Nigeria is home to one of Africa’s leading bitcoin economies and has emerged as one of the most active digital currency trading hubs on the continent. In Nigeria, you can find bitcoin startups, digital currency exchanges, meetups, conferences, and a continuously rising demand for bitcoin.
Unlike in many African countries, where bitcoin trading is often limited to Whatsapp groups and social media networks, Nigeria has a multitude of exchanges where locals can buy bitcoin with nairas.
In this article, you will discover the most active and most secure digital currency exchanges you can use to buy bitcoin in Nigeria.
NairaEx is one of the most reliable and longest standing bitcoin exchanges in Nigeria. The exchange was founded in 2015 and is simple and easy to navigate with an inbuilt real-time exchange rate of bitcoin to naira.
Buying bitcoin on NairaEx is very simple. All you have to do is sign up to NairaEx, get verified by uploading a valid identity card, deposit money using a bank transfer or PerfectMoney, and proceed to place a buy order. Upon confirmation of your order, the transaction will be initiated and once it has been completed your account will be funded with the bitcoin you just bought.
The South African digital currency exchange ICE3X recently opened its doors in Nigeria giving Nigerians an opportunity to buy bitcoin, litecoin, and ether using nairas through the use of the VoguePay payment processor.
To buy bitcoin from ICE3X, you will need to first create an account on ICE3X and fill out the form with your personal details. Once signed up, you will receive an email to verify your account. To fund your ICE3X account with your nairas, you will need to login to your newly created ice3X account, proceed to the DEPOSIT/WITHDRAW tab in the menu bar to make a deposit using your newly created VoguePay wallet (you can get more info here on how to set up a VoguePay wallet).
After successfully funding your account, you can proceed to place a buy order following these simple steps:
- To buy bitcoin, click on the naira balance in the deposit/withdraw section of your ICE3X account.
- Click on the trading tab in the blue menu at the top and click on the bitcoin tab.
- Enter how many bitcoins or fraction of bitcoin you wish to buy.
- Enter your buying price (the current bitcoin rate sale price is on the exchange by default, but you can enter any price you want).
- Your total order slip including your commission will then be shown.
- Review your transaction and click on the buy tab underneath to execute your order.
Remitano is a peer-to-peer exchange that has recently entered the African market. The platform is experiencing rapid growth in Nigeria due to its fast, safe and reliable nature.
On Remitano, users can easily buy or sell bitcoin using a range of different payment methods. As a way of protecting both the buyer and seller, Remitano offers an escrow service. This is where the seller transfers the amount of bitcoin the buyer wants to a locked Remitano account. The buyer then sends the payment to the seller with no fear of not receiving the paid for bitcoin. Similar to LocalBitcoins.com, Remitano also displays its list of sellers based on their transaction history.
In order for you to buy bitcoin, you have to create an account on Remitano.com and then proceed to the homepage and click on the buy button. After keying in your desired volume and bitcoin address, a list of top sellers will be listed below depending on the rating. You will then click on any seller you wish and proceed to make payment. After successfully making your payment, Remitano will then release the funds to the seller and you receive your bitcoin.
LocalBitcoins.com is a global peer-to-peer bitcoin trading platform. It is a marketplace that helps connect buyers or sellers from different places around the world.
The platform allows users to create buy or sell advertisement with the prices they want to trade at. The exchange platform rates sellers based on their past transactions. As a way of protecting both parties, LocalBitcoins acts as an escrow and has a customer support team ready to help in case of any issues that may arise during a transaction.
To buy bitcoin on LocalBitcoins exchange, you need to create an account on the platform, verify your identity, click on any seller on the homepage that is willing to sell you bitcoin at a price you feel comfortable with and a payment method that works for you.
After clicking on the ‘buy’ button, you will be given details of the transaction including the seller’s terms and conditions. You can choose whether or not to proceed with the particular buyer depending on how comfortable you are with these terms.
To execute a trade, type in the blue box how much bitcoin you want in naira and also add a message to the seller after which you click on the ‘send trade request’ button. Once the payment has been made, click on the ‘I have paid’ button and you will receive your bitcoin on your LocalBitcoins wallet within minutes.
Paxful is a peer-to-peer bitcoin marketplace that has gained substantial popularity in Nigeria.
