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How to Buy Bitcoin in Nigeria

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buy bitcoin in nigeria

If you want to buy bitcoin in Nigeria using nairas you have come to the right place.

In this guide, you will discover a complete list of exchanges that enable you to buy cryptocurrency in Nigeria using a range of different payment methods.

Quidax

Quidax

Quidax is a leading cryptocurrency exchange that enables Nigerians to buy bitcoin (and several other cryptocurrencies) with the naira. The trading platform launched in 2018 and supports numerous payment methods, including debit card, bank transfer and USSD.

Currently, Quidax enables you to buy, sell, trade, and store bitcoin (BTC), ether (ETH), litecoin (LTC), dash (DASH), USD tether (USDT), and ripple (XRP).

The exchange has both a web-based version and mobile app (iOS and Android) to enable Nigerian to trade at home and on-the-go. 

To buy bitcoin using Quidax you need to:

  • Sign up for a free account using your name, email, and a password
  • Deposit fiat currency using a debit card, bank transfer or USSD
  • Buy an instant buy or place an order in the order book
  • Receive your BTC in your Quidax wallet

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. You will then see your total order slip including your commission.
  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, a bitcoin exchange and wallet provider, is one of the most widely used digital asset trading platforms in Nigeria. The exchange 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.

NGExchanger

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 and include the transaction number in your invoice.
  6. After successful payment, click on confirm to record and save the transaction. You will receive your bitcoin in your wallet and a confirmation email will land in your inbox.

Bitkoin.Africa

Bitkoin.Africa is a 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

Naira4Dollar.com 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.

There are also other local e-money exchange platforms that allow you to convert bitcoin to naira and vice versa. Examples include Instant Gold Nigeria, Nigeria Gold Exchange, and CryptoMart.

However, when it comes to buying bitcoin, it is advisable to use well-known established exchanges. Quidax, NairaEx, ICE3X, and Luno are the most secure bitcoin buying options in Nigeria.

To learn more about Bitcoin, download the Bitcoin Beginner’s Handbook for free.

Bitcoin Beginner's Handbook

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4 Tips for Managing Your Emotions When Trading Crypto

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Managing Your Emotions When Trading

Dealing with emotions is a natural part of being human. How you feel can significantly impact the world around you, and that is an indisputable fact in life. However, the world of cryptocurrency trading can be an unforgiving place for the overly emotional. If you let your feelings cloud your decision-making, you risk selling too early, running losses, and missing out on significantly profitable opportunities had you stopped for a moment and thought the matter through with a clearer headspace.

For example, after hearing some concerning rumors, you rashly decided to empty out your XMR wallet and other crypto exchanges for fear of losing money. After some time, however, the prices bounce back higher than before, which is a cause for dismay because you lost all of your investment due to a rash decision on your part.

Hence, it is crucial to keep your emotions in check when trading. This is especially the case when you are trading in an extremely volatile industry such as cryptocurrency. The crypto market is notorious for its constantly fluctuating values and massive price swings. It can strike fear, panic, and greed in the least suspecting and cost you more than what you bargained for.

Whether you are new or experienced in dealing with crypto, managing one’s emotions is a must-have tool in your trader’s toolbox. To help you master this skill, here are some tips to keep in mind as you traverse the wild, harsh landscape of crypto trading.

Develop a Risk Management Plan

Risk management is an integral part of any kind of investment venture. You want to ensure that you have backups in place in case a situation arises that may threaten your initial investment. However, many new traders overlook the importance of considering their emotional responses and their risk tolerance when formulating their risk management plans. As a result, their plans crumble in the face of high-pressure situations.

As such, always consider your risk tolerance when developing a plan to mitigate trading risks. In fact, many trading consultants use it as a basis for forming your trading plan. By doing so, you can ensure that you are only taking on what you can handle emotionally as you work your way to reaching your financial goals. Over time, as you become more experienced and more in control of your emotional responses, you can decide to take on more risks.

