Bitcoin Exchange in Nigeria: where to buy cheap bitcoin
I am going to be discussing the top bitcoin exchange in Nigeria, Where to buy cheap bitcoin in Nigeria, and how to confirm Bitcoin to naira exchange rate. But before we get on that, How many people remember E-Gold, Beenz, and Flooz? If you are new to digital currency, let me tell you this, those names are the previous attempts of humans trying to create a digital currency.
At the time when those e-currencies were invented, it appears to be another great revolution in the digital world. People bought a lot of it, companies started trading with it, and then it crashed. I personally knew a friend who used e-gold in funding his forex trading account, yes e-gold was quite an acceptable means of payment by many online merchants, my friend lost all his money after the crash. As you knew, people never forget, not even when a financial loss is involved. There is always a lesson to learn. What lead to the crash of previous digital money are few factors such as criminal activities, the crash of dot com and government regulations. PayPal cannot be considered a fully digitalized currency, hence its survival is not relevant to this discuss. After the dust have settled, when people were beginning to loss hope in a world with a sustainable digital money, then BITCOIN showed up. People were skeptical and lack the courage to get involve.
Presently, bitcoin has weathered a lot of challenges and scale through in flying colors. We now find ourselves living a life where bitcoin usage in foreign and local transactions is part of. In fact lot of countries are now deploying bitcoin ATM, that is how far we have accepted bitcoin as a digital currency. Our dear country, Nigeria, is not left behind in this digital revolution era. We have found ourselves using bitcoin for transactions and this has resulted to a need to exchange it. Converting bitcoin to naira and vice versa has always been an issue. Since digital currency were a new concept then, investing on bitcoin seems like a rather risky business. After Bitcoin passed the test of time, security and government regulations, investors started staking money on the currency. This gave birth to many bitcoin exchange companies in Nigeria and beyond.
Best bitcoin exchange in Nigeria – Buy bitcoin with naira
Many companies can be contacted for bitcoin exchange in Nigeria. Buying bitcoin with naira can either be difficult or easy depending on the exchange company used. However, selecting the best bitcoin exchange company is not an easy task. Each company has its advantages and disadvantages. Some accept MasterCard payment, offer cheaper rates and other benefits. Therefore, we advise you look into more than one company to see the one that suits your taste. Anyway, there are some which have gained reputations over the years. In no particular other, below is our list for “best bitcoin exchange in Nigeria”
LocalBitcoins is the first on the list. It is arguably the most popular bitcoin exchange service. LocalBitcoin serves a dual function as both an escrow service and a bitcoin exchange service. In other word, localbitcoins can be regarded as a bitcoin marketplace where sellers and buys meet to exchange bitcoin. You start by using the search engine on the homepage to find someone to transact with,
and the search result:
As shown above, you have a list of sellers, payment method accepted, price per bitcoin and limits of order.
The Escrow systems ensure that the payment for the transactions is held with localbitcoins until both parties involved in the transactions confirms that the transactions are successful. For this, localbitcoins charges a transactions fees. The payment method popularly used for making purchases by Nigerians are cash deposit and bank transfer. Though, localbitcoins offers almost all payment method known to man. Paypal, western union, cash transfer, e-currency, Netteller, skrills and all others. LocalBitcoins is known for its reliability and speed. Before using LocalBitcoins, make sure to follow the rules to avoid being scammed. The drawbacks of LocalBitcoins are that it is not used to buy a large number of bitcoins and also the price is higher than that of other exchanges.
Luno is one of the foremost bitcoin exchange in Nigeria. Mostly used in Malaysia, South Africa, Singapore and Nigeria, It offers a lot of features. The major benefit of Luno is that it does not charge any fees for market makers. Luno also offers free deposits and charge low fees for withdrawal. Luno has limits of transactions for a different level of membership, and your limits depend on your verification level. Basically, there are level 1, 2 and 3 respectively. If you belong to level 1, your transaction limit would be NGN 200,000, level 2 is NGN 50,000 and level 3 would be NGN 10,000.
To move from one level to the other, the image below detail the documents to be submitted
Interpreting the luno image above, every newly registered member will be placed on level zero, after verifying your email and mobile number to become a level 1 member, submit/scan any government issued ID card such as voters card or international passport data page and you become a level 2 member, finally submit a proof of residential address and you become the highest level member (level 3). Also, You can fund your account via bank transfer or debit/credit card.
