How to buy ethereum in Nigeria (step by step guide)
Before we get into how to buy ethereum in Nigeria, let us remind ourselves what ethereum is.
What is ethereum?
Ethereum just like Bitcoin is a blockchain based technology designed to store different types of data. This data can be accessed and used by computer programs running on the ethereum blockchain. These programs are called decentralized apps or Dapps.
Ethereum was created by Vitalik Buterin in 2014, and the purpose of ethereum is to be a platform on which smart contracts can be built and run.
Table of contents
1. How to buy ethereum in Nigeria
2. Exchanges to buy ethereum in Nigeria
How to buy ethereum in Nigeria
To buy ethereum in Nigeria is relatively easy.
You can decide to buy from a local exchange like naira4dollar, naira2usd or you can buy from a foreign based exchange like binance.
All you have to do is register an account with andan exchange and verify your account to remove the various buying limits that are placed on unverified user accounts.
You can decide to buy ethereum directly with your credit/debit card, via bank transfer or other payment methods accepted by a particular exchange or you can trade another cryptocurrency for ethereum.
The below exchanges are some of the best to buy ethereum from in Nigeria.
Exchanges to buy ethereum in Nigeria
Some exchanges where you can buy ethereum in Nigeria:
Luno (formerly bitx) is an exchange that is headquartered in London, it is available in 40 countries, luno offers a secure way to buy ethereum with your bank account.
Luno accepts payment methods such as, debit/credit card, bank transfer, card deposit, paystack, gtbank transfer and cash deposit.
Luno also places various buying limits on different levels of user verification. These limits can usually be removed by providing all the required forms of verification.
You can read my full luno review
Remitano is a peer to peer marketplace, remitano is owned and operated by Babylon solutions ltd, a Seychelles based company.
Remitano holds buyers funds in escrow, then allows sellers to list their cryptosphere for sale.
Remitano has in place some security measures to protect it’s users:
1. A 2 factor authentication process for initiating transactions.
2. An escrow system
3. Login protection using an email verification system.
4. The seller reputation metrics system which provides a lot of information that a buyer can use in knowing wether a seller is legit or not.
5. KYC process where sellers are identified by their government ID.
6. Trade timeouts after a period of inactivity which requires the parties to begin the process again and identify themselves.
7. A feedback scoring system
You can read my full remitano review
Blockvila (formerly Ngexchanger)
Blockvila (formerly Ngexchanger) is a company based in Port harcourt, Nigeria.
Blockvila is a subsidiary of an ICT company Nyxel integrated services.
Blockvila has been in operation for over 3 years and is registered with the CAC.
They deal on digital currencies, they have been in operation for over 2 years. The major advantage of blockvila lies in the convenience users enjoy when buying cryptocurrencies.
Blockvila’s payment methods include cash deposit and ATM transfer.
Blockvila also place buying limits on users with unverified accounts. To verify your account, you will need to provide some means of identification.
This is a very good option to buy ethereum in Nigeria.
You can read my blockvila review
Instant gold Nigeria
Instantgold Nigeria is a Nigerian e-currency exchange that was established in the year 2007.
You can buy ethereum on instantgold either buy cash deposit or internet/mobile/ATM transfer.
Instantgold also places some buying limits on unverified user accounts, to remove this limits, you will need to provide some form of identification.
You can read my instantgold review
Naira2usd is an e-currency exchange in Nigeria owned by simac c & services and funds.
One advantage of naira2usd is that you can buy ethereum without going through the rigorous verification process other platforms put you through.
Naira2usd accepts payment methods such as bank deposit, mobile deposit, online transfer and also other cryptocurrencies like Bitcoin.
You can read my naira2usd review
Quidax is a Nigerian exchange where you can buy ethereum.
Launched in August 2018, quidax is fast becoming a trusted platform to buy cryptocurrency.
You can buy ethereum directly from quidax or you can trade other cryptocurrency for it.
Quidax accepts card deposit and ussd deposit as a means of payment.
You can read my quidax review
Coincola is an over the counter cryptocurrency exchange based in Hong Kong.
On coincola, you can buy ethereum with your local currency or other payment options like PayPal, Amazon gift card, iTunes gift card, steam wallet gift card e.t.c.
On coincola, you can buy ethereum from people that are in close proximity with you.
All you have to do is look for a sell offer or you can create your own buy offer for free.
Coincola payment methods include gift cards, local currency and other cryptocurrencies.
You can read my coincola review
Binance is a foreign cryptocurrency exchange that was started in China(Hong Kong) and is headed by changpeng Zhao.
It began operations in 2017 and has only gone strong since then.
To buy ethereum from binance, you will need to register an account and provide some proof of your identity so your account can be verified.
Binance fees is particularly small when compared to others in the cryptocurrency exchange business.
There are some other exchanges where you can buy ethereum in Nigeria, but I have tried my best to cover the ones I think are the most convenient if you are in Nigeria.
The value of most cryptocurrencies skyrocketed in 2017, it’s no wonder everybody wants to jump on the train, ethereum sure looks to have lots of potential, and who knows, the price may even double in the next year or so.
The best time to invest on it was yesterday, but the second best time is today.
If you have bought ethereum on any of these exchanges before, and you have something to say, you can leave it below in the comments, and also if you have questions, you can also ask, I will do my best to answer the ones I can.
Thank you for reading and don’t forget to share on social media.
Read my post on how to buy bitcoin in Nigeria
Read my post on best bitcoin wallet in Nigeria
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