Cryptocurrency In Nigeria - An Ultimate Buying Guide
If you're a crypto enthusiast in Nigeria, you've most likely heard someone mention it this year. It may be someone on social media bragging about how much money they've made with cryptocurrency.
How do I even acquire cryptocurrency in Nigeria? ", you're undoubtedly asking yourself. You've arrived at the correct location.
We'll look into crypto in Nigeria and how you can get your hands on some of these tasty currencies in this article.
Is Cryptocurrency Legal In Nigeria?
Yes. Various countries have different rules when it comes to crypto. As a result, cryptocurrency may be legal in one country but illegal in another.
COPYRIGHT_TNB: Published on https://www.thenigerianblogger.com/cryptocurrency-in-nigeria/ by Abeo Bunkechukwu on 2022-04-13T12:59:00.292Z
Can I Buy Crypto In Nigeria?
Things are a little more tricky in Nigeria. Nigerians are free to buy and trade cryptocurrencies, but they are unable to do it with their bank accounts.
The Central Bank of Nigeria (CBN) issued an announcement in February 2021 prohibiting all commercial banks from conducting crypto transactions.
The following is what that law meant:
- People who want to buy bitcoin can usually do so through cryptocurrency exchanges.
- Nigeria offers a number of excellent cryptocurrency exchanges, including Quidax, BuyCoins, and Patricia.
- To purchase cryptocurrency, you can create an account with Quidax, for example, and then purchase cryptocurrency with your bank account or credit card.
- However, owing to the CBN's law, this is no longer possible.
- According to the law, anyone caught buying or selling cryptocurrency with their bank account will be fined.
- If a bank accuses you of using your account to buy and sell cryptocurrency, your account may be suspended or closed entirely.
So, Where Do You Go From Here?
You're probably thinking that this means that cryptocurrency is prohibited in Nigeria. That isn't the case.
The CBN simply does not want people buying and trading cryptocurrency with their bank accounts. Cryptocurrency isn't technically outlawed in Nigeria.
Nigerian crypto exchanges devised a solution to this problem: peer-to-peer (P2P) transfers. This is how these transfers work:
- Ade wants to invest $500,000 in Bitcoin.
- John is looking to sell 500,000 bitcoins.
- Ade walks to a market and asks for a transaction.
- Ade's trade request is published on the exchange, and John sees it.
- Ade and John get together and make a deal.
- Ade sends 500,000 dollars to John's bank account, and John sends Ade the Bitcoin.
- Everyone is content when they depart.
Some of the discussions have even gone further. Quidax, for example, has members of its team who specialize in P2P transfers.
These are the people with whom you will transact.
The risks of fraud and scams are greatly reduced in this manner.
In Nigeria, there are a variety of payment options for purchasing cryptocurrency.
If you want to acquire cryptocurrency in Nigeria, you have a few options. Among them are the following:
Bank transfers: You can pay money to a bitcoin seller, who will then send the cryptocurrency to your wallet once they have confirmed the transaction.
However, the CBN's law has made this more difficult.
Cards (credit/debit): In some circumstances, credit and debit card transfers are also possible. However, according to the CBN's law, this may no longer be possible.
Some cryptocurrency exchanges allow you to send funds to other users in return for the coins you want to purchase.
You can select the approach that best suits your needs. You're now ready to buy cryptocurrency in Nigeria if you can find an exchange that accepts your preferred mode of payment.
As previously said, the best way to acquire cryptocurrency in Nigeria is through a crypto exchange such as Quidax, BuyCoins, Patricia, and others.
These exchanges have been around for a long time and provide everything you need: reasonable costs, speedy transactions, and friendly customer service.
Buying Crypto In Nigeria: A Step-by-Step Guide
This is the section for you if you've opted to buy cryptocurrency in Nigeria. We'll break down everything you'll need to know so you can get started right away.
1. Create A Wallet For Cryptocurrency
A cryptocurrency wallet is essentially a program that allows you to keep track of your digital assets. If you want to learn more about wallets, here's a "nice guide" to help you out.
When you register an account with a crypto exchange in Nigeria, you instantly obtain a wallet. You can, however, use a mobile wallet like TrustWallet or MetaMask.
2. Choose Where You Want To Purchase Your Cryptocurrency
The next step is to decide where you want to purchase your cryptocurrency. There are a variety of alternatives accessible here, including:
- Crypto brokers are those that specialize in the purchase and sale of cryptocurrency. You can contact a reputable broker, obtain a quote for the coin you want, and pay the money to them. You simply wait for the coins to arrive, and then you're done.
- Crypto exchanges are services that allow you to purchase and sell cryptocurrency. In Nigeria, exchanges like Quidax and Luno are popular because they are secure and simple to use. They connect you with reputable sellers, and you may complete your transaction in minutes!
- Crypto trading platforms: Crypto trading platforms make it easy for people to exchange cryptocurrencies. Many Nigerian crypto exchanges (particularly Quidax) offer comfortable reading as well as the ability to acquire cryptocurrency.
3. Get Your Cryptocurrency
Making your purchase is the final step. Crypto exchanges can help you with this, but you can also look for a broker on your own.
How Do You Pick A Crypto Exchange In Nigeria?
Nigeria has a large number of cryptocurrency exchanges. Quidax, Patricia, Bundle, and a slew of other Africa-focused alternatives are now available.
So, which one is the most effective? That is a question that only you can answer because everyone has their own preferences. However, regardless of which exchange you use, there are a few things to keep in mind. These are some of them:
1. Security And Safety
Whatever crypto exchange you use must have the appropriate security procedures in place. Hackers will be unable to acquire your account information and drain your funds this way.
Look for security features such as multi-factor authentication, strong passwords, and more. To keep your credentials safe, a crypto exchange should be able to use authentication services like Google Authenticator or Authy.
You must also be in charge of your own security. Use strong and complicated passwords, never share them online, and if possible, use a password manager.
The finest cryptocurrency exchanges have cheap service fees. You can compare the fees of different exchangers to find which one is the most convenient.
When it comes to fees, keep the following in mind:
- Fees for deposits and withdrawals
- Costs for trading, transfers, and any other fees you may encounter
- The less expensive it is for you, the better.
3. Coins That Are Accepted
As we all know, Bitcoin and Ethereum aren't the only currencies available. There are hundreds of prominent altcoins to pick from, and your chosen exchange should contain them. You won't have to register several accounts because you'll obtain all the coins you need on one exchange.
A cryptocurrency exchange should be simple to use and comprehend. However, ease of use is a personal preference. Some people prefer Binance to Luno, while others prefer Luno to Binance.
So, have a look at the various exchangers and decide which one you want.
5. Customer Support
Customer service channels should be plentiful on the right exchange. This way, if you have a problem or become confused, there will always be someone to assist you.
How to Buy Bitcoin Safely in Nigeria After CBN Ban & Avoid Blocking Account!
Which Crypto App Is Best In Nigeria?
Best Crypto Trading Apps In Nigeria (2022)
- Coinbase Pro
If you're a Nigerian, you have a lot of options when it comes to cryptocurrency. Cryptocurrencies can be used to move money overseas, save money, or even invest and earn money.
However, due to the CBN's rules, obtaining cryptocurrency in Nigeria can be difficult.
For rookie crypto enthusiasts, exchanges like Quidax provide the greatest experience.
They're reliable, and they provide all the assistance you'll need to acquire cryptocurrency in Nigeria.