How to buy and sell Bitcoin in Nigeria?
Bitcoin is legal in Nigeria, but the Nigerian SEC, or Securities and Exchange Commission, warned citizens about cryptocurrency investments being risky and sometimes even fraudulent. However, the Nigeria Deposit Insurance Corporation and the Central Bank of Nigeria have plans to adopt cryptocurrency technology and have several sub-committees working on implementing blockchain into governmental insurance and financial services. So, how to buy Bitcoin in Nigeria?
Cryptocurrency legislation in Nigeria
Nigeria is the seventh most populous country, and most populous in Africa. Nigeria also has the largest economy in Africa, with more than $500 billion of nominal gross domestic product. The World Bank considers Nigeria to be an emerging market and is widely seen as a perspective economy. Still, it ranks 152nd in the Human Development Index and has a large variety of problems regarding the lack of education, organized crime, and human rights.
Nigeria recorded its first case of Bitcoin fraud/litigation earlier in 2017. In that case, the local bank account of one of the more popular bitcoin exchange platforms, whose services are available in Nigeria, was frozen, following order of the court, ordering that the account be frozen and with the effect that Naira withdrawals and deposits were disabled and couldn’t be processed by the exchanger’s platform. In that case, a fraudster stole the identity of a Nigerian bank customer and then accessed the said customer’s bank account. The fraudster then created an account on the exchanger’s platform, using the customer’s identity, transferred the customer’s money to the bitcoin exchanger, and converted it to Bitcoin.
Although the Central Bank of Nigeria has issued a regulation that relates to cryptocurrencies, the relevant CBN Regulation does not prohibit the operation of crypto-businesses in Nigeria. The Securities and Exchange Commission (SEC) also issued a public notice warning the public to exercise caution with regards to making investments in cryptocurrencies. There is yet no definitive regulation from the SEC on investment in crypto-businesses or on Initial Coin Offerings (ICOs).
Buy and sell Bitcoin at Binance
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance.” Meaning is to represent the emerging digital financial system.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance supports nearly 400 trading pairs on its platform. In which BNB is an internal coin issued by Binance to fund the development of Binance.
Buy and sell Bitcoin at Remitano
Remitano is an online peer-to-peer escrowed marketplace that facilitates the buying and selling of cryptocurrencies. The cryptocurrency trading platform is designed to support the buying and selling of cryptocurrencies with both fiat and cryptocurrencies. That is, Remitano is only an intermediary third party to ensure the safest transactions, and transactions will be made directly between buyers and sellers together. According to the introduction, Remitano is a product of Babylon Solutions Limited based in the Republic of Seychelles (registration number Seychelles Reg. No. 168830).
According to the introduction on the official website, the Remitano exchange is currently providing services in some major countries such as the U.S., Malaysia, Vietnam, Nigeria, Cambodia, China, and some other developed countries. As an online crypto-exchange platform, Remitano has a global reach, servicing clients across more than 30 countries. Remitano is also one of the largest cryptocurrency exchanges in Malaysia, Nigeria, and Vietnam.
The platform supports the most popular cryptocurrencies that include, but are not limited to, Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple’s XRP, and Tether. Remitano accepts payments by bank transfer and in cryptocurrencies.
Buy and sell Bitcoin at Huobi
Huobi is an exchange of Chinese origin, but accessible worldwide. Notably, in the market where exchanges are regularly hacked, Huobi has never been attacked during its operation.
Founded in September 2013, Huobi is one of the oldest exchanges in the field. Therefore, the reputation and safety of the exchange has been time tested.
Huobi has two different versions – Huobi OTC (that allows trading of cryptocurrencies with fiat currencies at zero fees) and Huobi Pro (that is for advanced trading capabilities). Huobi is coming up with a cryptocurrency exchange-traded fund (ETF) to be named HB10.
One of the reasons for Huobi’s popularity is its massive offering. The exchange features more than 50 trading pairs that are available at all times, just like the exchange’s customer support. All USD fees are 0.1% large, while crypto-to-crypto fees are even lower, at 0.05%.
With all of this combined, in addition to high-quality analytics, an excellent reputation, high liquidity, and more — it is easy to understand why Huobi is advancing as rapidly as it is.