Conduct In-Depth Research

One of the most effective ways to handle frantic feelings is to counter them with cold, harsh facts. Aside from your risk management plan, it is wise to conduct some research on your own that can substantiate or debunk any concerning news or rumors that might cause you to buy or sell on an impulse. For example, after hearing from another trader that one of the digital coins you invested in has died due to a lack of community support, you might be tempted to liquidate the entirety of your investment. However, after some digging, you determined that the community is still active and invested in improving said cryptocurrency.

It is also important to do your homework when picking which coins to support. Make sure to check the cryptocurrency’s whitepaper and the developers’ activities for a clearer idea of the coin’s potential. In this manner, you can feel assured that your investments have a high potential of bearing fruit in the future.

Do Not Obsess Over Market Charts

Many traders new to the crypto industry fall into the trap of obsessing over market charts. The constant flickering of colors and lights can be hypnotising to the unaware. They watch price fluctuations all day to ensure that they can take note of sudden price hikes and dips, which may lead down a path to profitable opportunities.

However, this method is not helpful to your mental and emotional health. Indeed, it can feel like an emotional rollercoaster watching prices go up and down continuously. Processing significant amounts of information for too long can wear you down over time and may instead cause you to decide poorly when an opportunity arrives. Thus, a word of advice: do not let the market chart take over you.

Take Advantage of Limit Orders

Signing into your crypto exchange after some time and learning that the value of your investment has plummeted is a reasonable fear for many traders. After all, it is not healthy to watch market charts like a hawk, and in the crypto space, so many things can happen after a short span of time. Fortunately, many crypto exchanges have stop-loss features. This is a feature that automatically sells your coins once their prices decline to a certain value. In this manner, you can feel assured that your investment remains intact, assuaging any fear or worry you may have while not on the crypto exchange.

Removing emotions from any decision-making process that you make is almost impossible. In a highly complex and volatile market like cryptocurrency, conquering your initial emotional responses and maintaining a clear head is a skill that you have to master through experience. By doing so, you can keep your eyes on the prize and trade in a manner that is most helpful to your needs.

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How to Bet with Bitcoin on Football

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With the new football season having started, it’s time to learn how you can bet with bitcoin on your favorite football club. The good news is that many online betting companies now accept bitcoin.

Read on to learn why betting companies love bitcoin and how to bet with BTC on your football team.

Why Betting Companies Support Bitcoin

Since its establishment in 2009, Bitcoin (BTC) has been and continues to be the most popular cryptocurrency, and with good reason. Some of Bitcoin’s most impactful features include:

1. Fast and inexpensive

With bitcoin, it takes a few minutes to send and receive any amount of money. And if you are using the Bitcoin Lightning Network to make payments, transaction costs are a few cents.

2. No third-party interference

Because of its decentralized nature, which makes it impossible for anyone (including governments) to control, you can feel safe to make any payments you want (including to online betting platforms). This also comes with the added advantage of not having to disclose your personal information when making a payment.

3. Supports borderless payments

With Bitcoin’s decentralized nature comes its borderless characteristics. This makes it possible for anyone in the world to be able to send and receive bitcoin payments wherever they are.

Betting companies were among the first adopters of bitcoin because it enables them to reach a broader audience and provide an innovative digital payment option to bettors. From playing a bitcoin slot to betting on any sport imaginable, bitcoin casinos and online betting companies have truly embraced bitcoin.

The credibility of bitcoin as a financial and payment solution is also being felt in the world of football. For example, in April 2021, Southhampton F.C began paying its players bonuses in bitcoin, opening up a whole world of possibility for other clubs to start doing the same.

How to Bet With Bitcoin on Football

Bet with Bitcoin on Football

Betting with bitcoin has proved to be an efficient process for bettors, and betting companies who have embraced cryptocurrency as an efficient payment system.

One of the leading sports betting companies that enables you to bet with bitcoin is Sportsbet.io. So let’s dive in and show you how you can bet with bitcoin on this popular platform.

Betting with Bitcoin on Sportsbet.io

Sportsbet.io is a user-friendly and highly modern betting platform. It has a functional live betting service and is one of the few betting companies that will allow you to bet in bitcoin through a few easy steps.

