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How to Buy Bitcoin in Nigeria

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buy bitcoin in nigeria

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

NairaExNairaEx 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.  

ICE3X

ice3xThe 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:

  1. To buy bitcoin, click on the naira balance in the deposit/withdraw section of your ICE3X account.
  2. Click on the trading tab in the blue menu at the top and click on the bitcoin tab.
  3. Enter how many bitcoins or fraction of bitcoin you wish to buy.
  4. Enter your buying price (the current bitcoin rate sale price is on the exchange by default, but you can enter any price you want).
  5. Your total order slip including your commission will then be shown.
  6. Review your transaction and click on the buy tab underneath to execute your order.

Remitano

RemitanoRemitano 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

Convert Bitcoin Into Local CurrencyLocalBitcoins.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

PaxfulPaxful 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

LunoLuno, 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;

  1. Instant buy or sell (recommended for beginners), which allows users to buy or sell bitcoin either from the Luno wallet or from the website.
  2. 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

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.

Naira4Dollar

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.

NGExchanger

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:

  1. After registration, login to your account and click on buy
  2. Select the e-currency account type you want to buy (in this case click on bitcoin)
  3. Input the desired volume of bitcoin you want to buy in US Dollars
  4. Enter your bitcoin wallet address
  5. 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.
  6. 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.

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Mauritius to Receive World’s First Digital Asset Custody Regulatory Framework

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Digital Asset Custody Regulatory Framework

Mauritius is set to receive the first digital asset custody regulatory framework in the world, according to an announcement by the country’s Financial Services Commission (FSC). The framework will be effective from March 1, 2019.

The Digital Asset Custody Regulatory Framework

On September 17, 2018, digital assets were recognised as an asset class for Sophisticated and Expert Investors by theFinancial Services Commission, Mauritius (FSC). This was followed by the FSC issuing a consultation paper with the intention of getting public and stakeholder feedback on the proposed Custodian Services (Digital Asset) License regulation, as BitcoinAfrica.io reported in November 2018. The license enables its holder to offer custody services for digital assets.

“In revolutionising the global FinTech ecosystem through this regulatory framework for the custody of Digital Assets, my Government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth. As an African country, we look forward to fostering further innovation and bringing more prosperity to the region,” said Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius.

The regulatory framework will make Mauritius the first jurisdiction to create a “regulated landscape for the custody of digital assets. Holders of the Custodian Services (Digital Asset) License will equally have to comply with the applicable framework for AML/CFT, in line with international best practices,” the announcement read.

Support for the Regulatory Framework

Digital Asset Custody Regulatory FrameworkAccording to the FSC, the regulatory framework was created after consultations with the Organisation for Economic Cooperation and Development (OECD) on the regulation and governance of digital financial assets.

The Chief Executive of the FSC, Harvesh Seegolam, asserted: “The FSC is committed to implementing enabling frameworks which facilitate the development of the Mauritius IFC. We continue to collaborate with our international counterparts and stakeholders in introducing the appropriate regulatory mechanisms.”

The Bank of Mauritius is also in support of the regulatory framework. The bank’s governor, Yandraduth Googoolye, said: “The Bank of Mauritius is supportive of innovation in the financial services sector. Banks, depending on their respective risk appetite, are encouraged to develop business relationships with players in the Digital Assets segment.”

In light of this announcement, the custody services license regulation could create a thriving cryptoasset industry in Mauritius, which could help position the country as the go-to digital asset investment hub on the continent.

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Ghana’s SEC Mulls Over Cryptocurrency Regulation Framework

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Ghana Cryptocurrency Regulation

Ghana may soon receive a cryptocurrency regulation framework that would enable local bitcoin startups and exchanges to operate legally and without the threat of a potential regulatory crackdown.

Cryptocurrency Regulations in Ghana

According to News Ghana, the country’s financial regulator, the Securities Exchange Commission (SEC), is contemplating regulating cryptocurrencies. The commission is also considering licensing exchanges dealing with digital assets.

The news comes at the backdrop of the increasing number of fraudulent “crypto” investment schemes in the West African nation. Last year, over 100,000 Ghanaian investors were reportedly victims of a crypto investment scam called Global Coin Community Help (GCCH), which saw the investors lose 135 million Ghanaian Cedi.

The SEC Deputy Director General, Paul Ababio, said: “[…] Desist from dealing with these crypto entities. […] When you choose to go there you are on your own. We have adopted a wide range of changes on it and we are still doing our research and gathering information. We welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.”

The State of Cryptocurrencies in Ghana

GhanaLike many central banks in Africa, the Bank of Ghana has warned citizens against investing or transacting in cryptocurrencies due to the risk involved.

