This is article is aimed at walking you through the steps to trade bitcoin in Nigeria. These steps can also serve as a guide to buy other cryptocurrencies such as Ethereum (ETH), XRP, Litecoin (LTC), DASH and others . For this guide the exchange Quidax will be used. Quidax is a Malta based digital assets exchange which a focus on Africa, they launched their operations in Nigeria on 1st August, 2018.
I will be using Quidax as the platform is easy to understand and does not require experience using a cryptocurrency exchange to get started.
To get started on trading Bitcoin in Nigeria using your local currency (in this case naira) you need to sign up on Quidax.com and verify your identity. Without verifying your identity you will be able to send/receive cryptocurrencies and trade cryptocurrency pairs but will be unable to buy cryptocurrency with naira.
After you have verified your identity the first step is to deposit naira in your Quidax wallet.
Depositing Naira in your Quidax wallet
There are two ways to fund your wallet, you can either use ‘Bank Deposit’ or ‘Card Payment’
See the steps for either option here:
- Fund your wallet with ‘Bank Deposit’
- Fund your wallet with ‘Card Payment’
After you have funded your wallet you can buy with either either the instant Exchange or the Exchange. For newbies I recommend using the ‘Instant Buy’, although the fees are higher than the regular exchange.
Buy bitcoin with ‘Instant Buy’
- Click on “Instant Buy/Sell” in the website menu
- Select “Bitcoin” as the currency to buy, confirm that ‘NGN’ is selected as the option to buy with
- Enter the amount you want to buy and click on ‘Buy’
Buy bitcoin with the Quidax exchange
There are two ways to buy Bitcoin when using the Quidax exchange, you can either use the ‘Limit Order’ or ‘Market Order’
Buy bitcoin with Limit Order
A limit order is an order placed on the exchange to buy or sell Bitcoin at a specific price, set by you.
- Click on Exchange
- Select the LIMIT tab on the Place Order section, which is under Charts
- Under Buy enter the order price and the order amount
- The percentages bar allows you to select the percentage of the total amount in your naira wallet that you want to use to buy Bitcoin. Example: If you have 5,000 naira in your naira wallet and you select 25%, it means you want to use 25% of 5,000 naira (1,250 naira) to buy Bitcoin
- Click Buy to submit your order.
- If another user agrees to sell at the amount you entered you will receive the Bitcoin value in your wallet
Buy bitcoin with Market Order
A Market order is a transaction that usually executes quickly at the current market price.
- Select the MARKET tab on the Place Order section, which is under Charts
- Choose Buy and enter the amount of naira you want to use buy bitcoin. Example: Selecting Buy and entering 5,000 naira as the amount, means you will buy 5,000 naira worth of Bitcoin at the current market price.