Today, P2P platforms are very popular among users for trading bitcoin in exchange for local currencies around the world, even in Nigeria.
P2P is a platform or site that allows users to buy bitcoin by cutting out the middleman and collecting fees directly from the brokers.
There are three P2P platforms that are popular these days: LocalBitcoins, LocalCryptos, and Paxful. This P2P network supports users all over the world, including Nigeria.
It allows users to buy bitcoin securely and in their local currency by using various payment methods.
The best part of using P2P sites is that users can find their best price by comparing different brokers’ prices. And also, it is the fast, secure, and simple way to buy bitcoin in Nigeria; but in case users face problems buying bitcoin, they can simply ask for help from the broker via chat.
Payment methods: PayPal, cash deposits, national bank transfers, credit cards, chipper cash, and altcoins.
Private and fast.
Support local currencies, including Naria.
Support a wide number of payment methods.
Users can compare the best brokers to find the best price.
It does not require much personal information to start bitcoin trading in Nigeria.
A broker can easily scam users.
Not best for traders who want to buy a large amount of bitcoin.
For buying bitcoin, the price is usually higher than the market price.
2. Buy bitcoin in Nigeria using LUNA.
LUNA could be one of the best sites to buy bitcoin in Nigeria and also in Uganda, Zambia, and South Africa. It is a three-in-one platform and has a wallet, exchange, and sell/buy bitcoin for Nigerian users.
Not just BTC, you can also buy BCH, ETH, LTC, and XRP with the NGR pair. The price is dynamic for withdrawals in bitcoin, while for withdrawals via bank transfer, it charges 200 NGN.
For bitcoin trading in Nigeria, it provides a low fee and an outrageous amount of trading limits according to the user’s level. It charges a 0.00% maker and 0.03–0.10% taker fee of the amount for bitcoin trading in Nigeria.
To start bitcoin trading in Nigeria, users have to complete KYC, which also helps to increase the trading amount. On the first level, users can only deposit and withdraw a total of 200,000 NGN (after that, you cannot buy). But if you complete KYC, the amount will increase to $500,000 per month.
Have everything: a wallet, an exchange, and instant buy/sell.
Over five cryptos are available for buying and selling, including bitcoin.
Instantly buy and sell Bitcoin and other cryptocurrencies with the NGN pair.
0.0% maker and 0.1% taker fee for bitcoin trading in Nigeria.
The buy and sell limit amounts are still low.
Withdrawal usually costs a lot—about NGN 200.
You need KYC to start buying bitcoin in Nigeria.
The deposit amount is also low, around 2000 NGN, and the bank charges 1.6% of the amount.
3. Buy bitcoin in Nigeria using Binance.
Binance—you pretty much know about it. Binance has everything in one place, and like LUNO, it could also be the best site to buy bitcoin in Nigeria. On Binance, you can buy BTC via bank deposit, credit or debit card, cash balance, or P2P trading.
By using Binance P2P sites, you can easily buy BTC in Nigeria. Not just BTC, you can also buy USDT, BUSD, BNB, ETH, and EOS directly from NGN.
Like other P2P sites, it also works the same way and offers the same security and features. The popular methods for buying bitcoin in Nigeria on Binance P2P are bank account transfers and Kuda Bank.
But in case you don’t want to use P2P trading, you can exchange your NGN fiat into Bitcoin or other currencies via various payment methods.
Payment methods: Bank deposits, debit or credit cards, bank transfers, cash deposits, and altcoins.
Supports many payment methods.
The world’s most popular trading platform.
Have basic to advanced trading features.
Support many cryptocurrencies for buying and selling.
Financial support like a crypto loan, staking, and more.
Have hacked many times.
There are few brokers for bitcoin trading in Nigeria.
Maker and taker trading fees are usually high.
4. Buy bitcoin in Nigeria using NairaEX.
The simplest site to start bitcoin trading in Nigeria It offers a bank deposit for buying bitcoin. To start with, NairaEX has to create an account and then complete KYC verification.
After that, login to your NairaEX account, select wallet, and then you will be presented with two bank names. Click on the deposit of your preferred bank to reveal the virtual bank account details created in your account name. When you transfer the NGN balance to the given details, your balance will appear immediately.
Payment methods: Perfect Money, bank deposit.
Simple to use.
Popular in Nigeria.
Gives the best market price.
You need KYC to start.
Few payment methods.
Users can only buy BTC.
No trading features
5. Buy bitcoin in Nigeria using Yellowcard.
Yellowcard provides services especially for African countries such as South Africa, Ghana, Zambia, Uganda, Kenya, and Nigeria.
For Nigerian users, they can buy bitcoin in Nigeria using their preferred payment method. They offer online payment through a bank transfer or a Naira debit card; users can also buy bitcoin with cash.
The fee is also attractive; they charge 50 NGN for bank deposits and 1.5% + 100 NGN for credit card deposits, while withdrawals are instant and charge 100 NGN.
Payment methods: cash, bank transfer, and credit card.
Easy and secure.
High limit amount.
A mobile app is available.
Gives the best market price.
Cash, bank transfer, and credit card payment options.
Not so popular.
Users only can buy BTC.
