Are you about to buy bitcoin using your Naira debit card? Come closer, this guide is for you.
The first thing you should recall is that your Naira debit card is issued by a traditional Nigerian bank and is linked to your Nigerian bank account through service providers like Mastercard, Visa card, and so on.
To successfully buy bitcoin in Nigeria today using debit cards, you will need to find a reputable exchange that supports Nigerian cards.
Afterward, you sign up and verify your identity on this exchange. At this stage, all that will be left to do is deposit Naira into your account on the exchange and use the deposited funds to purchase Bitcoin which will be afterward moved to your crypto wallet address for your total control.
But remember that you can also use a Naira debit card to buy bitcoin through a Peer-to-Peer (P2P) marketplace. So, in the rest of this guide, we will explicitly look at the steps involved in buying bitcoin with a Naira debit card both via crypto exchange and P2P platforms.
5 Steps to Buy Bitcoin With Naira Debit Card on Crypto Exchange
The naira debit card falls under the usage of the bank card payment option for buying bitcoin on crypto exchanges. Since you are making a fiat-to-crypto trade, expect to attract certain fees for the transaction. Nevertheless, here are the steps involved in buying Bitcoin with a naira debit card:
Step 1: Create an account
The first thing you should do is log on to any crypto exchange platform of your choice. Just make sure that the platform is reliable, fast, trustworthy, has a sweet bitcoin rate, and most ultimately, supports bank cards as a payment option for depositing funds.
It is also great if the exchange platform is available in Web and mobile applications for easy access and interaction.
Create an account on this exchange and then verify your identity
Step 2: Enter the amount of crypto you want to buy
Once you have your account set up, you navigate to the section of the website that allows you to buy cryptocurrency. Depending on the interface of the exchange, you will be required to enter the volume of the BTC you want to buy in the “Amount” field and then you choose your desired currency from the dropdown menu.
Meanwhile, all these come after you must have selected the crypto pair you are interested in (for example, NGN to BTC).
Step 3: Enter your bank card details
After you are done with the specification of the fiat-to-crypto transaction, the next thing is to move to the payment options. Since you want to pay with a bank card, you choose the said payment option (Debit). Afterward, you fill the appropriate boxes with the debit card information and click on “Pay”.
Step 4: Confirm successful purchase
There will be an automatic debit after you must have authenticated the transaction using a Time Password. Once the transaction is complete, you will receive a confirmation email after which the BTC will be sent to your wallet on the exchange.
Step 5: Move your bitcoin
It is okay to leave your bitcoin in the wallet of the exchange, hold and perhaps wait till there is a spike in bitcoin price so you sell back for fiat currency to realize a profit.
But it is not recommended to keep your crypto assets on the exchange for a long time. For safety, after you buy the bitcoin, make sure you move it to your crypto wallet address.
Keep in mind that for buying bitcoin with a Naira debit card on crypto exchanges, you need to upload your identification which could include a photo of your passport or driver’s license.
How To Buy Bitcoin With Naira Debit Card on P2P Platforms
You can also use your naira debit card to facilitate payment for the exchange of bitcoin on P2P online marketplaces. And the steps are very simple:
Step 1: Sign up on a P2P platform
The first step will be to register and open an account with any OTC marketplace. But you have to make your research to ensure that the platform is trustworthy and not full of scam vendors and sellers. Upon registration, most platforms will require you to enter your name and email or phone number.
Step 2: Navigate to the OTC Page of the platform
Once your account is set up and running, you will navigate to the page of the platform where you will be presented with a lot of adverts from people that wish to sell their bitcoins at different rates.
You’d want to filter the search to Nigeria in terms of the country since your payment method – Naira debit card – is within that bandwidth.
Step 3: Select an offer
You have been exposed to a lot of advertisements, so you will select the one that suits you. When choosing an offer from a vendor who wants to sell bitcoin, make sure the means of payment that they are willing to accept include the use of a Naira Debit card.
This is why you need an OTC Platform that offers transparency in transactions involving buyers and sellers so that you can rest assured you are dealing with trustworthy individuals.
Step 4: Study the trade specifics outlined by the seller
Different sellers/advertisers on the p2p platform will have various terms that they will want to govern the transaction, especially in the area of payment method and rate.
Step 5: Put in the NGN amount of BTC you want to buy
The next step is to insert the naira equivalent of the BTC you would love to purchase and then click the buy button or any other prompt it is represented with, depending on the interface of the OTC platform.
Most P2P platforms, after this stage, will launch you to a chat box where you can get to negotiate with the seller of the bitcoin.
Through communication, you both will be able to come to terms with the aspect of the method of payment which should be a debit card because that is the main point of this article. If the seller agrees, you can proceed.
Step 6: Confirm payment and receive BTC
After the negotiation, you can proceed to make a payment using your debit card. The OTC platform will debit your account and the BTC of the seller will be stored in an escrow. Once the seller confirms payment, the BTC will be sent to you. But you have to click the trade as paid before this stage.
Which Bank Card Can I Use To Buy Bitcoin in Nigeria?
If you want to buy bitcoin in Nigeria using a bank card, you are not limited to a few options. Most bank cards, even though issued by traditional banks and financial institutions would work smoothly when used to process crypto transactions on supporting exchanges.
Generally speaking, bank cards issued by tier-1 banks such as Zenith Bank, First Bank of Nigeria, Access Bank, United Bank for Africa, and Guaranty Trust Bank are great for processing bitcoin purchases on crypto exchanges.
Which Bitcoin wallet is best in Nigeria?
The best Bitcoin wallet in Nigeria is one that edges in the area of bank-level security, unmatched customer support, ease of use, and supports a variety of cryptocurrencies. Fortunately, these are characteristics that SnappyExchange can boast of as the best bitcoin wallet and e-currency dealer in Nigeria.
Of course, there are many other options, but SnappyExchange appears to be among the top crypto exchanges that have remained a favorite among Nigerian crypto investors to date.
The website does not only provide a wallet to store your digital assets, but it also offers multiple payment options for processing crypto-related transactions with fiat currencies.
Final thoughts
Naira debit cards are a great way to buy Bitcoin. You would agree with this particularly when you are more concerned about the fast and convenient way to purchase the digital coin.
In the above article, we have looked at the necessary steps you should take to successfully purchase bitcoin using your naira debit card in Nigeria.
In a nutshell, it involves first finding a reputable Bitcoin exchange that supports Naira debit cards, registering for an account and verifying your identity, selecting “Debit Card” as your payment method, entering the amount of Bitcoin you want to buy and your debit card details, and then confirming the transaction.
What other ways has your Naira debit card been helpful in processing crypto-related transactions? Share in the comments.