7 best exchanges to buy and sell bitcoin in Nigeria
Bitcoin is the most valuable and popular cryptocurrency, it was created by software developer satoshi nakamoto in 2008, but it wasn’t until 2013 that bitcoin really started catching public attention. Today one bitcoin (1 BTC) as at the time of writing this post is about 1.5 million naira.
If you want to get in on the bitcoin train, you will probably need to know how you can buy or sell bitcoin in Nigeria. All cryptocurrency are usually bought or sold on exchanges.
A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currency or altcoins, a real exchange is really just a medium between traders.
I have carefully researched 7 exchanges where you can buy and sell bitcoin in Nigeria that i believe to be trusted and reliable, some of these exchanges i have used myself and the others i have heard great reviews about. Lets get into it then.
Firstly, Remitano is a foreign exchange owned by a company called babylon solutions ltd that is based in seychelles. It operates in about 32 countries.
It provides escrowed peer to peer bitcoin marketplace where people buy and sell bitcoins with ease, the sellers list the prices at which they are willing to sell their crypto assets. Buyers can scroll through different list of sellers and their respective prices. Remitano places the seller’s coins in an escrow wallet, the buyer then transfers the agreed exchange amount in fiat currency to the seller’s account, Remitano takes a 1% transaction fee before remitting the locked coins to the buyer. Remitano has in place some security features on it’s platform:
1. A 2 factor authentication process for initiating transactions
2. The escrow system
3. Login protection using an email verification system
4. A full KYC process where sellers are identified by their government ID documents.
Remitano accepts deposits using various methods like bank wires and debit cards.
Luno was formerly known as (BitX), it is a london based company that is available in over 40 countries. Luno primarily deals with bitcoin and ethereum, Luno offers an easy way for you to buy and sell bitcoin in Nigeria with your bank account.
There are two methods of buying and selling bitcoin on luno:
1. Instant buy/sell:
In this case, once you have made deposit to luno in your local currency, you click on “buy” and enter the amount of bitcoin you want to buy. You will be funded instantly, it works the same way when you are selling.
2. Trade on exchange:
In this method, you will click “exchange”. Here you will choose the amount you want to sell your bitcoin for when the price rises or falls, there is an opportunity to make money with this method by buying low and selling high.
Luno transaction fees usually varies depending on network activity, location and the currency you are using, sending bitcoin from the platform incurs a dynamic fee that adjusts, based on the bitcoin network traffic. There is a fee of 0.0002 BTC for receiving bitcoin via a bitcoin address.
Luno accepts deposits using various methods like bank transfer, debit cards and SEPA transfer. Before you can buy bitcoin, you need to deposit money into your Luno wallet, you can buy bitcoin for as low as 200 naira.
Ngexchanger is a Nigerian based company where you can buy and sell bitcoin. To buy and sell bitcoin, you need to sign up, once this is done, you can start funding and withdrawing immediately. However, if your account is unverified, you will have a funding limit of $500 per day, but if your account is verified, you have no limitations on withdrawals.
To get your account verified, you will need to upload your ID showing your full name and your utility bill showing your address. It usually takes 24 – 48 hrs to verify. Ngexchanger also provides bitcoin wallet services.
Ngexchanger has been in operation for over 2 years, they accept the following payment methods:
1. Cash deposit
2. Internet transfer
3. ATM transfer
Read my review on Ngexchanger
Paxful is company based in USA and was established in 2015, Paxful is a peer to peer bitcoin marketplace connecting buyers with sellers. Paxful uses an escrow service, Paxful is particularly useful because it has numerous range of payment options:
1. Cash deposits
3. Gift cards
4. Money grams
5. National bank
7. Western union.
Paxful has some security measures to protect buyers and sellers like
1. Safety of funds by automatically creating a wallet
2. 2 factor authentication system
3. Escrow service
4. Reputation rankings
Local bitcoins is a company based in finland, localbitcoins is available in almost all countries, it is the only exchange available in some particular countries. The difference between localbitcoins and most peer to peer bitcoin marketplaces is that local bitcoin does not require id verification when making trades.
Localbitcoins was one of the first peer to peer bitcoin exchanges and the largest one today. Localbitcoins charges a flat 1% on all transactions, it also offers escrow service. Some of the payment methods accepted by localbitcoins are:
1. Cash (For face to face transactions)
2. Wire transfer
3. Bank transfer
4. Web money
5. Western union
BitKoin africa is a peer to peer cryptocurrency trading platform where users can sell & buy bitcoin from other users, it is based in Lagos. Users buy or sell bitcoin by creating or responding to trade postings.
Trade postings are advertisements created by users to let other users know they are willing to buy or sell bitcoin. When a user creates a trade posting, they stipulate how much they are willing to buy or sell. The trade posting then appears on BitKoin africa’s website.
BitKoin africa uses an escrow service. During a trade, buyers’ wallets get credited immediately after a transaction is completed, the same also goes for the seller’s bank account. BitKoin africa also provides wallets.
UPDATE: Bitcoin Africa is now buycoins africa
Nairaex is company based in Abeokuta, Ogun state, Nigeria. Once you have signed up, you are required to provide your Government issued Ids like drivers license, voters ID e.t.c. You are to send them to hello@ nairaex.com. Nairaex’s website is fairly easy to use, they customer care is very active.
Nairaex also has a referral program, they give 1 naira for every 1 USD worth of transactions for all your referred members. They accept two payment methods:
1. Bank account
2. Perfect money
There are other very good exchanges where you can buy and sell bitcoin in Nigeria, but the ones listed above have been well researched and i have personally used some of them, i will be updating this list as time goes on.
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