NairaEx is the Bitcoin exchange which is widely used in Nigeria. It is the largest Bitcoin exchange in Nigeria. One of the amazing benefits of NairaEx is that it offers a variety of deposit options. These include Perfect Money, bank transfer or through direct cash deposit in the bank. The drawback to NairaEx is that it requires purchasers to verify their identity which mean less privacy.
BitPesa bases majorly in Kenya. It is a Bitcoin remittance company. Although, they are also established in two other African nations, Nigeria and Uganda. In Kenya, BitPesa uses the M-PESA mobile payment service to sell Bitcoins. In Nigeria, BitPesa can be used to buy Bitcoins with a debit card or a special card called Paga card. In Uganda, BitPesa can be used to buy Bitcoins with either MTN or AIRTEL airtime. BitPesa is more convenient to use than the rest. BitPesa also does identity verification which offers less privacy.
- Bitcoin ATM
Automated teller machine (ATM) has been known for cash-based transactions for many years until recently when Bitcoin ATM was launched. Yet to be in Nigeria though, Bitcoin ATM is available in the UK, USA, Germany, and many other countries. Nigerians residing in these countries can exchange bitcoin via the bitcoin ATM. With the aid of a Bitcoin ATM map mobile application, you can locate the nearest bitcoin ATM for your transaction. Bitcoin ATMs are convenient and fast. They also offer more privacy. Most Bitcoin ATMs though have a fee of 5 – 10 %.
Mycelium Local Trader is another bitcoin exchange merchant used in Nigeria. The company simply modeled after localbitcoins exchange explained above, the only difference is that Mycelium Local Trader is only available via android app on google playstore and transactions are in person. The Mycelium local trader app helps you locate Bitcoin sellers around your locality. When you have located a Bitcoin seller in-person, you can then trade with the person. The major advantage of Mycelium Local Trader is that it does not charge any fees. Mycelium Local Trader is usually more efficient in densely populated areas than in sparsely populated areas. This is because it is more likely for one to locate sellers in densely populated areas than in sparsely populated areas.
Changelly is a very fast and efficient way to buy Bitcoin. Changelly Bitcoin exchange allows you purchase Bitcoin with other cryptocurrencies such as Dogecoin, Litecoin and altcoin. The major advantage Changelly has is that it is very fast and simple.
Bitcoin-OTC works more like a third party marketplace where you can locate a variety of Bitcoin sellers. It is more like a platform such as Fiverr or Craigslist where users create a profile and advertisement to find sellers which deal in Bitcoin. Bitcoin-OTC might seem difficult to use especially for Bitcoin purchasers who are new to their system. Anyway, it is usually the most preferred option for Bitcoin purchasers who do not have an exchange in their countries. With Bitcoin-OTC, you have to be careful not to fall for scams. Also, you have to build trust and be active on the Bitcoin-OTC platform before carrying out larger transactions.
The modus operandi of Remitano is very much similar to LocalBitcoins. It operates in over fifty two countries but gained its presence in Nigeria in 2017. The difference between Remitano and LocalBitcoins is that Remitano is cheaper than LocalBitcoins. Remitano works on the escrow exchange system. Thus, Remitano makes it possible for Bitcoin purchasers to buy Bitcoin from Bitcoin sellers via escrow exchange. Remitano brings Bitcoin buyers and seller together so that they have to carry out transactions in-person. Thus, it is important that you take maximum care so as not to fall to scams. Apart from Bitcoin, Remitano also allows for Ethereum and Tether exchange.
When you talk about Bitcoin exchange in Nigeria, you can’t draw the curtain to a close without mentioning InstantGoldNigeria. InstantGoldNigeria is the pioneer of Bitcoin exchange in Nigeria. With their head office in Ikeja, Lagos, InstantGoldNigeria is the oldest Bitcoin currency exchange in Nigeria. It has been in operation for since the past ten years till date. They are also known to provide other exchange services apart from Bitcoin such as Skrill and Neteller. The major advantage of InstantGoldNigeria is that their funding is very fast.
Though not as old as InstantGoldNigeria when it comes to Bitcoin exchange, NGexchanger is also a popular and highly reliable Bitcoin exchange in Nigeria. They are known to provide exchange services for more digital currencies than any other exchange in Nigeria. In addition to Bitcoin, they also exchange Litecoin, Ethereum, Neo, Ripple, Dashcoin and Ethereum Classic.
