There are many payment methods available to buy and sell Bitcoin in Nigeria. However, if you are new to buying Bitcoin online, you may be confused as to whether or not you can purchase the digital currency using a bank transfer.
The short answer is Yes. In Nigeria, you can buy Bitcoin instantly using a mobile bank transfer. It is one of the many other payment methods available if you want to buy cryptocurrency with fiat currencies such as the Nigerian naira.
Buying BTC with a bank transfer is one of the cheapest and easy ways of processing the transaction but you have to make sure that the crypto exchange that you are buying the bitcoin from accepts bank transfers as a payment method.
Now that you know you can buy BTC using a bank transfer as a payment method, here is how you go about it:
How do I buy Bitcoin with a bank transfer?
The process involved in buying bitcoin with a bank transfer is similar to that of using other payment methods.
It involves signing up on a crypto exchange platform that supports bank transfer as a deposit payment option, funding the account using bank transfers, and then buying the crypto from the exchange with the transferred funds.
Let’s look at what these various stages entail:
Step 1: Select a preferred crypto exchange
You cannot buy any crypto with a bank transfer directly with your traditional bank account because the Nigerian government has placed a ban on such transactions. So you need to opt for a reliable website (crypto exchange platform) where you can deposit your fiat currency, and then use the funds in the exchange account to buy the BTC.
So the first step is to find a reliable crypto exchange platform that supports the deposit payment option of bank transfers. (More on this later) But for this guide, I’d recommend you use SnappyExchange. See why HERE
Once you select a preferred crypto exchange, you create and verify your account by supplying the necessary details.
Step 2: Select to buy bitcoin
After signing up on a crypto exchange that supports bank transfer as a deposit payment option, navigate to where you will be allowed to select the cryptocurrency to buy. This is usually at the Buy/Sell page of the crypto exchange.
Step 3: Choose the amount of BTC you want to purchase
Some exchanges will have an integrated pre-calculated pack of price and amount of every crypto coin with their sums. Just select the value of the BTC you want to buy and the equivalent. Each crypto exchange will have its minimum purchase volume.
Once you put in the volume of BTC you want to buy, the fiat value (in Naira) of the purchase will be shown according to current crypto prices.
Step 4: Select Bank transfer as the payment method
If the crypto exchange you are using supports bank transfer as a payment method, you will see the option to select Bank Transfer as a deposit payment option. Most exchanges will also have other payment methods like the option to add a new card (either Mastercard or Visa Card) or to use Paypal funds.
After making the wire transfer to the provided account, the exchange will confirm that the transaction is successful and then your exchange account will be credited with the BTC value that you have purchased.
Step 5: Use your bitcoin or move it to your wallet
By now, you have successfully bought BTC in Nigeria using a bank transfer. You can either move the digital coins from your exchange account to your crypto wallet by copying and pasting your wallet address on the exchange and processing the transaction.
Alternatively, you can begin to use the bitcoin for trading or hold the coin until the price spike and sell Bitcoin on that same exchange for Naira so that you record profit from the transaction.
Crypto Exchanges in Nigeria That Accept Bank Transfers to Buy Bitcoin
Not all crypto exchanges in Nigeria would accept bank transfers as a payment option to buy cryptocurrencies. This is a result of the problems that come with the mode of transaction such as fraud, internet complications, card declines, and other related issues.
But if you are left with the only option of buying bitcoin in Nigeria with wire transfers, here are the best crypto exchanges you can consider:
SnappyExchange
Being a popular cryptocurrency exchange that supports the Nigerian Naira, SnappyExchange is one of the foremost websites that many Nigerian BTC vendors rely on to buy digital coins with multiple payment options including bank transfers.
So if you want to buy Bitcoin with a bank account in Nigeria, particularly with wire transfer this is one website you can consider anytime and any day.
eToro
this is another impressive trading platform and crypto exchange. Deposits on eToro can be made instantly using bank transfer, SEPA, NETELLER, PayPal, and more. In addition, the platform supports Bitcoin, Ethereum, and many other coins.
One thing that makes the website stand out is its unique features like copy trading. It is also a trusted exchange that has been active in traditional finance.
While eToro’s user interface is easy to use, users cannot deposit cryptocurrency, but can only deposit with other payment methods including bank transfers.
Safello
Safello is one of the best website or crypto exchange platforms to look at when your option of buying bitcoin online is limited to bank transfers. They are available for users in 32 other countries and offer a wide variety of payment methods – not only bank transfers.
I particularly like their deep liquidity because it makes bitcoin prices near the fair market rate which every trader will love. However, trading with Safello is not a private way to buy because it requires ID Verification like many other exchanges out there.
Uphold
If you want to buy bitcoin with a bank transfer in Nigeria, another ideal platform you can rely on is Uphold. I like this platform because it is holistic. They offer opportunities to invest in gold and silver. Meanwhile, the website will require ID verification, so you cannot buy bitcoin anonymously.
Gemini
Gemini is built for US customers, but users from Nigeria can also purchase bitcoins on Gemini by funding their accounts with bank transfers. It is a trustworthy and regulated exchange and boasts low fees for trading which is appealing to traders. The downside of using Gemini exchange is that new buyers may not find its user interface easy to interact with.
Coinbase
You can alternatively choose Coinbase crypto exchange for buying BTC with bank transfers but note that Coinbase charges a flat 1.49% fee on all transactions.
There is also the option of paying through a Visa or Mastercard credit card. The good side of Coinbase is that they boast of high liquidity and buying limits and it is a good platform for newcomers to get bitcoins using the Instant Buy feature (available with a debit card)
Keep in mind that when using coinbase, a transaction that involves a bank transfer would take about 5 working days to be successful and someone looks fishy about the website because there are pointers that the platform monitors how users use their purchased bitcoins.
Kraken
Lastly, the euro-denominated Bitcoin exchange, Kraken, is one of the popular people turn to for the purchase of bitcoin and they don’t disappoint when it comes to doing this through wire transfer. The deposit can also be made using bank transfer, SEPA transfer, and Interac.
Most people like Kraken because of its very low 0.25% taker fee with sufficient trading volume and its highly-rated protection of data.
But it is still not a private option for buying BTC because it requires your ID verification before purchase.
Can I buy Bitcoin With Bank Transfer without ID verification?
Buying bitcoin on most crypto exchange platforms will require you to go through ID verification before you can use their services, especially if you are using a debit card as the payment method.
If you are looking to buy bitcoin anonymously in Nigeria, keep in mind that using a bank transfer will make ID verification inevitable because your bank account will be linked to your ID. Paying for crypto via bank transfer will not allow you to protect your identity while processing the transaction.
The only way you can buy Bitcoin with a bank transfer without ID verification is b making a peer-to-peer trade.
Unlike crypto exchanges or brokers, you don’t need to supply your details and proof of ID before you’ll be allowed to buy cryptocurrency using your traditional bank account.