The days when buying Bitcoin was a difficult process are well behind us. Today, with the increase in Bitcoin adoption in Nigeria, more crypto exchanges have now focused on the Nigerian market.
By extension, this has made it easier for the average crypto investor to buy bitcoin in Nigeria on a platform without experiencing challenges.
This article will walk you through different platforms where you can buy Bitcoin in Nigeria, their advantages, and distinguishing features:
List Of Best Websites To Buy Bitcoin in Nigeria
SnappyExchange
SnappyExachange is a leading Nigeria-focused platform providing alternative solutions to financial infrastructure, digital payments, and global E-commerce.
This is one of the best places online where you can securely buy or sell Bitcoin in Nigeria. It also allows users to carry out everyday transactions like airtime, data, and cable subscriptions with over 10,000 active users from Nigeria and abroad.
The interface is very friendly and allows you to trade cryptocurrency instantly with no wait time. They also have a mobile app, so if you don’t want to the website, you can leverage the app without the hassle of looking for traders to buy from or sell to.
The company appears to be only focused on satisfying the users’ needs in the area of buying, selling, storing, or transferring Bitcoin, Ethereum, Litecoin, and USD Coin.
LocalBitcoins
Another option that is worth your time and patronage is LocalBitcoin. It is however one of the leading peer-to-peer platforms for Nigerian Bitcoin holders that enables them to buy and sell bitcoin among themselves.
It provides an online environment where you can trade directly with another person, make payments, and get value instantly.
As you’d expect, they operate with escrow protection for every trade. This is to ensure the bitcoins and both traders are safe and no issue of ripping.
Paxful
Paxful is a very popular platform among veteran crypto traders. They allow users to buy Bitcoin in Nigeria using different payment methods including bank transfers, M-Pesa, and MTN mobile money, among others.
Just like SnappyExchange, they also allow for the use of gift cards to buy Bitcoin on the platform.
Luno
The list of the best bitcoin trading websites is not complete without mentioning Luno. The Nigerian-focused website offers a bitcoin saving wallet where users can save Bitcoin and earn interest per annum.
Binance
Binance needs no introduction as far as cryptocurrency trading is concerned. The popular online platform allows you to deposit Naira into your (Binance) account instantly and then use the funds to buy Bitcoin on the platform.
The website is also popular because of how easy and fast it is in making withdrawals and deposits.
Quidax
5 minutes is all it takes to either buy or sell Bitcoin in Quidax. This is one of the many other amazing offerings that the platform boast of.
It is a Nigerian-based platform that lets you trade bitcoin with your debit card or via bank transfer. They also allow for the sending and receiving of digital coins using the platform.
BuyCoins
If you are interested in a platform that is not focused on one medium of exchange, then you may want to consider BuyCoins. The platform is both peer-to-peer bitcoin and instant purchases.
You will have to use the NGNT token to deposit Naira Cash into your BuyCoins account, and then use it to buy bitcoin on the platform.
Alternatively, there is a section on the website that exposes you to a marketplace where you can look through and transact with a trade that you selected.
Chipper Cash
Chipper Cash may be one of the best platforms to trade crypto but it is not limited to this purpose alone. The website has a lot of potential as it is a borderless way to send and receive money across Africa, including Nigeria.
KuCoin
Another option that is worth your patronage for buying BTC in Nigeria is the P2P-themed KuCoin platform. Established in 2020, the platform targets the Nigerian market by offering crypto solutions where users can buy Bitcoin using Nigerian naira (NGN) through P2P Fiat Trade.
Coindirect
CoinDirect is another great platform to buy Bitcoin in Nigeria, especially as rest of the numerous payment methods that it supports.
For instance, when you want to buy Bitcoin from this website, you have the option to pay using bank transfers, PayPal, TransferWise, supported fiat deposits, direct deposits, and M-Pesa.
The platform also doubles as a peer-to-peer exchange since you can buy Bitcoin from other vendors and users of Coindirect
NairaEx
NairaEx is a Nigerian-based cryptocurrency exchange that simplifies the process involved in buying bitcoin in the country.
It has interesting features but the downside of using the NairaEx wallet is that it only has virtual bank transfer as the major payment option. MeaMeanwhilehis makes the transaction top-up very instant.
YellowCard
For people who aren’t very tech-savvy, Yellowcard will come off as a very impressive online solution to buy and sell bitcoin.
YellowCard runs a network of agents for who people can pay cash, to buy bitcoin. In other words, you can buy and sell Bitcoin in Nigeria with baa NK transfer online or with cash by going to stores located nationwide at the best rates.
Remitano
Another option that is worth giving a shot for buying and even selling bitcoin is the Remitano online platform. It is among the top websites where you can exchange crypto, buy, sell, and even swap in a very fast and safe way.
The huge marketing pull behind the website is that they have made it very simple such that beginners have the opportunity to buy and sell on the websites without needing extra knowledge on the know-how.
What you should know before buying Bitcoin in Nigeria
If this will be the first time trusting FinTech websites for buying BTC, then you must be prepared for a couple of important details.
For example, when purchasing BTC in some of these exchanges, you will need either a passport, National Identity card, or Driver’s license to complete the KYC process on these platforms.
Also, while interacting with these internet platforms, it is not safe to do with public WiFi because it gives room for security problems. You will also need access to a bank account or credit card wherein a fiat currency deposit will be made for the purchase of Bitcoin or any other crypto coin.
You will notice that many of the processes will involve revealing your identity. So, we will be creating an extensive guide on how to buy Bitcoin In Nigeria anonymously and without verification. But that is for another day, so you’d want to subscribe to our newsletter to get updates when the post drops.
Can you buy bitcoin using cash in Nigeria?
Yes. You can buy Bitcoin using cash in Nigeria through Bitcoin ATMs.
They are an excellent way to buy bitcoin using cash. And the good thing about this option is that it is little or no need for KYC data compared to purchasing BTC online.
These peculiar ATMs are found inside convenience stores, shops, restaurants, malls, or airports around Nigeria and can be located using the Google ATM map.
Should I leave my bitcoin on an exchange after buying?
It is not ideal and safe to leave your bitcoin on an exchange after buying, no matter how safe they claim to be. If you prioritize being in the custody of your Bitcoin, you’d want to store them in a hardware wallet and keep the private keys offline and safer instead of risking it as it stays on the exchange platform.
Can you buy bitcoin in Nigeria using debit or credit cards?
Yes, most of the best websites to buy Bitcoin in Nigeria as shared in the article above will allow for debit/credit card payment options. The only issue is that to use this payment option, you’d have to complete the KYC process.
Can you buy Bitcoin anonymously in Nigeria?
Crypto traders can buy Bitcoin or any other coins without identification or verification, especially by using P2P (Peer to peer) exchanges.
Platforms like LocalBitcoins and Paxful are examples of P2P websites that allow users to trade Bitcoin anonymously even from Nigeria.
Conclusion
Nigerian banks have been warned by the Central Bank Of Nigeria that bank transactions in bitcoin and other virtual currencies should not be processed.
This was three years ago and would have not been a thing of great effect if not that the banker’s bank also warned all financial institutions in Nigeria dealing in cryptocurrency or facilitating payment for the same remains to be prohibited.
It is for this reason that if you want to buy Bitcoin in Nigeria today, your options are limited to Crypto brokers, Cryptocurrency trading platforms, and Peer-to-peer (P2P) crypto exchanges.