6. Buy bitcoin in Nigeria on BitPesa.
It is a simple platform that works smoothly. BitPesa offers to buy bitcoin in Nigeria via debit card and PayPal account.
The minimum that can be paid is the equivalent of $50, while the maximum amount for buying bitcoin is 1,000,000 NGN through BFX.
BitPesa uses the BFX service to manage the buy and sell of bitcoin in Nigeria, so every payment you make via bank account will go through BFX.
Payment methods: debit card, bank deposit, and M-PESA.
Simple to use.
The best platforms for African users.
No privacy, need KYC.
Only BTC available for buying.
The buying and selling limit is extremely low.
Doesn’t have exchange features.
7. Buy bitcoin in Nigeria on Coindirect.
Like its name implies, it allows direct buying of Bitcoin. Users from Nigeria can buy BTC, ETH, LTC, BCH, and over 38 other cryptos with their credit card, bank transfer, or mobile money by paying in NGN.
It supports several payment methods to buy bitcoin in Nigeria at the best market price. And it charges around a 1.99% fee of the amount, with 200,000 NGN at level 1 and 1,250,000 NGN at level 2, for Nigerian users.
For fiat withdrawals, it takes up to 5 business days for bank transfers, while crypto withdrawals are instant.
Payment methods: Bank transfers, PayPal, TransferWise, fiat deposits, M-Pesa, and credit card.
Simple and trusted.
Better market price.
Support many cryptos.
Support several payment methods.
We need KYC to start.
Low trading limit amount.
How to start bitcoin trading in Nigeria.
Bitcoin trading is the best way to get more crypto profits. During buying, users exchange their fiat currency for bitcoin or other coins, while in trading, users exchange their bitcoin for another currency to maximize profit.
To start bitcoin trading in Nigeria, Binance could be better because Binance has the highest market liquidity and a wide variety of listed coins. in case you have problems finding a bitcoin exchange in Nigeria. Then simply go to CoinMarketCap or CoinGeko and navigate to the exchange ranking.
Or you can search for a coin that you want to exchange for another, then click and again navigate to the exchange page. Here you will find details about the coin, such as sites that allow trading, exchange pairs, liquidity, and much more.
Wallets to store bitcoin in Nigeria.
Well done! You have bought your first bitcoin. Now it is time to store your valuable bitcoin in the best wallet. Here are some anonymous wallets that you prefer to use:
1. Trust the wallet.
A Full features wallet to store almost any coins anonymously. Not just storing it also allows for exchanging, staking, and buying cryptos with a credit card.
Trust Browser also gives you a full-fledged Web3 browser that allows you to interact with decentralized applications (Dapp) directly from the Trust wallet app.
2. Bitcoin wallet.
Yes, its name is Bitcoin Wallet, which is owned by Bitcoin.com. And have everything that needs to start a crypto journey for a beginner. By using it, you can store several coins like BTC, BHC, ETH, USDT, and more, and you can also buy cryptos via credit card and exchange them into other coins in a minute. (Be alert; there are many wallets with the name of Bitcoin wallet.)
3. Enjin wallet.
Meet your next anonymous crypto wallet to manage a thousand coins, tokens, and more in one place. This anonymous wallet is totally built for everyone for trading, holding, gaming, and more.
4. Lumi wallet.
Fully featured and highly secure anonymous wallet for beginners as well as pro users. It supports around 1200+ coins and tokens for buying and exchanging with a few clicks.
If you are from a European country, then you can easily withdraw your bitcoin with your Visa bank card.
How to secure bitcoin wallets.
Just buying and storing bitcoin or any coins is not enough; you should know how to secure your wallet to avoid online scams and theft.
1. Set a mobile SMS alert (OTP).
We also know it as OTP (OneTime Password). For this, set up your mobile number with your Bitcoin or crypto wallet. But this feature is not available in every Bitcoin or crypto wallet. Why? Because it involves international service and expensive cost, and also some service does not accept international service.
I do not recommend enabling this feature because OTP coming to your mobile number may be a delay and it causes trouble to login to your Bitcoin wallet.
But if the wallet has this feature and accepting your country, then you should enable it to increase the security level.
2. Use a personal email address.
This kind of understanding could protect you from hackers and unwanted links coming to the email account that is connected to your wallet.
A Bitcoin and crypto users have lots of accounts on several websites and the result is they are receiving lots of spam emails that contain unwanted links that may affect your wallet security.
To avoid this kind of condition, use a personal or separate email address for your Bitcoin and Crypto wallet so you won’t confuse which email notification coming from your wallet.
3. Keep the private key offline.
Almost all popular wallets have this feature. In this feature, the wallet gives you a few words (maybe 12–20 long) and says verify and write it offline, so in any case, if your coin was stolen, you can recover by entering these private keys.
4. Avoid unknown links.
We will strongly suggest that you not open or click on the suspicious link that is coming into your email inbox.
Remember the email you received looks normal, but it may contain a link that can give access to your bitcoin wallet when you click on it.
When you see this type of email, change your email and Bitcoin wallet password immediately.
Here, you can find out more about wallet security and also learn 15 things before buying your first bitcoin.
Well, buying bitcoin is not complicated in Nigeria or in any other country. And yes, some platforms have complicated features, but if you figure out some little thing, then every platform will look easy to you.