Are you looking to buy Bitcoin in Nigeria (or other cryptocurrencies)? Then have a look at this article. In the following table, you will find a comparison of the best sites to invest in Bitcoin in Nigeria.
We all have different cryptocurrency holder profiles. Some of us are Bitcoin traders who want to go long or short, others want to remain anonymous and some are “buy & hold” investors. That’s is not illogical to find a variety of sites to purchase Bitcoin in Nigeria. For example, Binance focuses on trading with Localbitcoins and focuses on peer-to-peer.
How to buy Bitcoin in Nigeria?
Do you wonder how to invest in Bitcoin in Nigeria? It is easier than it looks:
Find the best site to buy Bitcoin in Nigeria. Depending on your needs either crypto exchange or peer to peer
Register for the exchange and make your first deposit. Some exchanges allow you to buy bitcoin in Nigeria with a debit card
When your account is verified, and your deposit is received, you will be able to place your first trade
When you purchased your Bitcoin, make sure to then send it to a cold storage or paper wallet to lower the risk to be hacked
If you want to know more about how to purchase Bitcoin in Nigeria, have a look at my guide on how to buy Bitcoin in Africa.
Best Bitcoin wallet in Nigeria
Cryptocurrencies experts highly recommend never leaving the cryptocurrencies (Bitcoin included) directly on the exchange. The best practice is to store the cryptos in a hot, cold, or paper wallet. For normal users, the best is to use a hot mobile wallet. There are multiple apps for this. My favorite is the Trust wallet provided by Binance.
Best app to buy bitcoin in Nigeria
Are you more of a mobile user? If yes, you probably prefer to use an app instead of a website to buy Bitcoin. Don’t worry, you are not the only one. No problem, the good news, is that out of the ranking above, all companies offer a quality mobile app. My favorite is from far the Binance App. I have been using it since its release and it is really complete but at the same time very easy to use.
We wish you all the best in your life as a cryptocurrency, stocks or ETF investor. Please keep in mind that I am no financial advisor and none of the above is guaranteed to be correct. I create the content above for education purposes only. All the best – Surferinvestor.com
Key facts about Nigeria
Located on the shore of the Gulf of Guinea, Nigeria has a land frontier of 4,047 km and a coastline of 853 km. It borders Benin (773 km) to the west, Cameroon (1,690 km) to the east-south-east, Niger (1,497 km) to the north, and east-north. Chad is by Chad (84 km).
In 2016, the country was the largest economy in Africa and, according to the World Bank, the 27th worldwide (GDP). The economic and demographic weight of Nigeria has won it the “Giant of Africa” title. Nevertheless, the country remains relatively poor despite considerable oil production and a diversified economy.
Inflation in Nigeria
Inflation in Nigeria is fairly high — reported is ~15%. There are multiples reasons why prices have been rising so sharply. The first element is high growth in the money supply. Each year, the Nigerian central bank is printing roughly 6% of new currencies. Second, political instability had a significant role in the devaluation of the Naira against the USD or EUR (respectively -61% and -60%). Since Nigeria needs to import goods for every life, prices of imported goods increased sharply too.
Why buy Bitcoins in Nigeria — Not financial advice!
Bitcoin seems to be an excellent store of value against inflation due to its low stock to flow ratio
Holding Bitcoin is in a wallet is very discrete which can be a strong argument in countries with high insecurity. Less risk of theft or government confiscation.
A good and decentralized alternative to receiving and send funds abroad
My favorite crypto exchanges in Nigeria
Even if I made a ranking of the 6 best sites to buy crypto in Nigeria, I personally only use the 3 first ones on a regular basis. And Binance would be my clear favorite.
Promo video about buying cryptos in Nigeria — Source: Surferinvestor.com
Binance would be from far my absolute favorite. I love it because it’s not only a platform for buying and selling but especially because they have lots of functionalities such as saving programs that help me to generate passive income from my crypto.
Binance is an exchange founded by its Chinese CEO, Changpeng Zhao, in July 2017. About 300 digital currencies are accepted by this broker. We can count typical pieces between these, and some more exotic ones. Binance is available around the globe in many countries. Therefore, to accommodate the speech of its customers, the cryptocurrency exchange site admits a number of languages. Binance has more than 10 million consumers and approaches $ 1 billion in daily trading volume. The specificity of the world’s 1st exchange is to sell an ERC-20 token, the BNB, providing on the site different functionalities and major benefits, such as a 50 percent cut in transaction fees.
