How to buy Bitcoin in Nigeria without getting Scammed
How to buy Bitcoin in Nigeria without getting Scammed
We can say that cryptocurrency has found its way into the Nigerian economy. I can also tell you that most of the people you’ll find in the crypto market are not pros. Some came to scam others for their money. We will learn how to avoid cryptocurrency scams when trying to buy bitcoin in Nigeria. This article will also add tips on detecting scams and security measures to prevent them.
As a Nigerian citizen, you’ll surely be familiar with the country’s system. The level of trust in the country is very low. Newbies are scared to buy bitcoin because they’ve either heard of how people have duped off their money in a particular business or have had the experience personally. But that shouldn’t stop you from buying Bitcoin in Nigeria.
Before going further, it is important to note that the bitcoin market cannot be free of scammers. That’s because of its decentralized operation. Someone you don’t know or haven’t met in your life promising you something after you send money to them with no guarantee of a refund is undoubtedly an excellent risk business. Hence, it is important to know how to buy bitcoin without getting scammed.
Note: Bitcoin is one of the top target lists of scammers ground for carrying out their operation. Secure exchanges are the best place to buy bitcoin in Nigeria.
First of all, I’d like to make a shortlist of the people who could easily get scammed on any cryptocurrency platform in Nigeria while trying to buy bitcoin.
- Those who don’t know anything about trading probably want to venture into it.
- Those who came to trade without the right information
- Those who are greedy.
From the shortlist above, you can conclude that those sets of people are prone to getting scammed on any cryptocurrency platform while trying to buy bitcoin or trade Bitcoin. So ask yourself before reading further if you fall into any category listed above. If you do, you have to get a good tutorial on how Bitcoin works.
Now let’s take the bull by the horn and learn how to avoid being scammed when buying BTC in Nigeria.
Person-to-person transactions
The first way I’ll term as the safest but unsecured way of buying Bitcoin in Nigeria is person-to-person transactions. This option is best for a first time trader or a whale that wants to buy a large amount of bitcoin.
This process of buying Bitcoin with cash is risky. This is because, in this case, you’re meeting a stranger to give them cash in exchange for bitcoin.
Reputable local peer-to-peer WhatsApp groups facilitate transactions like this, and they usually require ID and residential address verification from both parties.
If there’s an issue with the seller in this payment mode, your platform may not provide you with any help. This means you’ll have to report any problems with your local authority. It may not be the safest option, but at least you’ll have a rest of mind that you’re seeing your seller. A tip for a safe person to person transaction is choosing a public place as a meeting point. Places like a mall or restaurant where you have security on the stand are perfect.
Buying based on the price displayed
A lot of people get scammed because of greed and incredible rates. If a seller displays an ad that is far from the standard exchange rate, it is an obvious scam. Tools like Coinmarketcap, google converter, and Remitano price converter will keep you updated about bitcoin prices. Put an end to the trade if your seller’s rate is lower than the market rate. Although prices would matter, other things should come before price. And one of them is looking at the trade history of the seller. Remitano displays the trade history and reputation of traders for transparency and security. It would be best if you looked out for the seller’s reputation before choosing. A perfect example to explain this is:
- Seller X, with a 4.8-star reputation, puts his price for 0. 5BTC at #350
- Seller Y, with a low reputation, sets the same 0.5BTC at #300
Seller Y’s rate is more attractive, and your first instinct will be to buy from him. It is better to be safe than sorry. It is better to choose the buyer with a 98% reputation and higher price than choose the latter. Reputation matters a lot when buying Bitcoin in Nigeria.
Percentage of positive feedbacks
Feedbacks is another important thing to look out for in a trader before buying Bitcoin from them. Sometimes, a trader can have many trades, but people’s feedback on their profile is terrible. It might be because they don’t stick to the agreed rate or number of bitcoin. You don’t want to lose a few nairas to this kind of person.
Use trading platforms instead of forums or group chats
Another way to get rid of being scammed while trying to buy bitcoin in Nigeria is to avoid going to online forums to announce that you want to buy bitcoin. Yes, you might hardly find traders with a good reputation on online forums. It’s better to open an account on a bitcoin exchange to buy bitcoin in Nigeria. Some exchanges allow you to buy bitcoin with your debit card while others accept bank transfers. The benefit of buying bitcoin on a trading platform is that they provide some security level and control their platform’s trades. So you can get a refund if at all you are scammed.
The bottom line
Unfortunately, there are many ways that some people can exploit you when you want to buy bitcoin in Nigeria. Learn more about staying protecting yourself in the cryptocurrency market. It is also advisable to only reputable exchanges when you want to buy bitcoin or other cryptocurrencies. On a final note, Bitcoin trading is not Ponzi, don’t expect to become a millionaire overnight.
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