The Verve card is a naira-dominated debit card issued by Nigerian traditional banks and linked to your Current or Savings bank account. It is used for ATM cash withdrawals, bill payments, and payments for goods/services online or through POS terminals.
Part of the online service you can use the Verve card for is to deposit money to a cryptocurrency exchange that will allow you to buy Bitcoin.
Buying bitcoin with a Verve card which is among the debit card payment options is an effective way to purchase bitcoin but you have to first compare the features of each crypto platform and choose the one that is suitable.
In this short guide, I will walk you through the process of buying bitcoin online in Nigeria with the use of your verve card.
Buy Bitcoin With Verve Card in Nigeria in 5 Simple Steps
The process involved in buying bitcoin with a verve card is the same thing as buying the digital coin with debit cards on exchange platforms or P2P crypto online marketplaces. This is because it still falls under using a debit card as a payment method on these exchanges.
However, unlike master cards and visa cards, the transaction fees, and dynamics of processing the transaction may be different. If you want to buy Bitcoin today with your Verve card in Nigeria, follow these simple steps:
Step 1: Create an account on your preferred crypto exchange
To buy Bitcoin with your Verve card, you have to first make sure that the exchange platform you want to use to purchase the digital currency supports a debit card as one of its payment options, particularly a verve card debit payment.
We recommend you go for SnappyExchange. It’s a safe, fast, and reliable platform where you can by and sell Bitcoin in Nigeria. But there are other alternatives like coinbase and no.
Sign up on the preferred crypto exchange and then verify your account by supplying the necessary information.
P.S: some exchanges do not require you to register before buying BTC. However, since it entails the use of a Debit card and fiat currency as the means of purchase, you’d have to go through the verification process.
So, verify your identity and enable two-factor authentification for improved security on your newly created account on the exchange wherein you’d be buying BTC.
Depending on the interface of the exchange you opt for, you would need to navigate to the settings page of the exchange to link it with your Nigerian bank account from where fiat currency will be debited for the purchase of the bitcoin.
Ensure that the bank you are linking is the one that issued the verve card you want to use for the purchase and you have the card physically available with you.
Step 3: Choose a debit card as a payment method
Now, we can’t be exact on how the interface would be but a typical exchange platform that allows for multiple payment options would provide a section where you can select your preferred payment method for the transaction.
For example, on SnappyExchange, suppose you have added linked a bank account to your SnappyExchnage account, you can then proceed to buy BTC by clicking Place Order, and then choose Debit card as a payment method.
Afterward, you‘ll be required to enter the verve card details which are the Name of the cardholder, the card number, expiry date, and CVV. As you enter the first few digits of the card number, the verve icon will confirm that it is a verve card.
Step 4: Enter an NGN amount equivalent to the BTC you want to buy
Still on the transaction page, and depending on the interface of the website and web or mobile view, you’d need to type in the amount of BTC you want to buy either in its dollar or NGN equivalent in addition to the transaction fees. Then you click on Buy
Step 5: Instant purchase of Bitcoin with Verve card successful
If the exchange offers an instant payment feature, the BTC will be automatically added to your wallet on the exchange platform and you will be debited from your traditional bank in the equivalent courtesy of your verve card.
Step 6: Move your BTC to your wallet
After buying the BTC, it is not advised to leave your coins on the exchange for an extended period. You can transfer the bitcoin to your crypto wallet where it is safe by copying and pasting your wallet address, pasting it on the dialog where required after navigating to transfer the digital funds, and then clicking the send button.
With this, you have successfully purchased BTC using a Verve debit card in Nigeria. Remember that you have to first ensure that the exchange you are using, whether P2P or otherwise, allows for the debit card as a form of deposit payment option.
So here are examples of websites available to Nigerians that allow you to Buy BTC using a Verve card.
Read: Where to Sell Bitcoin in Nigeria
Some Exchanges that accept Verve cards to buy bitcoin in Nigeria
This website is one of the leading E-currency exchangers in Nigeria. They have a wide range of payment options that you can use to deposit funds from your traditional Nigerian bank account to the exchange using a Verve card and other debit or credit cards which will now be used to purchase bitcoin.
The process of buying bitcoin with a Verve card in SnappyExchange is very seamless and they are fully licensed by the company regulatory body in Nigeria, fast, reliable, and have sweet rates to buy BTC.
Another website that allows you to buy Bitcoin using a verve card is Bitstamp. This platform is one of the oldest and most reputable exchanges in the Nigerian industry.
The only reason why you’d not want to use them is that there have been numerous reviews online that their platform is not very user-friendly, and the verification process can take a while.
Nevertheless, Bitstamp is a fully licensed Bitcoin exchange to offer trading services, allowing users to buy Bitcoins directly with their debit cards.
To use Bitstamp, all you need to do is signup with the platform, navigate to the Bitstamp deposit page and select “card purchase” from the side menu. Afterward, you’d select Bitcoin as the cryptocurrency you want to buy and choose NGN as the currency to pay.
You will then be required to enter the amount of BTC you want to purchase, your Verve card details, and then confirm the purchase.
With a user-friendly interface and relatively low fees, Coinbase is another optional website where you can trade bitcoins or buy using a debit card as a payment option. The platform has an established reputation, but I have observed that its support takes time to respond
Nevertheless, Coinbase is a well-known Bitcoin broker that allows you to buy Bitcoins with a Verve debit or credit card on their exchange but you will be required to upload a government-issued ID.
This is necessary to prove your identity before being able to buy the coins with a debit card. All you need to do is Create a Coinbase account, navigate to settings > payment methods > add a payment method, and then navigate to > buy/sell > choose the number of Bitcoins you want to buy
Factors To Consider Before Buying Bitcoin With Verve Card
Since a verve card is an example of a debit card issued by a Nigerian traditional bank or lender, and the CBN has restricted these financial institutions from processing transactions related to crypto, then you should only buy bitcoin with the card as a payment method on a crypto exchange, and only if you can afford the risks involved.
Some of the challenges associated with using debit cards like Verve in buying BTC on exchanges include the possibility of card cancellation and then lowered limitation to the volume of BTC you can trade.
Also, the transaction fees and need for the KYC verification process are inevitable given that you are processing a fiat-to-crypto trade with your Verve debit card.
It’s a wrap
As we draw the curtain on this post, you must know that using your Verve debit card to purchase Bitcoins hasn’t always been as easy as it seems now.
The reason why some exchanges do not allow for this method of payment is the fear of fraud and debit card cancellation during processing.
We have looked at how you can buy BTC in Nigeria using Verve debit cards. We have also seen some of the trusted crypto exchanges operating in Nigeria that facilitate the buying of bitcoin and other coins via Verve debit card.
If you’re not sure whether a specific exchange accepts Verve cards for buying BTC or not, and it was not reviewed in this article, you can type the name of the exchange on any search engine e.g Google, and then add “+ payment methods”
The result of this search will lead you to review pages where the payment methods accepted by the exchange have been discussed.