prone to hacks, but instead are sent directly to your own wallet once the transaction has been processed.
Their official blog has a helpful post outlining the differences between Bitcoin and Perfect Money for those unfamiliar with both e-currencies. Luno was originally launched as BitX in and since then it has grown to be a player in some niche markets around the world. Deriving most of its volume from South Africa, Luno is also popular in Nigeria and has recently expanded to service Bitcoiners in Uganda too. Add to this list Europe, Indonesia, and Malaysia, and you've got yourself an exchange worth considering.
Luno aims to provide a competing service to Coinbase , and has made its offerings available in many countries not served by the larger exchange. Since our original in-depth review of Luno , they've added support for Litecoin , which along with Bitcoin, Ethereum, and XRP are available for trading. Notably, Luno allows you to purchase crypto using a credit card.
You can deposit and withdraw directly to a bank account. Luno also offers Paystack and PayU deposits for Nigerian customers. These fees are very competitive compared to other exchanges. This puts it in rd place out of in Nomics' review of exchanges by liquidity and transparency. Luno boasts a clean trading interface in the same style as most, meaning you shouldn't have much trouble switching over from a different exchange. You can trade on the Luno app, which is available for iOS and Android.
More advanced features include API integration for automated trading, liquidity depth indicators, and the ability to export your trade history in a. Local Bitcoins is a great option for buying and selling Bitcoin in Nigeria using a variety of payment methods.
Once a deal is opened, the seller will fund the escrow wallet with the Bitcoin to be bought. The buyer will transfer the money and once the seller confirms receipt they will release the BTC.