How to safely buy Bitcoin in (2021)
A guide to buying Bitcoin and cryptocurrencies in Nigeria securely and quickly. Review the best Bitcoin exchanges as a resident of Nigeria to get started.
How to buy Bitcoin in Nigeria
Buying Bitcoin in Nigeria is much easier than many think. It is as simple as picking an exchange, creating an account, depositing money and clicking "buy Bitcoin".
Where to buy Bitcoin
Review and compare the best cryptocurrency exchanges below to find the fastest and most secure way to make your first Bitcoin purchase in Nigeria. Buy Bitcoin Finder gives order placement preference to exchanges located in Nigeria, or exchanges that enable the smoothest verification for citizens of Nigeria.
Best in class for security and data protection.
Kraken was founded in mid-2011 by long time Bitcoin advocate Jesse Powell and has grown to become one of the world's largest exchanges. Based on volume alone, they are the largest exchange in Europe and the UK.
Kraken is one of the most trusted exchanges worldwide.
Pros
- Very low fees for traders. 0.25% maker and taker fees
- Best in class for security and data protection
- Great volume for traders needing liquidity
Cons
- User interface can be confusing to newbies
One of Africa's largest Cryptocurrency exchanges
Luno is one of the largest exchanges to buy Bitcoin and cryptocurrencies with that operate out of South Africa, Singapore, Malaysia, Indonesia and Nigeria. Formerly known as BitX, Luno is a long running Bitcoin exchange that was founded way back in 2013 in South Africa.
Luno is highly regarded as an exchange and is known for being the best way to buy Bitcoin in emerging markets and countries. Buy Bitcoin Finder considers Luno to be the best place to buy Bitcoin in most African countries.
Pros
- Easy to use instant buy feature
- iOS and Android app
- Highly regarded around the globe
Cons
- Fees on instant buy feature can be expensive
The premier exchange for Bitcoin traders
Binance is arguably the world’s largest Bitcoin and cryptocurrency exchange. They offer the best platform for crypto to crypto trades if you are looking to boost your Bitcoin holdings and stack some satoshi’s.
Buy Bitcoin Finder recommends Binance as the best place to trade Bitcoin against other cryptocurrencies for the lowest fees and the deepest liquidity. Binance also offer a Bitcoin Futures trading platform with up to 125x leverage.
Pros
- The best exchange in the world to trade cryptocurrency
- Binance offers margin trading and perpetual futures
- Easy to use interface for new traders
Cons
- Fees for day traders can get expensive if you do not trade using Binance coin
Invest in Bitcoin with a Debit Card or Credit Card Instantly
Coinmama allows users from any country around the world to buy Bitcoin, Ethereum and Chainlink using their exchange. They are one of the few exchanges that allow Credit Card and Debit Card purchased for Bitcoin and crypto using Visa and Mastercard.
If you are a customer in Europe, you can also buy Bitcoin with a SEPA transfer for a lower fee. Coinmama is an extremely private and secure option to invest in Bitcoin as they will send it to your personal Bitcoin wallet, as opposed to having the Bitcoin or cryptocurrency on a managed and less secure wallet on their platform.
Pros
- Purchase crypto with a Debit Card and Credit Card
- Highest limit to invest in Bitcoin using a Credit Card
- Reliable and trustworthy exchange
Cons
- Relatively high fees when using a Debit Card or Credit Card
Peer to peer (P2P) Bitcoin exchange
Local Bitcoins is a decentralized exchange that acts as an escrow service to facilitate peer to peer buys and sells of Bitcoin by allowing users to list their own Bitcoin advertisements or trades.
Users can choose to meet and pay in person or online, making Local Bitcoins the most private way to buy Bitcoin. Local Bitcoins facilitates transactions in Australia, New Zealand, United Kingdom, United States, South Africa and virtually every other country around the world.
Pros
- The best choice for privacy
- Requires no personal information
- Instant purchases available with cash
Cons
- Users must be careful of scams
- Slightly higher Bitcoin price than exchanges
Fast settlement Nigerian Bitcoin exchange
Quidax is an exchange based in Nigeria that makes it extremely easy for Nigerians to buy Bitcoin and other cryptocurrencies with the local currency, the Naira.
For Nigeria, Quidax is one of the fastest cryptocurrency exchanges for local bank settlements. They generally settle within 4 hours as opposed to 2 or 3 days of other Nigerian cryptocurrency exchanges.
Pros
- Clean and easy user interface
- Fast settlement in Nigeria
Cons
- Not a well known exchange in Nigeria
Leading Nigerian Bitcoin and cryptocurrency exchange.
BuyCoins is a cryptocurrency exchange that is based in Nigeria that allows users to instantly buy Bitcoin and other cryptocurrencies. BuyCoins boasts both a web platform and Android & iOS app that enables users to quickly sign up, have a managed wallet and buy and sell Bitcoin.
They offer Bitcoin, Ethereum, Litecoin and USD Coin which you can buy with Nigeria's local currency the Naira. Getting started with BuyCoins is easy and takes 5 minutes to buy Bitcoin with their dedicated app.
Pros
- They have an easy to use iOS app
- Offer multiple currencies
- PayStack integration for fiat gateways
Cons
- Relatively new exchange
- Fees can be expensive
Industry Leading Bitcoin Futures Trading Platform
Binance has created an industry leading Futures trading platform that allows users to trade Bitcoin, Ethereum, Chainlink and more against Tether (USDT) with up to 125x leverage. You can open a Binance Bitcoin Futures account anywhere around the world in minutes and gain access to deep liquidity, fast execution and an array of different features.
Click this link for an in depth Binance Futures Review.
Binance have the lowest fees for Bitcoin Futures trading and if you sign up through this link, you will get 10% taken off your trading fees.
Pros
- Very low trading fees at 0.1%
- Deep liquidity on Bitcoin and other cryptos
- Up to 125x leverage for futures trading
Cons
- You can only trade against Tether (USDT)
The Landscape of Crypto in Nigeria
Nigeria frequently ranks as the #1 country for search queries relating to buy Bitcoin around the world. The popularity of Bitcoin in the country is unsurprising due to the fact that Nigeria's local currency, the Naira, has been artificially inflated over the past few years leaving Bitcoin as a great alternative currency for the countries locals. In fact, Bitcoin trading in Nigeria accounted for slightly over 6% of Bitcoin trade around the world.
The Nigerian Naira's struggling currency dates back to March 2015 when the government attempted to artificially support the price of their local currency due to a substantial drop in oil prices and Nigeria's foreign reserves. The government in Nigeria hoped that they would be able to implement measures to protect themselves from inflation, however this eventually fell through. Shortly after, panic set across the country as investors both in Nigeria and overseas dumped their Nigerian based stocks and bonds which saw the economy collapse and inflation shoot through the roof.