Cryptocurrency in Africa is emerging as a popular means of digital currency. The major reason for this being that the African gentry feels quite positive over the influence of crypto and blockchain technology.
The ultimate exchange for buying bitcoin (BTC) with Naira (NGN) may vary depending on your needs. Meanwhile, there are general features to look out for on various Nigerian bitcoin exchanges to make the right decision. These include the accepted payment options, fees, and trading limits.
On the other hand, you will need a bitcoin wallet before you purchase bitcoin from any exchange. If you haven’t installed a bitcoin wallet yet, check out our article on the best bitcoin wallets.
The Best & Trusted Exchanges To Buy Bitcoin In Nigeria
Binance is the world’s biggest bitcoin exchange by trading volume. The Malta-based company recently made it possible to buy bitcoin (BTC) in Nigeria directly. Binance users can deposit naira (NGN) through debit or a credit card through the Binance Fiat Gateway platform on the Flutterwave channel.
Deposits on Binance come with a 1.4 percent fee. When trading on Binance, every trade is also subject to a base 0.1 percent fee.
Further, Binance provides users the opportunity to buy other cryptocurrencies beyond bitcoin. The exchange currently offers naira (NGN) trading pairs against binance coin (BNB), binance-USD (BUSD) and bitcoin (BTC).
For users looking for a highly reputable cryptocurrency exchange and a platform with more trading options beyond bitcoin, Binance is a favorable option.
Luno is one of the most popular cryptocurrency exchanges in the world. Similarly, Luno has created a niche in developing markets including Nigeria.
The exchange has a positive reputation as a good platform for buying bitcoin (BTC) in Nigeria. In terms of deposit methods, Luno allows you to fund your wallet with bank transfers and credit cards. Credit card deposits come at a cost while bank transfers are free – or near-free.
The South Africa founded exchange offers 0 percent fees when you place an order. Market takers pay a fee between 0 percent to 1 percent depending on the fiat currency used. Currently, Luno has two Naira (NGN) pairs, BTC/NGN and ETH/NGN.
Luno offers an easy to use platform for buying bitcoin with Naira (NGN). It’s intuitive user interface and low fee structure makes it a good candidate for new users looking to purchase bitcoin.
NairaEx is a Nigerian based bitcoin exchange that enables Nigerian traders to buy bitcoin with the naira (NGN). This exchange has been around for a while, making it one of the most popular local exchanges in Nigeria.
Paxful is another peer-to-peer trading platform where you can buy bitcoin in Nigeria from a range of local bitcoin traders.
After signing up, select a seller who offers the amount of bitcoin you are willing to buy and then, begin your purchase order. You will see the trade details on the left side of your screen with a chat option on the right to converse with the seller throughout the transaction process.
Once the transaction is complete, the bitcoin will arrive in your Paxful wallet.
Finally, Remitano is a peer-to-peer bitcoin exchange that enables you to buy bitcoin in Nigeria.
To get started, register an account with your email address, Google, or Facebook. Once you have registered your account, scroll through the list of bitcoin sellers and choose one with your preferred price. You will note that there is a maximum amount of bitcoin that you can buy from each seller. So, keep that in mind when taking your pick.
Also, you will choose whether you want the seller to deposit your bitcoin in the Remitano wallet or a different one. Then, you can make your transaction.