How to buy litecoin in Nigeria(2020 update)
Table of Contents
How to buy litecoin in Nigeria
In this blog post, am going to show you how to buy litecoin in Nigeria easily and quickly.
I have highlighted some of the best exchanges where you can buy litecoin using different types of payment methods.
Table of content
i. What is litecoin
ii. How to buy litecoin in Nigeria
iii. The best exchanges to buy litecoin in Nigeria
iv. Conclusion
What is litecoin
Litecoin is a Cryptocurrency that was created by “Charlie Lee”. Charlie Lee was a former Google and coinbase employee.
Seeing the rise of Bitcoin and it’s acceptance, he intended for litecoin(LTC) to be the silver to bitcoin’s gold.
By market capitalization, litecoin is the 3rd largest cryptocurrency.
In technical terms, litecoin is a peer to peer Cryptocurrency. Creation and transfer of coins is based on an open source cryptographic protocol and it is not managed by any central authority.
How to buy litecoin in Nigeria
Before you can buy litecoin in Nigeria, you will need to register an account on an exchange.
Most of these exchanges require some form of identity verification document, so that your account can be verified.
Without this verification, limits will be placed on the amount of litecoin you can buy or sell.
After registering a verified account, you can decide to buy litecoin, using Fiat currency via any of the payment methods supported by the exchange.
Some exchanges even let you trade one cryptocurrency like Bitcoin for litecoin.
You will also need a wallet where you can store your litecoin once purchased.
The best exchanges to buy litecoin in Nigeria
The following are exchanges where you can buy litecoin in Nigeria.
1. Remitano
2. Quidax
3. Blockvila
4. Nairaex
5. Coincola
6. Binance
7. Instantgold Nigeria
Remitano
Remitano is a platform owned by a Seychelles based company called Babylon solutions limited.
It is a peer to peer marketplace. This means that, it is a platform that connects cryptocurrency buyers to cryptocurrency sellers.
Remitano acts as an intermediary to ensure that you are not scammed on the platform.
Remitano has in place some security features to protect it’s users:
1. An escrow system
2. A 2 factor authentication process for initiating transactions.
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 if a seller is legit or not.
5. KYC (Know your customer) process where sellers are identified by their government ID.
6. A feedback scoring system
7. Trade timeouts after a period of inactivity.
You can read my full remitano review
Quidax
Quidax is a fast growing cryptocurrency exchange that was launched in 2018.
Quidax is a fairly new exchange that is proving it has what it takes to be the “go-to” exchange for cryptocurrency in Nigeria.
On quidax, you can either buy litecoin directly using the various payment methods available on quidax which includes:
Card deposit
Ussd deposit
Or you can decide to trade other cryptocurrency like bitcoin, ethereum for litecoin.
It is fairly easy to get started using quidax, plus the customer care is always available.
Quidax is a good exchange to buy litecoin in Nigeria.
You can read my full quidax review
Blockvila
Formerly known as Ngexchanger, blockvila is a cryptocurrency exchange 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 Nigerian corporate affairs commission (CAC).
On Blockvila, you can buy litecoin using the payment methods available:
Deposit
ATM transfer
Blockvila places limits on unverified user accounts, this means that there is a limit to the amount of litecoin you can purchase if your account is not yet verified.
To verify your blockvila account, you will need to provide some sort of identification like your government issued ID.
Once your account is verified, the limits will be removed and you can buy any amount of litecoin.
You can read my full blockvila review.
Nairaex
Nairaex is another trusted exchange that is based in abeokuta ogun state, Nigeria.
On nairaex, you can buy litecoin using any of the payment methods available on the platform.
Nairaex is also another exchange that places buying limits on unverified user accounts.
To remove these limits, you will need to provide a proof of identity e.g international passport, drivers license or any other government issued ID.
Nairaex requires a picture of you holding your proof of identity.
You are to mail it to nairaex’s customer care, and your account should be verified in 48hours or less, thus enabling you to buy any amount of cryptocurrency.
You can read my full nairaex review
Coincola
Coincola is an over the counter (OTC) exchange that let’s you buy cryptocurrency from people in close proximity with you.
Coincola is a pretty flexible exchange that allows you to buy cryptocurrency with your local currency or any of the vast payment options available which include:
PayPal
Other cryptocurrency
Coincola provides escrow service to ensure you are not scammed on the platform.
NOTE: For you to buy cryptocurrency with gift card, you have to find someone that is willing to accept it.
You can read my full coincola review
Binance
Binance is a foreign cryptocurrency exchange that was started in China(Hong Kong) at around 2017. Binance is headed by CEO changpeng Zhao.
On binance you can buy litecoin with your naira debit card.
Binance also provides crypto to crypto services, meaning you can exchange another cryptocurrency for litecoin.
Binance also requires some sort of government ID to verify your account and remove the default limits.
Binance fee structure is cheap, this has made them a powerful company in the cryptocurrency world.
Instantgold Nigeria
Instantgold is a cryptocurrency exchange that was established as far back as 2007.
On instantgold, you can buy litecoin using the various payment methods supported:
Cash deposit
Internet/mobile/ATM transfer
Instantgold also places some buying limits for users with unverified accounts and as usual, will require some government identification to remove these limits.
You can read my full instantgold review
Conclusion
I hope this post has helped you on how to buy litecoin in Nigeria.
The exchange you will use will solely depend on your choosing, but these above exchanges are trusted.
If you have some questions or comments, leave them below, let’s get the discussion started.
Thank you for reading.
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