Cryptocurrencies like Bitcoin (BTC), Etherum (ETH), Ripple’s XRP, Litecoin (LTC) and DASH are among cryptocurrencies people across the world are using as an investment asset. It is possible to invest in cryptocurrencies as a Nigerian using your naira debit card or bank transfer, although before investing you should read this article which explains a couple of things you should know before investing in cryptocurrencies. Some of the content indicated in the article also apply when investing in traditional assets like stocks and forex.
In Nigeria, there are several exchanges you can use to buy/sell cryptocurrencies, however, I recommend that you use an exchange like Quidax, as it is easy to use regardless of if you are new to crypto or not. I also recommend that you use the instant exchange feature on the platform.
The instant exchange feature allows you to quickly buy/sell cryptocurrencies at the prevailing market price quoted on the exchange.
You need to sign up on an exchange such as Quidax in order to start trading cryptocurrencies. After you have signed up and verified your identity you are good to go.
Steps to invest in cryptocurrencies in Nigeria with using an Instant Exchange:
- Got to Quidax.com
- Click on Wallets, it will open to the Deposit tab showing your Naira wallet
- Select the method (Bank Deposit or Card Payment) you want to fund your wallet.
- Once your wallet is funded click on Instant Buy/Sell in the menu
- When the page loads Click on “Buy”.
- Then, select the currency you want to buy with.
- In the amount to spend, enter the amount for the currency you are buying with. Example: If you want to buy N50,000 worth of BTC, type 50,000 in that field. (Please, take note of the selected currency).
- You can alternatively switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field. (Please, take note of the selected currency).
- Confirm all the details.
- Click “Buy”
Once you click on buy you will see an order successful popup, click on x beside it and then navigate to Wallets in the menu.
When the page opens up click on the icon of the cryptocurrency you invested in to see the amount in your wallet.
There you have it, you have successfully invested in cryptocurrency.