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How to buy Bitcoins in Nigeria: Your guide for 2024
Swen Keller
Bitcoin (BTC) is a digital currency or cryptocurrency as some would prefer, created as money and a form of payment beyond the control of any individual, group, or centralized entity, which eliminates the need for third-party participation in financial transactions.
It can be purchased in Nigeria on several cryptocurrency exchanges using peer-to-peer transactions, gift cards, payment vouchers, etc., and is rewarded to blockchain miners for verifying transactions.
So, unlike fiat currencies, Bitcoin is created, transferred, stored, and traded using a decentralized ledger called the blockchain, which is secured by the Proof of Work consensus.
Bitcoin was launched in 2009 by an unknown individual or anonymous group of developers using the name Satoshi Nakamoto.
Since its release, Bitcoin has become the most popular cryptocurrency in the world, motivating other developers to create their own digital currencies.
Where to Buy Bitcoin in Nigeria
Leveraging our expertise in crypto exchanges we found that the best places to buy Bitcoin in Nigeria include the following:
Local Bitcoin and Cryptocurrency Exchanges
If you are looking for how to buy Bitcoin in Nigeria, you just need to visit and register on any of the many local crypto exchanges like NairaEx, Patricia, and Quidax.
These local exchanges typically offer a simple exchange system where you make a transfer of the Nigerian Naira (NGN) to a bank account listed provided by the platform (peer-to-peer) and receive the appropriate value of Bitcoin in exchange.
These local crypto exchanges support the Nigerian Naira as their accepted deposit/transaction currency and allow users to buy crypto without requiring the United States Dollar.
Global Cryptocurrency Exchanges
Nigerian crypto traders looking for how to buy Bitcoin can do so on popular global crypto exchanges like Binance, Luno, and KuCoin.
However, due to the crypto regulations in Nigeria passed by the Central Bank of the country, Nigerians cannot buy Bitcoin with credit/debit cards on these platforms.
You will have to use the P2P section of global exchanges like Binance and KuCoin to buy Bitcoin in Nigeria using the Nigerian Naira.
That said, if you’re a Nigerian with access to a foreign Neobank account, you can convert your Naira to USD and use your Neobank debit/credit card to buy and sell Bitcoin in Nigeria on such platforms directly.
To get started on these global crypto exchanges, you would need to upload and submit client verification documents. You can use government-issued identification like your international passport, Nigerian Identification Number slip (NIN), or driver’s license.
On some exchanges like Luno, you can upload your proof of address for access to higher transaction limits.
After a successful verification, you can then buy Bitcoin with the available payment methods.
Individual Bitcoin P2P Exchangers
You can buy Bitcoin and other cryptocurrencies from individual P2P exchangers who aren’t affiliated with any crypto exchange.
These P2P traders can be found on popular Nigerian forums like Nairaland as well as on social media platforms such as Instagram and Facebook.
Most of these individual P2P exchangers belong to a community of crypto enthusiasts on particular forums.
In these communities, there are usually escrows, who are trusted individuals within the group that are used to ensure transactions go smoothly.
That said, individual P2P trading is risky and you can lose your funds if not done improperly.
P2P Platforms
If you are looking for how to buy Bitcoin and other cryptocurrencies, you can use popular P2P trading platforms like Paxful and Local Coin Swap.
These platforms are much like centralized exchanges such as Binance or KuCoin, however, they only offer peer-to-peer transactions and support a wide range of payment systems.
Sellers on these platforms can set the price they want to sell at. You can skim through various vendors for a favorable rate.
Nigerian crypto buyers can also place buy-and-buy-and-sell adverts to buy and sell Bitcoin in Nigeria at a preferred rate rather than what the vendors are offering.
These P2P platforms support the Nigerian Naira. Also, most of these platforms are easy to use and suitable for crypto newbies looking for how to buy Bitcoin and other cryptocurrencies in the country.
How to Buy Bitcoin in Nigeria
The process to buy Bitcoin in Nigeria differs depending on the crypto exchange or platform you’re buying from.
That said, for this article, we will cover how to buy Bitcoin in Nigeria through a global cryptocurrency exchange and a local crypto exchange.