Frances Van-Hein Sackey, the Secretary to the Bank of Ghana, in response to the GCCH scam, wrote in a statement: “Anyone who does business with these entities does so at his or her own risk and the Bank of Ghana will not be liable for the refund of any deposit lost by a depositor.”

The current state of cryptocurrency in Ghana could, however, change if the SEC regulates the sector, according to a report by GhanaWeb. The SEC ‘Ababio said that Ghana’s Economic and Organised Crime Office (EOCO) is probing three cryptocurrency companies whose operators are currently missing in action.

“[…] It has been very preliminary and it is a new area of our work that we are going to be quite strong on as well. We will be coming out shortly with a lengthier statement and we will name some of these firms,” he stated.

Furthermore, Ababio revealed that some of these firms operate online and do not have a physical presence. These firms will be classified as illegally operating in the investment sector, he added.

What Could This Step by the SEC Mean for Ghana?

According to the CEO of Modulus, Richard Gardner, the move by Ghana’s SEC is commendable since regulation of the sector will provide standard rules for exchanges to operate by. He believes that this will make the industry viable while protecting consumers from exchanges that engage in market manipulation, abusive trading, and money laundering.

Gardner also noted that the public and private sectors should work together towards creating these regulations.

“The best way to regulate an industry, especially one which is so technical, is to bring together those involved in the private sector, along with those from the public policy side. Together, we can usually find a way to encourage industry growth while protecting consumers,” he said.

Regulations can have a substantial impact on the local bitcoin startup community. Hence, it will be interesting to follow these developments in the coming months as they could mean the difference between Ghana establishing itself as an African leader in the cryptocurrency space or not.

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Places in Africa Where You Can Find a Bitcoin ATM

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Places in Africa

There are currently over 4,000 Bitcoin ATMs across the globe. The majority of them are found in the United States. Africa, however, is also home to a handful of Bitcoin ATMs. In this article, you will discover the complete list of places in Africa where you can buy bitcoin with fiat currency using a Bitcoin ATM.

What Are Bitcoin ATMs?

Bitcoin ATMs function like traditional cash machines with the difference being that instead of cashing out money from your bank account, you can buy and, in some cases, sell bitcoin against local fiat currency.

Zimbabwe bitcoin atmIn 2013, Canada received the world’s first Bitcoin ATM in the Waves Coffee Shop in Vancouver. Then, the following year, the first machine in the United States was introduced at a cigar bar in New Mexico. Two months later, Coinme installed another one in Washington that came with a money transmitter license. Since then, the market for Bitcoin ATMs started to steadily grow.

Today, North America leads the pack with 71.9 percent of Bitcoin ATMs, followed by Europe with 23 percent and Asia with 2.3 percent while Australia and Africa have a meagre 1.3 and 0.1 percent respectively.

Bitcoin ATMs in Africa

In total, there are currently nine reported Bitcoin ATMs in Africa. 

South Africa

South Africa, as a leader in bitcoin adoption, is home to five cryptocurrency ATMs that are situated in Johannesburg, Pretoria, Nelspruit and Cape TownOn Average, these ATMs can dispense between a minimum to a maximum of 100  to 1 Million South African rands (ZAR). Most ATMs require identity verification if you are buying more than 5,000 rands.

Nonetheless, none of these ATMs dispenses cash as they operate only fiat-to-crypto. One bottleneck that might discourage people from using the ATMs is high fees ranging from 8 to 14 percent.

Kenya

Kenya received its first Bitcoin ATM last year in the country’s capital, Nairobi. Operated by the BitClub Network, it is also a fiat-to-crypto only ATM and a minimum of 500 Kenyan Shillings worth of bitcoin and litecoin can be purchased using the machine. 

Uganda

The Kampala Post Office hosts Uganda’s only Bitcoin ATM, which is run by KIPYA Bit2Big, a local Blockchain company. Ugandans can use the ATM to buy bitcoin, bitcoin cash and ether.

Zimbabwe

Golix, the first ever cryptocurrency exchange in Zimbabwe and one of the biggest in Africa, also runs a Bitcoin ATM.

Based in the Golix offices in Harare, this machine provides an essential service in a cash-strapped country since it allows buying and selling of bitcoin, bitcoin cash, and litecoin.

Djibouti

Somewhat surprisingly, there is also a Bitcoin ATM in Djibouti. The currently only Bitcoin ATM in the small East African country is located at Appart Hôtel Moulk.

Interestingly, the ATM’s operator, Group DOS, plans to introduce two more Bitcoin ATMs in Djibouti. Group DOS CEO, Eleyeh Issa, told BitcoinAfrica.io that two new Bitcoin ATMs will be set up in the coming weeks, one at the airport and one at a shopping mall. 

While Bitcoin ATMs tend to come with high fees, which makes them less appealing purchase option for larger investors, they do help to push adoption among smaller investors who want to get started with their first bitcoin investment.

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