Ethereum, the 2nd biggest cryptocurrency by market capitalization has grown in popularity over the world. This boom in popularity has led to more demand by traders and cryptocurrency enthusiasts. In this article, we look at the best ways to buy ethereum in Nigeria.
This guide will cover cryptocurrency exchanges that allow you to buy ethereum (ETH) directly with the Naira (NGN). The best ethereum exchange in Nigeria may differ depending on your needs. Meanwhile, general features like user experience, fee structure, and trading limits help you make a decision.
However, you will need to have a wallet to keep the ethereum you buy. Check out our review of the best cryptocurrency wallets to select an ethereum wallet.
Here the top 7 platforms for buying ethereum in Nigeria:
Nigerians can deposit funds on Luno through bank transfers and credit cards. Bank transfers are almost free and credit card deposits come with a fee.
Further, making an order on the platform comes with no fee while market takers pay up to 1 percent in fees. Luno is an easy to use platform with a simple user interface and fee structure making it a good option for new users.
Quidax is a local Nigerian cryptocurrency exchange that allows you to buy ethereum in Nigeria directly with the Naira. This exchange has been around for a while, making it one of the most popular local exchanges in Nigeria.
The platform 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.
BuyCoins Africa runs both an exchange and a peer-to-peer trading platform. The platform is also based in Lagos, Nigeria. Its exchange platform is a regular platform where you can place your orders with an instant buy feature that lets you buy bitcoin without trading.
Trades on the BuyCoinAfrica exchange come with zero trading fees, even though one may argue that the trading fees are included in the rate.
On the other hand, the peer-to-peer platform allows you to buy ethereum in Nigeria directly from traders. Trades on the p2p version of the platform come with a 0.4 percent fee.
BuyCoins Africa has a three-step KYC process that verifies your identity with your Bank Verification Number, your phone number, and your Nigerian bank account.
For users looking for a hybrid of both an exchange and peer-to-peer trading platform, Buycoins is a good alternative.
Another Nigerian based exchange, bitfxt, is a relatively new platform. The Lagos based exchange markets itself as fast, secure and reliable.
bitfxt also allows trading in other cryptocurrencies including Steem, Link, EOS, Dash and bitcoin.
NaijaCrypto is a very new entrant on this list. The Nigerian based platform offers regular bitcoin exchange services and intends to offer a faster experience.
To buy ethereum on NaijaCrypto, register for an account and make your payment via bank transfer. Submit your payments and complete your order.
Paxful is a peer to peer exchange where you can buy ethereum in Nigeria from local traders. Purchasing a cryptocurrency on the Paxful exchange will cost you 1 percent of your total order while placing a sell order comes at no cost.
After you sign up, you have to select a seller who is offering the amount of ethereum you are willing to buy and then, begin your purchase order. All trade details will be displayed on the left side of your screen with a chat option to start a conversation with the seller.
Once the transaction is complete, the ethereum will arrive in your Paxful wallet.
CoinCola allows users to buy ethereum in Nigeria via OTC trades. It is a Hong Kong-based cryptocurrency exchange. Compared to Paxful trading fee which is 1 percent for every traded amount, CoinCola charges a fee of 0.7 percent.
It also allows Nigerians to buy 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.