Crypto Trading Thrives In Nigeria Despite Official Disapproval

CoinSwitch is a cryptocurrency exchange aggregator that was established enable its users to have access to over 300 cryptocurrencies, and up-to 45,000 crypto trading pairs. Therefore, exchanges are more open to credit or debit card purchases in recent days. As a general rule of thumb, any exchange that accepts a credit card will also accept a debit card. Read more about BTC exchange here. There were lots of online exchanges that accept the credit or debit card for the purchase of Bitcoin, but not all can accept credit/debit cards from Nigeria . Bitcoin trading is how you can speculate on movements in the cryptocurrency’s price.

“This is mainly reflecting the difference between the informal U.S. dollar rate and the official one. The gap between the official and the informal dollar in Argentina is around 70%,” Emiliano Limia, press officer at Argentine crypto exchange Buenbit told CoinDesk via an email. Changelly is also a good alternative to buy BTC with debit card if the user is interested in privacy. Let me use this opportunity to answer some frequently asked questions about how to buy Bitcoin with ATM debit card in Nigeria. There are several Bitcoin exchanges based in Nigeria, making it easy to buy and sell BTC coin. However, Changelly offers the best available rate at the moment of a transaction and charges a commission fee of 0.25% for crypto-to-crypto swaps.

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LAGOS, Oct Nigerian art dealer Ebuka Joseph started using cryptocurrencies last year when business ground to a halt due to COVID-19. Now he is hooked even though the financial authorities disapprove. Grab your credit card and your BTC will be in your wallet shortly. And if you’re thinking of using a purely P2P approach, Binance P2P is easily your best solution, where you transact directly with sellers, and Binance help acts as escrow for the security of funds. In fact, Paxful boasts of over 300 payment options, by far the highest of any crypto exchange in Nigeria. Exchanges have a better user experience and a much broader selection of coins to trade, but being centralised find it harder to avoid government intervention. We highlighted in a previous article the importance of cryptocurrency in Nigeria, given how the government has devalued the Naira four times within the space of fifteen months.

For most centralized platforms, you will first need to create an account. Depending on the platform and where it is registered, you may also need to provide data and personal information as part of a Know Your Customer process. Coindirect is based in London, England and was launched globally in 2017. Since then, we have provided the fastest, easiest way to buy and sell the world’s most valuable digital currencies. Paxful is a Peer to Peer Bitcoin marketplace connecting buyers with sellers. Simply select how you want to pay and type in how much Bitcoin you need. Buy with Western Union / MoneyGram Follow these instructions 1. Select Western Union or MoneyGram and type in the amount you can spend above. There can be a long wait from Western Union but the Paxful vendor has no delays. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App.

How To Make Money From Cryptocurrency And Not Get Scammed

With proper security, it is technically impossible to steal it. In terms of its price, you should expect fluctuations, but the same is true for almost any asset. Forget about waiting several business days for bank transfers – just use an online platform and be done with it in a matter of hours or even minutes. Nigeria remains one of the global leaders in cryptocurrency trading. Buy cryptocurrency on the go with the most convenient payment method.

There are a lot of alternative means of buying Bitcoin these days; you can either buy from an exchange, or an independent exchanger. Whichever option you choose, you can now pay using Naira via; cash, bank deposit and bank transfers. If you keep your bitcoin on an unsecured cryptocurrency exchange, you may wake up to the news that the exchange has been hacked and your crypto asset is gone. Many exchanges have been hacked in the past and billions of dollars worth of crypto assets were stolen. So, as stated earlier, make use of secure and reliable crypto exchanges. To buy bitcoin in Nigeria usually requires that you make payment in dollars to buy bitcoin and not Naira. Additionally, the exchange rate on exchange platforms is different from the standard rates used by banks and other financial institutions. Exchange rates depend on the platforms, demand and supply, and the buyers. Therefore, you need to be wary of this so that you don’t lose some money due to the unstable exchange rate.