Binance once suffered a security breach. What I really like about Binance is the way they reacted. a) the indemnified their users b) they were very transparent about it c) they then created an insurance fund for their users. #SAFU.
SAFU comes from Secure Asset Fund for Users or Secure Asset Fund for Users. It was on July 3, 2018, that Binance announced the creation of this fund and the acronym appeared.
“In order to protect the future interests of all users, Binance will create a Secure User Fund (SAFU). As of 07/14/2018, we will allocate 10% of all transaction fees received to SAFU to provide protection for our users and their funds in the event of major issues. This fund will be stored in a separate wallet, “the site said.
Trading on Binance
Binance is an app that is very colorful and very well thought through. It has been translated, into a multitude of languages. Binance is capable of handling 1.4 million transactions per second, allowing a very fast response time. You will benefit from two options for trading: standard or advanced.
Saving products on Binance
As you guys know, I am a long-term investor. I love long-term investment that compounds and generate passive income. For this reason, I really like Binance as it has in my opinion the most solid saving product portfolio compared to other sites to buy Bitcoin in Nigeria.
Is bitcoin legal in Nigeria?
The Central Bank of Nigeria (CBN) issued a statement earlier this year that looked to be a prohibition on the usage of bitcoin and other digital currencies in Nigeria. While many thought this was the beginning of the end for cryptocurrency in Nigeria, the situation has since changed, with cryptocurrency continuing to grow and thrive in the nation. The restriction has had little to no impact on cryptocurrency use in Nigeria, as many people have adjusted to the new circumstances. Crypto traders have discovered new ways to acquire Bitcoin in Nigeria and continue their crypto trading.
How to start Bitcoin business in Nigeria
Obtaining a bitcoin wallet is the first step. Various websites and applications provide bitcoin wallets. Coinbase is one of the most popular. Make sure the website you choose is secure. Coinbase is well-known for its security. There are several methods to profit from Bitcoin.
How to make money from bitcoin in Nigeria
Bitcoin-related freelance gigs Offer your services, work, and be paid in bitcoin. BitGigs, Jobs2Bitcoins, Upwork, and Freelancer are all good places to look. These websites have a job board where you may trade your abilities for bitcoins. Simple tasks for bitcoin Take surveys in return for bitcoins by watching adverts and clicking on links. CoinAd, CoinWorker, and other sites are examples of sites where you may accomplish this. These are realistic possibilities, but they do not necessitate the use of bitcoin. Outside of bitcoin, there are opportunities. Mining bitcoin Your computer detects new blocks and adds them to the blockchain when you mine. You get a set quantity of bitcoins for each new block your computer discovers. A “bitcoin prize.”
Is bitcoin mining legal in Nigeria?
While the Nigerian Central Bank released a letter saying holding crypto was illegal in Nigeria, it seems it had next to no impact on citizens’ holdings. Below are some bitcoin cloud mining sites Nigerians can participate in Ccgmining. SlushPool. Genesis Mining. Please consult with a lawyer before investing big sums.
Why Nigeria Bets Massively on Bitcoin
Nigeria has been a top country for cryptocurrencies due to the volatility and fragility of its currency (the Naira) as well as significant inflation. While its price has risen dramatically in the previous year, it remains particularly appealing to young people, who used it to organize and fund the large protests against police violence last October.
After the United States and Russia, Nigeria has become the third-largest cryptocurrency user! Chigoziri Okeke, a 27-year-old Nigerian, acquired his first bitcoins in 2016 to make a simple online payment. He now possesses the equivalent of $50,000 in cryptocurrency after five years. “The price of bitcoin soared to roughly 400-500 USD per unit after my initial buy,” he told AFP. “And I was told it was worth a dollar previously.” It inspired me to put a little portion of my earnings into bitcoin.”
Today, as a result of the economic crisis brought on by Covid-19, an increasing number of Nigerians are investing in virtual currencies, propelling Africa’s greatest economy to the forefront of bitcoin users worldwide. According to a report by the firm, more than $400 million was moved in cryptocurrencies in Nigeria in 2020, making the West African nation of 200 million people the world’s third-largest consumer of virtual currencies behind the United States and Russia. Statista does in-depth research.
Platforms simply connect interested buyers and vendors without collecting personal data that would allow the government to regulate transactions. The ongoing advancement of these technologies may persuade more Nigerians to use digital currencies, especially if the country’s economy continues to deteriorate. “Human beings will always find a method to get around regulations,” Olusola Amusan says with a smile.