Learn how to buy Bitcoin in Nigeria, using this practical guide to avoid errors and eliminate all possibilities of scams.
Bitcoin has become a popular investment option globally, and in recent years, its popularity has surged in Nigeria as well. With its decentralized and digital nature, Bitcoin has the potential to offer a more secure and accessible way to store and transfer wealth compared to traditional fiat currencies. In this guide, we will go through the steps to buy Bitcoin in Nigeria.
While Bitcoin has been in existence for years, and many Nigerians currently hold a piece of bitcoin, the current steps taken by the Nigerian Central Bank, to enforce a form of Central Bank Digital Currency (CBDC) has led many Nigerians to seek out better options, and one certainly on the agenda is bitcoin.
However, there are risks associated with this massive quest to buy bitcoin, for instance, one might fall prey to unscrupulous bitcoin exchanges in Nigeria who might end up stealing your hard-earned funds.
Furthermore, this also opens up the door for scammers to steal your resources by pretending to be legit dealers in bitcoin.
Our goal today is to bring to light, how you can buy bitcoin in Nigeria without falling prey to scams, introduce you to legit bitcoin trading platforms in Nigeria, and provide you with a step-by-step guide on how to buy bitcoin in Nigeria.
Before we dive into the step-by-step guide on buying bitcoin in Nigeria, let’s look at the general principles you need to understand as a potential bitcoin holder.
Table of Contents
How to Buy Bitcoin
Step 1: Choose a Reputable Cryptocurrency Exchange
The first step in buying Bitcoin in Nigeria is to choose a cryptocurrency exchange that is trustworthy and has a good reputation. Some popular exchanges include Binance, Luno, and NairaEx. When selecting an exchange, consider factors such as security, user-friendliness, fees, and the payment methods accepted. Since the Central Bank has blocked the purchase of Bitcoin and other cryptocurrency’s using your credit card and bank transfers, using decentralized or peer-to-peer platforms are your best option in Nigeria. Worry not, we will get into the exact details shortly.
Step 2: Create an Account
Once you have chosen your preferred cryptocurrency exchange, you would need to sign up for an account by providing your email address and setting a password. You will also be required to verify your identity, which may involve providing a government-issued ID, proof of address, and/or a selfie before you are allowed to buy bitcoin or any other cryptocurrency.
Step 3: Add Funds to Your Account
Before you can buy Bitcoin, you will need to add funds to your account. You can usually do this by making a bank transfer or using a debit or credit card, unfortunately, that is not an option in Nigeria, to directly purchase bitcoin with these bank services. Depending on the exchange you have chosen, you may need to wait a few hours to a few days for the funds to reflect in your account.
Step 4: Buy Bitcoin
Once the funds have been reflected in your account, navigate to the Bitcoin trading page and place an order to buy the amount of Bitcoin you want. You can either buy at the market price or place a limit order, where you specify the price you are willing to pay.
Step 5: Store Your Bitcoin Securely
It is important to store your Bitcoin in a secure wallet to ensure that your investment is safe. You can store it on the exchange, but it’s safer to transfer it to a personal wallet. A personal wallet offers more control over your Bitcoin and is less vulnerable to hacks or security breaches.
Remember; the general idea about bitcoin is to be your own bank, to have complete control over your money without the control of banks or central banks.
Top 3 Legit Bitcoin Exchanges in Nigeria that allows you to Buy Bitcoin
These are the most reliable bitcoin exchanges in Nigeria that easily allows you to buy bitcoin in a P2P format, which avoids restrictions imposed by the central bank
How to Buy Bitcoin in Nigeria on Binance
Binance is the largest exchange in the world, in terms of volume and reach, despite restrictions in Nigeria, you can still buy Bitcoin in Nigeria using Binance Peer to Peer. Below are the steps to take to enjoy this awesome service.
- Register on Binance: By using this link to register you stand the chance of earning up to $100 in rewards.
- Complete your verification: Know Your Customer, is a globally accepted principle of verification that allows Binance to reduce fraud on its platform. KYC ensures that you are not dealing with a criminal on Binance, and more importantly that your funds are safer.
- Visit the Peer to Peer Page; Here you can exchange your Naira for Bitcoin via many of the peers available. It is fast and has proven reliable.
How to Buy Bitcoin in Nigeria on Prestmit
Presmit is one of the most reliable bitcoin exchanges in Nigeria, follow these steps to register with them and buy your bitcoin.
Register on Prestmit Using this Link to earn rewards
An Image similar to the above would pop up, kindly fill in the details to register.
Confirm Your Email
An automated mail would be sent to you, you can locate it in your inbox or spam folder, click on it to verify your email address.
Complete Your Verification
Prestmit requires a few details to verify your account; Your Name, Date of Birth, Phone Number, and one of the following three (Bank Verification, National Identification Number, or National ID).
Add Funds
Select Fiat Wallet from Above, and Add funds to your account. Only add funds you intend to use to buy your bitcoin, it is not advisable to use these exchanges as a bank account.
Buy Your Bitcoin
Click on the Trade Icon, and Exchange your Naira for Bitcoin.
Withdraw Your Wallet
Ensure you do not keep your bitcoin on any exchange, withdraw your bitcoin into a trusted decentralized wallet that provides you with full control over your funds. An example of which is the Trust Wallet. Available on mobile (Android and Ios) and the chrome web store.
How to Buy Bitcoin In Nigeria on Paxful
The first step to buying bitcoin in Nigeria on Paxful is to register. Enter your email address and password to do this.
The next step is to confirm your email and check your inbox or spam folder to view the email sent to you by Paxful.
After you have registered, and successfully logged in, you would see a very user-friendly dashboard like the one below.
Verify your phone number, Enable 2-factor authentication to better secure your account from unauthorized access.
- Step 2: Click on Buy at the top left corner of the page
- Step 3: Choose the offers available in Nigeria or any other country that accepts your payment method (The method you want to use to buy bitcoin in Nigeria).
You would see offers like the following:
There are several methods available here that you can use to buy bitcoin in Nigeria using Paxful such as:
- Bank Transfers
- Chipper Cash
- Cash to Deposit
- Eversend
- NIP (NIBSS Instant Payment)
- Barter from Flutterwave
- IBPS (Internet Banking Payment System)
And many more options are available.
Choose the provider that gives you the option to buy bitcoin with your preferred payment method and proceed to purchase your bitcoin. Click Buy next to the provider to proceed.
- Step 4: Input details of how much bitcoin you want to purchase and click on the Buy Now button to proceed.
