There are several ways to buy bitcoin (BTC) in Nigeria as the cryptocurrency ecosystem has seen significant development in the West African state over the years. As a result, you may feel overwhelmed by all the bitcoin exchange options you have.
In this guide, you will discover how you can buy bitcoin (BTC) in Nigeria on the country’s most reputable Naira (NGN) to Bitcoin (BTC) exchange platforms.
The ultimate exchange for buying bitcoin (BTC) with Naira (NGN) may vary depending on your needs. Meanwhile, there are general features to look out for on various Nigerian bitcoin exchanges to make the right decision. These include the accepted payment options, fees, and trading limits.
On the other hand, you will need a bitcoin wallet before you purchase bitcoin from any exchange. If you haven’t installed a bitcoin wallet yet, check out our article on the best bitcoin wallets.
Best Exchanges To Buy Bitcoin In Nigeria
Luno is one of the most popular cryptocurrency exchanges in the world. Similarly, Luno has created a niche in developing markets including Nigeria.
The exchange has a positive reputation as a good platform for buying bitcoin (BTC) in Nigeria. In terms of deposit methods, Luno allows you to fund your wallet with bank transfers and credit cards. Credit card deposits come at a cost while bank transfers are free – or near-free.
The South Africa founded exchange offers 0 percent fees when you place an order. Market takers pay a fee between 0 percent to 1 percent depending on the fiat currency used. Currently, Luno has two Naira (NGN) pairs, BTC/NGN and ETH/NGN.
Luno offers an easy to use platform for buying bitcoin with Naira (NGN). It’s intuitive user interface and low fee structure makes it a good candidate for new users looking to purchase bitcoin.
Binance is the world’s biggest bitcoin exchange by trading volume. The Malta-based company recently made it possible to buy bitcoin (BTC) in Nigeria directly. Binance users can deposit naira (NGN) through debit or a credit card through the Binance Fiat Gateway platform on the Flutterwave channel.
Deposits on Binance come with a 1.4 percent fee. When trading on Binance, every trade is also subject to a base 0.1 percent fee.
Further, Binance provides users the opportunity to buy other cryptocurrencies beyond bitcoin. The exchange currently offers naira (NGN) trading pairs against binance coin (BNB), binance-USD (BUSD) and bitcoin (BTC).
For users looking for a highly reputable cryptocurrency exchange and a platform with more trading options beyond bitcoin, Binance is a favorable option.
NairaEx is a Nigerian based bitcoin exchange that enables Nigerian traders to buy bitcoin with the naira (NGN). This exchange has been around for a while, making it one of the most popular local exchanges in Nigeria.
Currently, the exchange runs a 0 percent fee structure for trades even though one can argue that the fees are embedded in the rate. NairaEx is a trusted platform that provides swift bitcoin trading services.
Quidax is another Nigerian bitcoin exchange. The platform operates a regular exchange where you can place your orders and an instant buy feature that lets you buy bitcoin without trading.
Quidax charges an instant 150 naira on all deposits via bank transfer and 1.4 percent on deposits via credit card. What’s more, traders pay a 0.2 percent maker and taker fee across the board.
BitPesa is a cryptocurrency brand most popular in Kenya. In Nigeria, BitPesa allows you to buy bitcoins with your debit card or Paga account.
The Kenyan based digital exchange was founded in 2013 by American Elizabeth Rossiello and later joined by co-founder and fellow American Charlene Chen.
BitPesa recently rebranded to AZA after raising $15 million from the Development Bank of Southern Africa (DBSA).
The fairly new exchange received funding from the Binance Lab Incubation program in 2019. YellowCard was built to provide cash to cryptocurrency on-ramp for emerging markets. Currently, YellowCard allows you to buy bitcoin in Nigeria with bank transfer or credit cards.
YellowCard is registered in the United States and is a Money Service business regulated by FinCEN. Aside from online purchases, YellowCard also has a network of agents that sell bitcoin over the counter across Nigeria.
bitfxt is a local bitcoin trading platform that enables Nigerians to buy bitcoin. Another new entrant, bitfxt has gained popularity in Nigerian cryptocurrency circles.
The Nigerian exchange brand, markets itself as fast, secure and reliable. bitfxt also allows trading in other cryptocurrencies including Steem, Link, EOS, Dash and Ethereum.
NaijaCrypto is a very new entrant on this list. The new platform offers the regular bitcoin exchange services and intends to offer a faster experience.
To buy bitcoin on NaijaCrypto, register for an account and make your payment via bank transfer. Submit your payments and complete your order.
Hybrid Exchange Platforms
Buycoins is a cryptocurrency exchange based in Lagos, Nigeria. The platform runs both an exchange and a peer-to-peer trading platform. Buycoins support bitcoin, ethereum (ETH) and Litecoin (LTC) trading.
Buycoins also offers zero-fee trading, even though one may argue that the trading fees are included in the rate. For users looking for a hybrid of both an exchange and peer-to-peer trading platform, Buycoins is a good alternative.
CoinCola is a Hong Kong-based cryptocurrency exchange offering peer-to-peer (P2P) trading to Nigerians.
The CoinCola OTC Marketplace allows Nigerians to use their local fiat currency to buy and sell bitcoin (BTC) and 6 other cryptocurrencies.
To get started, register an account with your email address. Once you have registered your account, scroll through the list of bitcoin sellers and choose one with your preferred price to make your purchase.
Coindirect is an exchange and a peer-to-peer trading platform that enables Nigerians to buy bitcoin.
To get started, enter an email address to create a free account. Once your account is set up, update your profile, and verify yourself. You can now buy bitcoin from the peer-to-peer marketplace or the buy coins dashboard.
If you choose a seller from the P2P marketplace, you will send him/her your payment in the local currency using the indicated payment method. When the seller approves your payment, the platform will release the bitcoin from escrow to your Coindirect wallet.
Paxful is another peer-to-peer trading platform where you can buy bitcoin in Nigeria from a range of local bitcoin traders.
After signing up, select a seller who offers the amount of bitcoin you are willing to buy and then, begin your purchase order. You will see the trade details on the left side of your screen with a chat option on the right to converse with the seller throughout the transaction process.
Once the transaction is complete, the bitcoin will arrive in your Paxful wallet.
LocalBitcoins is the world’s leading peer-to-peer exchange. The platform provides services to Nigerians interested in buying bitcoin.
To purchase bitcoin, click on a seller with your preferred purchasing price or range on the homepage, review the seller’s terms and if comfortable, go ahead and make the purchase with your chosen payment method. This platform also requires an account and the verification of your details to purchase bitcoin.
Finally, Remitano is a peer-to-peer bitcoin exchange that enables you to buy bitcoin in Nigeria.
To get started, register an account with your email address, Google, or Facebook. Once you have registered your account, scroll through the list of bitcoin sellers and choose one with your preferred price. You will note that there is a maximum amount of bitcoin that you can buy from each seller. So, keep that in mind when taking your pick.
Also, you will choose whether you want the seller to deposit your bitcoin in the Remitano wallet or a different one. Then, you can make your transaction.