If you see this, you must have recently heard about Ethereum, or you have decided to buy your first ethereum (ETH). In this article, we provide a step-by-step guide on how to buy your first ethereum in Nigeria.
- Get an ethereum wallet eg. Trust wallet.
- Sign up on a crypto exchange eg. Binance
- Purchase ethereum with cash eg. bank transfer and credit card.
- Move your ethereum to a wallet you control or start using ethereum.
Step 1: Get An Ethereum Wallet
Before you buy your first ethereum in Nigeria, you will need to get a wallet. Ethereum wallets are applications that allow you to receive, send, and store coins. There are different kinds of ethereum wallets you can choose from.
It is best practice to choose non-custodial wallets. These are wallets that give you full control of your coins. They provide you with a ‘seed phrase’ that allows you to back up your wallet and move from a wallet provider to a different one.
The two sorts of wallets you can choose from are software wallets and hardware wallets. Software wallets are free applications available on mobile and desktop. For this article, we recommend Trust wallet. Trust wallet is a multi-cryptocurrency wallet that comes with an in-app exchange and stats page and a great user interface.
Hardware wallets, on the other hand, are unique devices made for storing cryptocurrencies. They are safer than regular wallets since funds are kept offline and are only connected to the internet when you have to make a transaction. This reduces potential risks, like phishing attacks and hacking. Trezor is an example of a good hardware wallet.
After you have selected a wallet, you need to select a platform to buy your first ethereum in Nigeria.
Step 2: Select A Cryptocurrency Exchange
Different platforms make it possible for you to purchase ethereum in Nigeria. You can use a broker, exchange, or Peer-to-Peer (P2P) marketplace.
Most people in Nigeria, buy and sell bitcoin with bank transfer or bank cards as their payment method. Binance provides the most options for anyone looking to buy ethereum in Nigeria. Binance gives you access to an exchange and P2P platform.
The biggest cryptocurrency exchange by volume has been in existence for three years and has quickly captured the top spot among crypto platforms.
Binance is available in most parts of the world. For instance, in Africa, Binance supports direct deposits from Uganda, South Africa, and Nigeria. In countries where direct FIAT deposit is not supported yet, users can still trade hundreds of cryptocurrencies on the spot, margin, or futures exchange.
You can buy ethereum in Nigeria on Binance by depositing cash via bank transfer or bank cards or use Binance P2P.
Step 3: Purchase Ethereum
To purchase ethereum on Binance, you will need to create an account (use the referral code ‘O4EY05O6’ to get a 10% discount on fees).
After, you will need to complete verification to have full access to all features on Binance. You will need a government-issued identification card to finish the process.
Once you complete the verification, you can buy your first ethereum on Binance. As mentioned earlier, you can deposit on the platform directly or use Binance P2P.
To deposit naira on Binance directly, go to the wallet section, search for ‘NGN’ or scroll down till you find the naira. Click on deposit to open a new page.
On the deposit NGN page, select bank transfer or credit/debit card to continue. Follow the steps to complete the transaction. Your balance will be credited with the naira.
The most simple way to make the final purchase is to find the ‘Buy Crypto‘ tab and select NGN as your base currency and select ETH as the crypto you want to buy.
Enter the amount on naira you want to spend and click ‘Buy ETH’ to complete the purchase. On the other hand, you can use Binance P2P to make the purchase. Read our Binance P2P in Nigeria review to understand how that works.
Now that you have bought your first ethereum in Nigeria, you can move your funds to your wallet if you intend to hold for a long time. You can also look into ways to spend your bitcoin online and make payments in the real world.