Where To Buy Ether In Nigeria

Hence, as a user, you can send, request, and receive Bitcoin on the platform. More importantly, you can buy Bitcoin from Nigeria after adding naira into your Bundle account. Bitcoin is the most ubiquitous digital currency on the market, so we’ll show you the ropes on buying, selling, and storing it. However, these tips can apply to other cryptocurrencies like Ethereum (or even Dogecoin, if that’s your thing). Using a credit/debit card to buy Bitcoins from exchanges was not that easy initially. As that has been said, i have taken my time to go through websites that accept usage of credit/debit cards for Bitcoin purchase in Nigeria. In the last couple of years, other African countries, most prominently Zimbabwe, have seen a spike in cryptocurrency trade led by bitcoin, due to currency fluctuations and uncertain monetary policy.

These platforms allow you to find sellers in your area who accept cash. After creating an account, the next step is to select the amount of Bitcoin that you want to buy, and then place your order. Once a seller sees your order and is willing to sell to you, he will contact you directly. You will receive the account number of the seller and you’ll transfer the money directly into the sellers account. Once you’ve made the transfer, you need to upload a proof, either a screenshot of the bank transfer, or a picture of the deposit slip. Once the seller sees the proof he will transfer the Bitcoin directly to your Bitcoin wallet. Add to that 15 million unbanked Nigerian farmers that sell agricultural goods for cash, some 10 million of whom are mobile phone users, too. That’s a tremendous growth opportunity for cryptocurrencies that need a simple phone to “work,” and not even internet is absolutely necessary thanks to SMS wallets like Cointext, for example. When considering buying Bitcoin, Changelly might be a perfect option to instantly buy Bitcoin with fiat money for both NGN, USD, or any other.

A New Kind Of Database, The Blockchain, Validates That Each Bitcoin Exists

You can save, invest, get loans, trade, and get insured from anywhere in the world. It presents a unique opportunity to shop for better interest rates and terms. While nobody can accurately predict what will happen to the price of Bitcoin, professional traders often carry out technical analysis based on market volume and price charts. This analysis helps them to understand the market trends and know when to buy and when they need to sell. Although trading is a skill that anyone interested can learn, it requires a thorough understanding of the market and the risks involved.

• If you’re using an iPhone, you will be able to securely pay for your purchases with Apple Pay.
• Changelly offers two-factor authentication and an HTTPS security protocol.
• The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate.
• Due to this fact, Nigeria is a world-leading country in terms of Bitcoin popularity.

Zenith Bank is one of the largest banks in Nigeria, followed by First Bank of Nigeria, Access Bank, United Bank for Africa and Guaranty Trust Bank. Copy the recipient address – your bitcoin wallet – from the “Accept” section. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. The Paxful peer-to-peer platform that Joseph uses experienced a 57% rise in trading volume in Nigeria in the year to June, while user numbers surged 83%. Sly Megida, another artist using crypto to sell his works, said his buyers worldwide readily accept the use of digital currencies and they have also protected his finances. As a general rule, you can buy cryptocurrencies in Nigeria by following these three steps, regardless of which platform or service you use.

Wallets

People will often pay a higher price to use a certain payment method that they prefer. You can take advantage of this buying crypto at a competitive price through a very accessible payment method and then sell it using a less accessible payment method. There will be people who are willing to pay more just to use that payment method that is harder to find. Let’s analyse some of the best top cryptocurrency exchanges to buy and sell bitcoin in Nigeria. Nigeria is not only Africa’s largest economy; its population and a weak currency are turning into a powerhouse for buying and selling cryptocurrency. It has the most Google searches for bitcoin of any country outside of the United States and the highest volume of peer-to-peer crypto trading. If you want to join this African crypto revolution, we have brought together the best ways to buy bitcoin in Nigeria. Binance lets you deposit NGN into your account instantly and this enables you to buy Bitcoin on the platform. You can even buy Bitcoin with your Nigeria credit and debit cards. Withdrawal from Binance is as easy and fast as making deposits.