To buy bitcoin on paxful.com, first, you need to click on the ‘buy bitcoin’ option in the top menu bar. Then you enter the naira amount of bitcoin you intend to purchase and select the payment method you would like to use.
After selecting a way to pay, you click on the ‘search’ button to get a list of sellers who are willing to sell you the amount of bitcoin you requested and are also inclined to your payment method.
Just like on LocalBitcoins, the reputations of sellers are scored and it is highly advisable that you select buyers with high reputation to deal with. You then select a seller and begin your purchase order. The trade details will then pop-up on the left-side of the screen and a chat box on the right side of the screen where you can chat with the seller so you can both track the stages of transaction execution.
Once the trade is completed you will receive your bitcoin on your Paxful wallet.
Luno, an online bitcoin exchange and wallet provider, is one of the most widely used bitcoin exchange platforms in Nigeria. Luno offers a free bitcoin wallet that comes with an inbuilt buy and sell feature that enables customers to buy or sell bitcoin directly from within their Luno wallet. It is designed in such a way that newcomers to bitcoin can easily use the wallet.
To buy bitcoin from Luno, you need to first and foremost;
- Create an account by signing up at Luno.com
- Verify your identity by uploading a valid identity card
- Proceed to deposit money to your account using any of the various payment options available.
Buying bitcoin from Luno comes in two ways;
- Instant buy or sell (recommended for beginners), which allows users to buy or sell bitcoin either from the Luno wallet or from the website.
- Exchange orders (for advanced or experienced users), which is a little bit more technical as it involves placing an order on the exchange at a specific price and waiting for it to get matched.
Bitkoin.Africa is a new Nigeria-based peer-to-peer exchange that allows Nigerian bitcoin users to buy and sell bitcoin from and to one another in a similar manner as on LocalBitcoins or Paxful.
The new exchange was launched in October 2017 and has since seen substantial user uptake in Nigeria.
The exchange platform is one of the oldest e-currency platforms in the country with several shop outlets across the country. If you are looking for a place to buy bitcoin offline, then Naira4Dollar is that place. To know any of their offline shops closer to you visit Naira4Dollar.com.
However, you can also make use of their service online where you can purchase bitcoin using various payment methods.
Port Harcout-based NGExchanger is another e-currency exchange that is well known in Nigeria and specialises in the buying and selling of bitcoin.
To buy bitcoin from the platform, you will need to create an account and get the account verified by uploading a valid ID card. However, you can still buy bitcoin without having a verified account. In such instances, you will need to have a funding limit of $1000 per day with the minimum buying amount being $10. Follow these simple steps to buy bitcoin on NGExchanger:
- After registration, login to your account and click on buy
- Select the e-currency account type you want to buy (in this case click on bitcoin)
- Input the desired volume of bitcoin you want to buy in US Dollars
- Enter your bitcoin wallet address
- After clicking on the proceed button, a payment invoice will be generated with a transaction number. Make payment to the bank details of NGExchanger that will be displayed and include the transaction number in your payment invoice.
- After successful payment, click on confirm to record and save the transaction. Once the payment is received, your bitcoin address will be funded and a message sent to your email confirming that.
There are also other local e-money exchange platforms that allow you to buy bitcoin such as Instant Gold Nigeria, Nigeria Gold Exchange and CryptoMart.
However, when it comes to buying bitcoin, it is advisable to use well-known established exchanges such as Paxful, LocalBitcoins, NairaEx, ICE3X, and Luno as they offer the most secure buying options.
Is Egypt Finally Warming Up to Bitcoin?
A new banking law has given the Central Bank of Egypt (CBE) the right to ban the establishment, promotion or operation of platforms issuing or trading cryptocurrencies without acquiring the required licenses. However, this move suggests that the country is softening its stance on bitcoin as it enables crypto startups to operate under an official license.
The New Banking Law
According to an unnamed official source that spoke to MENA news agency, CBE’s Board of Directors has the right to regulate cryptocurrencies and demand for multiple licenses under the new draft bill. The draft bill acknowledges the importance of financial technology, keeping pace with global banking changes, and leveraging modern technology to provide financial and banking services.
“The new law provides legal authority for the electronic authentication of bank transactions, electronic payment orders, and transfer orders as well as for the electronic settlement of checks and the issuance and circulation of electronic checks and electronic discount orders provided that Board of Directors of CBE issue rules and procedures regulating all the aforementioned actions,” the source said.