How to Buy Bitcoin in Nigeria on Binance Global Exchange
Binance, though a global exchange, is one of the most popular crypto exchanges where you can buy and sell Bitcoin in Nigeria.
To buy Bitcoin using Binance, go to https://www.binance.com and register for an account.
After going through the registration process, you’ll need to verify your email address and phone number.
Next, you’ll have to undergo the KYC verification process which involves uploading and submitting your Nigerian Identification Number slip (NIN) or international passport.
You’ll also have to do a facial recognition test using your phone camera.
After passing the verification process, you’ll be notified via your email address.
Next, log into your account and tap on Trade.
When the Trade screen opens, tap on P2P.
This will take you to the P2P section.
At the upper right of your screen, you’ll see a menu button with the symbol of a fiat currency.
Tap on it and in the search bar enter NGN to trade with the Nigerian Naira.
Click the “Buy” button.
You’ll see a list of Merchants offering to sell their Bitcoins in Nigeria for the Nigerian Naira.
Select your preferred Merchant (note it is safer to go for verified merchants that have a yellow tick beside their username).
A new page will open, scroll down to read the Merchant’s terms of service and only proceed if you agree.
Enter the amount of Naira you’re willing to spend for Bitcoin. Binance will show you the amount of Bitcoin you’ll get depending on the rate of the seller.
Tap the “Buy with 0 Fee” button and then make payment to the Merchant’s bank account number shown.
After paying, click the “Payment Sent” button.
The Merchant will be informed and after confirming receipt will release the Bitcoins to you.
That’s it!
How to Buy Bitcoin in Nigeria Using Local Crypto Exchanges
In this section, we will show you how you can buy Bitcoin using NairaEx.
To buy Bitcoin from NairaEx go to https://nairaex.com/.
Next, tap on the Create Account button at the center of the screen and go through the account opening process.
Once you’ve opened the account, log in and go through the verification process which requires you to input your BVN number.
After verification, log in and click on Create New Order.
Next, select Buy or Sell Order and fill in the needed account.
Make payment to the bank account details shown to you and once the automated system confirms payment your NairaEx wallet will be funded with the equivalent Bitcoin amount.
Where Can I Buy Bitcoins Without Verification in Nigeria
There are several reasons why some people prefer to buy Bitcoin without verification (anonymously). The 2 major factors are security and privacy.
Several Bitcoin traders prefer to make crypto transactions anonymously from the prying eyes of any third party or government regulatory body.
Also, due to the security breaches that several crypto exchanges have suffered, several Bitcoin traders no longer trust crypto exchanges to safeguard their data and assets.
That said, If you are a trader looking for where to buy and sell Bitcoin in Nigeria without verification, you can use any of the 3 top options below:
Bitcoin ATMs
Another way to buy Bitcoin is through Bitcoin ATMs. Bitcoin ATMs also referred to as BTMs are kiosks where Bitcoin traders can buy or (in some cases) sell Bitcoin.
You can buy Bitcoin at Bitcoin ATMs using Cash or a debit card.
Bitcoin ATMs do not function like regular ATMs, to buy Bitcoin or any other crypto with these ATMs, you need to first insert the amount of cash you wish to exchange for Bitcoin into the ATM.
Once this is done you can input your wallet address or QR code.
The ATM will instantly exchange your cash for Bitcoin at the current market rate. And the purchased Bitcoin is then deposited into your Bitcoin wallet.
Bitcoin ATMs are provided by third parties, while some may require that you set up an account first before use, the majority of Bitcoin ATMs do not require sign-up.
Note that there are currently only 2 Bitcoin ATMs in Nigeria.
Decentralized Exchanges (DEX)
A decentralized exchange is a peer-to-peer marketplace that connects crypto buyers with sellers.
Unlike centralized exchanges, decentralized exchanges do not require any form of KYC verification. This is a great way to buy Bitcoin anonymously.
They are also noncustodial. This means that you have full control of your private keys.
Decentralized exchanges use smart contracts that self-execute under set conditions and register each transaction on the blockchain.
Trusted decentralized exchanges that allow you to buy Bitcoin without verification in Nigeria include PancakeSwap, Uniswap, DODO, ShibaSwap, CURVE Finance, and DYDX.
Peer-to-peer Transactions
This is the most common method of buying Bitcoin without verification in Nigeria.
