Where to Buy Bitcoin in Nigeria

After Binance announced that it would stop all its services in Nigeria on March 8, the question of “where do I buy and sell Bitcoin” became the new bone for Nigerian cryptonians to chew. If you have that question in mind, you’re welcome onboard.?

In the article, you will get an overview of reliable platforms where you can buy and sell Bitcoin.

Bitcoin Exchange Types?

Before we discuss the nitty-gritty of this article, I want you to understand the three types of exchange systems you may encounter on the platforms we’ll be discussing shortly.?

Broker Over-the-Counter Exchange?

The transaction is directly between you and the platform in this exchange system. You send the money to the platform, and they send the Bitcoin to your wallet address. No external parties are involved.

Some platforms that operate this system register with the government, and some may have physical offices. However, they might be slow and not operate 24/7.

Peer-to-peer (P2P) over-the-counter Exchange?

This is a very popular exchange system in which the platform connects the buyer and the seller and regulates the exchange using an escrow system.

How does P2P work?

Say Mr. A wants to buy ?100,000 worth of Bitcoin from Mrs B via P2P on a platform. After indicating, the escrow will freeze ?100,000 worth of Bitcoin from Mr B’s account.?

Mr A goes to the bank or makes an electronic transfer of? ?100,000? to her account. Afterward, the escrow transfers the Bitcoin to his wallet. After he sends the proof of payment, she confirms it on the platform.?

While this system is fast and operates 24/7, there’s the risk of fraud and frozen accounts.

Trading Platforms?

This system resembles forex trading. Here, traders trade one currency against another, e.g., NGN/BTC, USDT/BTC, NGN/USDT.?

In the system, you only trade in the platform. Although you are trading against someone taking the opposite trade(i.e., buying BTC when you are selling it), you neither see nor interact with the person.

Best Bitcoin Platforms in Nigeria

Now to the nitty-gritty: where to buy Bitcoin in Nigeria.

Roqqu

Roqqu is one of the best Nigerian trading platforms, founded in 2017. Its wallet lets users buy and sell Bitcoin and other cryptocurrencies with fiat currencies. The platform also offers special services like virtual cards, bill payments, and fiat transfers.

Roqqu has a very user-friendly mobile app that allows trading 24/7. The Roqqu mobile app offers benefits, such as a zero deposit fee. Its interface is friendly and suitable for both beginners and advanced traders.?

Pros of Roqqu?

• Suitable for beginners
• Mobile app provides 24/7 trading services
• Sign up process for Roqqu is easy
• Transactions are fast and efficient
• Allow fiat transfers

Cons of Roqqu?

• It has limited payment options
• Only a few cryptocurrencies are available
• Customer service repose is sometimes slow

Luno?

Luno is one of the largest crypto exchanges in the world, with over 10 million users worldwide, including Nigeria. It has a user-friendly interface and is one of the best security tools for keeping crypto safe.?

The relatively easy access to buy Bitcoin and other cryptocurrencies with Luno aligns with its motto that cryptocurrency is for everyone. Although Luno provides services similar to Coinbase, its services are available in countries where Coinbase services are unavailable.

Pros of Luno?

• It has a friendly interface for beginners
• Cryptocurrencies stored in Luno are very secured

Cons of Luno?

• The verification process of Luno is strict and can be frustrating
• Luno had limited payment options

NairaEx?

NairaEx is one of the largest exchanges in Nigeria. It has over 130 thousand users, and over 900 thousand transactions concluded. NairaEx is a Nigerian-based exchange platform in Abeokuta, Ogun State, and its a good spot to buy Bitcoin.

To begin using this platform, you must sign up and verify your ID. Interestingly, NairaEx allows fiat transfers, i.e., you can make transfers directly from your bank account to the platform.

Pros of NairaEx?

• It offers instant and automatic payments.
• It offers different payment options, such as bank transfers and perfect money.
• There is no trading fee in NairaEx, only transaction fees

Cons of NairaEx?

• It requires ID verification, which may be a stressful process
• The only cryptocurrency supported on the platform is Bitcoin
• NairaEx does not have a mobile application
• Transactions less than ?30,000

Bybit?

Bybit is a crypto derivatives trading platform with advanced trading features such as taking profits and stopping losses. It incorporates high-security features, making it very reliable.

Besides buying and selling Bitcoin on Bybit, you can trade contracts and futures at crypto prices. It provides spot trading and offers up to 100X leverage for futures trading.

Pros of Bybit?

• It allows leverage trading.
• Bybit’s two-factor authentification and cold storage for cryptocurrency enhance the safety of users’ funds.
• Bybit provides advanced trading features such as “stop-loss,” “take profits,” and limits.
• Bybits offers a wide range of cryptocurrencies other than Bitcoin and Ethereum.

Cons of Bybit?

There is no bank direct withdrawal with Bybit.?

Kucoin?

Kucoin is a great crypto exchange platform. Its headquarters is in Singapore, although the founders launched it in Hong Kong. It offers exchange services for Bitcoin and 600 other cryptocurrencies.

Users of the Kucoin platform get discounts for holding the exchange cryptocurrency, Kucoin Shares, by holding it.?

Some of the features and services of Kucoin are:

• Peer-to-peer fiat trade.
• It allows users to buy cryptocurrencies using Visa and Master cards
• Kucoin has a mobile app?
• It provides multiple payment options
• Trading bots

Pros of Kucoin?

• It has an easy-to-use P2P exchange system
• It allows users to deposit USDT through a bank transfer
• It had multiple trading options such as futures, margin trading, and copy trading
• It has a? beginner-friendly website and app

Cons of Kucoin?

• It has a limited payment method
• Some low-cap coins are not available for trading

Conclusion?

In conclusion, consider factors like security, user interface, fees, and customer reviews when looking for the best exchanges from which to buy Bitcoin. Evaluating these aspects will help you make a more informed decision and choose an exchange that aligns with your needs and preferences.