If you are new to cryptocurrency and want to know how to buy Bitcoin in Nigeria now, this is the perfect guide for you.
If you don’t know, Africa is one of the fastest-growing crypto markets in the world, and Nigeria is sitting as the number one (1) in cryptocurrency adoption in Africa and also among the biggest worldwide.
Yet, buying Bitcoin in Nigeria is not as easy as in some countries where you can use your credit/debit cards to purchase.
This is because the Central Bank of Nigeria has banned cryptocurrency transactions.
But that has not stopped their Citizens from getting into crypto.
Instead, the Citizens see Bitcoin as a way to survive the Naira which is always depreciating and losing value against the dollar.
So, in this post, I will show you how to buy Bitcoin in Nigeria now, plus the best platform other Nigerians are using to buy and trade cryptocurrencies.
Because if you are going to buy Bitcoin, you will need a trusted crypto exchange with a reputation to avoid falling victim to scammers.
How Much Can I Buy Bitcoin in Nigeria
Bitcoin does not have a fixed price. Instead, the price changes every minute.
The price can be highly volatile too, which is why Bitcoin is better as a long-term investment.
You also don’t have to buy a whole Bitcoin to own Bitcoin. Instead, you can buy a fraction.
To see the current price of Bitcoin click here.
How Much do you Need to Buy Bitcoin in Nigeria
It may come as a shock to you, but with as little as 15,000 Naira you can start buying Bitcoin in Nigeria.
Too small? Yea, but the higher the amount you buy the higher your returns.
The Best Place to Buy Bitcoin in Nigeria
Binance is the best place to buy Bitcoin in Nigeria.
They are the largest crypto exchange in the world, and the exchange Nigerians trust the most.
For beginners, a crypto exchange is where people buy, sell, store, trade, send and receive Bitcoin and other cryptocurrencies.
Continue reading to find out how Nigerians buy Bitcoin with Binance.
How to Buy Bitcoin in Nigeria Now
The easiest way Nigerians buy and sell Bitcoin is through Binance P2P.
They charge zero fees, have fast transactions, and friendly support staff.
For beginners, P2P is short for peer-to-peer or person-to-person.
A P2P platform allows users to buy and sell cryptocurrencies directly with other local users without any third party or intermediary.
How does it work? You locate a Binance P2P user that wants to sell their Bitcoin, you transfer money to their bank account, they receive the money, and release the Bitcoin to you.
It is as easy as sending money to a friend and your friend sending Bitcoin to you.
But please, do not mention Bitcoin or anything related to cryptocurrency in your purpose of the transfer. That is to avoid your bank restricting your account and that of the seller.
You should also know that Binance will lock the seller’s Bitcoin in escrow immediately after you click Paid. This way the seller cannot refuse to release your Bitcoin.
The process is secure. So, nothing to worry about.
Follow the step-by-step guide below to buy your first Bitcoin:
1. Create a Binance account
That is if you don’t have a Binance account already.
To create a Binance account GO TO Binance.com.
It is easy. All you need is an email address/phone number, then a password.
2. Complete your Identity Verification
To comply with regulations like anti-money laundering (AML) and know-your-customer (KYC), crypto exchanges ask users to complete a KYC form when they register a new crypto account.
This helps the exchanges verify their user identity and to confirm you are who you are claiming to be.
For a beginner, KYC may sound complicated, but it is easy.
Upload a copy of your International Passport, Driver’s License, Voter’s Card, or any other government-issued ID, then take a selfie of yourself and submit it.
After that, wait for Binance to verify your account, then continue with the steps below.
3. Click on Buy Crypto and select P2P Trading from the drop-down.
After Binance verifies your account, log in to your account, and from the homepage click on Buy Crypto, then select P2P Trading from the drop-down.
4. Enter in Naira how much Bitcoin you want to buy
You can also click on Filter, then tap on Only show merchant ads.
Merchants are verified sellers, and it is highly recommended to trade only with sellers and buyers with a verified account.
Verified merchants have a golden check mark.
5. Choose the seller you want to buy Bitcoin from.
For the best experience, choose merchants with a 95% completion rate and above.
6. Place your buy order
But before that, you should read the seller’s terms and proceed with them only if you agree to them.
Otherwise, go back and pick another seller, then enter the amount and click BUY.
7. Transfer the money to the seller’s Bank account
Copy the seller’s bank details, go to your bank app and send the money to them, then come back to Binance and click on Transferred, notify seller.
That is all.
The seller will release your Bitcoin as soon as they receive your money.
But in any case, where the seller didn’t release Bitcoin, you can open an appeal for Binance to intervene if you are certain you made a payment.
Although that is unlikely to happen if you choose a verified merchant.
To start, visit Binance.com now
That is how to buy Bitcoin in Nigeria now.
PRO TIP: Do not agree to trade with any user outside of Binance. This is because you are protected by Binance inside their P2P platform. You will not enjoy the same protection outside the platform.
[READ: Best Binance Alternatives]
IMPORTANT; you must never send money to anyone you meet online asking to help you invest in cryptocurrency. They are scammers. Crypto is easy, and you can do it all by yourself.
The information presented here should not be used as the sole basis of any investment decisions, nor should it be construed as financial, tax, legal, or accounting advice. I will also advise that you invest in cryptocurrency only what you are comfortable living without, at least temporarily.
[READ: How To Receive Crypto On Binance]