Cryptocurrencies are becoming more and more popular every day. Many people in Nigeria are investing in them, and for a good reason: they can provide a great return on investment. If you’re interested in buying cryptocurrencies, here’s a step-by-step guide to teach you everything you need to know.
Online exchanges
Online exchanges are platforms that allow you to buy and sell cryptocurrencies using Nigerian Naira (NGN). Some of the most popular exchanges that serve the Nigerian market are Luno, NairaEx, Binance, Coinmama, and Remitano. Each of these exchanges has its own strengths and weaknesses, so be sure to do your research before choosing one.
How to buy cryptocurrencies using online exchanges
• Register for an account on the exchange of your choice. This will usually involve providing some personal information and creating a username and password.
• Once your account is verified, deposit NGN into it using one of the supported payment methods. You can typically do this via bank transfer or credit/debit card.
• With the money in your account, you can buy cryptocurrencies available on your platform and sell them to other users. Note that most exchanges will charge fees for each transaction that you make.
Bitcoin ATMs
You can buy bitcoin and other cryptocurrencies using NGN through Bitcoin ATMs. Two main Bitcoin ATM providers in Nigeria are Bitvendo and BlockStale.
Steps to buying cryptocurrencies using Bitcoin ATM
• Locate a Bitcoin ATM near you using an online directory such as CoinATMRadar.
• When you arrive at the ATM, insert your Nigerian bank card into the machine.
• Enter the amount of NGN that you want to spend on cryptocurrency. Note that there is usually a limit to how much you can buy per transaction.
• The machine will then dispense the equivalent amount of cryptocurrency into your wallet.
Peer-to-Peer platforms
Peer-to-peer platforms allow you to buy and sell cryptocurrencies directly with other users. This can be a great option if you want to avoid exchange fees or meet someone in person to make a trade. Some popular PTP platforms that serve the Nigerian market are LocalBitcoins and Paxful.
How to buy cryptocurrencies using P2P platforms
• Create an account on the PTP platform of your choice. This will usually involve signing up with Paxful or Local bitcoins by providing personal information and creating a username and password.
• Browse the listings of other users who are selling cryptocurrency. When you find one you are interested in, contact the seller and agree on a price.
• You will send the seller an equivalent amount of NGN for the cryptocurrencies you want using the supported payment methods. Then, they will send cryptos to your wallet.
Credit cards
Buying cryptocurrency with your credit card is a fairly new option, but it is becoming more popular in Nigeria because they are fast and easy to navigate. However, there are some downsides to using this method as well. For one, credit cards usually have higher fees than other payment methods. Additionally, there is always the risk of chargebacks when using a credit card.
Buying cryptocurrencies using credit card steps
• Find a cryptocurrency exchange that supports credit cards and create an account.
• Deposit NGN into your account using your credit card.
• Immediately your funds reflect, you can start buying and selling cryptocurrencies on the exchange.
It’s quite simple to buy cryptocurrencies in Nigeria. However, only use credible platforms like ATMs, popular and trusted online exchange, and credit cards. Since cryptocurrencies are not government regulated, you can be scammed easily, and there’s nothing you can do.
