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How to Buy Ethereum in Nigeria: A Step-by-Step Guide for 2021

Luno Ether 2

You are new to cryptocurrency investing and looking to buy Ethereum in Nigeria but are unsure where to start, this guide is sure to help you. In this guide, you will discover how to buy ether (ETH) in Nigeria with naira.

How to Buy ETH in Nigeria

Ethereum is the world’s leading smart contract computing platform that empowers developers to build decentralised applications (DApps). The network’s native token, called ether (ETH), has emerged as the second most valuable cryptocurrency after bitcoin. As a result, there is a strong demand for ETH among digital asset investors. 

In Nigeria, several cryptocurrency exchanges allow you to buy Ethereum, including international exchanges like Luno and Coindirect, and local platforms like Quidax and Bundle.

In this step-by-step guide, we will use the Luno app and web browser to illustrate how to easily buy your Ethereum in Nigeria. Luno’s application is easy to use and you can start buying in a few steps once you are signed up.

To buy ETH on Luno, you have to register on the exchange and pass the KYC/AML compliance procedure. Once completed, you are ready to go. 

Using a Web Browser

1. Visit the Luno website: www.luno.com

2. Click on the Sign-up button – you would be prompted to input an email and password. Or you could choose to sign up with your Google, Apple, or Facebook account.

3. Confirm your phone number

4. Once you land on the homepage, set the currency to Ethereum (ETH).

Luno Ether 4 Luno Ether 2

5. Choose the amount in your local currency. There’s a set amount you can choose. Alternatively, you can click on ‘Other’ to specify the amount you want.

6. Select your desired payment method. You can directly use your debit or credit card or fund the Luno Naira wallet first.

Luno Ether 1 Luno Ether 3

7. Confirm the order is correct and click ‘Buy Ethereum.’

8. You could buy as a one-off or you could decide to average into the asset. Luno allows you to periodically buy Ethereum automatically – either daily, weekly, or monthly.

Using the iOS & Android Apps

1. Download the Luno app from the Google Playstore or iOS App Store

2. Acess the homepage and set the currency to ETH.

3. Choose the amount in NGN that you wish to buy. There’s a set amount you can choose or you can click on ‘Other’ to specify the amount you want.

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4. Click on ‘Buy’ – at which point you need to sign in or sign up.

5. Follow the steps above for signing up. If you have an account already, just sign in.

6. Select your desired payment method. You can directly use your debit or credit card or fund the Luno Naira wallet first.

7. After you have reviewed the order, click ‘Buy Ethereum.’

8. You could buy as a one-off or you could decide to average into the asset. Luno allows you to periodically buy ETH automatically – either daily, weekly, or monthly.

On sign up, Luno creates an Ethereum wallet for you. After you have bought ETH, you can move your asset across different Ethereum wallets on different platforms. Luno also allows you to set price alerts to stay up to date with the price movement of Ethereum.

Using Ethereum Safely

Now that you own some ETH, how do you ensure you do not lose them or transfer them to the wrong address if you want to share with someone else?

If you just bought a large amount of ETH and you plan to hold for a long time, it is advisable to avoid storing it on an exchange wallet. It is not completely safe from loss or a hack, so you could invest in a hardware wallet.

Also, if you are leaving your ether on an exchange, ensure you comply with the extra safety steps the exchange provides, which includes setting up two-factor authentication.

Another thing to note is once you send ether to the wrong address, your money is gone forever. Blockchain transactions are irreversible. So, be sure to copy and paste addresses rather than typing them. Moreover, double-check your transaction details before confirming a transaction.

If you are new to cryptocurrency, download our Bitcoin Beginner’s Handbook for free.