In Nigeria, you can buy Bitcoin (BTC) using any Nigerian bank card as a payment option on either crypto exchanges or Peer-to-Peer (P2P) marketplaces. However, some bank cards facilitate smooth transactions more than others.
For instance, the average review from popular crypto forums shows that Nigerians prefer the Kuda Bank card for buying Bitcoin through P2P platforms while other viable options for crypto transactions across exchanges are Changera Virtual Dollar Card and Chipper Cash Virtual Dollar.
Meanwhile, you can expect smooth transactions of bitcoin purchases when you use a bank card issued by Zenith Bank, First Bank of Nigeria, or Access Bank. Some Nigerian traders use bank cards linked to United Bank for Africa (UBA) accounts and Guaranty Trust Bank (GTB) accounts on many exchanges.
List of Bank Cards You Can Use To Buy Bitcoin in Nigeria on Crypto Exchanges
Indeed, some cryptocurrency exchange platforms will not support buying Bitcoin with Naira using debit or credit cards. This is probably a result of certain regulations, terms, and conditions.
But if you are using an exchange that supports the buying of Bitcoin with naira using bank cards, then below is an extensive list of Nigerian bank cards that have a history of working smoothly on any cryptocurrency exchange
- Changera Virtual Dollar Card
- Guaranty Trust Bank
- Sudo.Africa Virtual Dollar Card
- Geepay Virtual Dollar Card
- Wema Bank Card
- Chipper Cash Virtual Dollar Card
- First Bank Nigeria
- Fidelity Bank Card
- FCMB Bank Card
- Union Bank Plc
- United Bank For Africa
- Wallets Africa Virtual Dollar Card
- Zenith Bank Card
- Flutterwave Virtual Card
- Access Bank Card
Bank Cards You Shouldn’t Use To Buy Bitcoin In Nigeria
On the flip side of the coin, there are some Nigerian banks whose cards are known to cause errors during transactions on most cryptocurrency exchanges while buying bitcoin. These include but are not limited to:
- Keystone Bank
- Standard Chartered Bank
- Ecobank Plc
- First Bank Nigeria
- Fidelity Bank Plc
Can I Buy Bitcoin With My Naira Debit Card?
Yes, as long as the exchange you are using supports a debit card as a payment method, you can always use your Naira Debit card issued by a traditional bank to process the purchase of bitcoin in Nigeria.
Please note that this cannot be done directly from your local bank because of the government’s restriction on cryptocurrency. So, you need to use the Naira Debit card through a crypto exchange.
Unfortunately, you will have to sacrifice trading with anonymity because your naira debit card is linked with your ID. So when using any of these exchanges, you will be required to go through a verification process.
Using a Naira Debit card to buy bitcoin also attract certain fees, depending on the exchange you are dealing with and the dynamics of the crypto transaction.
Which bank card works on Binance in Nigeria?
Binance is the leading platform where people go to buy bitcoin and other crypto securities. It is widely considered the entry point for any newbie in crypto investment.
When buying bitcoin on Binance, it is a good thing that you can make payments using a Nigerian bank card. However, not all bank cards will work on the platform.
The crypto exchange, Binance, had in the past added 21 banks across the African continent and 12 of those banks are Nigerian banks which include:
- Access Bank
- Ecobank
- Fidelity Bank
- First Bank of Nigeria
- FCMB
- GTBank
- Keystone Bank
- Stanbic Bank
- Standard Chartered Bank
- Sterling Bank
- Zenith Bank
- Union Bank of Nigeria
You can use a naira debit card issued by any of the above-listed banks to process the purchase of bitcoin on Binance today.
How Do I Buy Crypto with Bank Card in Nigeria?
Buying bitcoin in Nigeria with a bank card is relatively easy. One can conclude that this is the most common way many vendors purchase the currency online through crypto exchanges. If you want to buy bitcoin with your bank card, follow these steps:
Step 1: Sign up on a crypto exchange
You will need a crypto exchange that allows for the deposit of fiat currency through Nigerian bank cards. A good example of these reliable platforms is Snappyexchange. But there are many other alternatives. You can either register through the website or a mobile application.
Step 2: Select the crypto pair
On the exchange, navigate to the section where you’d want to buy BTC and choose your crypto pair which in this case is the Nigerian naira value to the bitcoin and then you enter the amount of BTC you want to buy in the appropriate field.
After you choose the desired currency (naira) the equivalent exchange value will be revealed.
Step 3: Enter your bank card details
Since you are buying BTC with bank cards, you will opt for the said payment option which will require you to input your card details including the name of the cardholder, the card number, expiry date, and CVV – the three digits at the back of the card.
After that, you click on “Pay”, or whatever prompt to suggest buy as displayed on the interface of the exchange.
Step 4: Check confirmation email
If the purchase is successful, you will receive a confirmation email that shows the details of the transaction. The BTC will then be sent to your wallet on the chosen exchange which you can afterward move to your crypto wallet address for safety.
One thing you must not forget, though, is that you cannot separate the necessity of identification from the use of bank cards while buying Bitcoin in Nigeria online. Depending on the exchange, you may be required to supply valid ID details like a photo of your passport, driver’s license, or even your government-issued ID card.
Things to Consider When Choosing A Website to Buy Crypto With Bank Card in Nigeria
The most important thing to prioritize when choosing a website to buy bitcoin from with a bank card is that the platform must allow or support such a payment method for depositing funds.
It would be a waste of time if after registering and verifying your account, you realize that during payment for buying BTC, there is no option to pay with a bank card.
The good news is that more websites are springing up to offer more options for payment to buy crypto online. But before making your final decision of which exchange to rely on, you’d want to consider their security, customer service, and how fast they process transactions not just for BTC alone but for other cryptocurrencies.
First and foremost, you want to be sure that the website provides wallet services, and also a wide range of payment methods. Also, look at reviews to get an idea of how long the purchase process takes.
Secondly, you want to be sure that their customer support is available to assist you at any step of the way. Remember that not all crypto exchanges are trustworthy especially when it comes to using bank cards to make transactions in them.
Where is the Best Place to Buy Bitcoin With Bank Card in Nigeria?
The best place to buy bitcoin or any other crypto using a Bank card is at a verified cryptocurrency exchange website. Although many online platforms offer this service, some of them are not worth patronizing.
As mentioned earlier, if you are going to buy BTC with a bank card, you’d want to focus on platforms that are credible and have a good reputation. Platforms like SnappyExchange are a great website for buying BTC in Nigeria if your payment option is via Bank card using fiat currency.
It is even a good thing that SnappyExchange does not have an insanely high rate for selling bitcoin as most other exchanges do. However, the platform will require you to undergo a verification process before you can buy or sell any crypto by using your driver’s license, passport, and phone number.
Like in most exchanges, you will also be required to provide your bank card information before you can buy or sell crypto on the platform.
In Summary
Using Bank cards is just one out of the many other fiat gateways Nigerian use in buying Bitcoin across the country online.
If you have a Naira debit and credit card and want to trade bitcoin, it is best to consider crypto exchange platforms since the bank cards are issued by Nigerian banks that are under restriction from processing crypto transactions directly.
You also need to consider the provider of your bank card when buying BTC on exchanges because some platforms may accept only Mastercard or Visa Cards, while others will support the use of a Verve card.