Furthermore, these electronic means will have the same authenticity as original papers as long as they meet the set technical criteria, the source stated.
The new draft bill is not yet available for public reading.
Is Egypt Warming Up to Crypto?
In 2018, Egypt’s Grand Mufti Shawki Allam banned cryptocurrencies based on Islamic law that declared these currencies as potential threats to the current financial system and risky due to scams and extreme price fluctuations. Moreover, he disregarded cryptocurrencies, such as bitcoin, because they can be issued and used without the control of any governing authority.
How easy or difficult it will be for crypto startups to register for licenses remains to be seen. However, it does signal a willingness by Egyptian authorities to talk with the industry as opposed to outright ban it as has been the case previously.
Crypto.com Introduces Crypto Earn and Crypto Credit
Cryptocurrency platform Crypto.com has introduced Crypto Earn and Crypto Credit to enable users to earn interest on their coins and borrow by using digital currency as collateral.
Crypto Earn And Crypto Credit
Crypto Earn is a financial product that allows users to earn as much as eight percent per annum in interest on their cryptoasset holdings.
To do this, users deposit digital assets into Crypto Earn through the Crypto.com app and then begin accumulating interest each day through their preferred cryptocurrency. To get started with Crypto Earn, users will have bitcoin, Paxos, and TrueUSD to choose from, according to a company press release.
Crypto.com is offering users two fixed periods namely one-month and three-month terms to earn interest on digital assets. The company will soon provide users with a flexible holding term. With Crypto Earn, you can also withdraw and deposit coins at no fees and spend what you earn.
Crypto Credit gives users instant loans with bitcoin as collateral. Users are free from fixed repayment schedules, monthly fees, payment deadlines, and late fees which financial institutions such as banks often impose. Users, therefore, enjoy a flexible repayment schedule in the twelve months from the beginning of the credit term.
Furthermore, users owning MCO tokens staked in the app receive a special rate of eight percent per annum. Users can use their loans to buy more cryptocurrencies on the app or they can spend it on the MCO Visa Card with cash back of up to five percent.
Other benefits of using Crypto Credit are that you do not require credit checks and that you can get the credit limit you want.
“Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We have never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,” said Kris Marszalek, co-founder and CEO of Crypto.com.
Different Kinds of Bitcoin Trading Strategies You Should Know About
Bitcoin has been around for over 10 years now. There are a lot of things that have evolved with it over the years, including how easy and secure it is to buy, the different ways we can buy it, and the various bitcoin trading strategies that people use now.
There are a lot of bitcoin trading strategies now that it could intimidate a lot of newbies trying to get into bitcoin. The truth is, each strategy caters to a specific kind of trader so if you’re new, these strategies might be worth looking into before you invest any kind of money.
To help get you started on choosing the kind of strategy you’re looking for, here are the two most common strategies that bitcoin traders use:
You may have seen this slang around while doing your research. “HODL” refers to holding your position. It was created in 2013 when bitcoin’s price was dropping but a certain user decided not to sell his shares. He meant to write “HOLDing” but ended up making a typo instead: “HODLing”. It eventually caught on and people decided to give it a new meaning: “Holding On for Dear Life.”
The HODLing strategy refers to the holding of your bitcoins in hopes that your investment will grow over time. To start HODLing, buy bitcoins in bulk when the price is low and then keep it close while watching the crypto market. People can hold their positions from weeks to months to even more than a year. It’s the easiest and one of the more common trading strategies.
Day-trading is another very common form of trading in the bitcoin world. The strategy refers to closing all your positions before the day ends. It involves executing long and short trades to capitalize on the market price of that day. Basically, this prevents having open positions overnight by finishing all your trades within the day.
It’s a more technical form of trading and it requires your full attention and a lot of your time. You’ll need to keep a close eye on all your positions and possibly watch multiple screens to do so. It requires a high degree of focus as well as a good knowledge of how the crypto industry works.
Just getting started
These two trading strategies are literally the most common forms of trading. There are so many more strategies such as swing trading and alt-coin filipping that you’ll need to learn but these two should get you started on your bitcoin journey.
Now, all you’ll have to do is decide on which of the two suits you more. Be sure to figure out your game plan before getting into bitcoin at all and your style should follow.
This guest post was contributed by cryptocurrency education and news platform WeAreCryptos.
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