Are you looking for how to buy bitcoin in Nigeria and invest in it? this post is for you.
Cryptocurrency trading has become famous in the world. However, in Nigeria, it is ‘infamous’ due to the CBN ban. Despite this sanction, Nigerians are still buying and selling Bitcoin and other cryptos on exchange platforms, making a lot of profits from it.
Therefore, in this post, I will discuss:
- How to buy Bitcoin in Nigeria and invest in it
- Some best crypto exchange sites to buy Bitcoin
- How Bitcoin is a good investment
- And some Bitcoin alternatives.
So, let’s start…
What is Bitcoin
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator.
The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a Blockchain.
Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
How to Buy Bitcoin in Nigeria and invest in it
1. Choose your preferred Crypto exchange site or Broker
A crypto exchange platform or broker is where you can buy and sell cryptocurrencies. Indeed, there are tons to choose from but it is better to stick with the best crypto sites to guard against scams. Some of the popular ones you can choose from are:
- Binance
- Bundle Africa
- Yellow Card
- Paxful
- Luno
Indeed, Binance is a top choice of all crypto sites to buy bitcoin and other cryptos. But if Binance is too complex for you or could not verify your account, try others like Bundle Africa or Yellow Card. They also offer a good rate on bitcoin trading.
2. Sign up and verify your Crypto account
The next thing after making your choice is to create an account. Generally, the account opening and verification process should take a few minutes. This is necessary to safeguard the platform and users from scams.
The personal details needed to open an account in any of these crypto exchanges are usually similar. So, expect to supply certain information such as:
- Your Email Address
- Phone number
- Date of Birth
- NIN, BVN, Driver’s license or Passport number
After successful registration, you can proceed to buy bitcoin and any other crypto coins on the platform.
3. Fund your account
In Nigeria, funding one’s crypto exchange account is not straightforward. This is because the CBN ban all banks from facilitating crypto trading. Therefore, you cannot fund your account to buy Bitcoin directly through a bank transfer or debit card. In order to buy Bitcoin, you have to use the peer-to-peer (P2P) method.
The P2P method has been the best option for buying bitcoin in Nigeria after the ban and this involves sending money to a third-party account and crediting your crypto wallet account.
This is the model adopted by all the platforms to make it easy to deposit and withdraw naira without incurring the wrath of CBN.
However, using this method may attract a fee. Depending on the amount you want to deposit, you can pay as little as a 100 Naira fee on most crypto sites. But the Binance exchange operates a zero fee P2P trading.
3. Buy the desired amount of Bitcoin
After funding your account, the next step is to buy bitcoin. You can buy any amount you want as far as you have the fund. However, every crypto exchange or broker has a minimum limit you can buy which is usually 10$, equivalent to the current Naira price.
4. Hold the Bitcoin for long
Ready to invest in Bitcoin? then hold it on a long term. Unless you are into day trading, trying to ride on the market volatility, selling your Bitcoin within a few days won’t fetch you enough profit.
You can hold it for a year, less than a year or more than that, depending on your risk appetite. So, keep it in your crypto wallet or external wallet.
After that, keep on checking the bitcoin price movement and sell when you are satisfied with the profit margin.
How to buy Bitcoin in Nigeria on Binance
Below is the step by step guide on how to buy Bitcoin in Nigeria on the Binance exchange.
- Firstly, create an account on the Binance website
- Alternatively, download the Binance app on Android or IOS devices.
- Then, enter your details.
- Input MFKQPCVJ as the Referral ID to always get a bonus on trading fees.
- After that, enter the code sent to your email address and phone for verification.
- Verify your account
- Next, fund your account through P2P Trading
- Transfer the fund from Funding Wallet to Spot Wallet
- Thereafter, go to Spot Market and search for BTC/USDT if it is USDT in your wallet
- Fill in USDT price or BTC amount to buy Bitcoin.
- Lastly, tap the Buy BTC button
Read: Binance Review
How to buy Bitcoin in Nigeria on Yellow Card
Below is the step by step guide to buying Bitcoin in Nigeria on Yellow Card.
- Firstly, create a Yellow card account.
- Then, enter your details.
- Verify your account.
- Next, tap Deposit and follow the instruction.
- tap Bitcoin > tap trade > tap Buy
- Fill in either the BTC unit or Naira amount to buy Bitcoin.
- Lastly, tap Continue and confirm the purchase.
Read: Yellow Card Review
How to buy Bitcoin in Nigeria on Paxful
Paxful is not a centralized crypto exchange but a P2P platform. It is a marketplace for buying and selling Bitcoin, Ethereum and USDT. So, in order to buy bitcoin, you buy from a seller directly and receive it in your Paxful wallet.
Below is the step by step guide to buying Bitcoin in Nigeria on Paxful.
- Firstly, create an account on the Paxful website.
- Alternatively, download the app on Android or IOS devices.
- Then, enter your details.
- Verify your account
- Next, to fund your account with Bitcoin, tap Buy.
- Then, choose Bitcoin as the preferred crypto coin.
- Enter the amount.
- Thereafter, select your preferred payment method or leave it as All payment methods.
- Browse through the list and choose the trusted one with a good price
Read: Paxful Review
Best Crypto sites to Buy Bitcoin in Nigeria
Below are some of the best cryptocurrency exchanges or brokers where to buy Bitcoin and other crypto coins in Nigeria with Naira currency.
- Binance
- Yellow Card
- Luno
- Quidax
- Paxful
How Bitcoin is a good investment
Bitcoin is a good investment. It is no more news that Bitcoin and other crypto coins are making people richer. In 2021, for instance, Bitcoin rose by at least 50%. Although Bitcoin price fell ending 2021 to early 2022, right now, it has been increasing steadily, projecting a bullish trend later this year.
Therefore, you can buy Bitcoin in Nigeria and hold it for the long term. However, like any other kind of investment, invest with caution and knowledge.
Additionally, spread your investment to other crypto coins and other legit investment opportunities.
Bitcoin alternatives
Bitcoin is the number one crypto coin by market cap, but there are others worth buying too.
There are other coins that can yield an even better profit over time such as Ethereum. In fact, Ethereum, due to its robust blockchain network is predicted to overtake Bitcoin sooner or later.
So, some other bitcoin alternatives you can buy are:
- Ethereum
- Solana
- Terra
- Litecoin
- Bitcoin Cash
FAQs
Final Thoughts on How to Buy Bitcoin
Finally, now you know how to buy bitcoin in Nigeria and invest in it.
Also, some best crypto exchange sites and brokers where you can buy Bitcoin freely despite the CBN ban.
Definitely, Bitcoin is a good investment and there are other crypto coins that can give better profit.
I hope you have gotten the vital information you are looking for but if you still have more questions or comments, please leave a message in the comment section.
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