Buy and sell Bitcoin at Luno
Luno is one of the most popular Bitcoin and cryptocurrency exchanges. The exchange allows trading of Bitcoin and Ethereum using several fiat types, including MYR (Malaysia Ringgit).
Luno’s transaction fee is meager compared to competitors. In particular, the transaction fee is only about 0% – 1% of the transaction volume. The more you trade on Luno, the lower the transaction fee. Of all the exchanges that allow users to buy Bitcoin in Malaysia, Luno is the cheapest.
Luno also has the highest limit available, if you verify your account entirely. After full verification, users can purchase Bitcoin worth 300,000 MYR. Overall, Luno is a reliable option for anyone trying to buy Bitcoin in Malaysia.
Their user interface is not as intuitive as some other exchanges. But once you learn how to use it, Luno may be the best option on this list.
Buy and sell Bitcoin at Kraken
Founded mid-2011, Kraken is 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. Deposits can be made via bank wire, SEPA, ACH, and SWIFT.
Working on the lines of a stock exchange that facilitates stock trading, San Francisco-based Kraken is a cryptocurrency exchange where market participants can trade the various cryptocurrencies. The participants are allowed to buy or sell the cryptocurrencies using multiple fiat currencies, which include U.S. dollars, Canadian dollars, euros, and the Japanese yen.
- Meager 0.25% taker fee, falling to 0.1% with sufficient trading volume.
- Meager maker fee, falling to 0% with sufficient trading volume
- Highly-rated for security and data protection
- Requires ID verification, so not private
Buy Bitcoin in Nigeria by using NairaEx
NairaEx is the largest Bitcoin exchange in Nigeria. Its customers can purchase bitcoins with Perfect Money, bank transfer, or cash via bank deposit.
- Long-running Nigerian exchange
- Several payment methods
- Identity verification offers less privacy than other purchase methods in Nigeria, like LocalBitcoins
Buy and sell Bitcoin at BitPesa
BitPesa is a Bitcoin remittance company. They sell bitcoin in Kenya via the popular M-PESA mobile payment service. 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.
- A convenient way to buy bitcoins in Kenya, Nigeria, and Uganda
- Identity verification offers less privacy than other methods in Nigeria or Uganda, like LocalBitcoins
Buy Bitcoin in Nigeria through P2P platforms LocalBitcoins
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 essential to be wary of scammers, follow the rules, and accept that sellers will include premiums on the price of Bitcoin for their services.
- What Is LocalBitcoins? How To Register On LocalBitcoins? How To Buy And Sell Bitcoin On LocalBitcoins?
Buy Bitcoin through P2P platforms Paxful
Paxful is an online marketplace which allows buyers and seller to meet online and trade Bitcoins. Similar to LocalBitcoins or Remitano, Paxful allows a wide range of payment methods and buying options which can not be found on traditional exchanges.
Paxful aims to be the “Uber” of the Bitcoin community. Paxful enables individuals to become merchants and sell Bitcoin online, similar to how eBay allows people to sell merchandise.
Buy Bitcoin through Bitcoin ATM
Another way to buy Bitcoin in Nigeria is to do it via Bitcoin ATMs. This is a very easy method to purchase Bitcoins because ATMs do not ask for sensitive information or private data. Instead, you need to pay higher fees than doing it via a crypto exchange.
But, to find a Bitcoin ATM that works at all times and has low fees is quite a problem. Additionally, the ATM may be located in central areas, leaving those in smaller cities without the chance of buying and purchasing virtual currencies.
At the moment, according to Coin ATM Radar, there are one ATMs available in Nigeria.
There are many ways to purchase Bitcoin in Nigeria. Luno, Remitano, and Binance appear as the most reliable platform to purchase the famous virtual currency in the country, being an internationally recognized platform.
LocalBitcoins is also a good alternative to buy and sell Bitcoin if the user is interested in privacy, the same as Bitcoin ATMs. Furthermore, Nigeria is building an interesting hub for virtual currencies, blockchain technology, and artificial intelligence. There are different companies located in the country with national, regional, and international projections.