Cryptocurrency is becoming a global sensation, and Nigeria is no exception. Nigeria has emerged as one of the leading countries in Africa for cryptocurrency adoption, with a rapidly growing number of crypto enthusiasts and investors.
But if you’re new to this space, buying crypto can seem like a complex process. So, how do you get started with buying crypto in Nigeria?
For many Nigerians, crypto provides a hedge against inflation and currency depreciation, offering new financial freedom. Yet, so many Nigerians need to learn how to purchase crypto.
Whether you’re looking to invest in Bitcoin, Ethereum, or any of the hundreds of altcoins available, this guide will walk you through everything you need to know.
This article will teach you how to buy crypto securely and efficiently in Nigeria and discuss the platforms, regulations, and payment methods you should consider.
Is Buying Crypto Legal in Nigeria?
Yes, buying crypto is legal in Nigeria. The Nigerian government lifted its ban on cryptocurrency in December 2023.
Before this, the Central Bank of Nigeria (CBN) had imposed a ban in February 2021, prohibiting banks and financial institutions from facilitating crypto-related transactions. This caused confusion and limited access for many already active Nigerians in the crypto market.
However, it changed when the Nigerian Securities and Exchange Commission (SEC) reversed its stance on crypto, recognizing it as a legitimate financial asset.
This decision prompted the Central Bank to issue new guidelines that allow banks to open accounts for cryptocurrency-related transactions, restoring access to crypto services and exchanges.
How to Buy Crypto in Nigeria in 5 Easy Steps
Buying cryptocurrency in Nigeria is straightforward once you’ve chosen a reliable platform. Follow these simple steps to start your crypto journey:
1. Pick a Website
The first step is to select a trusted platform for buying cryptocurrency. The platform must offer a safe and secure environment for trading digital assets. Make sure the platform you choose is reputable and has positive user reviews.
2. Create a Free Account
Once you’ve chosen a platform, you must create a free account. Registration usually involves providing basic information like your email address and phone number. Most exchanges will also require identity verification, so have your government-issued ID ready for Know Your Customer (KYC) compliance. This step ensures that your account is protected from fraud.
3. Log In
After completing your registration, log in to your account. This is where you’ll manage your crypto portfolio, view your transaction history, and access other features like funding and withdrawing. Always enable two-factor authentication (2FA) to add an extra layer of security to your account.
4. Fund Your Account
Funding your account is a crucial step, and it’s essential to do this securely. Most Nigerian crypto exchanges offer multiple payment methods, including bank transfers and mobile money options. Select your preferred funding option and transfer money into your exchange wallet. Double-check the payment details before confirming the transaction to avoid any errors.
5. Buy Crypto
Now that your account is funded, it’s time to buy crypto. On the platform’s dashboard, navigate to the trading or “Buy” section. Choose the cryptocurrency you wish to purchase—Bitcoin, Ethereum, or any altcoin. Enter the amount you want to buy and review the transaction details before confirming. Once confirmed, the crypto will be deposited into your wallet.
5 Best Websites to Buy Crypto in Nigeria
Several platforms offer secure and user-friendly services if you’re looking to buy cryptocurrency in Nigeria. Here’s a breakdown of some of the best websites to consider:
1. Yellow Card
Yellow Card is a pan-African fintech company with operations across 20 countries, including a strong presence in Nigeria. It provides an easy-to-use platform with zero trading fees, making it highly accessible for beginners. Users can fund their accounts using local payment methods, including bank transfers and USSD, ensuring seamless transactions.
2. Quidax
Quidax is another popular cryptocurrency exchange in Nigeria that allows users to buy, sell, store, and transfer cryptocurrencies.
With its low trading fees and P2P trading options, Quidax appeals to both novice and seasoned traders.
It supports many cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and enables easy cashouts to Nigerian bank accounts.
3. Looper
Lopeer offers a user-friendly platform and allows users to pay for cryptocurrency using local options such as bank transfers and mobile money.
Known for its secure transactions and responsive customer support, Lopeer is gaining traction as a reliable platform for Nigerians buying crypto.
4. Busha
Busha is a leading cryptocurrency platform in Africa. It is designed to provide a safe and easy environment for trading and managing digital assets.
With its intuitive app, Busha ensures smooth transactions, low fees, and instant withdrawals to Nigerian bank accounts. The platform also supports various cryptocurrencies, making it ideal for users looking to diversify their portfolios.
5. ChangeNow
ChangeNow is an international exchange praised for its quick and seamless transactions. Unlike many other platforms,
ChangeNow is highly convenient for those who want to make fast swaps. With no upper transaction limit and support for over 200 cryptocurrencies, it’s a flexible option for Nigerian users looking for security and speed.
Can You Sell Crypto in Nigeria?
Yes, you can sell cryptocurrency in Nigeria through several platforms, one of the most popular being SnappyExchange.
Selling crypto on these platforms is straightforward and secure. You can quickly convert your digital assets into Nigerian Naira or other local currencies.
How to Sell Crypto on SnappyExchange
SnappyExchange is a reputable platform in Nigeria that is widely recognized for its fast transactions and excellent customer service. Here’s how you can sell your crypto using this platform:
1. Create an Account/Login
If you’re new to SnappyExchange, you’ll need to create an account by providing your email and verifying your identity. For returning users, simply log in to your existing account.