  1. Register for Sportsbet.io by clicking on the ‘Create an Account’ tab on the top right of the homepage.
  2. Access your wallet by logging into Sportsbet.io. On the top right of the page, next to your balance, click your balance or the ‘Deposit’ button.
  3. Next, you click on ‘Use Currency’ and on ‘Deposit.’
  4. A QR code will appear.
  5. Open your bitcoin wallet, scan the QR code, and choose how much BTC you want to send to your betting account.
  6. You will have to wait for three confirmations on the Bitcoin blockchain for your funds to settle in your SportsBet.io account.
  7. Start betting on your team(s).

Now that we have started you off on your journey, happy betting, and may the odds be ever in your favour!

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How to Cash Out Bitcoin to Naira Using Cryptofully

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Bitcoin to Naira

Over the past few months, Nigeria’s central bank has made it difficult for traders to cash out bitcoin to naira, restricting crypto companies from having a Nigerian bank account. But there is now a cheap and efficient way to cash out your bitcoin to naira.

In this guide, you will learn how to convert your BTC to NGN and receive the money in your bank account within minutes using Cryptofully.

Getting Started on Cryptofully 

Cryptofully is a peer-to-peer payments app that allows you to easily convert bitcoin to naira and automatically settles into your Naira bank account.

Using Cryptofully, you can cash out your bitcoin from anywhere in the world into any Nigerian bank account. The platform also supports US dollars and payment options, including Visa, Mastercard, Google Pay, and Apple Pay.

Cryptofully leverages a local network of peer-to-peer (P2P) traders, enabling it to convert BTC to NGN within minutes. With this P2P system, you are not looking for a peer to buy your bitcoin. Cryptofully automatically matches your trade to the best peer and makes it seamless for the user.  

All that’s needed to cash out bitcoin to naira using Cryptofully is to sign up, complete the KYC, add a bank account and convert your bitcoin to cash.

How to Cash Out Bitcoin to Nigerian Naira

You can cash out your bitcoin to your Nigerian bank account using either the Cryptofully website or mobile app. 

Download the Cryptofully App

mobile app

Step 1: Create an account

  1. Get the app on iOS or Android.
  2. Open the app and register with your email address and verify the email address.
  3. Start the KYC process. Visit Profile, click to Add bank, and add your BVN. You can also add your bank account in this section.

Step 2: Cash Out Your Bitcoin to Naira

  1. Type in the amount you want to cash out.
  2. Then choose to send via bitcoin.
  3. On the following page, you can add your bank account details in the recipient field.
  4. On the last page, you can see a Bitcoin wallet address. Send your bitcoin to that wallet address and within a few minutes, the equivalent amount in naira will settle in your bank account. 
  5. Cryptofully matches you to a peer instantly who sends the money to your naira bank account.

Visit the Cryptofully Website

Cryptofully Platform

You don’t need to sign up or log in with any details on the website to start using it

  1. Go to the Cryptofully website at www.cryptofully.com.
  2. Specify the amount of bitcoin you want to cash out to naira. You can use either the Floating Rate or Fixed Rate. The Floating Rate means the exchange rate can change based on changes in bitcoin prices, and the Fixed Rate means you can lock in an exchange rate for your transaction.
  3. The naira amount equivalent you will get in your bank account will appear below.
  4. On the following page, you will see a space to fill in the preferred bank account you want to receive your money.
  5. Then, you will be shown a Bitcoin wallet address. 
  6. Copy the wallet address and do a transfer to the address. The Cryptofully system matches you immediately to a peer.
  7. The peer sends the money and the money settles in your naira bank account.

Since the Central Bank of Nigeria enacted draconian measures against crypto companies, preventing them from having banking relationships, the peer-to-peer bitcoin trade has flourished in the West African country.

Peer-to-peer payment apps, like Cryptofully, are enabling Nigerians to continue using bitcoin for remittances, payments, and as an investment.

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