You can either use a peer-to-peer marketplace or an individual P2P Bitcoin trader.
With this method, all you simply need to do is contact the seller, request the amount of bitcoin you want to buy, make payment into the seller’s account and you will receive your Bitcoin.
Despite being an easy way to buy Bitcoin, P2P transactions are often not secure especially if there is no escrow service to ensure that both parties fulfill their part of the transaction.
When buying Bitcoin through this method, it is best you use a reputable trader or meet the trader in a public place.
Aside from security, another factor to consider when choosing a P2P trader is the exchange rate. Most traders do not use the current exchange rate when selling Bitcoin.
You must find a trader who gives you the best offer.
Best App For Buying Bitcoin In Nigeria
Several crypto exchanges available in Nigeria have mobile applications that allow you to trade on the go.
A major factor considered when choosing the best Bitcoin app is security and liquidity.
While there are several Bitcoin apps available in Nigeria, scams are rife in the crypto space so it is best you choose a secure app where transactions are secure and properly monitored.
From our extensive testing of crypto exchanges, we found that the following crypto apps are best for buying Bitcoin in Nigeria.
Binance App
Binance is the largest crypto exchange in Nigeria. The exchange has a large selection of cryptocurrencies, offers a wide range of features, and supports several fiat currencies.
With the Binance app, you can buy and sell Bitcoin on different markets including the Nigerian P2P marketplace.
The mobile app is available on both iOS and Android devices.
It has a user-friendly interface and is suitable for both beginners and experienced traders.
The Binance app also gives you access to several earning opportunities including yield farming, staking, and savings accounts.
The Binance app is also secure. All transactions must be confirmed via an authentication code sent to the user’s email before approval.
There is also an escrow service for the P2P marketplace which ensures that buyers and sellers are not scammed of their Bitcoin or funds.
Binance also stands out for its low fees.
Quidax App
Quidax is a Nigerian-based crypto exchange and one of the best apps to buy Bitcoin and other cryptocurrencies in Nigeria.
Through our team’s extensive experimentation with this crypto app, we have found that Quidax is a basic exchange with a user-friendly interface that is easy to navigate. It is suitable for beginners.
The Quidax mobile app is available on Google Play Store and the Apple App Store.
Aside from the buying and selling of bitcoin, Quidax offers other features like USD Savings, a referral program, staking, and Instant Swap.
The Instant Swap feature allows you to buy Bitcoin with Nigerian Naira or USDT in as little as 5 minutes.
Luno App
The Luno app is a secure crypto exchange app that allows you to buy Bitcoin and other cryptocurrencies on the go in Nigeria.
The Luno app is suitable for both beginners and advanced traders.
To buy Bitcoin on Luno, you need to have verified your Luno account to at least Level 2.
Buying Bitcoin through the Luno app is done with a Voucher.
You need to first buy a voucher and redeem it on Luno to fund your NGN wallet.
The funds can then be used to buy Bitcoin and any other cryptocurrencies.
Luno has an Instant Buy feature which allows you to instantly purchase Bitcoin on the app. This eliminates the complexity associated with buying crypto.
Paxful App
Paxful is a peer-to-peer exchange that allows you to buy Bitcoin directly from other traders.
The Paxful app has a user-friendly interface and supports over 350 payment methods including bank transfers, credit and debit cards, gift cards, online wallets, etc.
Paxful stands out for its low fees. It charges low fees for ETH purchases and doesn’t charge any fees for buying crypto Bitcoin and Tether.
Final Thoughts
From our extensive testing of crypto exchanges, we found that the above steps to buy Bitcoin in Nigeria offer the most seamless approach.
That said, when buying using peer-to-peer services ensure that you’re using an escrow and a trusted or verified merchant.
FAQ
Most frequent questions and answers
Yes, you can invest any amount in Bitcoin, however, most exchanges require that you spend a minimum of 5,000 Naira.
You can use any bank in Nigeria to buy Bitcoin via peer-to-peer bank transfer. But you cannot use their debit or credit card to make cryptocurrency payments on an exchange or initiate a transfer to an exchange.
In naira, 1 Dollar Bitcoin is currently fluctuating between 997 naira to 1,000 Naira.
TrustWallet is the most used Bitcoin wallet in Nigeria.
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