2. Click on “Trade e-Currency”
Once logged in, navigate to the “Trade e-Currency” section. This is where you’ll select the type of crypto you want to sell.
3. Pick Your Crypto Asset
Choose the cryptocurrency you want to sell from the available options (e.g., Bitcoin, Ethereum). SnappyExchange supports various digital currencies, making it convenient for users with different portfolios.
4. Fill in the Amount and the Network
Enter the amount of crypto you wish to sell and select the appropriate network. Make sure to fill out this information to avoid transaction delays carefully.
5. Send to the Wallet Provided
SnappyExchange will provide a wallet address where you need to send the crypto. Copy this wallet address carefully, and transfer the crypto from your personal wallet or exchange account to the provided address.
6. Upload Receipt
After transferring the crypto, you’ll be required to upload proof of the transaction (usually a transaction receipt or confirmation from your wallet).
7. Wait a Few Minutes
The platform processes your transaction within minutes. You may receive a notification confirming that the transaction has been completed and the funds are being processed.
8. Receive Credit
Once your transaction is verified, you will receive the payment in Nigerian Naira, credited to your bank account or mobile money account linked to your SnappyExchange profile.
Tips to Have a Successful Crypto Transaction
1. Prioritize Security
Security is crucial when dealing with crypto transactions. Always enable two-factor authentication (2FA) on your accounts for an added layer of protection, and use a secure, private internet connection to avoid exposure to hackers.
Stick to reputable platforms such as Yellow Card, Quidax, and SnappyExchange, as these have established strong user trust. By prioritizing security, you reduce hacking risks and ensure your funds are well-protected.
2. Do Your Research
Before diving into a transaction, take time to understand the process thoroughly. Research the platform’s fees for deposits, withdrawals, and trades to avoid unexpected costs.
It’s also important to familiarize yourself with the cryptocurrencies you are trading. Always double-check wallet addresses before transferring any crypto to avoid irreversible errors. Being well-informed is critical to a smooth trading experience.
3. Be Patient
Cryptocurrency transactions can take time, especially when network congestion causes delays. Be patient, as transactions like Bitcoin often require multiple confirmations.
Additionally, avoid making impulsive trading decisions based on market volatility. Stick to your strategy, and resist the urge to panic when prices fluctuate. A steady, patient approach often leads to better long-term outcomes.
4. Use Trusted Payment Methods
Ensure that any funds you transfer, whether to buy or withdraw crypto, come through secure and verified channels like official bank transfers or recognized mobile money services. Avoid third-party links or payment services that could be fraudulent. By using trusted payment methods, you ensure the safety of your money and prevent transaction mishaps.
5. Track Your Transactions
Always keep a record of your transactions. Whether buying or selling crypto, having a detailed log helps you manage your portfolio and spot discrepancies.
Monitoring your investments regularly ensures you stay informed about your asset performance and can react to market changes when necessary.
6. Beware of Scams
Crypto-related scams are becoming increasingly sophisticated, so it’s essential to stay alert. Be cautious of phishing emails or fake websites pretending to be official exchanges.
Always log in directly from the platform’s official site, and avoid any offers that seem too good to be true. Scams promising guaranteed returns are almost always fraudulent, so it’s best to steer clear and rely only on trusted platforms.
Frequently Asked Questions
1. How do I start buying crypto?
To begin buying crypto, visit a trusted cryptocurrency exchange website. Create an account and go through the identity verification process, which is often required. Once your account is set up, follow the instructions provided by the platform to purchase crypto assets such as Bitcoin (BTC) or Ether (ETH). Your purchased cryptocurrency will then appear in your exchange account.
2. What is the easiest way to buy crypto?
Online exchanges like Yellow Card, Quidax, or Busha are the easiest way to buy crypto. These platforms allow you to create an account, fund it using various payment methods, and buy crypto in just a few clicks.
3. Can I buy crypto with a debit card?
Yes, you can buy crypto with a debit card. Many exchanges allow users to purchase Bitcoin and other cryptocurrencies using multiple payment options, including debit cards, bank transfers, and online wallets.
4. Is crypto easy to buy?
Yes, it is easy to buy cryptocurrency, whether you’re a novice or an experienced trader. Many platforms offer user-friendly interfaces that allow you to purchase crypto instantly.
5. Which coin is best to buy now?
Bitcoin (BTC) remains one of the best and most popular cryptocurrencies to buy. It is known for its wide acceptance across markets.
Read Also: Cheap Crypto Currencies that Will Explode
Conclusion
Buying cryptocurrency in Nigeria has always been challenging, thanks to the availability of secure and user-friendly platforms like Yellow Card, Quidax, Busha, and SnappyExchange.
However, as with any investment, it’s crucial to approach cryptocurrency trading responsibly. The market can be volatile, so take the time to research, understand the risks, and never invest more than you can afford to lose. Prioritize security by enabling two-factor authentication, using trusted payment methods, and staying informed about potential scams.
As you explore the world of crypto, continue learning about market trends, new cryptocurrencies, and strategies that align with your financial goals.