Naira2Usd is yet another reliable Bitcoin exchange service in Nigeria. They have a reputation of having a very reliable and excellent customer service. Their head office is located along the Onitsha/Owerri road in Imo state. Transactions initiated with Naira2Usd will have to be finalized on Whatsapp. Thus, making it easier to use since WhatsApp is what everybody uses these days. A transaction initiated on Naira2usd will have to be completed over WhatsApp. Naira2Usd uses other digital currencies as exchange medium for Bitcoin. That is, they exchange Bitcoin with other digital currencies such as Neteller, Shrill, Perfect Money, Payoneer and PayPal.
Naira4dollar, another wonderful Bitcoin exchange, has her offices located in Ibadan and Lagos. They have a good reputation among their customers. Naira4dollar also has a good customer service. Naira4dollar has a major advantage of being fast. They also do not charge high fees.
Wink payment is also a good Bitcoin exchange service. Bitcoin exchange using Wink payment can be carried out online via their website or it can be carried out via WhatsApp. They also have a good customer system. They have their head office located in Abeokuta, Ogun state. Apart from Bitcoin exchange, Wink payment offers other exchange services such as Perfect Money.
NigeriaGoldExchange is a reliable digital currency exchange service. In addition to Bitcoin, it deals with the buying and selling of other cryptocurrency such as Payza, Skrill,Perfect Money and Web money. They are fast and efficient too. Their head office is located in Port Harcourt, Nigeria.
Bitkonga is one of the best Bitcoin exchange service for buying and selling Bitcoin in Nigeria. The method of deposit for Bitkonga is via bank transfer or direct cash deposit in the bank . Bitkonga also deal with other digital currencies. Apart from buying Bitcoins, you can also sell your Bitcoins with Bitkonga and get your payment in naira directly to your bank account. Bitcoin exchange with Bitkonga is fast and very reliable. At Bitkonga we make it easy for you to buy bitcoin in Nigeria.
Before we conclude this article, let us tell you a little more about bitcoin.
Bitcoin – The Evolution of digital currency
Bitcoin is a monetary system which functions as a peer-to-peer network in which payment transactions are carried out without the interference of a third party. It is the first and most popular cryptocurrency in use. A cryptocurrency is a digital currency that works on a decentralized blockchain system. A decentralized system is that which operates without a bank or a third party intermediate. The bitcoin currency was innovated by a group called Satoshi Nakamoto and was released to the public in 2009. Since its inception in 2009, the Bitcoin cryptocurrency has grown to become widely used around the world. In Nigeria, Bitcoin came into limelight after the economic meltdown in 2016. Bitcoin was adopted in Nigeria during that period to solve the problem of insufficient foreign currencies which limited international trading. The major benefit of Bitcoin is the escape from the financial crisis and government bottlenecks. The beautiful fact about Bitcoin is that apart from its freedom from government interference, it can be easily gotten. With the use of your debit or credit card, you can buy Bitcoin at your convenience.
Bitcoin to naira exchange rate
Like any other currency pair rate, bitcoin to naira exchange is not fix. The rates fluctuate as a result of micro/macro-economic indicators. But you don’t have to stress yourself as the value at any instance will be provided on the homepage of any reputable bitcoin exchange company. For educational purpose, you can use google snippet to confirm rates at any time. Visit Google and search for X BTC TO NGN, OR X NGN TO BTC where X is the value of either bitcoin or naira we need to convert. For instance, I have 0.003 Bitcoin in my wallet, before exchanging it to naira, for awareness purpose, I would decide to have an idea of the price by searching for the word 0.003 BTC to NGN. Please see the image below for clarifications.
Where to buy cheap bitcoin in Nigeria
To buy cheap bitcoin in Nigeria, you must be smart to compare rates between exchange companies. Do not assume the rate is fixed, as we have found out from experience that rates could be different and transaction fees could also make your purchasing price go higher. Therefore, you need to read their transaction terms for exchange fees and note the rates prior to completing any transaction. We have provided some list of bitcoin exchange in nigeria, if you compare their rate and fees, you should get yourself a winner.
Since 2016 when Bitcoin came into limelight in Nigeria, Bitcoin exchange has continued to experience continuous rise. Today, it has paved the way for the introduction of other cryptocurrencies such as Litecoin, Swiftcoin, Bitcoin and many others. Surely, with the introduction of Bitcoin into the marketplace, international trading has taken a further step into the future.