Where to buy Bitcoin and other cryptocurrencies in Nigeria (2019)

Where to buy Bitcoin and other cryptocurrencies in Nigeria (2019)

Nigeria is usually among the top 10 countries for Google searches for ‘Bitcoin’. This spells out a lot of interest in Bitcoin in Nigeria.

A lot of time the focus on Bitcoin is on using it as an investment vehicle almost like shares and forex, that is buying when the prices are low and selling it a high price.

However, there’s an increasing number of people using Bitcoin beyond this use case.

One such use case for businesses and individuals alike is using Bitcoin to pay for goods and services as well as to receive payments from clients outside the country. Especially as it takes less than 30 minutes them send/receive money using Bitcoin and with less than half the transaction cost.

In this article, we have taken a look at top places where you can send, receive, buy and sell Bitcoin in Nigeria.

1. Quidax

Quidax

Quidax tops our list of places where you can buy Bitcoin in Nigeria due to its ease of navigation that helps for both beginners and experts to sign up and start buying/selling cryptocurrency in a short space of time.

Quidax is an African focused cryptocurrency exchange which appears to have a long term focus on facilitating remittance into Africa. Asides from an order book exchange their website also allows users to buy Bitcoin using their instant buy and sell feature. With their instant buy and sell feature they enable users to buy Bitcoin with just 200 NGN.

A primary advantage this exchange has over a number of others in Nigeria is its funding and withdrawal options (bank transfer and card deposit) which are efficient. As well as a responsive support team.

In addition, they also support other cryptocurrencies including Etherum, Ripple’s XRP, Litecoin and a couple of others. With this, you don’t have to look for where to store your bitcoin. You can easily store them in the Quidax bitcoin wallet.

Pros:

  • Beginner friendly and easy to navigate
  • Offers Bitcoin, XRP, Etherum and a couple of others
  • Weekend and Night withdrawals
  • Reliable customer support
  • Very low fees
  • Offers wallet for over 6 cryptocurrencies and Naira

Cons:

  • Mobile App
  • No live chat
  • Requires full KYC for withdrawal (ID document, selfie and proof of address)

2. Local Bitcoins

Local Bitcoins is a peer-to-peer secure platform where you can meet with sellers and buyers of bitcoin in Nigeria. It functions as an escrow which matches buyers and sellers together. As an escrow what they do is to hold the seller’s bitcoin until the seller confirms that they have been paid by the buyer. This way, neither the seller nor the buyer gets cheated.

Local Bitcoins commenced operations in 2012 and is available in 248 countries.  They only trade Bitcoins

Payment methods accepted by Local Bitcoins are Bank transfer, Cash, Web money, Paypal, Wire transfer and Western Union. But, because you are transacting with individuals on this platform, it’s important that you put a little thought into security as well.

Pros:

  • Reliable customer service
  • Available in 248 countries
  • Accepts a wide range of payment methods

Cons:

  • Doesn’t provide a wallet You can’t store your bitcoin on this platform
  • Bitcoin is the only cryptocurrency
  • Might be confusing for first timers
  • You are dealing with individuals directly with a faulty escrow system and thus there is a risk of loss of funds.

3. Remitano

Remitano commenced operations in April 2016 and currently supports 58 countries including like Algeria, United Kingdom, Philippines, Uganda, Russia and Turkey. What this means is that it is a more inclusive cryptocurrency platform.

Remitano is a peer-to-peer exchange which means that it links up buyers with each other without holding users’ funds in a wallet.

Payment methods allowed on Remitano are cash, bank transfer and debit/credit card payment. Cash payment works when buyers and sellers are close to each other and prefer this means of payment.

With Remitano’s escrow service, they curtail scam and ensure that both parties live up to their commitment. The escrow service works by holding up the bitcoin of the seller until the seller confirms that payment has been made by the buyer. Upon confirmation,  Remitano safely releases the bitcoin to the buyer.

