One of the most frequently asked questions on crypto-related forums targeting beginners is “Where can I buy Bitcoin at a cheap rate in Nigeria?”
If you want to buy bitcoin in Nigeria, one of the things thing should keep at the back of your mind is that some exchange platforms would have a lower price for selling bitcoin than other exchanges while some may offer more coins for purchase than others.
The best website to go to for buying bitcoin in Nigeria at the cheapest rate, currently, are SnappyExchange, Paybis, Luno, LocalBitcoin, NairaEx, BitPesa, and Gemini.
If you want to gain the best profit possible from selling a coin, it has to be bought at a cheaper rate. So in this guide, I have reviewed some of the great websites operational to Nigerian users that sell bitcoin at favorable rates.
List of Cheapest Websites To Buy Bitcoin In Nigeria
Please note that some of these exchanges will also require you to undergo a verification process before they can buy or sell any crypto on their platform. In other words, while they may be ranking best in good rates, some of them are not the best options for trading bitcoin without verification in Nigeria.
As you will realize, some of these websites will require you to provide your driver’s license, passport, and phone number, among other information before you can buy crypto on the exchange.
The services offered by SnappyExachange targeted to Nigerian crypto traders are extensive. However, one of them is providing online solutions for digital payments including cryptocurrencies. It is one of the exchanges with the cheapest bitcoin selling rate where you can buy to make a profit.
They also trade digital coins in a range of values and allow you to store them in your BTC or any local currency wallet. Aside from the mouthwatering rates, the interface of SnappyExchange is very friendly and allows you to trade cryptocurrency instantly with no wait time.
Another platform where you can buy bitcoin at the cheapest rate in Nigeria is Luno. The bitcoin exchange may be popular in other places like South Africa, Malaysia, and even Indonesia but the company has its footprint in Nigeria.
Compared to many other competitors, Luno offers 0% fees for market makers. This allows Nigerian BTC Buyers to avoid fees after placing a buy order. It is a peer-to-peer exchange platform that offers an Instant Buy feature.
The advantage of using Luno is that it is one of the most trusted Bitcoin exchanges, allows for free deposits and low withdrawal fees, and then it offers a low rate for market takers, depending on the fiat currency is 0% – 1% for market takers.
Despite the amazingly cheap rate of bitcoin on Luno, the downside of using the platform is that it only supports Bitcoin and Ethereum but allows for an infinite volume of trade on these digital coins.
When it comes to buying bitcoin at a cheap rate in Nigeria, you can also trust Paybis. It is a popular cryptocurrency exchange that offers the said service to about 180 countries.
They are registered with the FinCEN, and so regulated and trusted. Now to the main point, the trading fees are relatively low and you can buy bitcoin at a cheap rate here. Another advantage of the website is that they boast of 24/7 live support, Extremely high limits, and a large selection of payment methods.
Keep in mind though, that it requires verification of identity before you can use the exchange but this will not take more than 5 minutes. Their payout is also fast.
With either Master, Visa card, or PayPal Debit MasterCard, you can deposit funds to buy and sell Bitcoins at amazing rates on the Cex.io crypto trading exchange.
A unique quality of this exchange is that it protects against Distributed Denial-of-Service attacks by giving full data encryption.
One of the benefits of using Cex.io is that you don’t need to create a new account before trading bitcoin with more than 10x leverage. While it supports both mobile and web, the exchange can take a long time to get your account verified and the withdrawal is not as instant as some other exchanges.
Another platform you can go to for buying bitcoin at a cheap rate is NairaEx. It is arguably the largest Bitcoin exchange in Nigeria and allows you to buy digital assets using bank transfers, cash, or bank deposits.
Aside from being one of the cheapest places to buy bitcoin in Nigeria, another advantage of using NairaEx is that they have several payment methods and appear to be a long-running Nigerian exchange that is tested and trusted.
