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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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Ghana’s Securities Exchange Commission (SEC) Warns Public About Investing in Crypto

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In a recent statement, the SEC of Ghana has warned the populace against investing in cryptocurrency and crypto-related investment schemes. This warning comes amidst a growing concern of the Security and Exchange Commission (SEC) about how Ghanaians are diving head first into the cryptocurrency market.

SEC Warns About Crypto

The Director General of the SEC, Rev. Daniel Ogbarmey Tetteh, signed an official statement released by the Commission that cautions the general public about cryptocurrency trading and all crypto-related activities as these are not regulated by the Securities Exchange Commission reports News Ghana

“[Cryptocurrency investments] offered by unregistered and unlicensed entities on digital online trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC”, the statement read.

The Commission’s statement further read:

Ghana SEC“The SEC wishes to inform the general and investing public that none of these cryptocurrencies is recognised as currency or legal tender in Ghana. The platform on which they are traded are not also licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or Exchanges. Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana.”

Currently, digital asset trading remains a regulatory and legal grey area in the West African nation. Whereas the SEC has stated that it is presently not in support of or regulating cryptocurrencies, it also has not stated that cryptocurrency trading is illegal.

The regulator only mentions that they are “unregistered, unlicensed, and unregulated under the Securities Law of Ghana“. Thus, this can be very much regarded as a “disclaimer” on the part of the regulatory body to the public to sensitise them that trading in cryptocurrencies in the country presently is only done at one’s own risk.

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Botswana Receives its First Bitcoin ATM

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Botswana Bitcoin ATM

A startup in Botswana recently launched the country’s first bitcoin ATM in a shopping mall in the country’s capital Gaborone.

Botswana’s First Bitcoin ATM

Botswana Bitcoin ATMAccording to a report by Business Times, the new bitcoin teller machine, which is Africa’s tenth bitcoin ATM, is located in Gaborone’s city centre in a large shopping mall.

The company hopes that its bitcoin ATM will gradually increase the use of cryptocurrency in the city. Also, given the many negative stories surrounding cryptocurrencies, transactions without human interactions could be an attractive option to potential customers.

“We have been working tirelessly to make it easier for Batswana [people of Botswana] to buy cryptocurrencies and now we are bringing simplicity, convenience, and trust to the cryptocurrency purchasing experience,” said Express Minds’ Director Brose Watlala.

Mr. Watlala further states that the machine has a maximum daily transaction limit of around $5,000 and is the fastest, most convenient way to currently buy bitcoin in Botswana. Since there are no local cryptocurrency exchanges in the country, the local bitcoin community will likely benefit from the new bitcoin ATM.

The Future of Bitcoin ATMs

Botswana‘s government has paid negligible attention to digital currencies with its central bank not having made any official comments on cryptoassets or the blockchain. Currently, there are no clear rules and regulations around the legality of bitcoin and other crypoassets in the African nation. That means that the new bitcoin ATM may or may not last a long time should the country’s regulatory position towards bitcoin change.

As for now though, Express Minds use their newly launched bitcoin ATM to teach more people about bitcoin and the crypto world, which could go a long way in helping the country’s progress in crypto adoption.

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Kenya’s Regulatory Sandbox Will Not Accommodate Cryptocurrency Firms Says CMA

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Regulatory Sandbox in Kenya

Kenya’s financial regulator, the Capital Markets Authority (CMA), announced that the new regulatory sandbox will not accommodate blockchain firms dealing in cryptocurrencies.

The Regulatory Sandbox in Kenya

“[…] Blockchain firms will be considered so long as they are not dealing with cryptocurrencies since the CMA’s mandate does not extend to currency. The CMA regulatory sandbox can only serve financial innovations that are directly within the regulatory perimeter of the CMA.” said the Capital Markets Authority’s chief executive Paul Muthaura, according to a report by BusinessDailyAfrica.

CMA

The new regulatory sandbox aims to offer a controlled environment for fintech firms to innovate and create financial products that protect the interests of consumers.

The regulatory sandbox has so far received interest from 70 firms that want to join. Most of these firms are in the payments sector while others are crowdfunding platforms in the real estate and health sectors. In addition, some of these firms are from outside Kenya.

The CMA recently held a validation exercise with the 70 firms of the opinions received from the public regarding the new laws guiding the sandbox. Before this, the regulator had requested for public feedback regarding the sandbox’s regulations.

In April, the Authority will issue the final guidance notice to anchor the regulations into law before officially launching the sandbox in May.

An Anti-Crypto Regulatory Space

In the past, the Capital Markets Authority and the Central Bank of Kenya (CBK) have warned Kenyans to avoid participating in initial coin offerings (ICOs) and trading in cryptocurrencies respectively. These warnings were issued because investing in ICOs and cryptocurrencies poses a high risk to consumers.

“There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes,” the CBK governor, Dr. Patrick Njoroge asserted in 2018

In one of its 2018 soundness reports, the CMA recommended that a special body be created to oversee cryptocurrencies and ICOs. The report stated: “There is a need for regulators to devise a common approach towards handling issues revolving around cryptocurrencies and ICOs. A joint workgroup by financial sector regulators could be put in place to tackle issues around cryptocurrencies and ICOs.”

In light of the upcoming regulatory sandbox, Kenyans could benefit from the platform since the market is currently flooded with fintech solutions, especially those in the mobile lending sector, which are high-risk.

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