There are three types of account on Remitano; Starter, Gold and Platinum.

Pros:

  • Provides storage for Bitcoin and other supported cryptocurrencies
  • Peer-to-peer exchange
  • App available
  • 2-factor authentication is available to protect users from fraud
  • Ease of use

Cons:

  • Sometimes, fraudsters still find a way in so security is of paramount importance.
  • The payment time sometimes exceeds the stated time because you have to wait to receive payment from an individual

4. Paxful

Like Remitano and Local coins, Paxful is a peer-to-peer exchange. This means that Paxful is a convergence point where buyers and sellers meet to buy and sell bitcoin. For businesses, Paxful offers a method for buyers online to pay for products and services using Bitcoin.

Being a peer to peer exchange it does not provide wallet services. This gives room for users to store their own Bitcoin. While this can be advantageous, it can also prove to be otherwise when you are looking to perform fast transactions.

Paxful has over 300 methods you can use to pay for Bitcoins on this platform. This is one of the reasons it is called the “uber of bitcoin” in Nigeria.

Pros:

  • It’s a peer-to-peer exchange
  • Provides storage for bitcoin
  • Reliable customer support
  • Ease of use

Cons:

  • Bitcoin is the only cryptocurrency
  • There are fraudsters looking to scam unsuspecting individuals. So, security is of high importance when using this platform.
  • There have been high-profile accusations on twitter from Nigerian users of locking their funds without cause.

5. NGexchanger

Ngexchanger is an Exchange where buyers and sellers meet and transact.

NGexhanger operates similarly to Remitano and Local Bitcoins in that they act as an escrow and also provide a platform where buyers and sellers meet and carry out transactions.

Ngexchanger allows users to reach them using several channels including What’s App. The exchange does not only enable users to buy and sell Bitcoin but also Steem, EOS, Tron and Bitcoin Gold.  

With an unverified account on Ngexchanger, you can buy a minimum of $20 to $1000 per day. But with a verified account, you can buy and sell as much as you want. It usually takes 24 – 48 hours to get verified on Ngexchanger.

Pros:

  • You can store your Bitcoin on their website

Cons:

  • Operates only in Nigeria
  • Has wide spreads which mean users can get less than market value when buying or selling

6. SatoWallet

SatoWallet is a relatively new cryptocurrency exchange that allows users to store and trade Bitcoin. A couple of features that comprise Sato wallet is its Jiff Trading which enables users to perform transactions quickly.

The platform has its own token which is called satos. Satos supposedly represent tokenized shares in Satowallet. Asides from Bitcoin, Satowallet also supports some altcoins.

Their application also supports wallet staking where users are allowed to store any proof-of-stake cryptocurrencies to earn staking rewards weekly from the general earnings received on the platform.

Pros:

  • Processes quick bitcoin transactions
  • There are projects on this platform and new ones are added on a weekly basis

Cons:

  • No live chat
  • Can be complicated to navigate for new users

7. NairaEx

NairaEx is a Nigerian based exchange. NairaEx allows you to buy Bitcoin on their platform. The minimum amount to buy Bitcoin on NairaEx is 30,000 Naira.

The website does not offer two-factor authentication so you might want to be a little careful. But, they have a referral program in which verified users can earn a commission when people they refer to sign up.

Initially, they traded Bitcoin and other altcoins like Etherium, Litecoin and Bitcoin cash. But have stopped trading altcoins and simply focus on Bitcoin. NairaEx has two deposit methods bank deposit and Perfect money. The exchange is only open to users in Nigeria.

Pros:

  • Enables quick Bitcoin transactions

Cons:

  • High difference between buy and sell price which means you don’t always get the best price on the market.
  • Only trades Bitcoin
  • You can’t store your Bitcoin on this site
  • They do not have a mobile App

The first step to buying, selling, sending or receiving Bitcoin or any other cryptocurrency is in selecting the right exchange.

Key to most people is an exchange that is easy to use and has a great support team.

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