On the other hand, the platform requires Identity verification which offers less privacy than other purchase methods in Nigeria but it is easy to use and has average trading fees.
If you are looking for an alternative place to buy bitcoin at a cheap rate in Nigeria, you can check out the BitPesa platform. The Bitcoin remittance company allows you to buy bitcoins with your debit card or Paga account.
But it is not limited to Nigerian users because they sell bitcoin in Kenya via the M-PESA mobile payment service, and equally in Uganda using MTN or Airtel.
The benefit of buying bitcoin from Bitpesa, aside from the cheap rate, is that it is very convenient for African crypto traders in general. But the identity verification offers less privacy compared to other methods in Nigeria.
The privacy may be low, but it is easy to use and boast of average transaction fee and speed.
Talking about a platform that brings BTC buyers and sellers together to execute seamless trade, LocalBitcoins is one of the leading escrow services that boast a good buying rate of BTC.
Here, users are allowed to advertise trades for their preferred payment method. In other words, you can buy bitcoin for a cheap rate here through an in-person meeting that is secured and facilitated by LocalBitcoins.
I like that it is private, fast, and easy. Also, in-person trades do not demand your personal information before buying. Also, they allow for cash deposits as a payment option.
The downside of using this LocalBitcoin, despite the appealing cheap Bitcoin rate, is that you’d have to beware of scams, and the dynamics of the platform make it harder to purchase bitcoin in large volumes.
Nevertheless, it is very secure and boasts of decent BTC selling and buying rate.
You can also consider Gemini if you want to buy bitcoin and you prioritize one with the best trading rate. The fully regulated cryptocurrency exchange is very simple, elegant, and secure.
If you are just getting started on investing in a bitcoin and crypto portfolio, this is a great exchange to start with. One of the major benefits is that it offers discounts up to 0% for volume traders and offers good security measures.
While the regulation improves the trust of many investors, you will need to provide lots of personal information before using the exchange. The deposit methods for Gemini include ACH transfer, Wire transfer, and Debit card.
Costs Involved in Buying Bitcoin
You may ask why some exchanges sell bitcoin at rates that are lower than other exchanges. Of course, it is to appeal to users but to what end? What are the factors that influence the rate at which you buy bitcoin at these cheapest exchanges?
Well, the major factors that affect the rate of bitcoin on these exchanges include the trading fees charged by the exchange, the fees from your preferred payment methods, and fees attracted from instant purchases and spreads.
For fees that are attracted by payment methods, that is in your control because you can opt to use the one that will not incur additional fees such as bank transfers.
If you also want an instant purchase of bitcoin, this could attract additional fees. So when you sum up all these fees, you will realize that they would vary from one exchange to another.
Is a low Bitcoin rate on an exchange a red flag?
No. That an online cryptocurrency exchange offers a cheap rate for you to buy bitcoin does not necessarily mean that you should bat an eyebrow over their legitimacy. We have seen the several factors that influence the varying cost of Bitcoin on these exchanges it is just an indication that some exchanges are doing better than others in the area of fees.
This ratio of a bitcoin transaction is not calculated equally across the world. It is calculated on every crypto trading exchange. So, factors like security, functionality, and profit will, at the end of the day, determine the rate at which you’d be able to buy on these exchanges.
So, you can find new cryptocurrency exchanges offering Bitcoin at a lower price than established platforms and vice versa. It does not mean they are scam
It is one thing to make up your mind about what crypto is the best for you to go for, it is another thing to know the best or cheapest website where you can get this crypto.
We have reviewed some of the best-verified cryptocurrency exchange websites that are available for Nigerian users. Apart from being the safest way to trade and store cryptocurrencies, these forms also offer low trading fees.
If you are going for P2P exchanges, you should be aware of scams. So it is better to focus on ones with a strong reputation and a huge user base like SnappyExchange.
While some exchanges may have a higher price for Bitcoin or Ethereum than others, most of them will have the requirement of a verification process as the common procedure for buying BTC.