How to Buy Bitcoin in Nigeria
We found 5 trusted online cryptocurrency exchanges operating in Nigeria including Luno, NairaEx, and Binance.
Luno is the most popular Bitcoin exchange in Nigeria with 6,000,000 users
NairaEx allows buying and selling Bitcoin with 3 forms of payment
Binance accepts users and payments from 192 countries
Ease of Use
Medium
Fees
Average
Verification
2-3 Days
Reputation
Trusted
Previously known as BitX, Luno was founded in 2013 in South Africa.
Buy Bitcoin
Previously known as BitX, Luno was founded in 2013 in South Africa. Luno serves upcoming markets that lack local cryptocurrency exchanges and as such has a strong presence in presence in South Africa, Singapore, Nigeria, Malaysia, and Indonesia.
Luno claims that the majority of customer Bitcoin funds are kept in what we call “deep freeze” storage. These are multi-signature wallets, with private keys stored in different bank vaults. All web services and communication happens over SSL-secured (https) channels. Wallets are stored using PGP encryption. No individual has direct access to customer Bitcoin funds and regular auditing — both financial and security auditing — ensures that funds are always safe and fully accounted for.
Ease of Use
Medium
Fees
Very High
Verification
1 Day
Reputation
Trusted
NairaEx provides secure and reliable Bitcoin exchange services for Nigerians.
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NairaEx provides secure and reliable Bitcoin exchange services for Nigerians. The platform is strictly limited to Nigerians and the Nigerian Naira.
NairaEX claims that all cryptocurrency assets are stored securely offline with a leading wallet custodian.
Ease of Use
Medium
Fees
Low
Verification
1 Day
Reputation
Trusted
Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.
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Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
Binance is considered a safe cryptocurrency exchange. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options.
After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
Zengo is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.
Ledger Nano S Plus is a secure hardware wallet that connects to your computer via USB-C
BlueWallet is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux
Ease of Use
Easy
Fees
Average
Verification
2-3 Days
Reputation
Trusted
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
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With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.
Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.
Ease of Use
Easy
Fees
Average
Verification
1 Day
Reputation
Trusted
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.
Buy Bitcoin
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world.
Changelly offers two-factor authentication and an HTTPS security protocol. No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets.
Buying bitcoin and other cryptocurrencies in Nigeria is a simple process and usually takes less than 10 minutes to get fully setup.
The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.
There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Before purchasing, there are a couple of important things you'll need to prepare:
1. Create an account with an exchange
Nigeria has 5 trusted exchanges available for you to sign up for, with the most popular being Luno and NairaEx, which account for a combined 6,130,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it's important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Nigeria.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Luno and NairaEx are: Bank Transfer (SEPA), Credit Card, Debit Card, Cash, Electronic Funds Transfer, Interbank GIRO, Interbank Funds Transfer.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
Nigeria
As of 17 January 2017, The Central Bank of Nigeria (CBN) has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.
On February 5th 2021, the Central Bank of Nigeria issued a circular informing financial institutions in Nigeria that sequel to their circular in January 2017, dealing in cryptocurrency or facilitating payment for same remains prohibited and would attract a stiff penalty.
🌎 View bitcoin and cryptocurrency legality around the world
There are 5 trusted exchanges operating in Nigeria with the most popular being Luno , NairaEx , and Binance.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Nigeria based on fees, users, and security while giving placement preference to exchanges located in Nigeria or specifically catering to users in Nigeria.
Most of the exchanges operating in Nigeria have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
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