Dec 19, · Bitcoin trading in Nigeria has increased by per cent so far in , while the year is not over and despite the COVID pandemic Nigeria has seen more bitcoin trading in . Dec 11, · These platforms have made converting Bitcoin to naira easier than ever. For Nigerians to get bitcoin in Nigeria and easily convert Bitcoin to naira is now undoubtedly a convenient process. We can now find many Nigerian youths taking up trading because of the ease to buy Bitcoin with Naira. 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.
Bitcoin trade nigeriaThe Best Ways to Buy Bitcoin with Naira in Nigeria
Peer-to-peer exchanges allow you to buy bitcoin with naira from sellers using the bank transfer option. Bank USSD codes and mobile applications make it easy to transfer money to bitcoin sellers. It is also a perfect option for converting your bitcoin to naira, you simply sell to the buyer and receive the equivalent in your bank account.
This process is also a common way to get bitcoin in Nigeria. Once you purchase a gift card, either Amazon or iTunes with cash and you activate the card, the next thing to do is to scratch the back and have the receipt available with you. You can find the gift card option on platforms like Coincola. Simply choose the option of buying Bitcoin with gift cards, your browser will be directed to another page. The traders will give you the option of paying back with bitcoin. This process involves buying bitcoin from closed or open social media groups.
This process is risky because people easily get scammed on these platforms. There are hundreds of WhatsApp peerpeer groups where you can buy bitcoin with naira. Some of them are paid groups, but the majority of them are free. You can also convert your bitcoin to naira on these local p2p groups.
Many exchanges now allow you to buy bitcoin in Nigeria with your debit card. This instant option also makes it easy for Nigerians to buy bitcoin with naira. The Naira equivalent of BTC will be deducted from your bank account, and your bitcoin wallet will be credited immediately.
Make sure you have sufficient money in your bank account to avoid delays. There are many platforms available for buying bitcoin with naira in Nigeria. But you have to be careful and conduct adequate research when buying on these platforms because some of them have a history of scams. So, you should choose a platform like Remitano for a seamless and secure way to buy bitcoin in Nigeria. Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria — straight to your inbox.
Shared reports from our corporate partners.. Founded mid, Kraken is the one of the world's largest cryptocurrency exchanges, and the largest in Europe based on daily average trading volume. 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.